Three zeros to be cancelled from Iraqi currency, says MP

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Three zeros to be cancelled from Iraqi currency, says MP

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Parliamentary Finance Commission MP stated that the Central Bank of Iraq will soon cancel the zeros from the Iraqi currency. MP Abdul Hussein al-Yassiri revealed that it will happen by this as the Central Bank of Iraq is taking all necessary steps to convert this plan into reality.

He adds that the commission is in favor of Central Bank of Iraq with this decision as this will bring significant changes in the Iraqi economy. It is to be noted that earlier Central Bank reported that cancelling out zeros from Iraqi currency is under planning of the Bank.

The prime difficulty will be - is withdrawing 30 trillion dinars from the Iraqi market at the present time which will be replaced by new currency.
Previously the decision of eliminating zeros from Iraqi currency was not ratified by ministry of finance as the budget was done with the present currency.

Previously the decision of eliminating zeros from Iraqi currency was not ratified by ministry of finance as the budget was done with the present currency.





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jedi17 wrote:someone needs to explain to me how this is not a LOP. as the other srticle staes 200 thousand dinar is equal to 170 dollars. to me...and I hate to say it...this si a LOP...sorry

this IS a lop and a great loss if you bought in ! please call dinar trade will give you good deal !

:affraid: Time to wallpaper my bathroom. ;) :D

We will find out soon enough

Either this will be on big Iraqi shit sandwhich or the best ribeye you hv ever eaten.

Parliamentary Finance Commission MP stated that the Central Bank of Iraq will soon cancel the zeros from the Iraqi currency. MP Abdul Hussein al-Yassiri revealed that it will happen by this as the Central Bank of Iraq is taking all necessary steps to convert this plan into reality.

He adds that the commission is in favor of Central Bank of Iraq with this decision as this will bring significant changes in the Iraqi economy. It is to be noted that earlier Central Bank reported that cancelling out zeros from Iraqi currency is under planning of the Bank.

The prime difficulty will be - is withdrawing 30 trillion dinars from the Iraqi market at the present time which will be replaced by new currency.

two choices here:
1) believe fellow investors that know more than the Iraqi politicians MOF and CBI.
2) or believe the Iraqi politicians MOF and CBI.

before any of this can happen chapter 7 must be lifted: Kuwait asked the UNSC to "remain seized of the matter" for 1 more year. [You must be registered and logged in to see this link.] Heres the "prvisional rules of procedure" chapter 2 rules 10 and 11 apply: [You must be registered and logged in to see this link.]

heres the Repertoie/practice of the provisional rules of the Security Council: [You must be registered and logged in to see this link.]

Below are past practices that explain how provisional rules apply, '08-09 are the most recent documentation of past practices, but pick any year starting 1990 and see how consistant these practices are. links are provided for those that want to learn more, enjoy

3. Matters of which the Security Council is seized

(1) The agenda: matter of which the Security Council is seized

these are practices of the Security Coucil,

2. Revised procedure for deletion of items
In 2008, five out of 25 items that had been identified for deletion at the beginning of the year were deleted, while the rest was retained for an additional year on the request of Member States.
By the end of February, Member States notified the Council if they wished an item identified for deletion to remain on the summary statement, in which case such an item would be retained on the summary statement for one year, [You must be registered and logged in to see this link.]
2. Phrasing of agenda items
Case 5
Given the importance attached to the phrasing of agenda items, in a Note by the President of the Security Council dated 18 April 2005,concerning formulation of the title of the agenda item for issues pertaining to Iraq, members of the Security Council announced the agreement reached as follows: Issues relating to the return of all Kuwaiti property, the repatriation or return of all Kuwaiti and third-country nationals or their remains, and the United Nations Compensation Commission would be considered under the agenda item entitled “The situation between Iraq and Kuwait”. Other issues that did not fall under this category would be considered under the agenda item entitled “The situation concerning Iraq”. [You must be registered and logged in to see this link.]
Kuwait requesting another year sets a time-table for an end to the situation between Iraq/Kuwait as long as both countries continue working together to "normalizing" their relationship, SG Moon's report to the UNSC has 3 option's, don't forget them, as "remaining siezed of the matter" not only applies to chapter 7
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this gives us investors a timeline, "the situation between Iraq and Kuwait" agenda happens twice a year, June & December. Iraq and Kuwait have been making great progress on resolving their issues, but more needs to be done, (agreement between Iraq/Kuwait on maintenence of borders eliminating UNSC chapter 7 resolution 833, new agreement between Iraq/Kuwait for missing people and property eliminating UNSC chapter 7 resolution 1284 and agreement between Iraq/Kuwait on reparations/debt to Kuwait eliminating chapter 7 resolution 1483 ) and Decembers looking good.

