TLAR: I see this as a very pro RV article. As far as 1000 dinars now being equal to one dinar after the change, I don't see any confict. This is not a lop. Dr. Bakri was hired by the CBI to educate . ( More TLAR comments below)
Delete the zeros .. Between positive and looting in the application!!
Raised the issue of deletion of zeros from numbers the Iraqi currency, a package of questions we have, we those who important Cabrna fact we do not know about economic phenomena even those affecting our daily lives,
is that part simplex of the iceberg huge floating in bushing water thicket , and man, of course, enemy Majhl, so Adding puzzled citizen conflicting opinions between and Atqazv two firing pin and the ball between them amid uncertainties that damage to the ordinary citizen and concerned about his future, waiting to take his hand out of the woods knowledge.
We entered this battle to illustrate the idea of the deletion of zeros from the Iraqi currency figures through investigation the following .. (snippet here full article & link below)
SADIE: Thanks Kap,...Float or not , I love that last sentence. 1. to 1.
Read More Link On Right
JOEG: lots of nice words, but where's the GOI's commitment? I'm trying to no longer get excited over these kinds of articles. They're nice to see, but.... Instead, I'll try to save my excitement for when people close to Maliki all begin singing the same tune about the plan being implemented.
I've gotten excited and done the chicken dance too many times only to be knocked back to reality. No more chicken dancing until I see multiple Maliki puppets all singing the same tune about how great "delete 3 zeroes" is. Who is Antoine?
An econimic analyst for whom? That's like saying, "economic analyst joeg says it's a good idea."
Last paragraph still talks about delays for various reasons including the time of the year and the economic strength. A key question is, how do the Iraqis measure their poltical and economic stability/strength? Their idea of stability/strength may be entirely different than mine. For example, according to my measuring stick, I'd say we're 20 years from an RV/float, but their measuring stick may say they're stability/strength are just fine.
I think a key is, if it doesn't RV/float by early Jan13, then we're in for more long and agonizing waiting, like another year at least. Just my opinion. Ho hum (sigh).
BREEZIN: This sounds like a LOP article in the paragraph entitled "Purely accounting process". We of course do not believe that was Shabibi's original plan. I am hopeful that the no-confidence vote will get Maliki out of the GOI and pave the way for Shabibi coming back to the CBI.
Hence until that happens or at least something more positive ... I think delays are a actually a good thing. JMHO
SCALP: Pressure back on...as shabby himself said....new currency needs to come out at the start of a year not during it, im scared because like joeg i think were looking at 1/1/13 or 1/1/14 :( If shabby thinks its too much work and messes everything up putting out currency during a year then we have no hope of these other clowns being able to do it, they took the best man for the job out and his advice was that it needs to go down at the start of a year...........time is against us. Until shabby gate happened I was 90% sure we would have seen a new rate by now or using 1/1/13 as a back wall. Now for float end of year for straight rv. pressure pressure prssure.
Joeg how it is in Iraq by thier standards they are pretty stable. These guys will not discuss something unless there can be a big argument and falling out over it...its how they do things, they love a good fight and if they are not fighting it isnt important.
I have a few freinds in Iraq working and one said just recently business are opening all the time, its booming over their and my other freind said all the problems lie with the goi, they cant even issue visas without flucking it up.
I truly believe this is the best you will get it in Iraq, there will always be violence and there will always be massive fighting between the political groups, its just how they rock & roll
CHEEVO: they can say 1 to 1 all they want but what are they gonna offer for the EXCHANGE of old dinar for New dinar !!! let's hope they honor our 3 zero dinar at 1 to 1 !!!!
KAPERONI: Cheevo, we have some pretty compelling documentation that support that Iraq will honor the dinar at it's face or printed value at whatever the foreign exchange rate may be. You reference to old dinar vs. new dinar makes no sense. It is just one dinar (NID).
CHEEVO: Kap i was referring to our 3 zero notes we hold now to the newly printed low denoms that are going to be introduced next year...(supposably)....the exchange ratio between them.
BYE THE SEA: Cheevo, here goes my feeble attempt to explain what Kap had said. The old and new are the same, lower denons or not......Any type of new currecny would call for a new currency code such and NID, ie New Iraqi Dinar. There isn't one.
