Price excludes Bank dinar by deleting three zeros

[BondLady]

Price excludes Bank dinar by deleting three zeros

Date: Saturday, 03-09-11 10: 18 am

Baghdad (newsletter).The Director of the Association of private banks, said Abdel Aziz Hasson on draft deleted three zeros Iraqi currency is simply modified cash categories is not intended to raise the price of the Iraqi dinar against the dollar or other currencies, adding that strengthening currency comes through security stability and increase local production in the country.

Hasson said reporter (News Agency KCNA) Saturday: draft deleted three zeros from the Iraqi currency meant to modify categories only cash and not to raise the price of Iraqi dinar and support, and continued as long as there is no local production and security in real stability of the country it is difficult to raise the exchange rate of the dinar.

He expressed concern that the accompanying Hassoun draft deleted some negatives as zeros in (2004), likely to affect the project at market prices, but added that its impact is my time to the consumer until stability in circulation.

The Director of the Association of private banks: there was a proposal that could be altered some large groups of currency currency allowance, but there are different views on the existence of significant inflation in the amount of currency in circulation and aim to reduce it to a reasonable extent, calling for there to be a national production and real Iraqi dinar to be international currency traded abroad.

The Central Bank of Iraq had stressed that the new currency will be printed in three languages, Arabic, Kurdish, English application indicated the Iraqi Constitution, pointing out that the old currency gradually will be dispensed with.

Central Bank Adviser was the appearance of Mohamed Saleh said earlier (News): the new currency will work in three languages are Arabic and the Kurdish and English this is an opportunity for real application indicated by the Iraqi Constitution, stressing that the old aunt was not abolished but gradually will be dispensed with and work together with the new currency.

Saleh said there was no difference and difference of rights over the exchange rate and purchase, stating that when we want to buy swivel b (1200) JD we will buy the dinaro 200 Fils.

He said the draft approved by deleted zeros Central Bank management and forwarded to the Council of Ministers and deputies, saying if the Government agrees to work on it directly.

Central Bank Adviser stated that the purpose of the draft deleted three zeros is reducing the large numbers that are exposed by the ataamlat by the trillions, and monetary blocs shortcut without shortcut income rights and wealth, they all be fixed.

The project will be introduced gradually and differs from the previous project, which began at the end of the year (2003) and continued until the end (2004), the more likely that this project will take a broader and continue Nada years therefore note that the old currency will gradually disappear.

Project deleted three zeros is restructuring Iraqi currency and launching a new currency system been replaced categories (250, 500) dinars coins to facilitate a lot of things./finished/8 n. y.

http://www.microsofttranslator.com/bv.aspx?from=ar&to=en&a=http%3A%2F%2Fwww.ikhnews.com%2Fnews.php%3Faction%3Dview%26id%3D19429

[gakman]

Thanks B\L!

[BondLady]

my pleasure hun, happy early early saturday mornin...BL

[jbird129]

B/L...and ideas with the statement that 1200 dinar will buy 200 fils??

[frankc]

"not to raise the price of the iraqi dinar and support" doesn't sound good to me.

[BondLady]

The Director of the Association of private banks: there was a proposal that could be altered some large groups of currency currency allowance, but there are different views on the existence of significant inflation in the amount of currency in circulation and aim to reduce it to a reasonable extent,****** calling for there to be a national production********* and real Iraqi dinar******** to be international currency********* traded abroad.******

The Central Bank of Iraq had stressed that the new currency will be printed in three languages, Arabic, Kurdish, English application indicated the Iraqi Constitution, pointing out that the old currency gradually will be dispensed with.

