[millionday] , Mustafa al-Hashemi represents a reduction of dollarization in Iraq, one of the means of fixing and adjusting the payments system and the pillars of strengthening the stability of the monetary policy in Iraq, which must be accompanied by pronounced in the FAQ, stability and non-volatile, because that would also achieve economic stability.
relates to the subject of the reduction of dollarization strongly Currency local and the extent of public awareness of the use of payment methods the most sophisticated way of cash such as expanding dealing instruments of banking and credit cards, while it was unlikely the deterioration of the value of the dinar in the current time to the presence of a cash reserve.
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[millionday] note -- this means that the only way to get a country or anyone to stop using one currency and use the other is to make the currency give them more for their money
[millionday] so they are saying that the dollarization will be reduced and the dinar will be everywhere because the dinar will buy more and will be what is on the cards and in the banks
[millionday] and it is a huge part of the monetary reform that they are doing
[millionday] In this regard called economic expert, Dr. appearance of Mohammed Saleh to take measures that will strengthen the stability of monetary policies in Iraq.
Saleh said in a statement to the (morning) that these measures must be stable and consistent and is not exposed to fluctuations through the clarity of the instructions issued to the economic actors of both the public and private sectors, adding that it would modify the payments system in order to achieve economic stability.
[millionday] note -- saleh made an announcement today that everything will have to be frozen in price etc so that the change can be made to turn all over to the dinar which will be the step fo the event that we will like among all of those to follow
[millionday] Saleh pointed out that the subject of the reduction of dollarization is the other must be accompanied by the stability of monetary policy as the reduction of insider dollar requires the presence of more freedom in foreign remittances and grants citizens freedom of the acquisition and hoarding of the dollar and limit the deal by the Government of State such as travel, treatment and study.
He pointed out that the culture of the public still selected dealing cash (Cache) and limited slice of citizens dealing with cards of Finance or the (credit cards) is also added to encourage the continuation of dealing in foreign currency instead of the dinar.
[millionday] note -- he is saying that they will be changing things to be as they are in all other countries -- for travel and exchanged to go where they are traveling and also any other purpose they have as long as they follow federal regulations and follow the law
millionday] Explained that the panic and uncertainty inherited among the citizens of the former regime encouraged handle internal and business deals in foreign currency instead of the dinar,
noting that measures to limit that requires the presence of freedom and liberal high and according to the law to ensure that it not be transfers abroad Kgusal money, and is limited to foreign dealings only in dollars. Saleh said that the dollar coin was covered with reserves of gold
[millionday] note -- this next part is about the change in the value and adding confidence in the dinar even with the USD in the country like many many other countries -- even though they will have much more dinar in their country than some countries have ------
[millionday] He said 83 percent of the business dealings World are in dollars as well as he represents the percentage ranging from 55 to 60 percent as reserves official in the central banks of countries.,
in turn, counting economic expert, Dr. Majid picture that confidence in Iraqi dinars is still strong At present, he enjoys reserve sovereign strong so degradation process value is difficult and they are received in the near future. considered in a statement (morning):
millionday] note -- that means that applying the reality rate is going to be hard but they are going to do this in the near future
[millionday] The phenomenon of dollarization in Iraq a natural thing, especially that all imports of external financial relating to oil is in U.S. dollars, so a link the national economy in this currency is very large because of all exports and imports in dollars.
[millionday] note -- the US will however now be used as a reserve currency in calculating the reality rate for the Iraqi dinar rate against all other international currency
[millionday] along with revenues , gold, metals, gdp , etc etc
[naphtali] MD ?????>>>>>> With that information is there an educated speculation of what that rate will be?
[millionday] note -- this next part is easy for us to relate to due to the many stories and also some of us here were actually around when the banks all crashed during the great depression and confidence was lost -- so this is an explanation of why some of the citizens have dollars -- and if you think about it like that -- it is easy to understand with all they have been through
[Richard Incrocci] That should put us very close to the KWD if understanding that correctly
[millionday] added that the phenomenon of resorting to the dollar and Aktnazha linked to the weakness of the local currency and to go to a strong currency in which the trust to be saved,
in addition to the possibility of escape of the local currency by buying dollars abroad, and the spread of the phenomenon of in order to achieve the import process on the one hand and to escape currency abroad for safer conditions Aostaqrara of Nahihakhary.
