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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

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3 posters

    Two conditions for deleting zeros from the Iraqi currency

    Rocky
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    Two conditions for deleting zeros from the Iraqi currency Empty Two conditions for deleting zeros from the Iraqi currency

    Post by Rocky Sun 20 Jun 2021, 2:11 pm

    Two conditions for deleting zeros from the Iraqi currency


     
    news source / [You must be registered and logged in to see this link.]
    [You must be registered and logged in to see this link.]News source / [You must be registered and logged in to see this link.][/size]
     
    07:19 – 20/06/2021
    Baghdad - Mawazine News,
    the financial advisor to the Prime Minister, Mazhar
    Muhammad Salih, set, on Sunday, two conditions for deleting 3 zeros from the Iraqi currency, while stressing that the option to delete is
    proposed as part of the strategies for reforming the currency and cash payments system in Iraq.
    Saleh said, "The Central Bank of Iraq has
    developed a project to delete three zeros from the Iraqi currency in order to reform the cash payments system, which
    has become burdened with the insomnia of the economic blockade that was imposed in the nineties of the last century, and put it into research
    and study a long time ago, after reviewing about 54 international experiments." From the end of World
    War II until the second decade of the twenty-first century, which took place in various countries of the world, the monetary payment systems were reformed and made to work with better efficiency
    , the last of which was the Islamic Republic of Iran and before that, Turkey.
    He added that "the phenomenon of increasing zeros in
    the monetary unit or adding zeros to a single monetary unit usually comes due to the exposure of economies
    to unbridled waves of inflation or continuous sharp rises for years in the price level due to wars,
    sieges and conflicts, which lead to financing the deficit of government budgets through cash issuance." .
    And because the price means the value of goods
    and services expressed in cash, the continuous rise in prices without stopping leads to the erosion of the value
    of the monetary unit, which requires the issuance of larger monetary categories due to the lack of value of the smaller monetary groups and the
    disappearance of their ability to cover transactions and exchanges of high monetary value in the market.
    He continued, “Accordingly, the
    monetary value of things or tangible assets and others inflates , and when the inflation ends, the prices have increased.”
    According to it, to three decimal places or more or less, according to the nature of each economy, countries resort to reducing the
    artificial reproduction in numbers, especially the reproduction in the numbers of accounts books, budgets
    and the various numbers of accounting tools, after two conditions are met.
    He continued, "The first condition is price stability
    and global economic growth, and the second is appropriate stability in political life, so the
    importance of deleting zeros from the currency and slimming currency units as a necessary condition for reducing accounting numbers and
    facilitating arithmetic handling and the cost of managing new large numbers and the absence of small numbers and
    fractions, as it is noted that slimming currencies Cash comes because of its role in sustaining the calculation of
    huge numbers of financial values, which are not absorbed
    by ordinary computers due to the large number of decimal places and the emergence of many accounting errors, especially dealing in trillions.
    which means that one number in front of it has 12 decimal places.”
    Saleh believed that "the hyperinflation that
    hit the Iraqi economy in the nineties of the last century added three numbers to the unit."
    Iraqi cash (that is, one dinar became equal to a thousand dinars, and ten dinars became ten
    thousand dinars, and so on for the rest of the categories), while the small categories disappeared from circulation completely, but
    every 250 fils became equal to 250 dinars, and it was promised that it is the smallest monetary unit in circulation
    today, which raised the cost of transactions The micro-segments that mostly affect the poor.”
    He added, "In this way, monetary systems aspire
    to remove the burden of historical inflation from the folds of the monetary unit by resorting to deleting three zeros,
    from the old currency to equalize the new currency with lower numbers but with the same value, and let’s say on the
    For example, one new dinar equals 1,000 old dinars without any change in value or
    rights. The accounting books, statistics, numbers and computer systems are also modified with the value of the
    new currency within an easy and easy reform strategy, and the countries believe that the slimming of the currency system facilitates the
    circulation of accounting numbers and helps to issue smaller cash denominations for very small transactions
    whose monetary values have been destroyed by historical inflation in our country such as the dirham and others.
    He concluded by saying, "The project to delete zeros
    in Iraq is still technically prepared by the Central Bank of Iraq, which is the official sectoral authority and the monetary authority concerned with this matter and in cooperation with
    all three state agencies and authorities, but the project is postponed at the present time until
    the appropriate conditions are achieved and remains part of the currency system reform strategies. and cash payments in

