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Raise three zeroes from the Iraqi currency's progress and evaluation
Sunday November 20, 2016 - 04:54
Amer al-Abadi
It seemed Iraqi dinar value worth (7) grams of gold at thebeginning of its release by Release Act in 1931, and in 1959 was issued a new law of the Iraqi national currency
Iraqi monetary and banking system continued to evolve, and reached the value of the Iraqi dinar to (3.3) billion until thebeginning of the war with Iran , which led to a significant breakdown in Iraqi currency
in 2004 , the former Governing Council to replace the previous currency , which was a symbol of the former regime new are currently traded in the currency and is now dealing in the currency of the seven categories: 50, 250, 500 and 1,000 and 10,000 and 25,000 dinars.
Unlike the Arab countries do not exist in Iraq about 25 years since the coins.
It was scheduled to be the project to delete the three zeroes in 2011 and did not perform
and then postponed to 2013 .. then postponed to 2015 .. and now the decisions implementing the plan early in 2017
knowing that the process of deleting the zeros have occurred in several countries. Delete the three zeroes from the Zimbabwe dollar in 2006 and Romania omitted four zeros from its currency in 2005. deleted Bolivia three zeros from its currency in 2008. Turkey removed six zeros from its currency in 2005. Sudan delete thezeros from its currency in 2007 ,
has said the central bank director Mahdi Keywords saying " Thecentral bank began the first steps of the project through theselection of designs, companies and the country that will be printed currency." He pointed out that " the new currency entry does not mean the destruction of ancient coins, but will continue to trade for about ten years , " pointing out that "this period will enable the central bank to withdraw the old currency in accordance with the known dynamic in order to preserve liquidity in the market."
Justification for the replacement process
1. presence worth 30 trillion dinars cluster of large cash the number of leaves 4 billion paper
2. currently the largest category of cash is 25,000 dinars ,equivalent to $ 21 almost This requires larger and effort great to settle daily transactions therefore became the amounts in excess Akiemha for the 20 million are in dollars.
3. The existence of damage to a large proportion of private small categories currency and inadmissible in circulation and make up one - third of the money supply almost
4. difficulty making the calculations under the numbers increase the number of Ocefarha 14 zero practical, technical and probability of error occurred either by adding a zero or delete it .
The benefits of the replacement process
1. security .. reduce the risks entailed in carrying large amounts.
2. fall counting the costs and Altdeghiq.ma categories were thebiggest
3. The lifting of zeros will create a psychological effect among citizens through the strengthening of its currency and adopted more broadly rather than foreign currency
4. Aldenarabraghi inclusion within the global currency basket and handle it officially the world 's stock exchanges and financial markets.
5. possibility of economic agreements to deal in national currency and this will cover a very large part of the foreign remittances that are squandering of national wealth from foreign exchange.
6. will be disposed of manipulating the currency exchange market
7. stop the work of the corrupt shady banks and their agents and Smaserthm
8. will be determined ceiling for amounts transferred abroad from active currency exchange to ensure that no currency smuggling.
9. Aatherngairalamlh of the desire of a high exchange rate of thecurrency psychological aspect. This rise enters the joy of thereturn of the dinar to the rich past.
Cons replacement process:
1. The emergence of the problem of calculation between the old and new numbers in trading in reading and managing their trillion figures ..
2. need to print large groups
3. Foreign shares of the Stock Exchange will be reduced to 20% onforeign investment because the thought that a change in currency will reduce profits.
4. write - off of three zeros from the currency may contribute to creating a state of monetary illusion
5. will cost the state budget large sums Z such that the sections of financial corruption, besides the lack of addressing the problem ofinflation because the Iraqi market importer of all goods and services from abroad , which means depletion of hard currency.
6. No official data on the cost of the Iraqi banknotes there. Note that the cost of the banknote in Britain 7 US cents. Enough toknow the number of traded securities permission to give an idea of the total cost.
7. four billion paper. Thus the cost of becoming a printed $ 289 million. This amount is pointless
8. Add to this a further Stamping metal pieces not to mention all the money needed to cope with the consequences of removing zeros as replacing postal and fiscal stamps.
9. feeling of poverty: the deletion of zeros leads to the feeling ofpoverty, it had a ten million dinars Pat does not have only ten thousand of them
10. expectation of rising prices.
11. front of the inevitability of the Kurdish language in theintroduction to the first version of the coin after the entry into force of the new constitution must benefit from the experiences ofother currencies. For example the euro many folks in Europe, but not in it any language but symbols, numbers , and pictures only exist.
