Iraq Finance Committee: Announces the end of the first phase of the project to delete the zeros from the currency

[truthful1]

The cbi has stated they are looking for approval from parliament to delete the zeroes project. however, the finance commitee now says theyve completed the first phase, without approval or a draft law passed???? Somethings are not adding up. This sounds like it could be very good for us.

[lotsofdinar]

Francie, I wasn't arguing with you. Just trying to think it through.

[zigmeister]

He Jubouri that “the project will cost U.S. $ 150 million, and this little amount will be offset by the profits derived by the World Bank and the State Treasury of traders who Sistgnon the U.S. dollar, which they preferred for their small size and high value, and Istbdoulh currency of the new Iraqi.”

So here it says the World Bank and the State Treasury of traders(sistgnon?) which they preferred for their small size and high value.

Now this is reading to me the World Bank and the State Treasury of Traders(?) are going to profit and the US won't mind shelling out the $150 million. I don't want to read too much in this, but I do find it an interesting statement.

[Stryker365]

its imminent because the new 2012 budget is about to be implemented the banks are ready what more is there to do the time is NOW to Rv get ready folks.

What more is there to say???

Shabibi: the independence of the Central Bank of the umbrella of a protector of state funds

Baghdad (news) .. called Central Bank Governor Sinan al-Shabibi to the independence of the Bank that the umbrella of a protector of state funds. Shabibi said during a symposium hosted by the Foundation (range) to discuss the issue of independence of the Central Bank and attended by a reporter Agency (news): “The granting of independence to the Central Bank is of great significance because it is the umbrella of a protector of state funds, “

Afterthought: “But the government might not understand that the bank isolated it, but we are working with the market and the government significantly.”

He Shabibi: can not separation between the government and the central bank because the importance of monetary policy depends according to the law on cooperation with the government. He pointed out that the basis of the economy the Bank is to fight inflation, which happen because the government or the private sector, and works on the application of monetary policy both in the interest rates to stabilize the growth and support for banks in crisis through direct coordination.

And Shabibi: that the central bank will follow the government’s budget allocations in order to adjust the exchange rate and reduce address the imbalance

http://www.ikhnews.c..._view_8170.html

arent they balancing the sheets for 2011 as we speak or might have it done by now?

IMO easy it is done and you bring one of Shabibi's most important statements here at the right time, thanks for the refresh..

[unirod]

So here it says the World Bank and the State Treasury of traders(sistgnon?) which they preferred for their small size and high value.

Now this is reading to me the World Bank and the State Treasury of Traders(?) are going to profit and the US won't mind shelling out the $150 million. I don't want to read too much in this, but I do find it an interesting statement.

Zig,

I was jumping on the same statement. Are WE the TRADERS? that are going to PROFIT?

Quoting them and also adding to it information about the process of what deleting the zeros is and what redenominating does......

They have had to plan this out the past 5 years with the IMF....I dont know why everyone thinks that a lop is just so simple but to plan a RV is very delicate and takes lots of time....especially when a lop would actually include raising the value of the new currency just as a normal RV would....

But with either scenario, if the economy isent stable enough or they dont think they can control inflation and keep a new value stable, they wont do it...they dont wanna run into any problems in the future that would or might require them to RD again like some countries have had to do...

G/D KEEP!!!!

It takes knards to show up and press your position. I thought you had lost them riding the LOP fence for so long, and that is why you KEEPWALKINFUNNY......

I'm just funnin with you brother!!!

[Carrello]

Easy,

I am sure you have seen this by now:

Edited January 7, 2012 by Carrello

[zigmeister]

Zig

I was jumping on the same statement. Are WE the TRADERS? that are going to PROFIT?

To me this is the most important part of this article. Like I said I don't want to read into it more than stated, but I feel they are admitting to a brokered deal. The WB is going to profit, The US is going to profit, and yes I think they are implying those in the US who have bought Dinar. A small size but high value. What else could it mean? I'm all ears for other thoughts.

[Carrello]

The cbi has stated they are looking for approval from parliament to delete the zeroes project. however, the finance commitee now says theyve completed the first phase, without approval or a draft law passed???? Somethings are not adding up. This sounds like it could be very good for us.

I could be wrong, but i thought the structuring and revision of currency and rates is fiduciary and innate to the CBI, and the only issue that would require Parliament's approval would be the funding to print new currency.....

[zigmeister]

I could be wrong, but i thought the structuring and revision of currency and rates is fiduciary and innate to the CBI, and the only issue that would require Parliament's approval would be the funding to print new currency.....

I also thought at some point they would need Parliaments permission if they were to Revalue. But I may be in outer space on that.

[truthful1]

I could be wrong, but i thought the structuring and revision of currency and rates is fiduciary and innate to the CBI, and the only issue that would require Parliament's approval would be the funding to print new currency.....

That sounds right. imo, its strange to hear the first stage is complete, when theyve said implemenatation in 2013. now maybe im way off, but it sounds like the project has been underway. Im confused at this point, im not sure which way there talking here.

[zigmeister]

That sounds right. imo, its strange to hear the first stage is complete, when theyve said implemenatation in 2013. now maybe im way off, but it sounds like the project has been underway. Im confused at this point, im not sure which way there talking here.