Therefore, as they did with Saddam, Iraq honored all of the old notes at face value, so we should expect the same if we had to cash them in. For now, all we really want is the value of the exchange rate to rise, and we can change them to Dollars.
Of course, if you want to exchange them for Lower denons, then you could do so, and as of today, expect to get an even exchange for your transaction. Hope this helps......
CHEEVO: i think i understand now...thanks bye the sea and kap.....i knew nothing about the currency code situation...
TLAR: Joeg, the last paragraph of this article seems to imply that both the legislature and the executive branch are on board. The statement is from the present advisor to the govenor of the bank, Saleh. The statement reads as follows"
" But adviser central bank governor said: that the currency exchange and the deletion of zeros decision taken by the executive and approved by the legislature and that the project will not be implemented hastily"
I see this as a very pro RV article. As far as 1000 dinars now being equal to one dinar after the change, I don't see any confict. This is not a lop. Dr. Bakri was hired by the CBI to educate .
He said it this way. "It takes 1000 dinars to buy a coke at present. When the zeros are dropped it will take just one dinar to buy the same coke. The 1000 dinar note under the new system will then buy 1000 cokes." Everytime they discussed printing the new notes, they excluded the 1000 note. In other words there is no plan to print a new 1000 note yet Shabibi has said the 1000 note will be the highest note still in circulation.
His target was the 5,10 and 25000 dinar notes to collect. I find that very telling. The 1000 will still be used but not reprinted. Probably because long term this note will probably be illiminated. To sum up, what is said in this article is accurate. A 1000 note before will equal a 1 dinar after.
The 1000 note, both Bakri and Shabibi made reference to, will still be in circulation as 1000 dinars which would put the new value on this note at $860.00 equivalency.
Delete the zeros .. Between positive and looting in the application!! 19/11/2012
Raised the issue of deletion of zeros from numbers the Iraqi currency, a package of questions we have, we those who important Cabrna fact we do not know about economic phenomena even those affecting our daily lives, is that part simplex of the iceberg huge floating in bushing water thicket and man, of course, enemy Majhl,
so Adding puzzled citizen conflicting opinions between and Atqazv two firing pin and the ball between them amid uncertainties that damage to the ordinary citizen and concerned about his future, waiting to take his hand out of the woods knowledge.
We entered this battle to illustrate the idea of the deletion of zeros from the Iraqi currency figures through investigation the following ..
Achieve: Hussain Quraishi
Mohammed Jabbar 40 years working Ttara, suffer from the lack of small denominations in our daily interactions with people, such as a class (twenty five dinars) or category (Fifty dinars). Take, for example a simple tray Alchkat b (two hundred and fifty dinars) and contain this enclosure (ten cans) citizen may tubeless to this number of Alchkat but will be forced to acquisition this number of Alchkat because he does not have the cash denominations smaller than with the two hundred and fifty dinars.
I watered you a simple example Alchkat, and there are a lot of materials that are sold (quarter حand possibly (four needs for more than a quarter). The truth is, I do not know more than that which is in the hands of Iraq's economic relations with other countries.
Asmaa Mohammed Hamid (42-year-old housewife) expressed puzzled over this issue by saying: I do not know how it can make such a thing at a time are linked by a network of (deliberations Economic and advances) How will fulfill them to people I do not know!!!
For information on the implications of this case on the market, both remained zeros or not, Haorna a number of economists and specialists:
Press competent in economic affairs Laith Mohammed Reza there two among economists on this topic, Some enthusiastic project to delete the zeros and is based on a number of arguments indicating it would limit the size of the money supply and facilitate the process of trading in the currency which would reflect positively on the overall the national economy, i
n addition to side media, which raises the value of the Iraqi currency Simia he would express face new Iraqi, and the other direction reduces the importance of this action and hinted that this measure formality or in other words is a change in the label only and does not have any negative impact on trading or even the value of the currency, and the operation will be limited to only the opinion of those on the deletion of zeros and change the names of currencies.
The opinion of Dr. Majid picture expert in the Iraqi Central Bank, which between that there a number of reasons called the competent authorities to taking this decision, including: the existence of a number of zeros to numbers Iraqi currency seems illogical,
but a loss in many cases, the large number of confusion that gets discouraging currency trading, as well as continuing high inflation rate of Iraqi criticism, it is necessary to delete the three zeros for rational numbers and trading dinars healthy easy.