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    [/size]

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    Diamond
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    Two conditions for deleting zeros from the Iraqi currency Empty Re: Two conditions for deleting zeros from the Iraqi currency

    Post by Diamond Sun 20 Jun 2021, 2:22 pm

    thumbs2

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    Rocky
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    Two conditions for deleting zeros from the Iraqi currency Empty AL-KAZEMI’S ADVISOR: THE PROJECT TO DELETE ZEROS FROM THE CURRENCY IS SUBJECT TO TWO CONDITIONS

    Post by Rocky Sun 20 Jun 2021, 2:24 pm

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    Economie
    [size=38]AL-KAZEMI’S ADVISOR: THE PROJECT TO DELETE ZEROS FROM THE CURRENCY IS SUBJECT TO TWO CONDITIONS[/size]





    Sunday, June 20, 2021 7:05 PM

    Baghdad / National News Center الخبر
    Today, Sunday, the financial advisor to the Prime Minister, Mazhar Muhammad Salih, set two conditions for deleting 3 zeros from the currency, stressing that the option to delete is proposed as part of the strategies for reforming the currency and cash payments system in Iraq.
    Saleh said to the official agency and followed by the "National News Center", that "the Central Bank of Iraq developed a project to delete three zeros from the Iraqi currency in order to reform the cash payments system, which has become burdened with the insomnia of the economic blockade imposed in the nineties of the last century, and put it into research and study long ago, This is after reviewing about 54 international experiments since the end of World War II until the second decade of the twenty-first century, which took place in various countries of the world in which the cash payment systems were reformed and made to work more efficiently, the last of which was the Islamic Republic of Iran and before that, Turkey.
    He added that "the phenomenon of increasing zeros in the monetary unit or adding zeros to a single monetary unit usually comes due to the exposure of economies to unbridled waves of inflation or continuous sharp rises for years in the price level due to wars, sieges and conflicts, which lead to financing the deficit of government budgets through cash issuance." .
    He continued, "Because the price means the value of goods and services expressed in cash, the continuous rise in prices without stopping leads to the erosion of the value of the monetary unit, which requires the issuance of larger monetary categories due to the lack of value of the smaller monetary groups and the disappearance of their ability to cover transactions and exchanges of high monetary value in the market."
    He continued, “Accordingly, the monetary value of things or tangible assets and others inflates, and when inflation ends, according to which prices have increased to three decimal places, or more or less, according to the nature of each economy, countries resort to reducing the artificial reproduction in numbers, especially in the numbers of accounts books, budgets and various numbers of tools.” Accountability is that after two conditions are met.”
    He continued, "The first condition is price stability and global economic growth, and the second is appropriate stability in political life, so the importance of deleting zeros from the currency and slimming currency units as a necessary condition for reducing accounting numbers and facilitating arithmetic handling and the cost of managing new large numbers and the absence of small numbers and fractions, as it is noted that slimming currencies Cash comes because of its role in the sustainability of calculating huge numbers of financial values ​​that are not absorbed by ordinary computers due to the large number of decimal places and the emergence of many accounting errors, especially dealing in trillions, which means that one number in front of it has 12 decimal places.
    Saleh believed that “the hyperinflation that hit the Iraqi economy in the nineties of the last century added three numbers to the Iraqi monetary unit (that is, one dinar became equal to a thousand dinars, and ten dinars became ten thousand dinars, and so on for the rest of the categories), while the small categories disappeared from circulation completely, but rather Every 250 fils has become equal to 250 dinars, and it is considered the smallest monetary unit in circulation today, which has raised the cost of micro-transactions that affect mostly poor segments.
    He added, "In this way, monetary systems aspire to remove the burden of historical inflation from the folds of the monetary unit by resorting to deleting three zeros from the old currency to equalize the new currency with lower numbers but with the same value. Let's say, for example, that one new dinar is equal to 1000 old dinars without change in value or rights. . The accounting books, statistics, numbers and computer systems are also modified with the value of the new currency within an easy and easy reform strategy, and the countries believe that the slimming of the currency system facilitates the circulation of mathematical numbers and helps to issue smaller cash denominations for very small transactions whose monetary values ​​have been destroyed by historical inflation in our country such as the dirham and others.
    He concluded by saying, "The project to delete zeros in Iraq is still technically prepared by the Central Bank of Iraq, which is the official sectoral authority and the monetary authority concerned with this matter and in cooperation with all three state agencies and authorities, but the project is postponed at the present time until the appropriate conditions are achieved and remains part of the currency system reform strategies. and cash payments in Iraq.


