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Established in 2006 as a Community of Reality

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What's the use of coins at the moment ..

rocky
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What's the use of coins at the moment .. - Page 2 Empty What's the use of coins at the moment ..

Post by rocky on Wed 21 Aug 2019, 1:45 am

First topic message reminder :

[size=36]What's the use of coins at the moment ..[/size]

Economy | 08:10 - 20/08/2019

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BAGHDAD - Mawazine News 
commented member of the Iraqi Economic Council Sadiq al - Mashat, on the statements of the Parliamentary Finance Committee on the Iraqi government 's quest to re - work coins. 
Al-Mashat said in a statement received / Mawazine News / a copy of it, that "the Iraqi government going at the moment to re-work coins is not positive because the financial developments in most countries of the world go to electronic currencies," indicating that "the work of electronic currencies in Iraq has been in great demand during Last few years. " 
He added: "More useful to the state is to reduce the use of currencies in general and urged the Iraqi consumer to pay electronically," indicating that "this measure provides the state the value of minting coins and the value of printing paper currency."
Al-Mashat called through the statement to "the importance of working in electronic currency rather than return to cash and metal," noting that "electronic currency can include small cash categories from one fils to one dinar and thus numbers upward for small cash categories." 
Al-Mashat said, "The banknotes will disappear after 30 years because of the high demand for electronic currency." 
The "Finance Committee in the Iraqi Council of Representatives announced on Monday (19-August-2019) the" government direction to reinstate the currency and delete zeros from paper currency in order to strengthen the national economy. "


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Readytogo
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Post by Readytogo on Wed 21 Aug 2019, 2:49 pm

Praise Jesus!! We curse and bring to nought every plan and obstacle of the enemy that is trying to prevent the RV of the Iraqi Dinar.  We command the Iraqi Dinar to RV now to an amount that is exceedingly, abundantly, above and beyond  anything we have asked or thought in the name of Jesus.
Lobo
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Post by Lobo on Wed 21 Aug 2019, 4:20 pm

Where two or more gather - I join in with this prayer - AMEN
annieharbers
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Post by annieharbers on Wed 21 Aug 2019, 4:40 pm

Praise JESUS  Thank you JESUS   Keep me grounded in your word when this happens.

   More of you JESUS less of me.         Jesus
                                                        Others
                                                        Yourself
wciappetta
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Post by wciappetta on Wed 21 Aug 2019, 5:51 pm

government direction to reinstate the currency

You all realize this is the first time Iraq has used the word Reinstate regarding the currency. Confirms the State Dept document and former CBI Gov Shabibi's intent to restore to the former.


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[You must be registered and logged in to see this link.] For I know the thoughts that I think toward you, saith the LORD, thoughts of peace, and not of evil, to give you an expected end. Then shall ye call upon me, and ye shall go and pray unto me, and I will hearken unto you. And ye shall seek me, and find me, when ye shall search for me with all your heart.
Lobo
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Post by Lobo on Wed 21 Aug 2019, 5:54 pm

Thanks Ward, BOOM - here we go.

flower flower flower
Screwball
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Post by Screwball on Wed 21 Aug 2019, 5:55 pm

Yes I thought it was big news...
[You must be registered and logged in to see this link.] wrote:
government direction to reinstate the currency

You all realize this is the first time Iraq has used the word Reinstate regarding the currency. Confirms the State Dept document and former CBI Gov Shabibi's intent to restore to the former.
rocky
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What's the use of coins at the moment .. - Page 2 Empty Specialized: minted coins serve internal business transactions

Post by rocky on Tue 27 Aug 2019, 5:30 pm

Specialized: minted coins serve internal business transactions
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Monday 26 August 2019
 
 
There have been recent parliamentary voices calling for the reintroduction of coins (coinage) and reintroduction into circulation, as well as reconsideration of the project to delete the three zeros from the Iraqi currency, at a time when economists regarded it as part of the great economic reform process in the country.
 
 
Strategic Plan
Economist Dr. Essam Mohamed Hassan said that "the Central Bank decided earlier to develop a plan to create coins as part of a restructuring plan that requires the approval of the House of Representatives as a strategic plan will contribute to support the value of the Iraqi dinar in trading
"The change of currency means that a new currency replaces an old currency, with a specified replacement rate, and removes the zeros of the old currency or moves the decimal places to the left," he said, adding that "part of the restructuring plan of the currency and banks involves the creation of coins for trading." Financial support for the national economy. "
Hassan said that "the coin project, launched in 2004 did not succeed because of the absence of comprehensive economic reforms to support the financial value of the dinar in the global market," explaining that the coins will be one of the important intermediate currencies that will be used for trading and transactions.
"Deleting zeros and reintroducing coins has to do with economic reforms because coins, because of their durability, are longer than coins that are quickly damaged," he said. In 2004, "indicating that this requires the dissemination of a culture to educate the public about the economic feasibility of the minted currency."
 
Delete the zeros
Dr. Abdul Hussein Al-Ghalbi, an economist at the Faculty of Business and Economics, University of Kufa, said: "The process of changing the currency is not limited to deleting zeros, but it can be done by adding a number of zeros or moving the decimal places to the right, as happened in South Africa in 1961, but the situation Prevailing over the past 50 years in most countries is the elimination of zeros because of the hyperinflation witnessed by many countries, which obliges to add zeros to their currencies in those circumstances, and then get rid of zeros at the end
Al-Ghalbi stressed that "changing the currency does not affect productivity, as well as that this change does not affect the purchasing power of money, because the power comes from the increased demand for money against the money supply, and as long as the purchasing power does not change, the demand for currency and money supply They do not change, because deleting zeros does not entitle monetary institutions and the central bank to print more money and pump it into
Economy".
Al-Ghalbi added that "the central bank is constrained by the existing cash in the replacement process, while foreign trade will not be affected as the price of exports will continue itself unchanged, as well as import payments are not affected because foreign exchange is in foreign currency against domestic, which remains unchanged because The purchasing power of a currency
do not change".
 
Multiple benefits
"Changing currency and deleting zeros brings multiple benefits, including the fact that changing the currency leads to more efficiency for the local currency by reducing the number of zeros," he said.
Public".
 He said that "after the change of currency will occur a serious reduction in the volume of transactions with less amount of money, which facilitates all parties to deal with, especially
 Accountants. "
 
Monetary deception
Al-Ghalbi said that "currency change reduces the phenomenon of monetary deception experienced by the people with a large number of zeros that push towards the generation of inflationary pressures, and the currency change signals to the local community and international markets that the government is serious in removing inflation, and the economy is heading towards a new beginning empty Of inflation
Untamed. "
He added that "currency change leads to greater confidence in local currency and credibility, and when there are a large number of zeros in the local currency people lose their confidence, especially those with transactions in wholesale markets and importers, as they will replace the local currency with stable international currencies such as the dollar or the euro, which deepens The phenomenon of dollarization in the domestic economy, which weakens monetary authority and reduces the effectiveness of policy
Cash.

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jedi17
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Post by jedi17 on Tue 27 Aug 2019, 6:20 pm

but it can be done by adding a number of zeros or moving the decimal places to the right,





first time i have seen this in print.....ever!!  this is big
Screwball
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Post by Screwball on Tue 27 Aug 2019, 8:52 pm

[You must be registered and logged in to see this link.] wrote:

but it can be done by adding a number of zeros or moving the decimal places to the right,







first time i have seen this in print.....ever!!  this is big
Yes I believe so... thumbs2
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Post by Wheelman on Tue 27 Aug 2019, 9:07 pm

The New Central Bank Governor got the GREEN LIGHT !

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