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Central Bank: the new currency will be printed in three languages ​​by the Constitution

Markinsa

By Markinsa,
in Iraq & Dinar Related News

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Markinsa Grand Master

Markinsa

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The Central Bank of Iraq to the new currency that will be

the deletion of zeros will be printed in three languages, Arabic, Kurdish,

English, applied as indicated by the Constitution, pointing out that the old

currency will be dispensed gradually.

The central bank adviser said the appearance of Mohammed in

a press statement on Saturday: that the new currency will be printed in

three languages: Arabic, Kurdish and English, the real opportunity to apply

what was referring to the Iraqi constitution, stressing that the old aunt

will not be canceled immediately after issuance of the new, but will be

gradually dispensed with.

Saleh pointed out: there is no difference in the currency on the new rights

at the exchange rate and the purchase, saying: When you want to buy dollars

to (1200) dinars, we will buy and dinar (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 MPs, if approved by the government it will be worked 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 of

objectionable transactions, which will reach trillions, and the blocks will

be shortened without cash 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), and expected to take the project over a broader time

frame and continues to years and thus we note that the old currency will

gradually disappear.

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Markinsa Grand Master

Markinsa

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200 fills to one dinar may equal 20 cents. Not enough for dellorarization!!! More smokes and mirrors here. GLTA and Go RV.

Old = 1200 Dinar = 1 Dollar

New 1000 Fils = 1 Dinar

New 200 Fils = $1.00 US ==> 200 Fils x 5 = 1000 Fils = 1 Dinar = $5.00 US th_smiley_two_thumbs_up.gif

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This is great... just asking....... why the x 5. ???? Just interested in how you got your math smile.gif

Tamiflyer made the comment that 200 Fils to 1 Dinar may equal 20 cents, so I took that a little further.

5 x $0.20 = $1.00

5 x 200 Fils = 1 Dinar

1 Dinar = $0.20

Ahaha!! Its Midnight and my math sucks!

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Dalite Newbie

Dalite

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Old = 1200 Dinar = 1 Dollar

New 1000 Fils = 1 Dinar

New 200 Fils = $1.00 US ==> 200 Fils x 5 = 1000 Fils = 1 Dinar = $5.00 US :twothumbs:

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I think, when the smoke clears, this will be 1200 old dinar will equal 1 dinar and 200 fils; as stated in previous press releases by the CBI.

Everyone is encouraged to believe what they wish, but these numbers are going to start sounding more and more familiar.

Did everyone miss that they said

Meaning 1 dinar 200 fils...

Or are you guys just having fun?

No, they have been told by some of the more self assured, and well studied DV members that the CBI is talking about an RV, and definitely not a RD, because that would make no sense, and Turkey was an utter failure.

I am still trying to get a good understanding of that logic, but history and mathematics keep clouding my vision...

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Markinsa Grand Master

Markinsa

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I think, when the smoke clears, this will be 1200 old dinar will equal 1 dinar and 200 fils; as stated in previous press releases by the CBI.

Everyone is encouraged to believe what they wish, but these numbers are going to start sounding more and more familiar.

No, they have been told by some of the more self assured, and well studied DV members that the CBI is talking about an RV, and definitely not a RD, because that would make no sense, and Turkey was an utter failure.

I am still trying to get a good understanding of that logic, but history and mathematics keep clouding my vision...

There is nothing in the Current CBI Law that will permit having two different values for Dinar. Or redeeming a Larger Dinar Amount for a Lesser Dinar Amount.

CBI Law

Article 36 Redemption of currency

1. The CBI may decide to redeem banknotes or coins by issuing, free of charge, other banknotes or coins in equivalent amounts. A decision to redeem banknotes or coins shall be issued in the form of a regulation of the CBI specifying the period during which the exchange shall take place and the locations and times which withdrawn banknotes or coins shall be presented for redemption.

Page 25

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Dalite Newbie

Dalite

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There is nothing in the Current CBI Law that will permit having two different values for Dinar. Or redeeming a Larger Dinar Amount for a Lesser Dinar Amount.

That is why they will have two currency codes while the 2 currencies coexist; just as the CBI has promised, and is exactly how every redenomination that I have looked into does.

Why would the CBI state the two currencies coexist for 2 years, if it was against CBI law?

There would be no difference in the value of 1200 old dinar and 1.2 new dinar.

What the CBI is talking about, and has been talking about since at least 2006, is a redenomination; which is a revenue neutral event.

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Markinsa Grand Master

Markinsa

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That is why they will have two currency codes while the 2 currencies coexist; just as the CBI has promised, and is exactly how every redenomination that I have looked into does.

Why would the CBI state the two currencies coexist for 2 years, if it was against CBI law?

There would be no difference in the value of 1200 old dinar and 1.2 new dinar.

What the CBI is talking about, and has been talking about since at least 2006, is a redenomination; which is a revenue neutral event.

Your English and my English must be different. You're adding something to the law that is just not there.

The Dinar is the "UNIT" of measure, and no matter how you slice it, according to the Law, you can't exchange a 25000 Dinar Note for anything other than 25000 Dinar in Denominations that add up to 25000 Dinar.

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xyzzy Newbie

xyzzy

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Saleh pointed out: there is no difference in the currency on the new rights

at the exchange rate and the purchase, saying: When you want to buy dollars

to (1200) dinars, we will buy and dinar (200) fils.

Currently $1 USD is worth 1200 IQD. When they RD 1000:1 $1 USD will be worth one dinar and 200 fils, i.e. 1.2 new dianrs. Both have the same purchasing power.

There is nothing in the Current CBI Law that will permit having two different values for Dinar. Or redeeming a Larger Dinar Amount for a Lesser Dinar Amount.

Perhaps that is why the whole plan is going through parlament.
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Markinsa Grand Master

Markinsa

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Currently $1 USD is worth 1200 IQD. When they RD 1000:1 $1 USD will be worth one dinar and 200 fils, i.e. 1.2 new dianrs. Both have the same purchasing power.

Perhaps that is why the whole plan is going through parlament.

Ok, Answer this: Mohammed has 100,000 Dinar in his Bank Account, and then you have Achmed who has 4, 25,000 Dinar Notes in his hand. When they RD, Moahammed is still going to have 100,000 Dinar in his Bank Account and Achmed is going to get screwed when he trades his notes in for 100 Dinar, because he doesn't have his Money in a Bank Account. I can guarantee you there will be revolution in the streets if that happens.

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xyzzy Newbie

xyzzy

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Ok, Answer this: Mohammed has 100,000 Dinar in his Bank Account, and then you have Achmed who has 4, 25,000 Dinar Notes in his hand. When they RD, Moahammed is still going to have 100,000 Dinar in his Bank Account and Achmed is going to get screwed when he trades his notes in for $100, because he doesn't have his Money in a Bank Account. I can guarantee you there will be revolution in the streets if that happens.

Of course that would be chaos, which is why it won't happen. When they RD EVERYTHING is exchanged by 1000, bank accounts, wages, prices, cash, everything. Mohammed will have 100 NEW dianr in his account and Ached will have four 25 NEW dinar bills.

This is just what happened in Venezuela when they did a 1000:1 RD. Its the same thing that happened when the Euro replaced a whole host of currencies Both existed and there was a long (3 years for Euros) exchange period. You German bank account changed over from Deutsche Marks to Euros. The Iraqi accounts will change from curent IQD to the new dinar (whatever they decide to call it).

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