Routers Article re lift zeros by 2013

[gotyourback]

I found this on Okies site and I followed the link on it and when I went back it was gone, but I still have the part I copies from the link. It was on a post from Routers. Could this be true. I hope not. Please give opinions and check this out please

UPDATE 1-Iraq targets 5 pct inflation in 2012

inShare.0Share thisEmailPrintRelated NewsGrim Fed pondered even bolder easing in August

Tue, Aug 30 2011

Bernanke quiet on next Fed move, stresses job crisis

Fri, Aug 26 2011Analysis & OpinionNigeria deals the dollar another blow

RBI eyes deregulation of interest rate on savings accounts

Related TopicsFinancials »

Wed Sep 7, 2011 10:01am EDT

* Inflation target of 5 pct in 2012 -finmin

* Hopes to trim three zeros off dinar currency by 2013

* Unemployment to range between 15-23 pct in 2011 (Adds quotes, details, background)

By Martina Fuchs

ABU DHABI, Sept 7 (Reuters) - Iraq will aim to keep inflation at 5 percent in 2012, helped by central bank policies to control price growth, the country's finance minister said on Wednesday, and hopes to redenominate the dinar currency by 2013.

"I hope that in 2012, with some of the policies of the central bank, to control it (inflation) again to around 5 percent. For 2012, the target is 5 percent," Finance Minister Rafie al-Esawi told Reuters at a gathering of Arab finance ministers in United Arab Emirates capital Abu Dhabi.

Iraq's core annual inflation rate quickened to 7.1 percent in July from 6.4 percent in June, driven mainly by higher housing rental prices.

"I don't think that inflation will increase ... It increased in the last few months to more than 6 percent. The central bank tried to move its policies, tried to control it back again," Esawi said.

Core annual inflation was not expected to exceed 7 percent in 2011 as the economy remained relatively stable, with a steady flow of goods and no unexpected government expenditure, an official said in June.

In August, Iraq said it planned to redenominate its dinar currency by knocking three zeros off its nominal value to simplify financial transactions.

"The central bank prepared its study to present to the cabinet, which was not yet received, so it's still in the hands of the government," Esawi said, adding he hoped this would be done by 2013.

Iraq's central bank began discussing the redenomination of the dinar last year aiming to help ease financial transactions. In Iraq many payments are still carried out in cash because of the underdeveloped banking system.

The Iraqi dinar is traded in auction at a fixed rate of 1,170 per dollar.

Iraq is recovering after years of war and sanctions and oil still dominates the economy, accounting for 95 percent of government revenues.

The minister also said he expected the unemployment rate in the country to range between 15 to 23 percent this year.

Investors complain Iraq's still heavily centralised economy is mired in red tape and bureaucracy, and transactions are still often carried out in cash.

"Iraq, being in a transitional period, it will take a long time for reforming its financial and monetary policies," Esawi said. (Reporting by Martina Fuchs; Editing by Toby Chopra, Ron Askew)

[Blessed4ever]

WOW!

[Nani?]

I think this is saying they want it done by 2013 meaning they would be on that single currency by thrn. Till then they would have the two existing currency and hopefully a 1:1 rate

[gotyourback]

WOW!

What do you think about this, I feel sick

[Aqua Dude]

super smoke!!!

cbi said project will be seen completed in 2011

we are right around the corner....articles like this will come out more and more the closer we get

[Alex38]

cool! We'll have a longer time to cash in!!

[gotyourback]

I think this is saying they want it done by 2013 meaning they would be on that single currency by thrn. Till then they would have the two existing currency and hopefully a 1:1 rate

Thank you, it really had me thinking

[hammer911]

Could we have the link that you clicked on please?

[NWGUY]

Good post! The positive part of this, is that they are talking about deleting the zero's off the nominal rate, not the currency, at least not right away.

I really don't think that they can wait for a year or two to make the changes. They need to get this done very soon, and with all the news out there right now, I think we are close.

I am still looking at this investment with a more than half full glass!

Go RV!!!

[gatoraces]

if it happens the way that makes us tons of money and i knew it was coming in 2 years, that would be awesome.

[Blessed4ever]

Well first off, reuters is respectable news; so I would take it for what it's worth.

But, I have also heard that the 2013 projected date, is a COMPLETION DATE, meaning that they want all the old notes and larger notes traded in and completely off the streets by that date; so as to only have the one new currency in ciruclation.

Thats what I hope anyway...

My concern is; if they have not even PRINTED the new currency yet.. (which some articles have indicated...)... that puts us quite a ways out!!

(unless thats smoke??)

UGH..

