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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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Wayne Irby
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    Economists Divided Over Deletion Of Zeros

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    Post by chouchou Fri 04 Oct 2013, 3:03 am

    The Central Bank of Iraq (CBI) has been attempting to delete three zeros from the Iraqi currency since 2003. This project has raised many concerns among the Iraqi public and within the business community, and Iraqi economists are divided. While some support the project and consider it a chance to decrease inflation and unemployment, others warn of economic shocks that may prevail over the Iraqi market as a result of the project’s implementation.

    Following amendments made by the CBI, implementation of the project has been postponed several times. This is because of fears that are mostly related to the lack of security, the presence of a market open to foreign commodities without any restrictions, the prevalence of counterfeit money in the market and rampant corruption in the country.

    The independent Iraqi News Agency (INA) quoted Abdul Hussein al-Yasiri, a member of the Iraqi parliamentary Finance Committee, as saying that 2014 will witness the deletion of zeros from the Iraqi currency. He noted that the deletion will occur in coordination with the CBI, and that as a result of the project, the number of banknotes in circulation will be reduced from 4 billion to 1 billion.

    Haider al-Abadi, the head of the Iraqi parliamentary Finance Committee, told Al-Monitor that while deleting zeros from the current currency is possible, this has been postponed until after parliamentary elections. He noted that studies are being carried out to ensure that, following the currency change, counterfeiting is limited and that Iraqis don’t go back to trading in the old currency.

    The step to delete zeros from the currency has been postponed several times, leading the parliamentary Economic Committee to demand that the CBI accelerate this project, as Al-Sharqiya reported. In a news conference held July 6, the Economic Committee confirmed that the deletion of zeros will lead to an increase in the value of the Iraqi dinar and will have positive repercussions, including a reduction in unemployment and poverty rates in the country.

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    Post by Screwball Fri 04 Oct 2013, 5:11 am

    2014 we can wait bring it on! I can even wait until 2015!
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    Post by Wayne Irby Fri 04 Oct 2013, 5:22 am

    One of these days it will happen, sure has been a long wait, but if you think we are tired of waiting can you imagine what it's like for the Iraq people, I've only been waiting since 2008, they have been waiting since 1990!
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    Post by wayoutnow Fri 04 Oct 2013, 9:19 am

    IMHO once they get thier tax laws in place ( which is anytime now ) they will start $$$$ they start the tariff law with out changing their money first would ruin everything they have accomplished !!!!! They need their investiment and economic laws to secure their future . Both are in parliament now !!!!!
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    Post by charlie Fri 04 Oct 2013, 11:07 am

    wayoutnow wrote:IMHO once they get thier tax laws in place ( which is anytime now ) they will start $$$$ they start the tariff law with out changing their money first would ruin everything they have accomplished !!!!! They need their investiment and economic laws to secure their future . Both are in parliament now !!!!!
    thank you
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    Post by Neno Fri 04 Oct 2013, 12:53 pm

    Well, the attempting wasn't possible until VII was lifted, that is forsure..... ;)
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    Post by wayoutnow Fri 04 Oct 2013, 1:03 pm

    Exactly !!!! IMHO there's not much left for them to play around with before the rv !!!! $$$$
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    Post by mochasmom Fri 04 Oct 2013, 6:15 pm

    Just a shame there was no forward thinking prior to 7 being be lifted, this all should have been done.  But I'm tired of beating that horse.  Yes 2014 is close.
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    Post by Neno Fri 04 Oct 2013, 10:24 pm

    mochasmom wrote:Just a shame there was no forward thinking prior to 7 being be lifted, this all should have been done.  But I'm tired of beating that horse.  Yes 2014 is close.
    I bet you are but maybe they did, we just do not understand it. Maybe it is part of the plan or maybe a different route came up like, a RESET... :arrow: :?:

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