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Representatives discuss deleting zeros currency on Sunday

.netnodoubt

By .netnodoubt,
in Iraq & Dinar Related News

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.netnodoubt Newbie

.netnodoubt

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Representatives discuss deleting zeros currency on Sunday .

.: 40 Hits: 40 . ..: / 0 / 0.k جيد Good

شفق.. Twilight News / Committee announced the economy and investment representative, Saturday, to discuss the project to delete the zeros from the currency with the current consultants and specialists on Sunday, indicating at the same time reject the project if it has proven negative consequences on the economy of the country. .. The head of the economy and investment representative Ahmed al-Alwani, had announced earlier in the interview with "Twilight News" that his committee will be discussed with a number of consultants and specialists of the project submitted by the Central Bank, which provides for deletion of zeros from the current currency.

.". The Member of the economy and investment Nahida Daini in an interview with "Twilight News", to its "on Sunday will host the President of the Central Bank and a number of economic advisers and specialists to discuss the draft law to delete the zeros of the current currency." .". Daini and showed that "the economic and investment commission will listen to the views of advisers and specialists in this regard and if there is evidence of fraud and corruption exploit some change in the currency, the Committee will announce its reservation on it."

.. Economists have warned Congress and the incidence of corruption and money laundering plans to influential figures within the government to do in case of changing the current currency, demanding a review and deliberation on this matter.

.. The Central Bank of Iraq began to discuss amending the categories of the dinar, last year, and is still a large part of the payments being in cash due to the evolution of the banking system.

ي ع J p

http://translate.google.com/translate?hl=en&ie=UTF8&prev=_t&rurl=translate.google.com&sl=ar&tl=en&twu=1&u=http://www.shafaaq.com/sh2/news/economy-news.html

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RICK C Newbie

RICK C

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Posted (edited)

no biggy, they have been talking about reviewing this for months , to make sure there is no fraud or corruption in the currency change over. the same as all the talk of removing the 3 zero's.

Shabbibi needs to step forward and get this done or soon the people will speak in a way they will all understand.

Edited by RICK C
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Dalite Newbie

Dalite

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Hopefully, the plan to ReDenominate won't pass.

While the passage would provide the best outcome for Iraq's economic future, it isn't such a great thing for us.

If it does pass, eventually everyone will understand it is a redenomination, and eventually understand what a redenomination is.

This is one time that I am hoping the inability of parliament to stay out of their own way plays to our benefit.

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JWJW11 Newbie

JWJW11

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Posted

Hopefully, the plan to ReDenominate won't pass.

While the passage would provide the best outcome for Iraq's economic future, it isn't such a great thing for us.

If it does pass, eventually everyone will understand it is a redenomination, and eventually understand what a redenomination is.

This is one time that I am hoping the inability of parliament to stay out of their own way plays to our benefit.

I dont get it....whats a redonomination????

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FreckledFuzz Newbie

FreckledFuzz

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So, you like the idea of a LOP occurring?

This is just my take on things, and hopefully the ramblings of an old man make sense:

I posted an article about this weekend's G7 meeting where they are adamant about implementing Basel III

http://www.cpifinancial.net/v2/Magazine.aspx?v=1&aid=2715&cat=BME&in=130

In a nutshell, banks will now have to reserve/withhold more capital and assets when doing transactions. In otherwords, the trading leverage will be changed. Forex and commodity traders will understand leverage very well--I'm not good at creating definitions in my own words, so :

What Does Leverage Mean?

1. The use of various financial instruments or borrowed capital, such as margin, to increase the potential return of an investment.

2. The amount of debt used to finance a firm's assets. A firm with significantly more debt than equity is considered to be highly leveraged.

Leverage is most commonly used in real estate transactions through the use of mortgages to purchase a home.

Read more: http://www.investopedia.com/terms/l/leverage.asp#ixzz1XYOVpRjm

http://www.investopedia.com/terms/l/leverage.asp#axzz1XYOMx2tn

Anyway--IMO--if they implement Basel III, the article clearly states the detrimental effects on "poor countries"--and there are a lot of poor countries--- Iraq being one of them. [Yes they are an emerging market, and not poor in a sense of natural resources--their economic structure is and it's people are considered poor when compared to other countries]

The only way, I believe, for other countries to participate under the Base III policy, is to revalue their currency to become more competitive/in-line with the Global Average, thus making them not so poor anymore.

I can't find a better source for statistics but Wiki http://en.wikipedia.org/wiki/Economy_of_Iraq states this: In early 2004, the minimum wage was US$72 per month.

Mean wages were $2.10 per man-hour in 2009.

If this is true, then I highly doubt your average Iraqi --that is if they are paying for their daily needs with IQD, are running around with these large IQD bills that everyone thinks. I believe the average Iraqi to be living like the average American- paycheck to paycheck.

Having said that, we also know it is ultimately the goal to "de dollarize Iraq"-- I quoted that because we've seen it so many times. I've never been to Iraq and I can't say what the purchase power of IQD is--or if everyone is just using USD$ on the streets and basing local economy on the USD$.

