Venezuela to delete three zeros from its currency and Iraq is still afraid of "circumvention"

by **Rocky** Tue 27 Mar 2018, 11:08 am

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Post n°1

Venezuela to delete three zeros from its currency and Iraq is still afraid of "circumvention"

by Rocky Tue 27 Mar 2018, 11:08 am

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Venezuela to delete three zeros from its currency and Iraq is still afraid of "circumvention"
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Baghdad:

The Venezuelan government has decided to delete three zeros from its currency to enter into force this year, while Iraq is still cautious in its decision because of its fear of fraud, which is expected to help to tighten and improve the performance of banknotes.

Venezuelan President Nicolas Maduro has ordered a change in the currency unit of the faltering local currency by removing three zeros from its value amid excessive inflation and an economic crisis in the country, Venezuelan media reported.
Maduro said the measure would come into effect on June 4 and would have no effect on the Bolivar value.
The action shows the collapse of the Bolivar, which fell 99.99% against the dollar on the black market since Maduro came to power in April 2013.
But Maduro, according to media, presented the move as a positive development aimed at protecting Venezuela from speculators in the currency market and from a US-led trade war against the Organization of the Petroleum Exporting Countries (OPEC). While the measure appears to be revaluing the currency, Cash for the currency as the country will not change the official exchange rate.
In parallel, between the governor of the Central Bank of Iraq on the words in an interview with Iraqi media: "The deletion of zeros not because of the value of the dinar, but for the purpose of tightening and improve the performance of banknotes and reducing the use of the dollar locally in circulation and exchange and storage value and standardize the size of banknotes," indicating "The subject of deleting zeros from the currency is ready but needs an environment suitable for its application to prevent manipulation and fraud by the owners of vulnerable souls."

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by Lobo Tue 27 Mar 2018, 11:15 am

Lobo

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Join date : 2013-01-12

Post n°2

Re: Venezuela to delete three zeros from its currency and Iraq is still afraid of "circumvention"

by Lobo Tue 27 Mar 2018, 11:15 am

Thanks Rocky, so Venezuela is deleting the zeros because its currency is in the toilet and Iraq won't delete the zeros from the dinar (which currency is in the toilet) to enhance the value - OH LORD, THE WORLD OF FINANCE HAS GONE MAD.