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Wednesday, November 28, 2012

LORIC, PHOENIX, LIBOY & OTHER POST, 28 NOV


11-28-12 LoriC: The latest reports are that the 2013 budget will include the removal of the zeros and the introduction of the new currency. January 2013 is looking more likely as a possible target date for a revaluation. 

11-28-12 Phoenix3333: Deleting three zeros and add the Kurdish language as well as English and Arabic for the new currency. "Central bank adviser said the Iraqi appearance of Mohammed Saleh, said that the bank is serious implementation of the project to delete three zeros from the national currency in the near future."

"Saleh said it depends on at the present time to form the next government and parliament two new upon themselves determine the mechanism under which the application of the deletion of zeros from the Iraqi currency."

"The deletion of zeros will contribute to reduce the size of the inflation and reduce the size of the money supply in the market of 26 trillion Iraqi dinars to nearly 25 billion dinars, indicating that the Kurdish language to be added to the new currency as well as Arabic and English."


11-28-12 LIBoy: I'm gonna throw an idea out there and would like some people's thoughts on it. Iraq is launching an in country lop while they are still under chapter 7 and do not have an international currency. This will allow them to collect the remaining three zero notes inside Iraq from the citizen's. Then once they feel all the notes are off the streets chapter 7 can be lifted and the currency becomes international. At this time they raise the value and the remaining three zero notes become extremely valuable.

The plan is to allow the people of Iraq to gain wealth through the HCL, not through an increase in currency value. Otherwise every citizen in Iraq would be come millionaires overnight from the currency and that would be a very bad thing for Iraq as a whole. So in this scenario, the people of Iraq gain moderate wealth slowly through HCL and foreign investors gain wealth because we had the foresight to invest in their currency.


11-28-12 SocalDinar: If they have the new currency ready we really dont want to see the budget by the 1st of January. I have read articles stating that the budget must reflect the change of dropping the three zeros. I highly doubt that its ready. If they are still in Phase 2 of Shabs redenomination plan you would think they would be educating the public by showing the notes. Not just vague descriptions. Of course they could correct the rate before they pass the budget which would be OK by me!

11-28-12 Dontlop: "2. Justifications for exchange-rate adjustment: there are a number of important and powerful arguments which support the view that the official exchange rate reduces the real value of foreign currency for purposes of calculating the economic national profitability for investment projects and hence for the purposes of investment planning. It is demonstrated in this context to call for assessing the dinar for less than (3.208) dollar (official exchange rate) when assessing project outputs and inputs of traded goods of exports, substitute imports and imports etc."

The justifications to call for the use of an exchange rate that is lower than the official exchange rate are:

"• The use of an exchange rate that is lower than the official rate is the appropriate action at the investment planning level to translate the country’s economic strategy aiming at stimulating central investments in the sectors that encourage the development of non-oil exports, as well as sectors that encourage the expansion of domestic production base in order to reduce imports and compensate it with local commodities. This helps to reduce reliance on foreign exchange earnings from crude oil exports and increases the share of non-oil sectors in the local production."


11-28-12 Easyrider: Chapter 7 doesn't have bearing on the value of their currency and revaluing those are UN sanctions, what we need to see is them enter into Article 8 through the IMF which deals with their currency going international they are 2 separate things completely. Therefore I believe they can still revalue being present under chapter 7 sanctions. There are Articles and there are sanctions dealing with borders and war reparations, also countries to start arming themsleves those are the type of sanctions they are under. I do believe a change in the currency is happening in January. 

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