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 Mountain Goat - The “project to delete the zeros” explained 9/10/18

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Mountain Goatee
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PostSubject: Mountain Goat - The “project to delete the zeros” explained 9/10/18   Mon Sep 10, 2018 10:37 am

What is the “Project to delete the zeros”

It seemed worth the value of the Iraqi dinar (7) grams of gold at the beginning of the release issued by the law 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 the beginning of the war with Iran, which led to a significant breakdown in Iraqi currency.

Then the 1991 and 2001 wars.

In October 2003, the former Governing Council to replace the previous currency, which was a symbol of the former regime are currently in circulation a new currency is to deal in the currency of the seven categories: 50, 250, 500 and 1,000 and 10,000 and 25,000 dinars.

Unlike the Arab countries coins do not exist in Iraq. It has been about 25 years since Iraq has coins.

We know that four times already the CBI postponed the project.

It was scheduled to be the project to delete the three zeroes in 2011 (due to delays in forming the new government in the 2010 elections) and did not perform it.

And then postponed to 2013.. (due to political corruption with the CBI) then postponed to 2015.. (due to ISIS invasion) and the decision to implement it in early 2017 plan postponed again (due to .

Currently no announced target plan to implement it. The CBI has told us they are waiting for a “more suitable environment”. But what does this mean to us and this statement is very vague.

Note that the process of deleting the zeros have occurred in several countries. Delete the three zeroes from the Zimbabwe dollar in 2006. Then in Romania omitted four zeros from its currency in 2005. Bolivia deleted three zeros from its currency in 2008. Turkey removed six zeros from its currency in 2005. Sudan delete the zeros from its currency in 2007. These were all “lops” due to hyper-inflation and these “lops” create much confusion with the Iraqi dinar.

The project to delete the zero is much different for Iraq since inflation is only around 2%. The project to delete the zeros is not a plan for a “lop”.

There is only one reason for the delay. It is a politically motivated and is stalled due to the massive political corruption in Iraq. The project should have been accomplished years ago. There is no sound reason why this is not completed other than political instability. So indirect control still prevails over the Iraqi currency and monetary policy by certain entities inside and outside of Iraq even though they are said to be a sovereign country.

The Central Bank director Mahdi Keywords, said, “The central bank began the first steps of the project through the selection of designs, companies and the country selected that has printed the lower category currency.” He pointed out that “the new currency entry does not mean the destruction of older three zero note categories, 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.” At least this is the plan and is still to be fully executed.

JUSTIFICATION FOR THE REPLACEMENT PROCESS

The presence worth 30 trillion dinars cluster of large cash the number of leaves ONLY 4 billion in paper remaining in circulation

Currently the largest category of cash is 25,000 dinars, equivalent to about $ 21 and this requires larger and significant effort to settle the daily transaction therefore became the amounts in excess for the 20 million are in dollars.

There is no damage large proportion of private small groups and inadmissible currency in circulation and make up almost a third of the money supply

The difficulty of making the calculations under the numbers increase the number of 14 zero in practice, technical and probability of error occurred either by adding a zero or delete it.

THE BENEFITS OF THE REPLACEMENT PROCESS

(pay most attention to #4 and #9 below)

1.Reduce security risks that citizens have to carry large sums rolls of money;

2.Drop counting costs from issued biggest categories;

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.The inclusion within the global currency basket (meaning re-pegging to the new SDR basket of five currencies) and handle it officially the world’s stock exchanges and financial markets (back trading on FOREX);

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.It will be disposed of manipulating the currency exchange market;

7.Reform needed: Action will depend corrupt suspicious of banks and their agents;

8.Reform needed: It will be determined by the roof top of the sums transferred abroad from active currency exchange to ensure that no currency smuggling;

9.the desire of a much higher exchange rate of the currency psychological aspect. This rise enters the joy of the return of the dinar to the rich past;

10.Cons replacement process;

11.The disappearance of the problem of calculation between the old and new numbers in trading in reading and managing their trillion figures;

12. NO longer need to print large groups of paper notes

DRAWBACKS OF THE REPLACEMENT PROCESS

Foreign stock exchange to fall to 20% on foreign investment because the thought that a change in currency will reduce profits.

Write-off of three zeros from the currency may contribute to creating a state of monetary illusion

It will cost the state budget large sums such that the sections of financial corruption, besides the lack of addressing the problem of inflation because the Iraqi market importer of all goods and services from abroad, which means the depletion of hard currency.

No official data on the cost of the Iraqi banknotes there. Note that the cost of the banknote in Britain 7 US cents. Enough to know the number of traded securities permission to give an idea of the total cost.

Since the currency in circulation has been reduced to four billion paper there is much less now to print in lower categories. Thus, the cost of printing is $ 289 million. This amount is pointless.

Add to that 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.

The feeling of poverty: the deletion of zeros leads to the feeling of poverty, it had a ten million dinars Pat does not have only ten thousand of them

The expectation of rising prices.

In front of the inevitability of the Kurdish language in the introduction to the first version of the coin after the entry into force of the new constitution must benefit from the experiences of other currencies. For example the euro many folks in Europe, but not in it any language but symbols, numbers, and pictures only exist.
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PostSubject: Re: Mountain Goat - The “project to delete the zeros” explained 9/10/18   Mon Sep 10, 2018 2:11 pm



A "lop" is exactly what they're proposing, and anybody who tells you otherwise is a lying dinar douchebag.  Whether they ever carry it out or not we can only speculate, but a lop or redenomination is the process they're talking about, and it won't provide any profit for dinar "investors".



1. This has nothing to do with carrying large sums of money.  Think about it.  If they RV to $1 a 25K note would be worth $25,000, and those notes would be in circulation for two years.  I think $25,000 would qualify as a large sum of money.  The fact is the current 25K dinar note will remain at its current value of around $23 and the note that replaces it (the new 25 note) would have the same value.  That's how the project actually works.

2. I don't know what this means, but I'm assuming that it means it will make the accounting process easier and less time consuming.  ???

3. True.  Redenominations provide a psychological boost to the people by giving them the sense that their currency buys more and is more respected abroad.

4. I don't know about this one.  It's possible but I haven't seen anything that says they're moving away from the current peg to the USD.  At any rate (no pun intended) this has nothing to do with an increase in the IQD's value.

5. See #4

6. Maybe, but in all likelihood they will continue to manage the money supply to maintain exchange rate stability like they're currently doing and like all of their oil producing neighbors are doing.

7. They definitely want to rein in corruption, although I'm not sure how much redenominating will help.

8. See #7

9. See #3

10. ?  ... No idea

11. Right.  Removing three zeros will simplify cash transactions and the accounting process.

12. Maybe, but if you remove the 50K note and replace it with a 50 note you'll have to have the same number of notes to represent the same value in circulation.  I guess they're referring to the fact that 100 notes will be introduced which would further reduce the note count, but not by that much ... especially if they introduce 100K notes in the IQD series prior to the redenomination. 


Bottom line here is that the project is a textbook redenomination like Turkey, Venezuela, Brazil, Zimbabwe, Mexico, and Russia have carried out in recent years.  It is NOT a revaluation.  Revaluations aren't announced in advance for obvious reasons.  Redenominations have to be announced to educate people about what will happen with their currency.  The fact that they are announcing it tells you that they're not talking about a revaluation.  This isn't rocket science.  You just have to remove your RV goggles and use a little common sense.



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Mountain Goat - The “project to delete the zeros” explained 9/10/18
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