The Central Bank of Iraq delete zeros from the local currency
The Central Bank of Iraq delete zeros from the local currency
4/14/13
Delete the three zeros from the local currency The parliamentary Finance Committee, said the Central Bank in accordance with official correspondence begins this year with three zeros from the delete actions in the local currency, saying it will lead to the development of international economic and monetary transactions.
Member of the Finance Committee, said Abdel Hussein Al-yasiri for sourcing Centre for the Iraqi media network, “according to the official with the Central Bank of almkhtabat it is supposed to start this year made for deletion of three zeros from the local currency.
Al-yasseri, noted that “the local currency will reduce from four billion to one billion unit which will make there is flow in the transfer currency.
Yaseri, “Finance Committee supports changes to the local currency because of the economic importance to the country.” The Central Bank says that the deletion of zeros is part of a plan to develop monetary policy and currency management reform.
He was a member of the parliamentary Finance Committee Haitham Al-jubouri, said in a statement earlier that “the Exchange and delete her zeroes will be bigger and better features reduce the amount of inflation and revive the dinar as a result of the lack of demand for dollars, which comes with great positives for the economy of the country, to replace CPG economy revived but needs a suitable political and economic environment for the implementation of the project without meeting any obstacles leading to the deterioration of the currency.”
The CBI had said last August it planned to delete the zeros of the Iraqi dinar to facilitate financial transactions made through criticism most often.
Among the difficulties facing Iraq if he wanted to delete the zeros of the dinar is pulling about 30 trillion dinars circulating in the Iraqi market is then discarded and replaced with a new currency.
pukmedia.com
I wonder if during this year the Iraqi banking system will come out with new currency that will blow us all out of the water. If so wouldn’t that mean the currency we all have invested in would be worthless? What would 3 zeros being removed from their currency make their money worth at this point?
I’m just learning and have many questions. Thanks
J and D, Even if they finally decide to release/print new lower denoms, many many articles state our Dinar will coexist with the new lower denoms for a period of 2 to 25 years. Please read the other “comments” over on the right side of the home page and read the links that I provided to the articles that state that fact. Remember, the translation from Arabic to English is very poor at best and alot of times misleading or completely wrong. The key thing is that they have not even decided what they are going to do at this point. IMO it is going to take time to work through all this. Some articles talk about removing the three zero notes and others say removing the three zero’s from the currency, those are contradictory statements. One thing is perfectly clear.. They cannot remove three zero’s from the currency with out simultaneously removing three zero’s from the rate. In that scenario, the value would remain the same as it is now…just ALOT less Dinar in circulation, it would drop to 31.2 billion from the 31.2 Trillion that it is now and would set the stage to RV at the old rate (around $3 usd) which would be a 300% return on this speculation.
Having said that, Some older articles have stated that when they printed the new dinar (our dinar)that they “artificially” added the 3 zero’s with the intention of removing them at a later date..it makes no sense! Why didn’t they just print the new dinars in the same denominations as the old “Saddam” dinars? After all, the reason they printed the new dinars was to stop the counterfeiting.
Hope this helps a little and thanks for your interest!!