Following is an ongoing member discussion of “Delete The Zeros” Part 2
DreamWeaver: Tlar, appreciate the post. LOL. So funny, I sat here and wrote a reponse. Then I realized, "Hey, what is the point of all of this? This is all about yesterday; and I'm all about today--winging my way into tomorrow."
So, today, in honor of the NEW YEAR, I'm in the process of leaving all the would of, could of, should of part of this investment behind. Why? It's no longer relevant. Why drag ourselves through it as though we are belly surfing in the mud when the sun is shinning down on all of us right this moment?
IMO the only thing that is really relevant is what is occurring in Iraq right NOW. Extraordinary occurrences, actually. I'm not really all that interested in looking back any longer. Like looking a gift horse in the mouth, considering all that's occurred in two short months.
Just as you say, Tlar, we may be almost touching that RV. Optimistic about this weekend--for many reasons and feeling very thankful to be here today. Realize full well that if Shabibi would have switched, without warning Maliki, to a free float back in 2012. Well, I and many others would have missed out on the investment. Aren't we the fortunate ones? :D Best thoughts to you ~ and all. DW
Tlar: mystic137, thank you for producing those articles. I would hope that those of you that think I was making stuff up feel a little better about this as these are a few of the articles that prove that this was what the CBI's intentions were.
THEY HAD INTENDED/WANTED TO DELETE THE ZEROS AND RELEASE THE NEW CURRENCY IN SEPTEMBER AND EVEN STATED SO IN ARTICLES BUT SOMETHING/MALIKI STOPPED IT FROM HAPPENING.
RIGHT AFTER THAT IS WHEN SHABIBI SAID HE WOULD RELEASE THE CURRENCY WITH OR WITHOUT SUPPORT FROM THE GOVERNMENT AT 1166 AND LET THE MARKET DECIDE.
That gave birth to the float theory. I thank Brule, Kevin and Mystic for doing the homework that I can no longer do. Again thanks guys. Tlar
Mystic137: 2012 was an exciting time to be in the investment.... so much going on with talk of currency reform...and not many realized how much Maliki was holding things up back then...hindsight is a wonderful thing... :/
now with all the recent government changes it is also very exciting...but i feel worn out as i know others do....so is harder to feel as excited as back then. So many of us have grown wiser for it all....and whether one has been in this one year or 9 years....in the end the wait will of course be worth it....
and I know i will be much smarter with my money now than 4 years ago when I thought it was going to happen imminently
mystic137: I really value your astute analysis Tlar....and when Brule started bringing up those old articles in the other thread and the chat thread I got to thinking about info I still had and I absolutely knew you were right. I used to email out info to my friends and family and I had kept all of it .... it was neat going back that far and seeing what everyone was saying and expecting at the time
Mystic137: Central Bank of the process of finalizing the draft raise three zeroes from the Iraqi dinar
February 21, 2012 Central Bank of Iraq, Tuesday, that he is about to finish the project raise three zeros from the currency, noting that the project is considered strategic, and submitted to the Council of Ministers and House of Representatives completed the event.
The central bank adviser said the appearance of Mohammed Saleh in an interview for "Alsumaria News", "project raise three zeros from the dinar is a strategic project and the Central Bank is in the process of finalizing the project, the idea of theory into practice, and almost completed, and submitted to the Council of Ministers and House of Representatives. "
Saleh continued, "This project will reduce the transaction costs and reduces the carrying money," adding that "Iraq is on the verge of producing 6 to 12 million barrels of oil and this will impact on the development and raises the value of Iraqi dinar".
The adviser to the CBI, "The Bank has achieved three things during the last stage, as the first to build reserves from zero to $ 50 billion, within the past five years to lower the prices of inflation basis from 34% to 4 or 3%, and achieved stability in the Iraqi dinar exchange ".
He was adviser to the CBI the appearance of Mohammed Saleh, said in an interview earlier "Alsumaria News", the bank's readiness to delete the zeros of the Iraqi currency, pointing out that those zeros that were added to the Iraqi currency during the last period formed a cluster of large cash amounted to 27 trillion Iraqi dinars.
On the other hand, revealed adviser to the CBI, that "Iraq login for the first time a system of payments between banks has been the transition to electronic clearing away from the manual and engaged in by six banks and the exchange of instruments between banks electronically and will connect the smart card and credit system with the central bank."
Continued by saying that "the central bank would be three years after the so-called Council of payments, which sets the protocols is the infrastructure of Iraq."