Amer al - Abadi
15/11/2016
Raise three zeroes from the Iraqi currency's progress and evaluation
Sunday November 20, 2016 - 04:54
Amer al-Abadi
It seemed Iraqi dinar value worth (7) grams of gold at thebeginning of its release by Release Act in 1931, and in 1959 was issued a new law of the Iraqi national currency
Iraqi monetary and banking system continued to evolve, and reached the value of the Iraqi dinar to (3.3) billion until thebeginning of the war with Iran , which led to a significant breakdown in Iraqi currency
in 2004 , the former Governing Council to replace the previous currency , which was a symbol of the former regime new are currently traded in the currency and is now dealing in the currency of the seven categories: 50, 250, 500 and 1,000 and 10,000 and 25,000 dinars.
Unlike the Arab countries do not exist in Iraq about 25 years since the coins.
It was scheduled to be the project to delete the three zeroes in 2011 and did not perform
and then postponed to 2013 .. then postponed to 2015 .. and now the decisions implementing the plan early in 2017
knowing that the process of deleting the zeros have occurred in several countries. Delete the three zeroes from the Zimbabwe dollar in 2006 and Romania omitted four zeros from its currency in 2005. deleted Bolivia three zeros from its currency in 2008. Turkey removed six zeros from its currency in 2005. Sudan delete thezeros from its currency in 2007 ,
has said the central bank director Mahdi Keywords saying " Thecentral bank began the first steps of the project through theselection of designs, companies and the country that will be printed currency." He pointed out that " the new currency entry does not mean the destruction of ancient coins, but will continue to trade for about ten years , " pointing out that "this period will enable the central bank to withdraw the old currency in accordance with the known dynamic in order to preserve liquidity in the market."
Justification for the replacement process
1. presence worth 30 trillion dinars cluster of large cash the number of leaves 4 billion paper
2. currently the largest category of cash is 25,000 dinars ,equivalent to $ 21 almost This requires larger and effort great to settle daily transactions therefore became the amounts in excess Akiemha for the 20 million are in dollars.
3. The existence of damage to a large proportion of private small categories currency and inadmissible in circulation and make up one - third of the money supply almost
4. difficulty making the calculations under the numbers increase the number of Ocefarha 14 zero practical, technical and probability of error occurred either by adding a zero or delete it .
The benefits of the replacement process
1. security .. reduce the risks entailed in carrying large amounts.
2. fall counting the costs and Altdeghiq.ma categories were thebiggest
3. The lifting of zeros will create a psychological effect among citizens through the strengthening of its currency and adopted more broadly rather than foreign currency
4. Aldenarabraghi inclusion within the global currency basket and handle it officially the world 's stock exchanges and financial markets.
5. possibility of economic agreements to deal in national currency and this will cover a very large part of the foreign remittances that are squandering of national wealth from foreign exchange.
6. will be disposed of manipulating the currency exchange market
7. stop the work of the corrupt shady banks and their agents and Smaserthm
8. will be determined ceiling for amounts transferred abroad from active currency exchange to ensure that no currency smuggling.
9. Aatherngairalamlh of the desire of a high exchange rate of thecurrency psychological aspect. This rise enters the joy of thereturn of the dinar to the rich past.
Cons replacement process:
1. The emergence of the problem of calculation between the old and new numbers in trading in reading and managing their trillion figures ..
2. need to print large groups
3. Foreign shares of the Stock Exchange will be reduced to 20% onforeign investment because the thought that a change in currency will reduce profits.
4. write - off of three zeros from the currency may contribute to creating a state of monetary illusion
5. will cost the state budget large sums Z such that the sections of financial corruption, besides the lack of addressing the problem ofinflation because the Iraqi market importer of all goods and services from abroad , which means depletion of hard currency.
6. No official data on the cost of the Iraqi banknotes there. Note that the cost of the banknote in Britain 7 US cents. Enough toknow the number of traded securities permission to give an idea of the total cost.
7. four billion paper. Thus the cost of becoming a printed $ 289 million. This amount is pointless
8. Add to this a further Stamping metal pieces not to mention all the money needed to cope with the consequences of removing zeros as replacing postal and fiscal stamps.
9. feeling of poverty: the deletion of zeros leads to the feeling ofpoverty, it had a ten million dinars Pat does not have only ten thousand of them
10. expectation of rising prices.
11. front of the inevitability of the Kurdish language in theintroduction to the first version of the coin after the entry into force of the new constitution must benefit from the experiences ofother currencies. For example the euro many folks in Europe, but not in it any language but symbols, numbers , and pictures only exist.
Amer al - Abadi
15/11/2016
Makes me happy happy happy!!
If things will be in place.... why not????
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