[dinarhope18]

I have a serious question, I assume that these coin are meant to be .25 and .50 cent pieces........so if they were deleting the zeros soon why bring out a coin that is equal with your current currency? I mean .25 cent multiplied by 1000 is 250 last time i checked. I think the only thing we can hope for is that this is 'SMOKE AND MIRRORS" I've been invested a short period of time, only a couple million tho. Maybe one of you vets can explain in detail to me why these articles seem to be a good thing? I am not a cindy lopper but a person of logic not lead by blind faith. With that said some details would be greatly appreciated, I ve done a fair amount of research with what little time i have between work and class. So i guess its a possibility i might be missing the big picture. THx

[kosman]

I am in the middle of a sandstorm and not thinking clearly. Does this mean that if they modify the cash, and you have say a million dinar in the bank, you still have a million in the bank?

[Heinzy444]

I have a serious question, I assume that these coin are meant to be .25 and .50 cent pieces........so if they were deleting the zeros soon why bring out a coin that is equal with your current currency? I mean .25 cent multiplied by 1000 is 250 last time i checked. I think the only thing we can hope for is that this is 'SMOKE AND MIRRORS" I've been invested a short period of time, only a couple million tho. Maybe one of you vets can explain in detail to me why these articles seem to be a good thing? I am not a cindy lopper but a person of logic not lead by blind faith. With that said some details would be greatly appreciated, I ve done a fair amount of research with what little time i have between work and class. So i guess its a possibility i might be missing the big picture. THx

You're right, it makes no sense to many here, and we have some bright people contributing. Many say this is pure propaganda, keep the masses confused to the point of not even attempting to speculate on the currency - it may or may not be working. I believe they used to have 1/4, 1/2, 1, 5, 10, 20 Dinar Notes - they make sense after the RV/RI - the IQD is based on the fils system not cents - we divide by 100 - cent, they divide by a 1000 -fils (in laymans terms) - so the coins would be a burden initially if they are bringing out small notes too. The biggest complaint from locals is having to carry around so much bulky cash to make even the smallest purchase - coins with fils value seem to only add to the burden. On a side note, I own 50, 250 & 500 Dinar notes - removing 3 zeros from all the notes - which is what they claim is happening, will really confuse Iraqi citizens.The 50 note for example will become a .050 note. If all of this is true, as per the media reports and news coming from the CBI, this will all create mass chaos at evey POP (Point of Purchase) in the Country - nobody will know what is worth what. Do I use a 50 fils coin, my new 1/2 Dinar note, or my previously valued 50 Dinar note which is now .050 Dinar, or is is it fils now ???

Cindy "Lauper/Lopper" sang "Money Changes Everything" In Iraq, "Money Changes....Are Confusing"

Edited September 3, 2011 by Heinzy444

[R2d2dc]

Thanks BondLady, I know you don't think that there will be a LOP. Would you be able to give us your opinion as to why that is. I certainly hope no LOP, but I read these articles and it sounds to me like they are saying it will be a LOP. What in these articles should I be taking away that I am missing from what it sounds like to me?

I appreciate your views very much, Thank you,

r2

[ashtray]

The Director of the Association of private banks: there was a """""""""proposal that could be altered """"""""some large groups of currency currency allowance

i hope they have the opertunity to only delete 1 zero .. or 2 zeros .. and still give the dinar a dollar per dinar rv.... they dont have to delete 3 zeros ... deleting one zero would leave them with 2.5 trillion dinars ...... 2 zeros would leave them with 250 billion dinars ......3 zeros would leave them with 25 billion dinars

i think the 2.5 trillion dinars .. is the best scenario for iraq at this time... not 25 billion

alot of their currency will end up in foriegn reserves of other countrys .. with 30 million iraqis .. leaving them with approximatly 1000 dinars per capita doesnt seem like its enough

30 million times 1000 is 30 billion .. and the govt will need plenty of dinars for its own dealings internationally.. yep one zero will be plenty ..

the per capita of iraq gdp is 4000 dollars right now and expected to be 9000 by next year .. .. 25 billion dinars valued at one dollar is not enough

Edited September 3, 2011 by ashtray

[ashtray]

Among developing and transition nations, currency redenomination was employed on 60 occasions during the 1960-2003 period.2 These redenominations varied in size, from removing one zero from the currency (14 instances) to removing six zeros (9 instances); the median redenomination was three zeros, dividing the currency by 1000.