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    Rocky
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    Two conditions for deleting zeros from the Iraqi currency Empty Al-Kazemi’s advisor: The project to delete zeros from the currency is still on the table..but it is

    Post by Rocky Sun 20 Jun 2021, 2:31 pm

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    Baghdad - IQ  

    The Financial Adviser to the Prime Minister, Mazhar Muhammad Salih, confirmed on Sunday (June 20, 2021), that the project to delete 3 zeros from the Iraqi currency is still on the table because it represents part of the "strategies" to reform the monetary system in Iraq, while noting that its implementation requires stability. In price, next to global economic growth, with the stability of political life.

    And the official news agency quoted Saleh as saying, and IQ News followed him, that “the Central Bank of Iraq has developed a project to delete three zeros from the Iraqi currency in order to reform the cash payments system, which has become burdened by the insomnia of the economic blockade imposed in the nineties of the last century, and put the project into research and study since A long time ago and after reviewing 54 international experiences since the end of World War II until the second decade of the twentieth century, in which cash payment systems were reformed and made to work more efficiently, most recently in Turkey and Iran.

    He added, "The phenomenon of increasing zeros in the monetary unit or adding zeros to a single monetary unit usually comes due to the exposure of economies to unbridled waves of inflation or continuous sharp rises for years in the price level due to wars, sieges and conflicts, which lead to financing the deficit of government budgets through cash issuance. ".

    And he added, "Because the price means the value of goods and services expressed in cash, the continuous rise in prices without stopping leads to the erosion of the monetary unit's value, which requires the issuance of larger monetary categories due to the lack of value of the smaller monetary groups and the disappearance of their ability to cover transactions and exchanges of high monetary value in the market."

    He continued, "Accordingly, the monetary value of things or tangible assets and others inflates, and when inflation ends, according to which prices have increased to three decimal places, or more or less, according to the nature of each economy, countries resort to reducing the artificial reproduction in numbers, especially in the numbers of accounts books, budgets and various numbers of tools." Accountability, after two conditions are met.

    He explained that "the first condition is price stability and global economic growth, and the second is appropriate stability in political life," stressing that "the project to delete zeros in Iraq is still technically prepared by the Central Bank, but it is postponed at the present time until the appropriate conditions are achieved and remains part of the Strategies to reform the currency and cash payments system in Iraq.
    [You must be registered and logged in to see this link.]

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    Rocky
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    Two conditions for deleting zeros from the Iraqi currency Empty Counselor Saleh clarifies the “historic inflation” reform plan: two conditions for deleting zeros fr

    Post by Rocky Sun 20 Jun 2021, 2:34 pm

    [size=30]Counselor Saleh clarifies the “historic inflation” reform plan: two conditions for deleting zeros from the currency
    [ltr]2021.06.20 - 18:58[/ltr]
    [/size]
    [You must be registered and logged in to see this image.]  
    The economist and financial advisor  to the Prime Minister, Mazhar Muhammad Salih, said on Sunday that there are two conditions for  deleting 3 zeros from the currency, while stressing that the option to delete is presented as part of the strategies for reforming the currency and cash payments system in Iraq.  
      