Purely accounting process
And shows the picture that in the case of the ratification of the decision Vsaakb issuing Coins small of the Iraqi dinar, such as class 250 fils / 100 fils / 50 fils and others, thus changing unit dealing in Iraqi dinars, as will numbers very low, Valtrliun becomes billion, and a billion have million and one million ( 1000) dinars, and a thousand dinars become one Dinar, and thus, the process accounting purely and reap economic benefits including: increased market confidence in the Iraqi dinar and the ease with which are traded and which is still wrought verbally when many of those who shorten the process of buying and selling a thousand dinars and say dinars, or half a dinar
Thus, as well as that this process leads to the possibility of drawing a fixed pricing policy for public and private sector, and it can help to reduce inflation of the Iraqi currency.
Complements the picture by saying: in the case of complete study decision to raise zeros and forwarded to the authorities vested in the approval is issued a new currency high specification is tamper-proof and traded in Iraqi banks for a long period of up to two years,
so do not have a confusion in the market, and this is absorbed existing currency gradually and replaced by new, clearer picture: that the operation does not harm them on one, whether they are depositors at banks or outside, currency should the new equal value existing currency, for example, currency twenty-five thousand dinars equal currency twenty-five dinars new currency thousand dinars current equal to the dinar New, as well as the U.S. dollar exchange rate which is equal to the current currency thousand one hundred and seventy dinars price on the new currency dinars and one hundred and seventy fils only.
Deal verbally dinars per
Through a questionnaire to a sample of citizens shows that the majority is eager to return dinars yesterday, especially those who lived glory and golden era when he was worth more than three dollars, and which confirms that the survival of dealing verbally dinars per Although smaller currencies in the current dealings (250) dinars as between Dr. Suri , and that the experience of the project to delete zeros does not cause any harm to anyone.
Parasitism due zeroes on the Iraqi dinar to the days of hyper-inflation, which came on the value of the national currency as a result of previous wars and the subsequent international sanctions destroyed the Iraqi economy and Iraq Currency referred to as paper presses of the former regime were issued in huge quantities without a lid.
But the relative stability of the national currency and the return link Iraq to the global economy and provide a reserve of foreign exchange thanks to oil exports, all encouraged the central bank to consider the deletion of zeros,
but Advisor to the Governor Central Bank the appearance of Mohammed Saleh describe the system of cash payments current system miserable as the largest denomination in which no more than twenty dollars worth of pointing out that this provision on the installation of the Iraqi currency issued by the central bank after a five-year study.
Adviser to the Prime Minister for Economic Affairs Abdullah Hussein Al-Anbuge cautioned his part to bumps facing changing the currency and delete the zeros including the risk of fraud and increase the demand for goods for fictitious reasons resulting from the payment of dinars instead of a thousand dinars, as now.
But adviser Central Bank Governor appearance of Mohammed Saleh criticized this fear of fraud rings, calling it look bleak reminder that other countries proceeded to switch its currency and dropped them zeros, such as Turkey, Romania and Brazil without being its economy to shocks and therefore Iraq not engaged in water unknown or walking in by no one of before.
Persuade the central bank to wait
Advisor to the Prime Minister for Economic Affairs pointed to the high costs of reprinting new currency, stressing that attempts will be made to persuade the central bank to wait in his plans in this regard.
But adviser central bank governor said: that the currency exchange and the deletion of zeros decision taken by the executive and approved by the legislature and that the project will not be implemented hastily,
but will be taken a number of factors into consideration before you start to implement it, including the date of the financial year and the strength of the national economy among other indicators.
The appearance of Mohammed Saleh expressed optimism about the prospects for the development of the Iraqi economy, stressing that the reform of the currency system is strongly linked economy and that the goal of such a move is to restore the Iraqi dinar to its former strength.
The keeping conclusion with economic analyst Bassem Jamil Antoine, who believes that the switch Iraqi currency to hold inevitable calling fulfilled the necessary conditions for the implementation of the process, particularly the security and political stability, noting that over time until the mid-eighties was the Iraqi dinar equivalent of more than three dollars U.S.. Antoine hinted that raising three zeros will lead to an exchange rate of one dollar per dinar.