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Neno's Place Established in 2006 as a Community of Reality


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Established in 2006 as a Community of Reality

Welcome to the Neno's Place!

Neno's Place Established in 2006 as a Community of Reality


Neno

I can be reached by phone or text 8am-7pm cst 972-768-9772 or, once joining the board I can be reached by a (PM) Private Message.

Established in 2006 as a Community of Reality

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Established in 2006 as a Community of Reality

Many Topics Including The Oldest Dinar Community. Copyright © 2006-2020


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csd9013
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    Iraqi Officials Divided Over Dinar 'Reset'

    Bama Diva
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    Iraqi Officials Divided Over Dinar 'Reset' Empty Iraqi Officials Divided Over Dinar 'Reset'

    Post by Bama Diva Sat 24 Aug 2013, 2:42 pm

    Iraqi Officials Divided Over Dinar 'Reset'




    By: [You must be registered and logged in to see this link.] Posted on July 22


    Two Iraqi parliamentary committees monitoring fiscal policy in Iraq have held two contradictory positions on the Iraqi currency “reset” project, which would delete three zeros from the currency. There has been much debate about the project's feasibility and the date of its implementation.

     While the parliamentary [You must be registered and logged in to see this link.] believes that the deletion of three zeros from the Iraqi currency would strengthen it, the parliamentary Finance Committee [You must be registered and logged in to see this link.] this project would open the door to counterfeit operations.
    In a statement to Al-Monitor, Mudher Mohammad Saleh, former deputy governor of the Central Bank of Iraq, warned against the consequences of such a step if it is not implemented at the appropriate time.

    Abdul Abbas Shayya, a member of the Economic Committee in the Iraqi parliament, told Al-Monitor, “Reforming the management of the Iraqi currency now requires the deletion of three zeros. This has been endorsed by the parliamentary Economy and Investment Committee."

     Shayya, an MP for the State of Law Coalition led by Prime Minister [You must be registered and logged in to see this link.], added that the Economic Committee "asked the government and the Central Bank to quickly replace the current Iraqi currency with another that is less [in value] by three zeros."


    "The Iraqi currency is weak, and the money supply has amounted to multi-trillions because of the existence of these useless zeros," he said. "The country will witness a significant increase in oil revenues, financial earnings and high budgets. Thus, we need to print new banknotes, as estimated by the Central Bank."

    "Iraq would need about 9 billion banknotes in the event of applying the deletion of zeros. Iraq today is dealing with 4 billion banknotes," he said.

    MP Nahida Daini of [You must be registered and logged in to see this link.]'s Iraqiya List agrees with Shayya, her colleague in the Economic Committee. In an interview with Al-Monitor, she stressed the need to implement the Iraqi currency “reset” project. However, she said that the government fears money laundering operations in the event of the project's implementation.
    She said, "The Economic Committee last week requested to implement the deletion of zeros from the currency, but the Council of Ministers asked to [You must be registered and logged in to see this link.] the process for fear of money laundering operations."

    Daini believes that the government's fears "are mere concerns." She said, "There are regulators in Iraq who can follow up and ensure the integrity of the project."
    Meanwhile, the parliamentary Finance Committee believes that channelling resources toward ensuring the stability of the local currency exchange rate is better than the deletion of zeros.

    Magda al-Tamimi, member of the parliamentary Finance Committee, told Al-Monitor, "The delay in deleting zeros from the currency was due to fears of possible fraud operations. The Finance Committee is currently focused on controlling the currency auction," which is carried out by the Central Bank to ​​provide merchants with hard currency necessary for import.

    Iraq’s fiscal policy has come [You must be registered and logged in to see this link.] due to the fluctuation of local currency exchange rates against global currencies.

    According to Tamimi, "Iraq is not ready to control the possible currency fraud that may result from the deletion of zeros." The Finance Committee, Tamimi added, "is now working toward controlling the Iraqi currency auction, which is witnessing a [You must be registered and logged in to see this link.] in the exchange rate of the Iraqi dinar against the dollar."
    "Development is the gateway to strengthening the currency. Thus, raising the value of the dinar is more important than the deletion of zeros," she said. 