This is what people do not understand--if Iraq was to LOP the 000's.... the currency still does not gain any value. Yes, the 25K not becomes 25--but it still does not hold any more purchase power than it did before. How does this fall into line with Shabibi stating his currency will be strong again? What is the incentive to use IQD instead of USD$? Answer: there is none

So, for a visual... 1170...delete the 0's and we have 1.17- retaining the current currency -which was stated to co-exist with the current currency-- yes, they stated they will be printing new currency, but the only news I've seen is for lower denoms, and that the currency with have 3 languages. OK..it will take 2-3 years to "complete"--- not to start, lol. The current large bills in circulation will be phased out---much like our bills in the US have--first the $20, then $10...and $5 have...soon to be the $100. No biggie really.

Now if dollarization in Iraq is the basis of daily transactions, meaning people have it on hand and pay for their daily living expenses with it, then removing the 000's from the IQD should have absolutely no effect for the transition of currencies as it will be a lateral transfer of transaction-- 1IQD= $1 [roughly speaking with the exchange rate higher than the USD by .17] I am of the camp of believers that they will not RV after the removal of OOO's--- that initially would be too much shock to the global financial system. I believe the currency will float for a while, and once put out into the open market, retail traders [speculators] can drive the value--thus creating more money opportunity globally on trading on FOREX.--- or if they do RV it will be very small.

And what about a LOP and a RV? Possible..but would make daily transactions a little goofy 25K old =25NID= RV$3USD= $75USDI don't see this as much of an incentive to the average Iraqi trying to make daily [complicated] transactions and to make correct change. They would almost have to come out and make using USD$ illegal for transactions after this scenario --- that is if the USD is so entwined and engrained in their society as articles claim.

Yes, examples of other countries were given, but they do not do global commerce like Iraq intends on. [actually will be] Correct me if I am wrong but those that RD'd were not pegged to any of the Global basket currencies [before or after] .

This end's this old man's ramblings. Didn't think I'd be so long winded. I'm tired now- think I'll take a nap

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FreckledFuzz Newbie

FreckledFuzz

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Sorry can't edit now but my italicizing really isn't up to par---hopefully people can identify the important parts--I a correction-- their new currency is slated to coexist with their old currency, which I believe the 2-3 years to come in--to phase out the old bills to introduce the new ones.

Getting old wreaks havoc on one's train of thought... now I now where scatterbrained comes from

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Carrello Rising Star

Carrello

Posted
Posted

Sorry can't edit now but my italicizing really isn't up to par---hopefully people can identify the important parts--I a correction-- their new currency is slated to coexist with their old currency, which I believe the 2-3 years to come in--to phase out the old bills to introduce the new ones.

Getting old wreaks havoc on one's train of thought... now I now where scatterbrained comes from

Yeah, right. And I bet you are sly like an old fox too!

Thank you for your 'old man's diatribe.' I need to mull it over once the cobwebs leave my old head.

Remember: Only young whipper snappers think we are old.

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Dalite Newbie

Dalite

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Posted

Well, a redonomination JWJW is when a fierce looking woman in a black rubber catsuit and ten inch platforms cracks her whip and tell you to get on your knees.

Thanks for taking up my slack and answering that question... :)

After thinking about it, I like your definition far better than mine..

It's all good :D

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DayTrader Newbie

DayTrader

Posted
Posted

I don't see the goofiness. Now 1 IQD = $0.00086 USD . They RV 2x and announce the 1000:1 RD to take place starting in 6 months and lasting 1.5 years. So then 1IQD = $0.00172 and 1 NID = $1.72 . 25K IQD still = 25 NID. So prices of imported goods goes down but the IQD/NID ratio stays 1000:1 . They could RV again to tweak the rate during the RD, the RD raio still remains 1000:1 . What's the problem?

O goodness. That is the craziest thing I've ever read. Your keyboard really needs to stop working. So Says..............DayTrader

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carlablum Newbie

carlablum

Posted
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Representatives discuss deleting zeros currency on Sunday

Saturday, September 10 / September 2011 News /

Committee announced the economy and investment representative, Saturday, to discuss the project to delete the zeros from the currency with the current consultants and specialists on Sunday, indicating at the same time reject the project if it has proven negative consequences on the economy of the country. .. The head of the economy and investment representative Ahmed al-Alwani, had announced earlier in the interview with "Twilight News" that his committee will be discussed with a number of consultants and specialists of the project submitted by the Central Bank, which provides for deletion of zeros from the current currency. .". The Member of the economy and investment Nahida Daini in an interview with "Twilight News", to its "on Sunday will host the President of the Central Bank and a number of economic advisers and specialists to discuss the draft law to delete the zeros of the current currency." .". Daini and showed that "the economic and investment commission will listen to the views of advisers and specialists in this regard and if there is evidence of fraud and corruption exploit some change in the currency, the Committee will announce its reservation on it." .. Economists have warned Congress and the incidence of corruption and money laundering plans to influential figures within the government to do in case of changing the current currency, demanding a review and deliberation on this matter. .. The Central Bank of Iraq began to discuss amending the categories of the dinar, last year, and is still a large part of the payments being in cash due to the evolution of the banking system. ي ع J p

http://translate.google.com/translate?hl=en&ie=UTF8&prev=_t&rurl=translate.google.com&sl=ar&tl=en&twu=1&u=http://www.shafaaq.com/sh2/news/economy-news.html

oops already posted sorry

Bump help meohmy.gif

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