Post From Currency Chatter - Member Discussion
JD Blue: The deletion of zeros from the Iraqi currency restores its monetary value
Fahd Antar Dokhi * Posted on 29 åÇêè 2015 by space Uruk
Fahd Antar Dokhi Was Alojdrb (Bremer) head of the Iraqi destruction authority when it canceled the Iraqi currency of the former regime the end of 2003 to find a coin which reduces the presence of zeros, the fact that the Iraqi economy, the traditional inflation stages exceeded even arrived to the brink of collapse,
and this procedure is one of the means at hand to address the weakness of the value of the Iraqi dinar, according to the monetary and banking law, has to be a return to basic sources which constitutes a strong factor in restoring confidence to our national currency,
it is deleted three zeros from Almtadolh currency now put metal and paper dinar parts, including (5, 10, 25, 50, 100, 250 and 500 fils) .. which will bring the following benefits:
1. Ease of circulation and clarity and knowledge of monetary value easily even to foreigners and Hmaaaml Assistant to buy and handle them and trust the other hand, the lifting of monetary value against other currencies ..
2. Altfelicat paper perishable and damage, in contrast, the coin is not affected trade and the use and therefore can be manufactured again.
3. reduces the cost of printing Tabaha.az that JD (25) which will replace the 25 thousand dinars Alnaamhalmtdoualh currency is currently easier and quality will be high ..
4. strengthen the fabric and improved through the addition of the elements of the global currency that is not affected by natural factors such as water, and bear scrubs and tear resistance and decay.
5. reduce the cost of storage in banks, because we need to Qasat less and less effort and also the lower the number of employees by the more control and insurance prohibitively high.
6. easily transported over long distances and easily provide a high proportion of them safely.
7.. Strong cash currency contribute to strengthening the elements of the national economy.
8. provides speed and accuracy in trading in settling accounts. 9. gives the workers, giving them greater self-confidence.
10. is the risk of error in the calculation of its simplicity and clarity.
11. This will rebuild global confidence by banks and increases traded.
12. also provides cash to expand its value against the US dollar, the euro and the EU.
13. The printed specifications make them immune to fraud. There are a lot of countries that embarked on this procedure, including the Turkey even scrapped term million to replace the thousand,
and can develop a mechanism to withdraw the old currency by subtracting the new currency with them and set a time ceiling to suspend trading Balkadimh record for a period of Omayorasth months, in light of that holds the government banks did not place them again in the Dealing even decay within the period specified .. * Fahd Antar Dokhi member Iraqi Economists Association
JD Blue: Love what this economist is saying.. and notice no mention of the 50,000 notes..
-Iraq is like that.. They make a LOT of noise about something .. that will never happen.
-Look.. they talked endlessly about the 50,000 note.. but it may never happen.
-Meanwhile.. they quietly eliminated the 50 dinar notes... the end date came and went.. with hardly any notice. See.. Iraq DOES what they do.. quietly... and when they Spout off a lot... they seldom do that thing at all. Still watching...
Schizz: Cheers blue. I love how this guy clearly spells out no lop by saying a new 25 will replace the 25000 woohoo :D I totally believe Isis is our only holdup. Im hoping to see them wiped out in the next couple of months in Iraq or at least on a major retreat. Fingers crossed!
Double Play: I'm not sure if this is a current article. Look at the top left when you click on the link.
Kathreene: This Article Is From 2011 !!!! How Does It Help Today????
rDiddy: The 2011 date in the banner header seems to be static - maybe it's the day the blog was started?
It appears this is a new post dated 5/29/15.
Rainmaker: It's most definatley current. All the articles are. That 2011 date is only on the banner at the top of the page.no idea what it means Great article blue thank you
Vision: thanks blue, bullet point (4) i never knew they had bears in iraq... peace
skylimit : Hmm, extra Parliament session, remove the zero's talk, banks given the OK to move forward with supervising the exchange of foreign currencies, we'll see if they actually get any of this done now or more delays. This thing is moving forward and if ISIS was really in the way of this happening they would have been exterminated by now. The investment by the US in this endeavor combined with it's stategic importance for tthe future is the key.
Mike: Skylimit, what do you make of this article?