Read more:

[Blessed4ever]

"deleted three zeros Iraqi currency is simply modified cash categories is not intended to raise the price of the Iraqi dinar against the dollar or other currencies, "

Read more:

CAN ANYONE EXPLAIN THAT PART? It doesnt sound good....

[Dalite]

B/L...and ideas with the statement that 1200 dinar will buy 200 fils??

If I read it right, 1200 current dinar will buy the same as 1 new dinar and 200 fils.

A fil is 1/1000 of a dinar, so it would be 1.200 New Dinar.

[ashtray]

"deleted three zeros Iraqi currency is simply modified cash categories is not intended to raise the price of the Iraqi dinar against the dollar or other currencies, "

Read more:

CAN ANYONE EXPLAIN THAT PART? It doesnt sound good....

deletion of three zeros from the Iraqi currency will increase the confidence and international credibility in Iraqi currency, noting that the Central Bank of Iraq has a real strategy on the matter, adding that the dinar Iraq will be the strongest in the Middle East.

Read more:

this also came out today .. so explain this .. too

[tim5400]

heres my take ...but ive only had 1 cup of coffee....when they start to delete the Zeros the 25000 dinar not (IMO) will be worth 30 dollar US to make it easy...as you get to the smaller denoms...the 5000 iqd note will be woth approx. 6 dollars us...the 500 dinar note....60 cents US.....the 250 dinar note 30 cents US..NOW we get to the new notes and fils ..as you can see theses new fils will be relitively worthless as the denoms get smaller so if my theory is correct or my starting point with the 25000 dinar noteis right.......IRAQ HAS TO DO A STRAIGHT UP RV to make the small fils have some value....BUT I could be totaly be wrong...TIME WILL TELL

[ashtray]

simply deleting 3 zeros will not make the iraqi dinar the strongest in the middle east ... that would only make it worth .86 cents ..

why dont they just delete 4 zeros and only have 25 million dinars .. that would be 1 dinar per capita ...

see i dont think they can actually delete 3 zeros .. leaving 25 billion dinars .. at 1000 dinars per capita ... i honestly believe this is smoke and mirror propaganda

Edited September 3, 2011 by ashtray

[Dalite]

"deleted three zeros Iraqi currency is simply modified cash categories is not intended to raise the price of the Iraqi dinar against the dollar or other currencies, "

Read more:

CAN ANYONE EXPLAIN THAT PART? It doesnt sound good....

No, it doesn't, and it also has not passed parliament.

The plan may not even be voted on, as any improvement in the Iraqi citizen's plight only weakens Maliki's chance to be King.

Modified cash categories could be a translation for old and new Dinar co-existing, with 2 separate values, but no loss of purchasing power.

Or it could be a translation for reducing the liability of the CBI from 30 trillion to 30 billion, while not changing the actual purchasing power, or the value.

This isn't the RV that is continually promised by those profiting from selling Dinar. It appears to be the CBI's first choice, but if it doesn't pass from Maliki to parliament, or makes it to parliament and not brought up for a vote, or gets voted Dow, the CBI may have to come up with other approaches.

Ultimately, the CBI has the autonomy to make unilateral changes to monetary policy, but it would appear Shabibi does not want to resort to that.

Nothing happens until it happens.

It's good to consider, and understand the possibilities, but they are no reason to give up hope.

Anything that strengthens the Dinar adds value to the Dinar you hold.

[ashtray]

if they only had 25 billion dinars in circulation and the iraqi people decided to start saving their dinars ,,how long would it take before they had all 25 billion dinars in a coffee can under their bed .. at 1000 dinars per capita .. not long .. then iraq wouldnt have any cash left..

smoke and mirrors in my opinion

Edited September 3, 2011 by ashtray

[Bored]

Smoke and mirrors...