Implementation could mean completion. In some articles they hinted it to be done by then. No matter it appears they are moving towards the 2013 date for completion.

[BrokeNoMore]

This is a bit off topic, but I have to ask: I consider the spread a fee. In that case, the spread would be a cost of doing business, and therefore, a tax deduction. Any thoughts, or am I digging a dry well?

And of course, I would consult a tax attorney or CPA............

Sorry, you're digging a dry well.

Spread is the difference between buy rate and sell rate. It is not a cost of doing business.

Are you thinking you'll subtract the sell rate from the buy rate at RV and deduct that value from your gain?

Nope.

[unirod]

what also amazes me is that the finance comittie is announcing this to the whole world. These guy's are making things harder on the CBI to manage the entire process. Something has got to happen soon or an EXPLOSIVE!!!! run on currency will happen even more than it has already!!!!!

[Carrello]

I also thought at some point they would need Parliaments permission if they were to Revalue. But I may be in outer space on that.

It is a little difficult to keep track of what is exactly correct, especially when much of the input is just an opinion, like ours.

Perhaps I am putting too much credence in Scooter (I doubt it), but he recently said (during the call I forwarded to you) that heand Enoch thought that if the GOI did not make more progress, that Shabibi would go ahead and RV without their blessing. There was speculation about whether the customs and tariffs law was within the 2012 budget, and that may be been his holdup. There was no mention of Parliament.

Of course, what I just said does not mean squat without documentation. Just like everything else I say.

[zigmeister]

what also amazes me is that the finance comittie is announcing this to the whole world. These guy's are making things harder on the CBI to manage the entire process. Something has got to happen soon or an EXPLOSIVE!!!! run on currency will happen even more than it has already!!!!!

It could. But it may happen so fast no one will have time to move.

[TonyDownTheShore]

I think that phase one was to suck in as much of the 000 Dinar as possible and get the DelArue machines set and people trained to operate them

Phase two rv

Phase three suck in the rest of the 000 and release the new denoms

That's just my opinion

[Carrello]

Sorry, you're digging a dry well.

Spread is the difference between buy rate and sell rate. It is not a cost of doing business.

Are you thinking you'll subtract the sell rate from the buy rate at RV and deduct that value from your gain?

Nope.

That is what I was thinking (hoping). It was a wild hair, but you never know.Thanks for your input.

[BrokeNoMore]

That is what I was thinking (hoping). It was a wild hair, but you never know.Thanks for your input.

Think of it like this:

You buy a product at retail for $2.

A year later, it has become a collector's item, and the company that sold it to you is now buying it back for $20. But they're now selling it for $24.

How on earth can we justify deducting the $4 spread from anything?

I would have put this in my original post, but I couldn't think of a way to explain it this early.

[Alex38]

I think that phase one was to suck in as much of the 000 Dinar as possible and get the DelArue machines set and people trained to operate them

Phase two rv

Phase three suck in the rest of the 000 and release the new denoms

That's just my opinion

couldn't agree more!!!

[paj1985]

The CBI had announced earlier that the new Iraqi currency will increase by three zeros, indicating that he had conducted an extensive study concluded that the lifting of the zeroes will strengthen the value of the Iraqi currency.

I dont like this! If the zeros were coming off the exchange rate then it wouldnt need an extensive study to realise it will increase value, this is a lop article and their hoping that will strengthen the currency afterwards. Hope its smoke!!

[BrokeNoMore]

The CBI had announced earlier that the new Iraqi currency will increase by three zeros, indicating that he had conducted an extensive study concluded that the lifting of the zeroes will strengthen the value of the Iraqi currency.

I dont like this! If the zeros were coming off the exchange rate then it wouldnt need an extensive study to realise it will increase value, this is a lop article and their hoping that will strengthen the currency afterwards. Hope its smoke!!

Did you read the thread? Lots of good perspective here...

[Carrello]

Think of it like this:

You buy a product at retail for $2.

A year later, it has become a collector's item, and the company that sold it to you is now buying it back for $20. But they're now selling it for $24.

How on earth can we justify deducting the $4 spread from anything?

I would have put this in my original post, but I couldn't think of a way to explain it this early.

Thanks. If you had included little pictures, it would have been even easier for me. How on earth did I miss all that...........

[lotsofdinar]

Got to go with Keep on this one. If you are interpreting these articles to suggest the CBI or Iraqi Government is saying an RV is imminent, then you are interpreting wrong. NO government is going to even hint at that possibility if they really plan to RV. It would be stupid. JMHO

[DinarBot]

Think of it like this:

You buy a product at retail for $2.

A year later, it has become a collector's item, and the company that sold it to you is now buying it back for $20. But they're now selling it for $24.

How on earth can we justify deducting the $4 spread from anything?

I would have put this in my original post, but I couldn't think of a way to explain it this early.

Iraq can Suck and Blow at the same time. Quite a feat.

[BrokeNoMore]

Thanks. If you had included little pictures, it would have been even easier for me. How on earth did I miss all that...........

Wow. I was trying to help. You were the one thinking you might deduct spread.