you must carefully draft delete zeros to avoid possible collapse of national currency when applied: Expert

[Hue Mi]

Expert: you must carefully draft delete zeros to avoid possible collapse of the national currency when applied

Date: 2012/07/28 12: 17: 56 Saturday



Baghdad (News) ... Economic news warned Tawfik, inhibitor crumbling national currency when applying the draft deleted three zeros from the currency, and called for a feasibility study of the project before its implementation.

He said Mana (News Agency news) on Saturday: the draft restructuring of the local currency by deleting three zeros need sufficient time for discussion by experts and specialists and study it in detail to see negative and positive results and relevance to the economy and its impact on the national currency.

Proposed new currency: launch together with the old currency for at least (10) years so as not to cause damage to the economy or breach in the market, noting that Turkey fought experience and have seen substantial economic crisis as a result of new currency for once with the full withdrawal of the old currency.

He added: you must carefully before implementing a project delete zeros because a major public concern and impacts directly on the economy, whether positive or negative, calling a good mechanism to apply in order to prevent operations which may cause a breakdown of local currency as a counterfeit currency or similar.

The Central Bank announced earlier that year 2013 will delete the zeros and the currency changeover, which warned officials and economists because of the Division of work preparing to falsify trillion Iraqi dinars to replace them in the light of the forthcoming changes.

The Cabinet Council demanded the Central Bank to wait to delete the three zeros from the local currency, confirmed that a large project and needs sufficient time to apply it. /finished/8. Dr. o/

[AbuSpinoza]

If 10 years isn't long enough time to prepare, one extra year isn't going to help either.

[Will-it-happen?]

u kn ow i think this investment is the worlds longest running joke

[lglwzrd]

Its an arabic sense of humor-we all got took

[AbuSpinoza]

u kn ow i think this investment is the worlds longest running joke

With the largest number of participants in world history.

[WCKDinar]

The first article about removing the zeros came out in the summer of '06. Also, inflation was over 60% that same summer. Now inflation is under 6%. Economics would say that since the summer of "06 till now they have been reducing the money supply and the reduction of inflation is acceptable proof.

[MEALTICKET]

The first article about removing the zeros came out in the summer of '06. Also, inflation was over 60% that same summer. Now inflation is under 6%. Economics would say that since the summer of "06 till now they have been reducing the money supply and the reduction of inflation is acceptable proof.

Good point...

[shardima]

whats another year in the scheme of things!

[RotaryRevn]

So today at work, I'm making small talk with someone who stopped in our office. We were talking about the tough job market and he tells me how hard it's been for him to find work ever since the war in Iraq ended. He then said he used to teach US soldiers how to act around Iraqis..customs and courtesies of the Iraqi people etc (I forget the exact word for the class he taught). He was obviously of middle eastern dissent so I asked him if he was Iraqi. He said yes and that he escaped Iraq 10 years ago by walking many miles through the desert...I think he said to Kuwait...I'm not sure. He said if he was caught trying to flee, he could have been shot.

Anyways, of course my next question to him was "what can you tell me about the dinar?" He got very excited and said "its very good, they are getting ready to lift 3 zeros off of the exchange rate". I then asked him to clarify his statement regarding 3 zeros. I told him that I have read many translated news stories (not translated into clear english) on dinar forums that talk about lifting/raising 3 zeros. I told him that there seems to be a constant debate between those that say lifting 3 zeros is the revaluation that we all hope for, and those that say lifting 3 zeros is some sort of lop that would not raise the value of the dinar.... just issuing notes without the zeros but with the same value. He then assured me that when the govt. speaks of lifting 3 zeros, they are referring to lifting them from the exchange rate. He said "they want to make the value of the dinar return to where it was before the war, when the dinar was 3x more powerful than the dollar" He said "they have to raise the value, no one want's to do business in Iraq". I asked him AGAIN about lifting zeros. He once again said that the Iraqi Gov is telling the people of Iraq that they will lift 3 zeros and raise the value of dinar so that the dinar is more valuable than the dollar.

I then asked him if Iraq is better off now than before the war. He said "not really, Sadam was corrupt, the people running Iraq now are corrupt". He also touched on if the corruption ever got under control, Iraq could be the next Dubai and the people know it. The people know that Maliki is taking their money from oil sales.

I can finally stop the guessing game of whether lifting 3 zeros means an RV or a LOP. I heard it straight from an Iraqi who still has family in Iraq. When the gov talks about lifting 3 zeroes, they are talking about RV. Believe me or not but you can look at how long I have been a member here, and I have never posted something that was not true. I get no enjoyment from making BS rumors to try and get a rise out of people. I don't have time for that....... I don't have much time for anything to be honest, that's why I don't come around much anymore.

Oh yeah, one of the last things he said was "the process of lifting 3 zeros was started in 2011 and should be done by the end of 2013". Once again, the thing I take away most from our discussion is that the lifting of 3 zeros is the RV we all hope for. I am not putting too much into the 2013 timeline as this is Iraq we are talking about here so it could still be years IMO.

Just thought my encounter was way too interesting to not share with you guys.

[INRI]

RotaryRevn,

Was the last thing he said to you something along the lines of:

By the way do you want to buy some New Iraqi Dinar from me? Just playing!

