Iraq: Start delete actions 3 zeros from alamlha July 27, 2013
Baghdad, Iraq (CNN)--Iraq's parliamentary Finance Committee that the Central Bank, according to official correspondence, will start this year with three zeros deleted from the local currency, saying it will lead to the development of international economic and monetary transactions, in a new twist in the Iraqi currency, which suffered waves of inflation and exchange rates.
"The Iraqi media network," the official, a member of the Finance Committee, Abdul Hussein Al-yasiri, said that he would begin preparations for the deletion of three zeros from the local currency, adding that the local currency "will cut 4 billion to billion, which will make a smooth transfer currency".
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Yaseri that the Finance Committee "supports the changes to the local currency because of the economic importance to the country." the Central Bank said that the deletion of zeros is part of a plan to develop monetary policy and currency management reform.
The CBI had said in August that it planned to delete the zeros of the Iraqi dinar to facilitate financial transactions made through criticism most often.
Among the difficulties facing Iraq if he wanted to delete the zeros of the dinar is pulling about 30 trillion dinars circulating in the Iraqi market is then discarded and replaced with a new currency. LINK
[Shredd] gm everyone
[marjans] gm Shredd I liked the three zero article from yesterday
[Shredd] marjans, when this three zeros project starts, we are golden
[marjans] Shredd ok ty Shredd did they say August for that?
[Shredd] they, meaning Finance Committee, referring to the CBI plan, yes, but last we had heard from the CBI, they wanted to delay which was met by a lot of resistance that we all saw
[Meatman4dinar] Don't you know that the closer they get to the actual RV, the more, less truthful articles will be pumped through the media??
[Shredd] Meatman4dinar people always say that but I beg to differ in Iraq's case. The three zeros project requires a 1-1 rate for the beginning of the removal
[Shredd] marjans on that article you commented on... it is theApril thread
[Meatman4dinar] Shredd IMO, the 1 to 1 will not happen and that is a misinformation campain.
[Shredd] I just added the recent article but thanks for the 2012 one too
[tobyboy1] Shredd you see where I had given you Aug 2012 saying delete zeros in July 2013
[Shredd] Meatman4dinar ok......well, the removal of the zeros project is real and it will not be successful without a dinar at or better than the dollar
[Shredd] yes toby, thank you very much
[tobyboy1] Shredd interesting
[Shredd] agreed this all was the plan, but we just need to hear from Turki....what is his response to the push back on timing
[Meatman4dinar] It allows them to fool the big boys into thinking they can buy post RV at a 1 to 1 rate, so no real need to purchase NOW at the programed rate and take that risk when they come out 1 to 1 then they will buy. But when it comes out at 3.86 to 1, they missed the boat, so to speak.IMO
[tobyboy1] Shredd agreed maybe this be the surprise coming soon
[marjans] tobyboy1 that would be a nice surprise
[Shredd] Meatman4dinar well, the CBI doesn't care who double dips.....internally they won't sell the large notes and outside Iraq is already outside,
so again it doesn't matter also, for the new notes, the iraq banks wont release large amounts like we had in large notes, won't happen they must manage supply
but, many will open accounts in Iraq from outsiders which is what they want because of this..........outsiders will deposit their money into banks like warka and more to come
[Meatman4dinar] Shredd -At 1 to 1, the hedge funds will purchase and own Iraq.
[Shredd] Meatman4dinar no. how? explain
[deanwood] why would you want to deposit into a dinar-denominated account unless you just want to ride it up..tax wise I don't see a benefit.
[Shredd] deanwood ride it up like you say. I'd rather have that than large notes......dinar is dinar if a electronic balance not dependant on notes
[deanwood] Shredd, let's say it comes out at a buck and within the next 3 years or so it get's up to $3.00 dollars that'd be a 300 % increase in 3 years. I know traders that could beat that easy in that time frame. That's my point and let's not forget this is Iraq
[Shredd] again, a double dip situation will provide a great stimulus for Iraqi banks because they will take in foreign currency balances and keep them on deposit.....sweeps/short term investments will give the banks a great deal of stimulus
[Shredd] deanwood traders may very well offer a higher rate than banks.....very likely.....so long as the sell is safe, the options will be many.. Shredd -out