Lifting the 3 zeros - End of Year

[keepmwlknfny]

None of those links have one quote from Shabibi using the word redenomination.

So the CBI and its advisors don't count? LOL

[jupitergirl]

So the CBI and its advisors don't count? LOL

I just find it interesting that the man in charge has never used the term to describe what so many think will happen...kinda secritive.lol

[GT5Junkie]

I hate that there is confusion between a LOP and a RD on this board...LOP was a term made up on the forums...its not an actual monetary process...what it was orignally used for was the 'LOP'ing off of three Zeros from the Notes and the Exchange rate....Yes, the ACTUAL term for that is Redenomination....LOP was just easier to write

It is annoying. At first I used RD, then I usually used RD/lop, now I just use lop. If you use the actual term, thanks to the influence of gurus/pumpers/liars, half the people will think you're talking about an RV.

[Dalite]

I just find it interesting that the man in charge has never used the term to describe what so many think will happen...kinda secritive.lol

Not that it really much matters, but here are 2 articles tha show up on a search for revaluation on ome of the news services...

They are about RD, not RV...

Source: Azzaman)

Iraq Prepares to Redenominate its Currency

Posted on 27 June 2011. Tags: Central Bank, IQD, Redenomination, revaluation

According to a report from Al Sumaria News, Iraq’s Central Bank announced on Thursday that it is planning to delete the zeros from its currency, the Iraqi dinar.

This step is one of the bank’s strategic missions, the Central Bank said adding that the new currency will include the Kurdish language in addition to the Arabic language.

“The zeros that were added to the Iraqi currency previously constituted a large money supply up to 28.500 trillion Iraqi Dinar and 5 trillion banknotes”, the adviser of Iraqi Central Bank governor Mothahhar Mohammed Saleh [Mudher Mohammed Saleh] told the agency.

“The Central Bank has prepared all requirements needed to delete the zeros from the Iraqi Currency”, Saleh said.

“This step is one of the Iraqi central bank’s strategic missions. The monetary policy of the bank aims to structure and reduce the currency in a country moving towards an economic phase”, he added.

“The project of deleting zeroes is complete. It will be submitted to the central bank’s administration in the next session. 

Then, it will be passed to the ministerial council before presenting it to the Parliament for vote. 

The mechanisms of changing the currency will be gradual. It will be preceded by awareness campaigns for citizens”, the adviser of Iraqi Central Bank governor said.

“The new currency will be printed after deleting the zeros and will include the Kurdish language in addition to the Arabic language. It will also bear photos of Iraq’s civilization in addition to symbols of Iraqi intellectuals and figures”, Saleh noted.

Sanan Al Shebeibi [sinan Al-Shabibi], Governor of Iraq’s Central Bank, affirmed during the meeting of independent commissions on June 19 with Prime Minister Nuri Al Maliki that the bank is preparing all requirements needed to replace the Iraqi Currency.

Iraq’s Central Bank has four branches including Basra, Sulaimaniah, Erbil and Mosul. It was founded as an Iraqi independent bank by virtue of Iraq’s Central Bank Law issued on March 6, 2004.

The bank is responsible for the prices stability and the implementation of monetary policy including exchange rates, the management of foreign reserves, the issuance of currencies and the organization of the banking sector.

It’s six years since neighbouring Turkey redenominated its currency, making one ‘new Turkish lira’ equal one million ‘old Turkish lira’.

(Source: Al Sumaria)

Posted in Banking & Finance

Iraq Central Bank ‘To remove 3 Zeroes from Dinar”

Posted on 14 April 2011. Tags: IQD, iraqi dinar, Redenomination, revaluation

Iraq’s Central Bank announced on Tuesday that the project to re-denominate the Iraqi Dinar, removing three zeroes, is close to completion.

According to the report from Alsumaria TV, the re-denomination project is believed to be a strategic plan that will be passed to the ministerial council and Parliament once complete.

