Warmav Posted February 10, 2010 Report Share Posted February 10, 2010 Two currencies coexist together and gradual replacementCentral Bank (time): Delete the zeros start end of the yearBAGHDAD - Ahmed Saleh KhyounCBI begins the end of the year and gradually replace the currency now in circulation a new currency which zeroes deleted within the strategy to reform the monetary system started in 2005.Bank consultant and announced the appearance of Mohammed Saleh told (time) on that (the bank has completed 50 percent of a strategy switch in and out, delete the zeros of the nominal value of the new currency while retaining the cash value and purchasing power), said that (the replacement process will be gradually and spontaneously high and without fanfare, as will be There are two currencies to trade at the same time go hand in hand), but (that the purchasing power of the new currency will remain fixed).Saleh said (there are multiple advantages of this strategy, including ease of trading between the citizens and facilitate the work of banks, counting, sorting, and stand on the counterfeit currency and to facilitate transactions of the citizens with the banks on the deposits and withdrawals in addition to facilitating the process of monetary reform after hitting a currency issued in circulation now 25 trillion dinars, while in 1990 was about 25 billion dinars and this in itself calls for the deletion of zeros).In the answer to a question by (time) whether the Central Bank has set a deadline for the replacement of the currency said (we did not define this ceiling until now that the matter is still under study and the reality of work at that time will decide how long the replacement process).Responding to another question about the Iraqi currency held abroad and how to replace it "(The right of a citizen is to remove the $ 200 thousand dinars and he could only replace it like any ordinary citizen here in Iraq, either from abroad, the banks in the States would be responsible to us of the assets of our currency), He pointed out that (a media campaign will precede and guide the process in order to raise public awareness of the importance of this and that our banks and our will all be ready to provide all facilities to the citizens and emphasize once again that the process does not affect absolute quiet in the market also note that many countries replaced their currency and benefit from their experiences in this area, including Turkey, Russia, Brazil and others).http://www.azzaman.com/index.asp?fna...htm&storytitle=Where do we go from here, what is ment by the $200,000 dinar piece? Link to comment Share on other sites More sharing options...
needinrv Posted February 10, 2010 Report Share Posted February 10, 2010 Thanks! Great information. Link to comment Share on other sites More sharing options...
Fi3ry_Ph03n1x Posted February 10, 2010 Report Share Posted February 10, 2010 Two currencies coexist together and gradual replacementInteresting story, but I couldn't find it on the site for the link. Link to comment Share on other sites More sharing options...
scottiraq04 Posted February 10, 2010 Report Share Posted February 10, 2010 Interesting story, but I couldn't find it on the site for the link.Try this...and then have Google translate it for you:http://www.azzaman.com/index.asp?fname=20100202-1099.htm&storytitle= Link to comment Share on other sites More sharing options...
shrevarini Posted February 10, 2010 Report Share Posted February 10, 2010 Dropping Zeros, Gaining Credibility?Currency Redenomination in Developing NationsLayna MosleyDept. of Political ScienceUniversity of North CarolinaChapel Hill, NCmosley@unc.eduwww.unc.edu/~lmosley/Abstract: This paper investigates the conditions under which developing and transition nations engage in currency redenomination. Given that many governments of developing countries experience high levels of inflation and deterioration in their currency Link to comment Share on other sites More sharing options...
scottiraq04 Posted February 10, 2010 Report Share Posted February 10, 2010 Two currencies coexist together and gradual replacementCentral Bank (time): Delete the zeros start end of the yearBAGHDAD - Ahmed Saleh KhyounCBI begins the end of the year and gradually replace the currency now in circulation a new currency which zeroes deleted within the strategy to reform the monetary system started in 2005.Bank consultant and announced the appearance of Mohammed Saleh told (time) on that (the bank has completed 50 percent of a strategy switch in and out, delete the zeros of the nominal value of the new currency while retaining the cash value and purchasing power), said that (the replacement process will be gradually and spontaneously high and without fanfare, as will be There are two currencies to trade at the same time go hand in hand), but (that the purchasing power of the new currency will remain fixed).Saleh said (there are multiple advantages of this strategy, including ease of trading between the citizens and facilitate the work of banks, counting, sorting, and stand on the counterfeit currency and to facilitate transactions of the citizens with the banks on the deposits and withdrawals in addition to facilitating the process of monetary reform after hitting a currency issued in circulation now 25 trillion dinars, while in 1990 was about 25 billion dinars and this in itself calls for the deletion of zeros).In the answer to a question by (time) whether the Central Bank has set a deadline for the replacement of the currency said (we did not define this ceiling until now that the matter is still under study and the reality of work at that time will decide how long the replacement process).Responding to another question about the Iraqi currency held abroad and how to replace it "(The right of a citizen is to remove the $ 200 thousand dinars and he could only replace it like any ordinary citizen here in Iraq, either from abroad, the banks in the States would be responsible to us of the assets of our currency), He pointed out that (a media campaign will precede and guide the process in order to raise public awareness of the importance of this and that our banks and our will all be ready to provide all facilities to the citizens and emphasize once again that the process does not affect absolute quiet in the market also note that many countries replaced their currency and benefit from their experiences in this area, including Turkey, Russia, Brazil and others).http://www.azzaman.com/index.asp?fna...htm&storytitle=Where do we go from here, what is ment by the $200,000 dinar piece? Great find...but unfortunate to all of us Speculators, this article outlines a text book definition of "Redenomination". Link to comment Share on other sites More sharing options...
JAMMING Posted February 10, 2010 Report Share Posted February 10, 2010 Well they're not gonna come out and say..."Oh yeah, by the way, we're gonna RV first though and use the big screens to gradually educate the public about the lower denoms so everyone go out and buy all you can" Link to comment Share on other sites More sharing options...
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