[millionday] naphtali only ones that we would call a guess and im all about the ink so i wouldnt be comfortable guessing and letting anyone down -- however -- anything would make me happy -- saleh guessed one time it would be what it was in the 80`s -- that would be nice -- it was in the 3`s then
[millionday] end of report ok so brb with more -- ok everyone --- let me have the floor for just a sec
[millionday] thank you -- i can understand (trust me) how hard it is to keep up with everything that has happened --- you have to really take a lot of time and be very educated in researching in order to keep such a large subject in your head and organized –
so please dont make fun when someone is so confused --- it is very easy to get that way if you have not learned researching by itemizing --- it all gets all confused so
[millionday] let me show you the subject and then we will just move on to today`s news and let everyone get that part of what is going on -- i have saved a huge announcement for the end
[millionday] now I am going to put this as simple as I can so everyone can remember ---
[millionday] ----Granting of the Islamic Supreme Council of Iraq on Saturday Alnaúptin Almsottin paragraph concessions in pension law for the three presidencies and the House of Representatives deadline hours to make mass resignation
[millionday] now this is just the beginning but i have to say -- I doubt the Supreme Council would be paying three Presidencies if they don`t have them -- but lets keep looking at the rest of the report
[millionday] unless this already helped and you would like to move on -- understand this is of course IS about them actually getting paid --- you know the THREE PRESIDENCIES
[millionday] but did it help or should i bring the rest? -- believe me i understand if anyone is confused -- this is huge politics and hard at times
[Richard Incrocci] MD...It helped. Please bring rest of tonights news
[millionday] ok brb with more
[millionday] Ministry of Planning on inflation confirmed the height, but the outlook confirms that the next term will see a significant decrease due to the improved situation of the Iraqi currency and an increase in oil revenues.
Economic Advisory Ali Mahmoud explained in an interview for the "morning", that "the rate of inflation in the years 2004 to 2006 was estimated at 15 percent, either in the nineties was an estimated 20 to 30 percent due to higher prices and lower cash value."
Now, talk to Mahmoud, he witnessed a decline due to the improved situation currency and the Iraqi dinar and the oil revenues that supported the dinar, these reasons have led to an improvement in the value of cash,
[millionday] note -- the minister of planning is saying that due to the change in the rate of the dinar (Iraqi currency) the inflation will raise but dont worry about it and he is telling the citizens in this report why
[millionday] note -- here he is saying they have enough reserves to do it -- and then dropped the price inflation rate from 15 percent to approximately 4 percent. "
He advisory that "Iraq has the cash significant to the corresponding foreign exchange, as it is possible procurement of goods and provide the market with and support the currency is curbed inflation. "
[millionday] note -- great explanation >>>>>>>>>
[millionday] and inflation is "a measure of the overall average consumer price (Consumer Price Index) and consists of rates of prices for a range of expenses of the consumer such as housing and Alttabb, food, electric power, education and all capacities purchasing extracted from the overall rate is measured from year to year the other. "
said Mahmoud to the existence of two types of inflation, the first resulting from the cost, and the second resulting from the increased demand and the presence of cash, and there are no goods face amount of cash in a lot of money chasing few commodities. "
[millionday] note -- getting all the three zero currency removed and the change complete will fix the inflation figures so it wont be left with lots of cash for small prices
[millionday] note -- the prices will be changing to a much smaller price with the application of the new denoms
[millionday] and between Mahmoud said that "ratios of close to 10 or 11 percent Inflation is then "devastating", and can not commercial any measures to curb it, because it reduces the value of cash and living standards and destroy the savings,
"but if at reasonable rates close to 2 percent, but nevertheless should take notice of economic and fiscal policy that commercial rates the level of wages and the level of intakes, and that the hunting of inflation, but there will be a decline in the standard of living. "
It is said that the Ministry of Planning and Development Cooperation revealed late last week, about the height of the inflation index for the month of January last year by 1.4 percent.
millionday] note -- this means that the actual inflation will not be there -- the prices will be applied and it will adjust itself - to reality
[millionday] The explained diagram of the inflation rate published by the Ministry of Planning and got it, "morning", said the contributions of sections in the annual rate of change indicates that the Department of Food and non-alcoholic beverages is the largest impact on the annual rate of change of the index for Asaaralamsthlk .
[millionday] so this is saying that the change of the food prices and the most used items will cause this to happen and it will change with the change of the rate , denoms, and the actual inflation will show itself
[Pablo] When is the change supposed to take place?
[millionday] they said that they just received the figures this morning so that is all of the timing we received
[millionday] this was a huge announcement to the citizens so they would not be shocked or worried due to the worry they have had for the change anyway -- lots of change does sometimes cause issues with those that dont understand -- so announcement is great
[millionday] whoooopow smile
[ROBINREDHED] So they made an announcement to the peeps indicating there will be price changes in food and stuff!??
You'll have to excuse me Millionday, I've missed most of the night's chat and the postings on the forum are incomplete. This price change, I'm assuming is based on an RV?
please explain who the 3 presidents are who are being paid
[ROBINREDHED] millionday ? please - we've heard about these expected changes before so weren't the people previously told about what to expect? Is this a formal announcement whereas before it was just talked about in their news? It just seems like we've been hearing this since the "educating the peope" process began way back
[millionday] the prices would only be changed that much in the country due to a redenomination and the exchange rates changing would be a result of the redenomination within a country
[millionday] awesomedtl --- yes they have according to the press reports out stating that the Minister of Planning made the announcements
millionday] sliderule-----Kurdish president massoud Barzani, iyad Allawi Head of the executive body of the national strategic policy council (nspc), and Maliki (Prime Minister)