[FrankieV]

Good post! The positive part of this, is that they are talking about deleting the zero's off the nominal rate, not the currency, at least not right away.

Nominal value = face value. This isn't really subject to debate, that's what nominal value means. They're taking three zeros off the face value of the currency.

http://www.thefreedictionary.com/face+value

1. The value printed or written on the face, as of a bill or bond.

Taking three digits off the face (nominal) value of a currency does not mean exchange rate, and it does not mean RV. I think everyone can guess what it does mean.

Edited September 7, 2011 by FrankieV

[Rdy_Stdy_GO]

Well first off, reuters is respectable news; so I would take it for what it's worth.

But, I have also heard that the 2013 projected date, is a COMPLETION DATE, meaning that they want all the old notes and larger notes traded in and completely off the streets by that date; so as to only have the one new currency in ciruclation.

Thats what I hope anyway...

My concern is; if they have not even PRINTED the new currency yet.. (which some articles have indicated...)... that puts us quite a ways out!!

(unless thats smoke??)

UGH..

I agree that it looks like a completion date more than a start date.

man i hope they started printing already! i thought they had... all the hype about the "Mafia" trying to counterfit it, and the CBI would say no way, cant counterfit this batch... (biatch)

[Aqua Dude]

just FYI to everyone......RV'n tomorrow will be "lift three zeros by 2013"

any date after the article publication date but before jan 1 2013 is "life three zeros by 2013"

don't look too deep into the article

[Amber Williams]

I agree that it looks like a completion date more than a start date.

man i hope they started printing already! i thought they had... all the hype about the "Mafia" trying to counterfit it, and the CBI would say no way, cant counterfit this batch... (biatch)

lol @ biatch...

[Aqua Dude]

why would a mafia be a stopping power to RV the currency...seriously.......here in America there are those who counterfit US dollars...and we are the world reserve currency.....so the importance of mafia counterfiting is actualy a mute point

[Ridewithme38]

I agree that it looks like a completion date more than a start date.

man i hope they started printing already! i thought they had... all the hype about the "Mafia" trying to counterfit it, and the CBI would say no way, cant counterfit this batch... (biatch)

don't forget...the "Mafia" in the middle east is richer then Jeb Clampett and own more oil wells then he does....They have the funds and the resources to counterfeit almost anything

[Amber Williams]

why would a mafia be a stopping power to RV the currency...seriously.......here in America there are those who counterfit US dollars...and we are the world reserve currency.....so the importance of mafia counterfiting is actualy a mute point

i think he was talking about the new currency just being printed not the RV itself. i know you need the new currency to do the RV, but i think it was more on the printing the currency thing.... idk

[gotyourback]

I could not find the link to this article, so I googled "abu dhabi sept 7 iraq three zeros" and clicked on the first article and routers page came up. Hope this helps. Thanks Debbie

[speculatorsRIDE]

They said this in the article:

ABU DHABI, Sept 7 (Reuters) - Iraq will aim to keep inflation at 5 percent in 2012, helped by central bank policies to control price growth, the country's finance minister said on Wednesday, and hopes to redenominate the dinar currency by 2013.

Read more:

I wonder how they are going to get the inflation back down to 5 percent by 2012? Any thoughts on how they might do this? Anyone?

[BigJake]

IMO the nominal value is currently $ .00086 of a U.S. dollar. If they lift the 3 zero's from the nominal value it would go to $ .86 !!!

[Ridewithme38]

They said this in the article:

ABU DHABI, Sept 7 (Reuters) - Iraq will aim to keep inflation at 5 percent in 2012, helped by central bank policies to control price growth, the country's finance minister said on Wednesday, and hopes to redenominate the dinar currency by 2013.

Read more:

I wonder how they are going to get the inflation back down to 5 percent by 2012? Any thoughts on how they might do this? Anyone?

Remember when the rate would move pip by pip(is that an actual term?) because of growing inflation...and growing reserves...i wouldn't be surprised to see the dinar move a pip or two...the reserves have grown alot since they stopped it at 1170

[OKLAHOMA]

I have always thought 2012-2013 it would be completed, our troops home, hcl,chapter7 done, new currency out, iraq summit that was postponed until march or april2012, will be over, and Iraq being back to its own functioning country by then, so this just puts me back in to prospective of how i always thought anyway, thanks for the post.

[FrankieV]

IMO the nominal value is currently $ .00086 of a U.S. dollar. If they lift the 3 zero's from the nominal value it would go to $ .86 !!!

That isn't the nominal value, that is the exchange rate. These are simply the definitions of words, there's no room for opinion.

[MovieMaker]

Hmm I think who's ever the "Blender Master" is... the one that has the job to mix us all up is working hard at it.

GRV