Thanks for the information. Let's keep holding out...

So today at work, I'm making small talk with someone who stopped in our office. We were talking about the tough job market and he tells me how hard it's been for him to find work ever since the war in Iraq ended. He then said he used to teach US soldiers how to act around Iraqis..customs and courtesies of the Iraqi people etc (I forget the exact word for the class he taught). He was obviously of middle eastern dissent so I asked him if he was Iraqi. He said yes and that he escaped Iraq 10 years ago by walking many miles through the desert...I think he said to Kuwait...I'm not sure. He said if he was caught trying to flee, he could have been shot.

Anyways, of course my next question to him was "what can you tell me about the dinar?" He got very excited and said "its very good, they are getting ready to lift 3 zeros off of the exchange rate". I then asked him to clarify his statement regarding 3 zeros. I told him that I have read many translated news stories (not translated into clear english) on dinar forums that talk about lifting/raising 3 zeros. I told him that there seems to be a constant debate between those that say lifting 3 zeros is the revaluation that we all hope for, and those that say lifting 3 zeros is some sort of lop that would not raise the value of the dinar.... just issuing notes without the zeros but with the same value. He then assured me that when the govt. speaks of lifting 3 zeros, they are referring to lifting them from the exchange rate. He said "they want to make the value of the dinar return to where it was before the war, when the dinar was 3x more powerful than the dollar" He said "they have to raise the value, no one want's to do business in Iraq". I asked him AGAIN about lifting zeros. He once again said that the Iraqi Gov is telling the people of Iraq that they will lift 3 zeros and raise the value of dinar so that the dinar is more valuable than the dollar.

I then asked him if Iraq is better off now than before the war. He said "not really, Sadam was corrupt, the people running Iraq now are corrupt". He also touched on if the corruption ever got under control, Iraq could be the next Dubai and the people know it. The people know that Maliki is taking their money from oil sales.

I can finally stop the guessing game of whether lifting 3 zeros means an RV or a LOP. I heard it straight from an Iraqi who still has family in Iraq. When the gov talks about lifting 3 zeroes, they are talking about RV. Believe me or not but you can look at how long I have been a member here, and I have never posted something that was not true. I get no enjoyment from making BS rumors to try and get a rise out of people. I don't have time for that....... I don't have much time for anything to be honest, that's why I don't come around much anymore.

Oh yeah, one of the last things he said was "the process of lifting 3 zeros was started in 2011 and should be done by the end of 2013". Once again, the thing I take away most from our discussion is that the lifting of 3 zeros is the RV we all hope for. I am not putting too much into the 2013 timeline as this is Iraq we are talking about here so it could still be years IMO.

Just thought my encounter was way too interesting to not share with you guys.

[RotaryRevn]

RotaryRevn,

Was the last thing he said to you something along the lines of:

By the way do you want to buy some New Iraqi Dinar from me? Just playing!

Thanks for the information. Let's keep holding out...

HAHA, no he didn't and I never asked him if he owned any or how much he owned........lol Just a couple of days ago I was actually considering selling of half of my cash dinars. After today, I guess I'll hold on for a few more years...haha

The cool thing is that there is a chance I might bump into him again sometime in the future (I have no idea how soon). Without getting into what I do for a living, let's just say that the same old people pass by my office quite often. If I happen to see him passing by, I will most deffinately stop him and talk with him more. I also let a co-worker who is invested in Dinar know of my encounter today so he will most likely be on the look out for this guy.

Another comment that I just remembered him saying was that he was happy to see the USA pull out because as long as the USA was there in control, the Iraqi's will never have a reason to try and do anything for themselves or try to make things better themselves. If someone is doing the work for Iraq, Iraqi's will stand by and let the others keep doing the work.

RR

[Ron Lawrence]

Hey Rotary, obviously when the CBI will delete 3 zeros they must raise the value of the Dinar so to adjust for the loss of the 3 zeros.

However it does not means that the actual value of the Dinar will go up. (I wish it will).

Hopefully I made sense..., thanks for the information !

[James]

More of the same stuff..

Iraq Parliament and Finance committee supports for revaluing of Iraqi Dinar rate and making it stronger against US dollar

http://www.edinarfinancial.net/news/...nm=&ny=&nn=783

[Captain Kirk]

Hey RotaryRevn, thanks for sharing your conversation!

That would be great if the dinar increased in value above the USD.

Hopefully the Dinar will 'Go where no Dinar has gone Before!'.....

[Fishindinar]

I thought this was beaten to death already........................................nev er forget; central banks never say what they are going to do.

[Dinar123]

Thanks for the info rotary, let's hope an RV does occur. I don't see the light at the end of the tunnel yet, we've sure been on this train and in this tunnel for a long time haven't we haha. Will someone please tell the conductor to speed this thing up please, thank you.

[AbuSpinoza]

I thought this was beaten to death already........................................nev er forget; central banks never say what they are going to do.

And I hope every one of the story tellers gets the worst case of jock itch they can't get rid of.

[redvette]

I really hope he is right on, for this is one long ride which so far has turned out to be all for nothing!!
Thank you for the info, for I too am a long time member and this is great news if correct.
Thanks and keep drilling this guy!!