BLC Administrator Shredd and members Chat 9/16/2013 Today at 7:32 pm
Shredd] Just a reminder: It has been known that the project of omitting zeros from the Iraqi currency will like to take place in next month. LINK
[cat] Shredd thanks love that one
[Shredd] “This project will lead to reducing the proportion of the national currency traded from 4 billion to one billion.” The statement further reveals that the size will be reduced to a quarter and this will enhance the value and easy to transport."
[Shredd] this will enhance the value easy to transport = low denoms, simply cannot happen without a rate of a dollar otherwise, supply will run out real fast or Iraq will fully dollarize and ignore their newly released dinar............NOT.. hey, lets pay tons of money to create and release a new set of notes into circulation but lets not change the rate so no one uses it... NOT
Read More Link On Right
[Shredd] if this plan really sticks to the stated time frame,
[lightingcslt] Shredd its gonna happen this month
[Shredd] we are at the most 106 days away from a rate of at least a buck. Lighters it may bud or next....not sure what the Oct article really means, perhaps prep till Jan or a stepped approach but Finance Committee and CBI have said replacement is 2 yr process so hard to put deadlines on it if its a 2 year process .
I mean, I think its really that simple I just wonder how this will all play out for us. A large part of me thinks it will be and easy process exchanging but local banks will need to be able to accommodate large amounts
[b2stepblue] its electronic not cash right
[dinardoe] didn't they say at some point that we would have 2 years to cash out our dinar before they would stop taking it?
[Shredd] b2stepblue yes but banks need to know what large sums to expect so they can invest it same day
[Shredd] dinardoe no
[dinardoe] or should I say for people to cash out the big 000 notes
[Shredd] the two years is the replacement process for CBI regarding how long it will take to fully or mostly remove large notes from circulation is an estimation I suspect
[dinardoe] I thought they said for us not to worry about getting stuck because we couldn't get cashed out fast enough that they would give 2 years to get them turned in
[Shredd] b2stepblue also banks will need to independently decide on spread
[Shredd] dinardoe time will tell but "they" is who?
[dinardoe] I should have said anyone with 000 notes, that they would honor the 000 notes for at least 2 years perhaps this is the 2 years this article refers to
[Shredd] noting has been said from the CBI and they are the entity to decide how long the 000 notes will be legal tender Shredd-out