Date: 30/05/2015 Baghdad - INA / download the managing director of the Association of private banks formerly a banking expert Abdul Aziz Hassoun, on Saturday, the central bank responsible for the collapse of the Iraqi dinar against the US dollar, describing the recent Bank measures to "banking chaos."
Said Hassoun said in a statement seen by "the Iraqi News Agency", that "the continuation of the US dollar recovery in Iraq due to the security situation deteriorating and the Central Bank, which launched a new instruction in the last week not to banks delivery civil Foreign currency,
which led to the weakness of private banks and bankruptcy, mostly as a result of not being able to From push the dollar to its customers ", blaming, financial and monetary power authority (the Central Bank and the Ministry of Finance) responsible for the deterioration of the local currency in the country."
He said banking expert, said that "the bank instructed not to push the dollar to banks paid civil speculators in the market use and resort to manipulate the price of the dollar and raise it to its highest level."
He said Hassoun that "the Central Bank sold over the past 3 years, $ 31 billion in Iraqi market Maaud citizen on the dollar and resorted to as a safe haven currency and played down the importance of the local currency."
And he saw a banking expert, said that "addressing the deterioration of the Iraqi dinar is done through the monetary authority and financial power meet and agree on a banking plan elevate the Iraqi dinar
and reduce the importance of the US dollar and calls for citizens to turn to the dinar kuna strong local currency will not be affected by fluctuations in the global market and to prevent speculators from working in the banking market and the elimination of the black market. "
The Iraqi dinar has suffered a great negligence by the local citizens as a result of left and resort to the US dollar as a safe haven currency, and action is responsible by the central bank, which led to lower its price to foreign currency and the recovery of the dollar to its highest level in Iraq.
This guy is the leader of the association for private banks and it appears that he's stating the CBI is preventing the private banks from selling the dollar which is leading to the dinar's depreciation.
Last weeks numbers showed the street rate starting at 1315 and closing at 1325 but the auction numbers were still at around $150 million per day.
tanyankansas: the article is current the مايو means May
Skylimit: Mike, why do you place any importance on articles like this? Your assumption that Iraq is acting alone (sovereign) and are a bunch of idiots are false assumptions.
I don't know why they have allowed the dinar to devalue vs.the dollar but you can bet it's not by accident. The US has about $3 trillion invested in Iraq plus thousands of lives and are not about to allow that investment fall into the wrong hands.
You follow all the day to day stuff in articles which is mostly propaganda and are circular in nature, never leading to an end point. As a former boss used to tell me, you're so worried about the piss ants while the elephants are running you over.
Whether 1166 today or 1325 means absolutely nothing because the numbers are so small. Mike feel free to follow this in whatever way makes sense for you but I can see some things which you can't so articles like this to me are a complete waste of time.
DreamWeaver: Sky, I've still got an unresolved action by CBI that doesn't completely jibe with my RV puzzle.
250 - 25,000 denoms were reprinted and released in 2014. They are circulating outside Iraq but consensus on the board is that they aren't circulating inside Iraq.
I've been told they are circulating inside Iraq, but I've seen no evidence, though in my mind I see those denoms sitting behind bank windows--which tells me they are inside banks ready for exchange purposes.
If those denoms aren't circulating inside Iraq, then why were they reprinted, Sky? Why go through all that expense of designing and printing denoms if they are not, at some point, intended for circulation?
Of course, there is no logical reason to reprint large denoms if they are following the blueprint for delete the zeros, as we know it. So, why did they reprint them and release them outside Iraq, Sky, and possibly inside Iraq?
IMO, if they aren't circulating inside Iraq, then the true purpose for printing them isn't to counter counterfeiting. So what is their purpose?
So far the response to this issue is one of three things: 1) those denoms were never printed (untrue) 2) they aren't circulating inside Iraq (I've been told they are circulating, though I've seen nothing that verifies it) 3) ignore it
The third response, to ignore it, isn't one I can accept as I'm never one for trying to jam a square peg in a round hole and that's how I view this piece being dismissed by fellow dinarians.
I've got a few theories regarding these denoms bouncing around in my head, but curious as to your take on this, Sky. Best thoughts ~ DW.
mike Thanks, Sky. I've always felt that the value of the dinar was important to the investment, I was just trying to figure out if they're going to further restrict dollar sales and what impact that would have on the dinar. Thanks for the chuckle