The CBI and MOF has been talking about the deletion of zero's since 2010. The goal of the CBI is to reduce the IQD in circulation from 31 Trillion dinars to 26 Billion dinars. any doubt that the CBI has 31 Trillion dollars in circulation, visit the CBI website: [You must be registered and logged in to see this link.] and look up "Financial Statements".

The problem with deleting the zero's is, the current value, $25,000 equals $21 dollars, The CBI needs to run both the 25,000 and newly introduced 25 bill simutaniouly creating confusion among the citizens of Iraq ( 25,000 dinar bill equal to the new 25 dinar bill which has a value of 21 dollars ) see the confusion, but they have a plan "The Secretary General of the Council of the prime minister on the Keywords announced the government's efforts to make one U.S. dollar is equal to a thousand Iraqi dinars." [You must be registered and logged in to see this link.] Now think of how that will eliminate confusion if the CBI does what they have been saying for years. now delete 3 zero's and 1 IQD will = 1 USD

understand that Iraqs MOF has always said that Iraq will return to their original value "pre UN sanction's", which was roughly $3.22USD to 1 IQD, Iraq at that time only had 26 BILLION IQD in circulation, notice that Iraq's goal is to reduce their 31 TRILLION dinars in circulation to 26 BILLION>,,, never forget .00086,, removing 3 zero's reduces Iraqs money in circulation from 31 TRILLION to 26 BILLION<,,, IRONIC???? NO, they were there before and will be there again.

1,000,000 million dinar for $860, delete 3 zero's and have 1000 dinar w/ a value of $1000 USD, making you a $140 dollar profit, but lets not forget that the MOF has always said that the IQD will come back at the "pre sanction" value.(one special note, Noteworthy that the Iraqi Central Bank announced in August 2012 Iraq's reserves rise of hard currency to $ 67 billion from 63 billion, 26 x $2.60 = 67 ,, almost 3 + !!!!! 91 BILLION =$ 3.50, How much does Kuwait have in basket of currencies???? in circulation???? understand the point???? 3.55 US Dollar = 92 Billion.) always remember that Iraq and Kuwait have always been equal or within a few fil's of each other, so heres two very possible conclusion's:

1000 x 3.22 = $3,220.00 - $860 = $2360 profit per million you bought
1000 x 3.55 = $3,555.00 - $860 = $2690 profit per million you bought

40 million = 40,000 x 3.55 = $142,000.00 - initial investment of $34,400 = net profit of $107,600.00 not a bad investment!!!!!

that leaves you all 2 choices:
1) sell sell sell
2) buy buy buy

always remember "capital gains taxes" only applies for 2 years after purchasing, any profit after 2 years will be subject to "income tax".


just a thought!!!! lol :D

Wow that don't sound so good that way.Been in this for about 8 or 9 years now.

ron-man wrote:Wow that don't sound so good that way.Been in this for about 8 or 9 years now.

Maybe this sound's better.

$860 dollar investment, bringing a Nine-Hundred Ninety-nine Thousand One-Hundred and Forty dollar Profit ($999,140.00). :D

lets not forget that Iraq will revalue within a penny of Kuwait, turning that 1 million into 3.5 million, making a better profit of Three Million Four Hundred Ninety-Nine Thousand One Hundred Forty dollars ( $3,499,140.00). Making the $860.00 investment "priceless". :D

duck2000 wrote:

jedi17 wrote:someone needs to explain to me how this is not a LOP. as the other srticle staes 200 thousand dinar is equal to 170 dollars. to me...and I hate to say it...this si a LOP...sorry

this IS a lop and a great loss if you bought in ! please call dinar trade will give you good deal !

I haven't been informed of any mad rush of investors selling out.. ;)

onecinful1 wrote:

ron-man wrote:Wow that don't sound so good that way.Been in this for about 8 or 9 years now.

Maybe this sound's better.

$860 dollar investment, bringing a Nine-Hundred Ninety-nine Thousand One-Hundred and Forty dollar Profit ($999,140.00). :D

1:1 is a good trade off too.. ;)