[Mazzz27]

if they only had 25 billion dinars in circulation and the iraqi people decided to start saving their dinars ,,how long would it take before they had all 25 billion dinars in a coffee can under their bed .. at 1000 dinars per capita .. not long .. then iraq wouldnt have any cash left..

smoke and mirrors in my opinion

ill take this news with a grain of salt now that i read your comment

Edited September 3, 2011 by Mazzz27

[leola]

++++++++++ 1200 dinar = 200 fils =1 dollar =1 dinar = 5 dollars --------no??????

[ashtray]

ill take this news with a grain of salt now that i read your comment

yep and if all the dinars were taken off the streets through individual savings ..and most dont use banks .. so they could end up in coffee cans under a bed .. while they save for a car or what ever

... so all dinars are gone .. what will the govt be using to meet their 110 billion dollar budget .. ...foriegn currency ?... they are telling their citizens to use the dinar but they will use foriegn currency ?

i hardly think so

ya that will go over nice 25 billion dinars with a govt budget of 110 billion dollars

Edited September 3, 2011 by ashtray

[betsy1949]

++++++++++ 1200 dinar = 200 fils =1 dollar =1 dinar = 5 dollars --------no??????

Now that's a scenario I like.

[trooper]

Bank excludes revaluation by deleting three zeros

On: Saturday 03/09/2011 10:18

Baghdad (news) .. The director of the Association of private banks Abdul Aziz Hassoun that the project to delete the three zeroes from the Iraqi currency is simply a modification of the categories of cash and is not intended to raise the Iraqi dinar exchange rate against the dollar or other currencies, pointing out that the strengthening of the currency comes through security and stability and increasing domestic production in the country.

He said Hassoun, a reporter for the Agency (news) on Saturday: the project to delete the three zeroes from the Iraqi currency intended to modify the denominations do not is not to raise the price of the Iraqi dinar exchange and support, and continued as long as there is no local production is real and security stability in the country it is difficult to raise the price of exchange of the dinar.

Hassoun and expressed concern that the project is accompanied by the deletion of zeros of some negative aspects such as what happened in the year (2004), the project likely to affect prices in the market, stressing at the same time that its impact will be in my time on the consumer until the stability in the circulation.

The Director of the Association of private banks: There was a proposal could be altered some of the large groups of the coin instead of the currency completely, but there are different points of view other that there is significant inflation in the amount of currency in circulation and are aiming to reduce to the extent reasonably possible, and called to have a production of a national real and the Iraqi dinar in order to be an international currency are treated abroad.

The Central Bank of Iraq has confirmed that the new currency will be printed in three languages ​​Arabic, Kurdish, English for the application referred to by the Iraqi constitution, noting that the old currency will be dispensed gradually.

The Advisor to the Central Bank of the appearance of Mohammed Saleh said earlier in (the news): The new currency will work in three languages: Arabic, Kurdish and English, the real opportunity to apply what was referring to the Iraqi constitution, stressing that the aunt of old has not been canceled but will be dispensed gradually and work together with the new currency.

Saleh pointed out that there is no difference and disagreement about the rights of the exchange rate and purchase, noting that when we want to buy the rotor b (1200), we will buy dinars Bdenaro (200) fils.

He added that the project to delete the zeros approved by the Department of the Central Bank has been forwarded to the Council of Ministers and House of Representatives, explaining the government's approval if it will work by hand.

The central bank adviser that the purpose of the project to delete the zeros of the three is to reduce the large numbers that we are exposed by Bataamlat that reach trillions, and shorten the blocks of cash without disparage and wealth or income, they are all be fixed.

And that the project will be working gradually, and differs from the previous project, which began at the end of the year (2003) and continuing until the end (2004), is most probable that this project will take Nada time broader and continue to the year and thus we note that the old currency will gradually disappear.

The project to delete the zeros of the three is the restructuring of the Iraqi currency and start a new currency system is the replacement of categories (250.500) JD currencies metal to facilitate a lot of things. / End / 8. N. R /.

http://www.ikhnews.com/news.php?action=view&id=19429