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Guru sandyf "Of Course Iraq Can Revalue at Any Time" 11/14/17
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Guru sandyf "Of Course Iraq Can Revalue at Any Time" 11/14/17
by roxy22222222 Tue Nov 14, 2017 9:22 pm
Of course Iraq can revalue at any time, done it several times over the years. A significant change can only be done at certain points in time. There is no precedent for anything other than percentage points on an overnight basis. [What are those "points in time?"...for any "significant" change...] It would need to be coincidental with an accounting period. Normally the smallest period would be a month... It should be fairly obvious that you cannot change wages an invoicing arrangements during a financial period. Also the structure of public companies would have to be altered. To understand the implications of a 'significant' change, people should look to what actually takes place during a redenomination. Zambia published online a set of technical guidelines for theirs which is well worth reading. A significant revaluation would be the equivalent of a redenomination without a change in currency code.
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Re: Guru sandyf "Of Course Iraq Can Revalue at Any Time" 11/14/17
by Kevind53 Wed Nov 15, 2017 12:41 am
Show me one ... just one, where they really revalued in the way you are implying ...
Zambia deleted three zeros from their currency, exchanging old currency for new currency with 1000th the face value, but the same purchasing power. they did not increase the value of the existing notes. The two circulated side by side for six months while using different symbols for each to differentiate in transactions, withdrawing about 95% of the old bills from circulation in the process. At that point the old kwacha was no longer considered legal tender, although the banks continued to honor it, and the government continued to accept it from the banks for quite a while. Notice they did not increase the value of the old currency which was highly devalued due to inflation, it was a re-denomination, not a revaluation.
Zambia deleted three zeros from their currency, exchanging old currency for new currency with 1000th the face value, but the same purchasing power. they did not increase the value of the existing notes. The two circulated side by side for six months while using different symbols for each to differentiate in transactions, withdrawing about 95% of the old bills from circulation in the process. At that point the old kwacha was no longer considered legal tender, although the banks continued to honor it, and the government continued to accept it from the banks for quite a while. Notice they did not increase the value of the old currency which was highly devalued due to inflation, it was a re-denomination, not a revaluation.
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