    Saleh told Al-Monitor, "The deletion of three zeros from the currency means deleting three grades from the calculation records of the Republic of Iraq. The decision to implement the deletion of zeros next year is very dangerous and risky. This issue must be done at the appropriate time."

    Saleh added, "We need to reform the currency management and accounting systems in the country in general. This can only be initiated in a new fiscal year." 
    "There are many encouraging positive factors to reform the currency management system," he said, also noting that the deletion of zeros "does not only involve changing the design of the currency. It implies changing the economic system in the country in general."

    [You must be registered and logged in to see this link.] is a contributor to Al-Monitor’s Iraq Pulse. His writing has appeared in a wide range of publications including France’s Le Monde, the Iraqi Alesbuyia magazine, Egypt’s Al-Ahaly and the Elaph website.


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    mochasmom
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    Post by mochasmom Sat 24 Aug 2013, 3:48 pm

    So when will it happen, now, Jan (new fiscal year) or anytime before June 2014...  And the beat goes on
    Neno
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    Post by Neno Sat 24 Aug 2013, 4:04 pm

    mochasmom wrote:So when will it happen, now, Jan (new fiscal year) or anytime before June 2014...  And the beat goes on
    Told you all that this is what the duck said and he said, as you know I been telling you moch, just got to have patience now... ;)

    OS: T-3 material...
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    Post by Bama Diva Sat 24 Aug 2013, 4:51 pm

    Neno wrote:Told you all that this is what the duck said and he said, as you know I been telling you moch, just got to have patience now... ;)

    OS: T-3 material...
    I thought it was interesting that this article stated the disagreement is between the Finance Committee in Parliament and the Economic Committee in Parliament. The Economic Committee wants the zeroes deleted as soon as possible, the Finance Committee is against it. It doesn't seem to me (according to this particular article) that the CBI is necessarily the one holding everything up. 

    Bottom line, if they can't figure it out, we certainly can't imo.
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    Post by Screwball Sat 24 Aug 2013, 6:11 pm

    mochasmom wrote:So when will it happen, now, Jan (new fiscal year) or anytime before June 2014...  And the beat goes on
    for me its all about history at the moment. considering the new notes were in play around sept/octo 2003 and the old taken out 3 months late by end of jan 2004. So my thoughts are lower denoms out around end of  of sept/oct 2013 and large notes out of circulation byt end of jan 2014. Thats my plan and opinion only. so for its all about cbi, economic and finance committee meetings and articles and nothing else and historial IMF SDR rates and changes!
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    Post by Screwball Sat 24 Aug 2013, 6:15 pm

    I also believe there will only be a 3 month changeover and not 12 months. but once again only ever 1 article to suggest this and plenty go against suggesting a longer chnageover period. I agree with a fixed rate for 12 months. Articles have also said it needs to happen at start of financial year.!!
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    Post by Bama Diva Sat 24 Aug 2013, 6:30 pm

    Screwball wrote:I also believe there will only be a 3 month changeover and not 12 months. but once again only ever 1 article to suggest this and plenty go against suggesting a longer chnageover period. I agree with a fixed rate for 12 months. Articles have also said it needs to happen at start of financial year.!!
    "Articles have also said it needs to happen at start of financial year.!!"


    Yes, this has been said in more than one article by financial people. I hate to say this, but I don't see it happening until Jan 1, 2015.  I hope and pray I am dead wrong. I want to be, I promise.
    csd9013
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    Post by csd9013 Sat 24 Aug 2013, 6:42 pm

    Bama Diva wrote:"Articles have also said it needs to happen at start of financial year.!!"


    Yes, this has been said in more than one article by financial people. I hate to say this, but I don't see it happening until Jan 1, 2015.  I hope and pray I am dead wrong. I want to be, I promise.
    2015? May I ask how you arrived at that year?
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    Post by Bama Diva Sat 24 Aug 2013, 6:47 pm

    csd9013 wrote:2015? May I ask how you arrived at that year?
    I am going by Saleh's comment that iho, the zeros won't be deleted until after the elections in 2014 and THEN the change will take place the first of a fiscal year. All of this, of course, IF it doesn't happen Jan 1, 2014 which I would much prefer :-)
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    Post by jacksmack Sat 24 Aug 2013, 7:15 pm

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