Post By RSS:
Parliamentary: the process of switching the currency when you delete the three zeroes which do not need to legislate law
03-05-2013 07:26 AM 03-05-2013 07:26 AM LINK:
Baghdad (news) ..
Said a member of the Finance Committee MP / coalition of Kurdish blocs / Najeebeh Najib, that the process of switching the national currency when deleting three zeros which does not need to legislate law by the House of Representatives, but the instructions issued by the Central Bank.
Said Najib (of the Agency news): The Law of the Central Bank allowed the Bank of validity of the currency exchange and restructuring, so the project to delete the three zeroes tubeless for the enactment of the House of Representatives, but the controls serve as legislation to regulate the process of replacing the currency.
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She added: There is a problem may occur when the implementation of the project, which is the issue of indebtedness among citizens, indicating, for example, when you borrow a person million dinars Upon implementation of the project will become a thousand dinars, in the case of recovery of debt would anger the citizen creditor, so that this issue needs to legislation while The project fully tubeless law.
He called a number of deputies and economic experts to the need for legislation law that regulates the process of replacing the currency when you delete the three zeroes, as well as the process of destroying old currency. / End / 8. N. R /
Post By Stryker:
Najeebeh Najib is a lopster Gamaray, just kidding but she is looking at it that way!!!
1 million dinars has a value against the $ right now of about $835.00 there. If you loan someone 1 million today and the value increases tomorrow by let's say 1:1 will that guy owe you 1 million dinars or 1 thousand dinars,
well a lop of the three zeros would make it 1000 dinars but I really don't think a member of the Finance Committee MP / coalition of Kurdish blocs is in the exact know of how this will take place and why we see many opinions of how it will happen, there and here.
She is right though about the CBI not needing any, wait let me get her quote, I'll be right back.
Here it is:
*** the process of switching the national currency when deleting three zeros which does not need to legislate law by the House of Representatives
Meaning that the CBI also doesn't need to tell them how it will really take place either. Only a hand full of people know how it will go down and it isn't this lady but yet loans, salary's and other accounting will need adjustments depending how this plays out. Good post RSS .......
Post By Gamaray:
Parliamentary: currency switch when you delete the three zeros are not necessary to legislate
According to a member of the Finance Committee for the Kurdistan blocs Coalition MP nagiba Naguib, that national currency switch when you delete the three zeros from tubeless for legislation by the House of representatives, but the instructions issued by the Central Bank.
Najib said Friday that the Central Bank allowed the currency is valid and bank restructuring, so that the delete the three zeros does not need to legislate within the House, but the controls act as legislation to regulate the process of Exchange.
There was a problem might occur when implementing the project, the question of indebtedness among citizens, for example when you borrow a million when the project will be 1,000 dinars, if debt recovery will raise the ire of citizen creditor, so this subject need legislation while fully tubeless for law.
Reads:25 Friday, May 03, 2013 LINK
STRYKER: For the new dinar holders, these are all terms that have been used over the years when it comes to the project of deleting the zeros and in what meanings that they have been used in.
Remove three zeros: to take away from the money supply (increasing the value of what is remaining)
Delete three zeros: delete the zeros from the new currency with the three languages, English, Kurdistan and Arabic (Currency Reform)
Delete three zeros: in reference to Turkey, Russia and others that have deleted them and not increased the purchasing power of their currency
Delete three zeros: can also mean to destroy the three zero currency after replacing it with new deleted three zero currency
Left three zeros: from the exchange rate (giving the dinar more purchasing power)
Raise by three zeros: raise the purchasing power of the dinar
Increase by three zeros: increase the value of the dinar
So what she is referring to: (her quote) "that the process of switching the national currency when deleting three zeros" can have several meanings as in bringing in the three zero notes when switching for the new or lopping the currency but I do not think that is what she is saying at all.
This article has been on my mind all day and there is one thing that keeps standing out so let me try to explain two ways:
When she talks about the loans: (her quote) when you borrow a person million dinars AND THEN (continued quote) Upon implementation of the project will become a thousand dinars
SO SHE IS SAYING THAT IF YOU DELETE THE ZEROS OFF THE MILLION BECOMES A THOUSAND BUT THIS IS NOT FAIR TO THE THAT CREDITOR, SEE HERE: in the case of recovery of debt would anger the citizen creditor,
IT WOULD NOT BE RIGHT TO THE PERSON THAT LOANED THAT CITIZEN THE MONEY BECAUSE HE LOAN A MILLION BUT WHEN IT COMES TO HIM COLLECTING IT HE WOULD ONLY GET BACK A THOUSAND.
SO HER TO EVEN SAY THAT THE CREDITOR WOULD BE ANGRY TELLS US THAT IT WILL INCREASE IN VALUE ACCORDING TO HER.
AND THE PERSON THAT BORROWED THE MILLION AND ONLY HAD TO PAY BACK A THOUSAND WOULD BE WRONG. (continued quote) so that this issue needs to legislation while The project fully tubeless law MEANING THINGS NEED TO BE ADJUSTED ACCORDINGLY TO BE FAIR TO ALL PARTIES
JUST IN CASE I HAVE CONFUSED YOU I'LL TRY THIS WAY:
SHE is saying that the creditors will be mad or angry if they loan 1 million dinars to someone and then you delete the three zeros and the creditors only then get back 1000 dinars because if they would have held onto their 1 million and not loaned it out AND the CBI implements currency reform and increases the value by three zeros the creditor lost out on the increased value.
So AGAIN SHE LOOKS TO BE SAYING IT WILL INCREASE IN VALUE AFTER ALL.
I have been back in forth on this all day because I am also getting information that they are starting to educate the citizens so we need to be looking at this in the eye's of an Iraqi, not us trading in the dinars on dollars but as we are them doing business in Iraq.... If you do this it will help you understand what they are saying to each other.