A Central Bank’s advisor, Mothahhar Mohammed Saleh, said in a statement to the agency that the plan aims to reduce transactions costs and help people carry less money.

Iraq’s central Bank has managed during the past five years to reduce inflation rates from 34% to 3 or 4% and stabilize Iraqi Dinar exchange rate, he said.

In an earlier statement to Alsumaria News, he confirmed that the bank plans to remove three zeroes from the Iraqi Dinar, noting that the zeroes which were added to the Iraqi currency previously constituted a large money supply estimated at 27 trillion Iraqi Dinar.

Saleh revealed on the other hand that Iraq engages for the first time in banks payment system as it moved from manual to electronic clearance. The system includes six banks in addition to electronic deeds exchange, he said adding that the smart and credit cards will be bound to the central bank system.

Iraqi economists believe the re-denomination of Iraqi Dinar will not have a major influence on the purchasing power of the Iraqi Dinar “which the government has hopes high on it”.

(Source: Alsumaria TV)

Posted in Banking & Finance

This shows the plan goes back to 2006', and there was apparently never any intentions of RV..

Iraq plans to revalue currency

Iraq plans to revalue currency

Gulf Daily News - [7/7/2006] 

 http://www.iraqdirectory.com/DisplayNews.aspx?id=1636

Iraq is considering redenominating the dinar, printing new banknotes to remove inflation-generated zeros from its currency, the finance minister said yesterday.

Senior government and central bank officials have said the proposal has been under consideration for some time to make one new dinar equal to 1,000 current dinars, a move that would bring the currency closer to parity with the US dollar.

Asked about such a suggestion in an interview on Arabiya television, Finance Minister Bayan Jabor said: "This is the ministry's suggestion to the central bank. We think in the long term it will be for the benefit of Iraq."

Jabor said surveys indicated popular support for the move.

The oil-rich nation's currency was once worth more than $3, he recalled, before the ruinous wars and international sanctions during the rule of Saddam Hussein.

There are currently about 1,450 dinars to the dollar, a rate that has been relatively stable since shortly after the US invasion in 2003. At that time new banknotes were issued by the US occupiers to remove Saddam's image.

Other nations that have been through rampant inflation have followed a similar course, notably Russia in the 1990s. 

Until the 1980s, many prices in Iraq commonly also used the fils. One dinar equals 1,000 fils. The smallest denomination note today is 250 dinars. 

Link for RD Articles

http://www.iraq-businessnews.com/tag/revaluation

[BlueOrchid919]

I just find it interesting that the man in charge has never used the term to describe what so many think will happen...kinda secritive.lol

I really don't know how else to spoon feed you..... I've done my best....

From the mouth of Shabibi himself:

http://vodpod.com/watch/6561222-cbis...institute?pod=

4:44 minutes: redenomination

5:38 minutes: we have a plan on that

7:38 minutes: increase denomination by 3 zeros

Are you simply in denial? Do you simply need a SPECIFIC WORD from a SPECIFIC PERSON to make this any clearer?

[Darin]

I really don't know how else to spoon feed you..... I've done my best....

From the mouth of Shabibi himself:

http://vodpod.com/watch/6561222-cbis...institute?pod=

4:44 minutes: redenomination

5:38 minutes: we have a plan on that

7:38 minutes: increase denomination by 3 zeros

Are you simply in denial? Do you simply need a SPECIFIC WORD from a SPECIFIC PERSON to make this any clearer?

He is probably in denial, BUT, if your referring to the D.C. video (which I am assuming you are)... One of the first questions asked about, was a R/V of the IQD.

His response, to sum it up, is.. "That information is confidential & I can't tell you.."

So to summarize the articles we read up, if your looking for an article stating R/V.... Good luck! It likely will not exist other than within an opinion article. So in result, we get an abundance of R/D (LoP) articles. Which confuses & suppresses the masses from further speculation.

[Darin]

Too add to what I previously stated...