Previously, specialists Iraqis in the field of economics that have reduced the impact of the CBE to delete zeros from the currency purchasing power of the Iraqi dinar, also hopes the government from behind the move, and believes researchers that the cost of raising the zeroes will be the biggest of its usefulness, given that the currency's strength is measured by the stability of disbursement which is based on the strength of the productive sector is able to provide goods and services. http/translate.goo...s-details-.htl
Removing zeros from Iraqi dinar to start in September
BAGHDAD, Feb. 20 (AKnews) - The process of removing three zeros from the Iraqi dinar and replacing current banknotes with new ones will begin in September, announced the economic committee of the Council of Representatives as part of an agreement with the Iraqi Central Bank (ICB).
The announcement, which will see the ICB re-print 30tr dinars ($26bn), was made despite government fear over the project.
Economic committee member Abdul-Hussein Abtan said: "The agreement includes granting the process of switching currency [for a] full year where [both the] old and new currencies will be dealt in the market during this stage."
The ICB described the project as a positive move for the Iraqi economy. But particular arms of government expressed fear that the project will increase cases of money laundering and are working to convince the ICB to stop the process. The securities committee said deletion of the zeros will affect negatively financial trading in the stock market.
Abtan added however that the process "will contribute to dealing [with] inflation and facilitating economic cooperation with international banks and reducing social differences in the community."
The ICB previously said that it will consider the requirements of the project with the Council of Ministers to determine whether or not a law needs to be implemented.
The financial committee of the Council of Representatives said on Sunday that the passing of such law would allow Iraq to address economic inflation.
The move to delete the zeros will reduce the number of bank notes in circulation and simplify Iraq's payment system.
The ICB is responsible for maintaining price stability, implementing monetary policy and regulating the banking sector. http/aknews.com/en/aknews/2/291025/
Tlar: The strategic study in 2008 suggested they could support 1.13 to 1. That was then. My argument has always been that in 2008 the reserves were low (30ish billion) and there economy was much smaller due to the fact that oil production was around 1.5ish million bpd.
Today I would argue that the reserves are over 100 billion (BIS, Foriegn currency and gold) even though the CBI states they are 70 billion. There has been a few articles that slipped out that stated 100 billion and there was 82 billion released to the CBI that I believe the CBI deposited with BIS during 2014.
So how much do they have in reserves, at least in the short term we may never know the truth until Maliki is in jail. When the first article surfaced stating 82 billion was going to be released from accounts in the US, Maliki demanded he was going to get them.
Turki retorted in articles that these were CBI monies and that the government would not get them.
Next from BIS out of the blue around December 2013 comes articles stating at the beginning of Jan 2014 Iraq would be allowed to make deposits with them. So where did all those billion released go?
My contention is they were sent from banks in the US to BIS for safe keeping and away from Maliki and his goons.
My point is this, what was good for 2008 as far as the rate they could support, is at least 3x's better today. tlar
Tlar: I would like to see a thread if anyone else is interested to just discuss the potential possiblities of what the rate might be.
Brule: Tlar, I would like a new thread on rate.
Rjmo: My personal thoughts are that the new exchange rate needs to be north of 1:1 for the citizens to take pride in it... my two cents
Karen: Wow, this is one heck of a thread. I have been feeling a little foolish for believing the RV was going to happen over the past few years, having forgotten all of the credible articles from 2012. This trip down memory lane from the amazing researchers, historians, and analyzers here at CC has been very reassuring. A huge thank you to all contributors on this great site.
Tlar: I would like to ask another favor of our historians. Before Shabibi was removed, sometime in August, September or Oct, an official from the finance ministry used the term " deleting the leading Zeros." It was in a thread on DA in an article.
He used in a phrase when describing the process of deleting the zeros. It was a one time slip up and has never been repeated. I caught it minutes after I read the article and Kap acknowedged it as a great find on the thread. It too turned out to be a long thread of discussion of the article.
Later I repeated it and even Kap denied ever having read it and accused me of having made it up. I have repeated it several time since then and each time I have been accused of having made it up by someone.
Would someone who has access to his site please find this article for me? I would forever be grateful. It to me is just another one of those thorns in my side where people have called my memory and credibility into question that I would like to clear up. Tlar By the way this article was released in 2012. tlar
There was an article put out around the same period of time from an official from the ministry of finance that specifically stated that their intentions were to "delete the leading zeros".