    [You must be registered and logged in to see this link.]  
      

    Saleh said, to the official agency, and followed by "Nass" (June 20, 2021): "The Central Bank of Iraq has developed a project to delete three zeros from the Iraqi currency in order to reform the cash payments system, which has become burdened with the insomnia of the economic blockade imposed in the nineties of the last century, putting it into question. And the study has been for a long time, after looking at about 54 international experiments since the end of the Second World War until the second decade of the twenty-first century, which took place in various countries of the world in which the monetary payment systems were reformed and made them work more efficiently, the last of which was the Islamic Republic of Iran and before that, Turkey. .  

      
    He added that "the phenomenon of increasing zeros in the monetary unit or adding zeros to a single monetary unit usually comes due to the exposure of economies to unruly waves of inflation or continuous sharp rises for years in the price level due to wars, sieges and conflicts, which lead to financing the deficit of government budgets through cash issuance." .  

    And because the price means the value of goods and services expressed in cash, the continuous rise in prices without stopping leads to the erosion of the value of the monetary unit, which requires the issuance of larger monetary categories due to the lack of value of the smaller monetary groups and the disappearance of their ability to cover transactions and exchanges of high monetary value in the market.  


    He continued, "Accordingly, the monetary value of things or tangible assets and others inflates, and when inflation ends, according to which prices have increased to three decimal places, or more or less, according to the nature of each economy, countries resort to reducing the artificial reproduction in numbers, especially in the numbers of accounts books, budgets and various numbers of tools Accountability, after two conditions are met.  


    He continued, "The first condition is price stability and global economic growth, and the second is appropriate stability in political life, so the importance of deleting zeros from the currency and slimming currency units as a necessary condition for reducing accounting numbers and facilitating arithmetic handling and the cost of managing new large numbers and the absence of small numbers and fractions, as it is noted that slimming currencies Cash comes because of its role in the sustainability of calculating huge numbers of financial values ​​that are not absorbed by ordinary computers due to the large number of decimal places and the emergence of many accounting errors, especially dealing in trillions, which means that one number in front of it has 12 decimal places.  


    Saleh believed that "the hyperinflation that hit the Iraqi economy in the nineties of the last century added three numbers to the Iraqi monetary unit (that is, one dinar became equal to a thousand dinars, and ten dinars became ten thousand dinars, and so on for the rest of the categories), while the small categories disappeared from circulation completely, but rather Every 250 fils became equal to 250 dinars, and it was considered the smallest monetary unit in circulation today, which raised the cost of micro-transactions that mostly affect the poor.  


    He added, "In this way, monetary systems aspire to remove the burden of historical inflation from the folds of the monetary unit by resorting to deleting three zeros from the old currency in order to equalize the new currency with lower numbers but with the same value. Let's say, for example, that one new dinar is equal to 1000 old dinars without change in value or rights. The accounting books, statistics, numbers and computer systems are also modified with the value of the new currency within an easy and easy reform strategy, and countries consider that slimming the currency system facilitates the circulation of mathematical numbers and helps to issue smaller cash denominations for very small transactions whose monetary values ​​have been destroyed by historical inflation in our country such as the dirham and others.  


    He concluded by saying, "The project to delete zeros in Iraq is still technically prepared by the Central Bank of Iraq, which is the official sectoral authority and the monetary authority concerned with this matter and in cooperation with all three state agencies and authorities, but the project is postponed at the present time until the appropriate conditions are achieved and remains part of the currency system reform strategies. and cash payments in Iraq.  

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    Two conditions for deleting zeros from the Iraqi currency Empty Re: Two conditions for deleting zeros from the Iraqi currency

    Post by weslin3 Sun 20 Jun 2021, 5:06 pm

    One good thing they are still talking about deleting the zeros. ok

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