I am going off of memory, but I believe it is 2004 CBI Law #56

Which basically says that it is punishable to release any short-term or long-term project information. All confidential information will be kept as secret, until made available to the public.

So, all rumors, are based upon speculation. The CBI likely knows in full-detail, but nothing beyond those walls.

JMO

[jupitergirl]

If an old fashion RD is the plan why is Iraq and CBI so cryptic about doing this?

Because they are NOT Redenominating. They are Revaluing.

If they plan to redenominate, they would not be being so cryptic.

All of the countries who redenominate, (which is a lop) ALWAYS publish it and explain it in detail and with clarity, ahead of time..... and not one single one of thos, had the capacity to cover an actual revaluation.

Conversely, countries who revalue, never come out and explain what they are doing, in fact are cryptic, at best and often, outright deny it.

Take a peek at what both Turkey and Nigeria did ahead of time. They were both very very clear on what they were going to do, and had no need for secrecy. Look at how far ahead of time Nigeria announced this and how precise and transparent they were at describing exactly what they were doing. Then think about Kuwait and how cryptic they were before time.

Is this why these articles are so darn cryptic and hard to understand?

Turkey and Nigeria had language barriers, also and if you look at what they published in advance, you will see, they were extremely precise at describing their lops, well in advance.

So..... why is Iraq being so cryptic?

Just saying, because, they are doing a revaluation and that is much harder to pull off and maintain security.

CBI are not illiterate. So riddle me this! "Why are they being so unclear and cryptic?"

Look at how crystal clear, the Central Bank of Nigeria was.

http://www.cenbank.org/redenomination/newpolicy.asp

Just sayin....

[jmw]

He is probably in denial, BUT, if your referring to the D.C. video (which I am assuming you are)... One of the first questions asked about, was a R/V of the IQD.

His response, to sum it up, is.. "That information is confidential & I can't tell you.."

So to summarize the articles we read up, if your looking for an article stating R/V.... Good luck! It likely will not exist other than within an opinion article. So in result, we get an abundance of R/D (LoP) articles. Which confuses & suppresses the masses from further speculation.

He posted the link to the video...did you listen to it before you responded?...

He clearly discusses the challenge of having too many zeros...that it is a result of inflation over the years and that it is to make transactions easier...and that the solution is to remove the zeros...that it requires a campaign to let people know what they are going to do...and he says it in plain English for all of you who struggle with believing the translations....this is what the CBI would like to do...now it just depends on if if will be agreed to or not.

If an old fashion RD is the plan why is Iraq and CBI so cryptic about doing this?

Because they are NOT Redenominating. They are Revaluing.

If they plan to redenominate, they would not be being so cryptic.

All of the countries who redenominate, (which is a lop) ALWAYS publish it and explain it in detail and with clarity, ahead of time..... and not one single one of thos, had the capacity to cover an actual revaluation.

Conversely, countries who revalue, never come out and explain what they are doing, in fact are cryptic, at best and often, outright deny it.

Take a peek at what both Turkey and Nigeria did ahead of time. They were both very very clear on what they were going to do, and had no need for secrecy. Look at how far ahead of time Nigeria announced this and how precise and transparent they were at describing exactly what they were doing. Then think about Kuwait and how cryptic they were before time.

Is this why these articles are so darn cryptic and hard to understand?

Turkey and Nigeria had language barriers, also and if you look at what they published in advance, you will see, they were extremely precise at describing their lops, well in advance.

So..... why is Iraq being so cryptic?

Just saying, because, they are doing a revaluation and that is much harder to pull off and maintain security.

CBI are not illiterate. So riddle me this! "Why are they being so unclear and cryptic?"

Look at how crystal clear, the Central Bank of Nigeria was.

http://www.cenbank.o...n/newpolicy.asp

Just sayin....

Not sure what you consider cryptic about the articles...they say very clearly they are going to delete three zeros...that it is value neutral...that Turkey is an example of what they are going to do...that it is to ease transactions...

