Frank26 The new cash deposit centers [in Iraq], their job is to separate the new lower notes from the 3 zero notes that you [Iraqi citizens] are going to return…then you’ll go to the ATMs or the banks to receive the lower notes, either physical or electronically.
Samson Article: “Oil and Gas Law Returns to the Forefront… Basra MPs Demand End to the Governorate’s ‘Injustice‘ ”
Mnt Goat Article: “I WANT TO SPREAD AWARENESS ABOUT ELECTRONIC PAYMENT? READY TO USE IT?” …we read from this article that ONLY now are the banks finally issuing these debit cards that can be used globally, such as in the U.S…Yes, they are finally being released…Yes, it is time for them now…the rate is determined at the bank, when the transaction goes through at the bank when the card is used…NO rate on the card…The rate is controlled by the currency exchange or the CBI (official rate) whichever one they are linked to.
SkyWalker An objective of the [delete the zeros] project is simply collecting three zero notes and replacing them with lower denomination notes. It serves two purposes (1). removes the three zero printed on the notes which increases the nominal value on the note itself (2). through supply and demand the value of the currency can be manipulated by the CBI. Therefore, nominal value is first increased in country and (REER) will allow the dinar to have value outside the country.
MarkZ [via PDK] Based on what I am hearing…I would expect, guess, believe – IMO that between now and Nov. 6th we will be seeing different rates and doing some banking. There is a really good chance based on what we are hearing right now.
Militia Man I’m surprised we to date have yet to see Alaq at a podium telling everybody and the people their new Real Effective Exchange Rate they can be proud of. He has not done that yet. Is that an expectation? I think so. I think it really should be expected.
Walkingstick Sudani is slowly allowing banks to be relicensed again but he’s bringing in these currency exchange centers as well. When he relicenses a bank, he will have full control of that bank. When he brings in these money exchange centers/banks he will have full control of them also. Sudani and the CBI watch every process of the monetary reform… They will be giving a percentage to these centers and banks of the volume they will be bringing in. It is a symbiotic relationship where they will both benefit…
Clare Article: “Removing zeros and revaluing the Iraqi dinar” Quote: “…The term redenomination, or as it is called (removing zeros from the currency). Countries usually resort to it to address rampant inflation and the decline in the value of the local currency, as the old currency is replaced with a new currency at a fixed price by removing at least 3 zeros from the old currency. Currency revaluation becomes necessary when it comes to hyperinflation because it takes a very large number of old banknotes to facilitate trade…An example of this is what happened in 2006 when Zimbabwe renamed its currency at a rate of (1000 old Zimbabwe dollars) for a new Zimbabwe dollar…Renaming the currency is a complex decision that requires a comprehensive study...”
Frank26 [Iraq boots-on-the-ground report] FIREFLY: Saleh on TV saying a new monetary and financial system that allows acceptance of the international and stability of the currency is imminent. FRANK: That would be because they are releasing a new exchange rate.
MarkZ [via PDK] …articles on the exchange rate are sounding so much like what we saw in Kuwait. “Deletion of zeros and revaluation of Iraqi dinars” …this article talks about what is involved and why they need stability …And they have ticked almost every single one of the things needed to revalue. There are open conversations going on in Iraq talking about the changing of the value of the dinar and the deletion of the zeros.
Bruce [via WiserNow] …we were told…that this is definitely the week, and that individual was a member of the new United States Treasury…I believe that that’s a good a good assessment of where we are…so I’m very excited about where we finally are in this quest…
