BLC Staff Article Breakdown ~ CBI is preparing to issue a monetary metal parts
CBI is preparing to issue a monetary metal parts
Metal coins from the category of 25 fils were in circulation until the nineties of the last century
Hazem al-Shara 30/10/2014
Nora Albjara member of the committee of economy and investment in the House of Representatives revealed that the central bank completed its preparations for the issuance of metal coins of seven small groups, in conjunction with the implementation of the project to delete the three zeroes from the paper currency is currently in circulation.
She said in her statement Albjara Radio Free Iraq, "said the project will take between four and five years, and which will be the launch of the categories of small coins gradually."
He predicted the financial expert Hilal Taan inflation rate declines, with the issuance of metal coins of small denominations in the daily financial transactions, remarkable that 3% of the value of inflation in Iraq due to the presence of large cash block.
The economic expert on behalf of Jamil Anton, noted that he may not find coins accepted by a lot of Iraqis, especially young people, due to the existence of an entire generation of Iraqis had not trading coins due to stop use since the early nineties of the twentieth century.
[tlm724] thank you Tom Thumb, awesome article !
[cat] like in conjunction with deleting the three zeros
[tlm724] yes that is good and ask yourself this, why would they need coins ?
[tlm724] any clue how much 25 fils is worth
[Mikey] 1/4 of .00086
[tlm724] .0002 real hard to do the math
[Mikey] I'd like a piece of gum please ... here is a dump truck of fils
[tlm724] Mikey exactly , great point !
[Mikey] yes .00086 x .25 = .000215
[tlm724] the only reason they would need coins is if they anticipate raising the dinar to an amount that requires some change
[tlm724] like our pennies, nickles, quarters
[cat] tlm724 yeppers
[tlm724] said the project will take between four and five years, and which will be the launch of the categories of small coins gradually.
[tlm724] that does not mean the coins will come out in 4-5 years that means the project from start to finish will take that long, finished up
[tlm724] which will be the launch of the categories of small coins gradually
[tlm724] so introduce all 7 of them as needed, as the value goes up to a level where they are necessary
[tlm724] this is a great sign of what is coming up !
[cat] tlm724 yes
[tlm724] the younger generation has never had to use them but it won't take them long to get used to it, heck they will thrilled
[tlm724] it is so exciting to see the coins will be coming out, just means one thing, the value will eventually reach a point where they are needed
[tlm724] I sure am excited about the new year and the CBI has told us they are ready, all preparations are complete !
[tlm724] they have also told us it will take time to COMPLETE the project, by the end of this project all the old notes will be in and destroyed, the new notes will out (LD's) before the end also BondLady explained this very well in her chat: Currency Reform Program 10/22/2014 http://www.bondladyscorner.com/t102002-bondlady-chat-currency-reform-program-10-22-2014
[tlm724] so when they start the beginning of next year the value will increase over the 4 year plus time frame and should be back to one of the strongest currencies in the Middle East !
[tlm724] I love this plan, no LOP ! gradual increase over about 4 years
[tlm724] and we WILL see the laws to protect it also and that won't take long at all, as I said the beginning of the year is shaping up to be something super special ! just sayin ...
per Shredd: Well said timmy. No lop, and no RV too by the way. A gradual increase but we will still need to find out if the gradual increase will be via a managed float or a free float. Managed makes more sense to me but a free float could grow at a faster pace. Great confirming article.