And they say this over and over again

[beau777]

They said the same thing last year......................Face it people this thing is never going to happen.

Wake up!

[Darin]

He posted the link to the video...did you listen to it before you responded?...

He clearly discusses the challenge of having too many zeros...that it is a result of inflation over the years and that it is to make transactions easier...and that the solution is to remove the zeros...that it requires a campaign to let people know what they are going to do...and he says it in plain English for all of you who struggle with believing the translations....this is what the CBI would like to do...now it just depends on if if will be agreed to or not.

Not sure what you consider cryptic about the articles...they say very clearly they are going to delete three zeros...that it is value neutral...that Turkey is an example of what they are going to do...that it is to ease transactions...

And they say this over and over again

To your part quoting me:

I've seen the D.C. audio. I've even read the typed out trascripts. I was simply stating a quote that was given early on in the entire Q&A. And it goes w/o saying, Shabibi said, if they were going to make any adjustments to an exchange rate, he is not at liberty to inform you. Simple as that!! I don't know why you found it necessary to argue with that portion of what I had to say. It was "said" and there are CBI laws to back it up.

To your part quoting Jupitergirl:

I think, to explain their intention(s) in a better fashion would include:

Mentioning a New Currency Symbol, and what it may likely be.

Using two exchange rates (old notes & new notes)

...And the 3rd piece I would wait for, an official Govt. documents explaining the details of the process.

#1 & #2 are why I still glance at 3 zero removal articles.. #3, you just have to wait for....

So, until I can see #1 & 2, I'll remain on the fence of the outcome. #3 will just basically confirm it all.

... With that said, I see nothing persuading me to sell, or preventing me from investing more.

[zigmeister]

He is probably in denial, BUT, if your referring to the D.C. video (which I am assuming you are)... One of the first questions asked about, was a R/V of the IQD.

His response, to sum it up, is.. "That information is confidential & I can't tell you.."

So to summarize the articles we read up, if your looking for an article stating R/V.... Good luck! It likely will not exist other than within an opinion article. So in result, we get an abundance of R/D (LoP) articles. Which confuses & suppresses the masses from further speculation.

Darin you make a good point, RV is confidential and I can see why.

[BlueOrchid919]

If an old fashion RD is the plan why is Iraq and CBI so cryptic about doing this?

Because they are NOT Redenominating. They are Revaluing.

If they plan to redenominate, they would not be being so cryptic.

All of the countries who redenominate, (which is a lop) ALWAYS publish it and explain it in detail and with clarity, ahead of time..... and not one single one of thos, had the capacity to cover an actual revaluation.

Conversely, countries who revalue, never come out and explain what they are doing, in fact are cryptic, at best and often, outright deny it.

Take a peek at what both Turkey and Nigeria did ahead of time. They were both very very clear on what they were going to do, and had no need for secrecy. Look at how far ahead of time Nigeria announced this and how precise and transparent they were at describing exactly what they were doing. Then think about Kuwait and how cryptic they were before time.

Is this why these articles are so darn cryptic and hard to understand?

Turkey and Nigeria had language barriers, also and if you look at what they published in advance, you will see, they were extremely precise at describing their lops, well in advance.

So..... why is Iraq being so cryptic?

Just saying, because, they are doing a revaluation and that is much harder to pull off and maintain security.

CBI are not illiterate. So riddle me this! "Why are they being so unclear and cryptic?"

Look at how crystal clear, the Central Bank of Nigeria was.

http://www.cenbank.org/redenomination/newpolicy.asp

Just sayin....

Okay Jupitergirl.... I think I finally understand where you're coming from.

Yes, both Turkey and Nigeria published their redenomination process. It was definitely part of their educating and preparing the people for what was coming. The BIG difference between them and Iraq right now is that the redenomination procedure/plan HAS NOT YET BEEN APPROVED by the Iraqi govt. Once it IS formally approved, you will see all kinds of official publications, pictures of the new currency/coins, timing, etc etc etc. Iraq is not there yet. This is too early in the official redenomination process. It must be officially approved first before they can implement the public education campaign. The CBI only JUST presented the proposal to the Council. I've yet to see anything concrete that Parliament has it too. But that's for another discussion.

My apologies for misunderstanding you. I do see now what your argument/discussion was about. The 'cryptic' behavior thus far is because it's not yet official.

Edited August 26, 2011 by BlueOrchid919

[Realdinar]

To your part quoting me:

I've seen the D.C. audio. I've even read the typed out trascripts. I was simply stating a quote that was given early on in the entire Q&A. And it goes w/o saying, Shabibi said, if they were going to make any adjustments to an exchange rate, he is not at liberty to inform you. Simple as that!! I don't know why you found it necessary to argue with that portion of what I had to say. It was "said" and there are CBI laws to back it up.

To your part quoting Jupitergirl:

I think, to explain their intention(s) in a better fashioftn would include:

Mentioning a New Currency Symbol, and what it may likely be.

Using two exchange rates (old notes & new notes)

...And the 3rd piece I would wait for, an official Govt. documents explaining the details of the process.

#1 & #2 are why I still glance at 3 zero removal articles.. #3, you just have to wait for....

So, until I can see #1 & 2, I'll remain on the fence of the outcome. #3 will just basically confirm it all.

... With that said, I see nothing persuading me to sell, or preventing me from investing more.

darin=superman

Jmw= lex luthor

[tommy17]

Actually no slant at all. The end of year assessment was clearly stated in print. Also the release of the new currency by mid year next year too. Maybe you missed a few of the 'currency' articles from the CBI....

No assumptions at all. Simply stating what has been seen in print from the CBI. They have also clearly stated the new rate will be $0.86. Again, maybe you've missed a few articles.

I don't assume, nor do I speculate. I simply take the statements from the CBI and re-translate them into languages other than English since the English translations are pretty bad.

Please don't 'assume' that there's a 'slant' to the statements from the CBI. They're pretty straight forward and don't leave much to speculation, slant, analysis, or other....

Yea it also came out from the cbi they they would lift the three zero's before the end of 2010 too. From shabib too. Also Inflaution is almost 7% and shabib also stated he would never let it rise above 7% without action from the cbi.

They said the same thing last year......................Face it people this thing is never going to happen.

Wake up!

I agree. But loppers keep trying

[Zebe]

Iraq.. Lifting three zeros from the currency the end of the year

04:08:23/08/2011

Khandan-Dr. Fadel Prophet Iraqi Finance Ministry Undersecretary, told "khandan" site that the budget for 2012 is much more than the budget unveiled in the recent period, noting that more than 115 trillion dinars.

The Financial Secretary stressed that the Central Bank of Iraq intensify its efforts to raise the zeroes of Iraqi currency, and it is hoped that the work is to lift the three zeros from the currency of Iraq later this year, pointing out that Exchange requires the consent of the Council of Ministers and the Iraqi Parliament.

Dr. Fadel Prophet referred to the Finance Ministry have completed stages of the preparation of the budget, leaving only the final figure will be guessed and then sent to the Cabinet for approval.

PC: Yusuf Omar

http://www.microsofttranslator.com/bv.aspx?from=&to=en&a=http%3A%2F%2Fwww.xendan.org%2Farabic%2Fdrejaa.aspx%3F%3Dhewal%26jmara%3D2212%26Jor%3D2

Let's hope it is sooner!

Two things.

First, since this article came out - and maybe because of Okie's blunder also - we have witnessed a huge decrease in the amount of GURU BS out there. And that one site that touts "guruness?" Total BS. It's just people reading the news and it also looks like they're all Okie Cronies.

Second, RV at the end of the year gives me opportunity to get more.

Thanks for the post! GO RV

Zebe