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Don961: Iraq: the government is compelled to “delete the zeros” from the dinar currency … more than “3 scenarios” are expected that will affect salaries and living
The economic expert, Salam Sumaisem, revealed that the government is now obliged to reduce the value of the Iraqi dinar against the dollar in order to obtain larger quantities of Iraqi money against the dollar without printing more and thus preserve the currency from collapsing.
Sumaisem said in a statement monitored by “Yis Iraq”: that the printing of currency in the pre-2003 era was done without cover and in large quantities, and it was reduced without a balance, but today it can be reduced with a balance, indicating that this reduction increases the amount of exports because it pays people Those who import from abroad to the demand for local goods, which will lead to the devaluation of the currency and the demand for it becomes more.
Several countries resorted to writing off zeros of their currency, with the aim of restoring some confidence in the national currency by trying to absorb inflation represented by high prices and the erosion of purchasing value.
And deleting zeros from the currency is the process of replacing the old currency with a new one whose price is less than the old currency by the number of zeros that will be deleted, for example deleting three zeros from the Iraqi currency means that one dinar from the new currency is equivalent to 1000 dinars from the old currency.
In Iraq, it was proposed in 2014 to delete 3 zeros from the dinar, but in 2015 it was announced that a new denomination of 50 thousand dinars would be printed instead of deleting the numbers from the 1000 and 10 thousand dinars denominations. Sudan also removed two zeros from its currency in 2007.
And if Iran was the latest country to write off the zeros of its currency to restore confidence in the national currency by trying to absorb inflation represented by high prices and the erosion of purchasing value, then dozens of countries preceded it to measures of this kind that have exceeded the number of 70 since the mid-twentieth century.
Multiple studies indicate that cases of deleting zeros from currencies have exceeded 70 since 1960, including cases carried out by 19 countries that got rid of zeros from their currency at once, and 10 countries resorted to this step twice.
Venezuela, Brazil, Argentina, and Bolivia The Iranian decision comes at a time of great deterioration of the riyal, as a main result of the severe sanctions applied by the administration of US President Donald Trump, which have found deep resonance in Venezuela, which is also subject to harsh sanctions. In the first stage of a recovery plan launched by President Nicolas Maduro, to issue the sovereign bolivar by deleting 5 zeros from the old currency.
As for Brazil, between 1930 and the beginning of the twentieth century, it got rid of 18 zeros in 6 batches, the most prominent of which was in 1993, when it suffered severely from the acceleration of inflation to the level of 2000% and eliminated 3 zeros.
Also, the recurring economic deterioration in Argentina led its authorities to take decisions to write off zeros from its currency 4 times.
Bolivia also got rid of zeros twice. Turkey, Iraq and Sudan replaced Turkey the old currency by canceling 6 zeros starting in 2005 with a decision issued in 2004, so that one million pounds became equal to one lira, and it was withdrawn from circulation, and instead new currencies without zeros were introduced in the name of “New Lira” before the name ” The lira ”separately, and it gave citizens 10 years to exchange their old currencies for the new currency from the headquarters of the Central Bank.
Zimbabwe This country deleted 3 zeros from its currency in 2003, and after only about 6 years had passed, it decided to cut 12 zeros, which practically means that every trillion Zimbabwean dollars became equivalent at that time to one Zimbabwean dollar!
Former Yugoslavia, Serbia crossed zeros in 5 batches, while the Netherlands deleted 4 zeros from its currency after it issued in 1960 paper currencies with very large numbers, and Ukraine resorted to deleting zeros 3 times, as did Russia, Poland, South Korea and Ghana. LINK
Don961: ANOTHER HEADLINE … SAME ARTICLE …
Iraq: the government is forced to “delete zeros” from the dinar currency … more than “…
Sarge: Wowwwww!!! Unbelievable News this morning. This is Great stuff. Awesome job Team!!!
Samson: Small denominations of banknotes
1st October, 2020
The Central Bank of Iraq decided, based on the minutes of the Currency Affairs Committee meeting No. (6) for the year 2020 held on 9/23/2020
Re-impose a shortage fine on the small denominations ( 1000 , 500 , 250 ), starting from the date of 1/10/2020 and according to the instructions of the standards for circulation and replacement of banknotes and the mechanisms of counting and sorting. LINK
Don961: Parliamentary warnings of tampering with the central bank’s reserves
September 30, 2020 8:19 pm |Author: alzawraapaper
Baghdad / Al-Zawraa:
A member of the Parliamentary Finance Committee, Ahmed Hama Rashid, warned yesterday, Wednesday, against depleting the reserves of the Central Bank, and then the Iraqi economy was damaged.
Rashid said in a press statement: “The volume of monetary reserves in Iraq whenever it decreases, it weakens the Iraqi currency,” adding that “this will lead to a gradual weakening of the currency rate.”
It is noteworthy that the committee expressed its surprise at the issuance of a book by the Ministry of Finance calling for the enactment of a law to borrow to pay the deficit in the salaries of employees, warning against mortgaging the future of Iraq by relying on borrowing. LINK
Don961: An American report: American forces will intervene if the Al-Kazemi government is close to collapse
29-07-2020 Gilgamesh Press / Follow
A report published by the American political analysis website, Response State Craft, stated that the Iraqi government is in its most fragile stage since 2003, as Iraqi Prime Minister Mustafa Al-Kazemi faces a formidable set of threats, while hinting at Washington’s military intervention to stabilize Al-Kazemi’s rule.
The report stated, “If the Al-Kazemi government is close to collapse in the coming weeks or months, Washington will face a difficult choice either to save it or let it fall,” noting that “the current US policy of the civilian government in Baghdad is to provide support.”
He explained that “the number of American forces in Iraq is about 5,200 soldiers, sufficient to secure the government center in Baghdad and maintain the physical presence and administration of Kazemi even if the real political power is located elsewhere.”
He added, “In such a scenario, more American forces are likely to return to Iraq if the current unit is used to maintain the government in the face of threats, which undoubtedly leads to a series of bloody confrontations that may resemble the days of the American occupation.” If the Kazemi government is allowed to fall, Iraq will likely witness the kind of chaos that has engulfed Libya in recent years.
“The idea of letting Iraq turn toward chaos without a strong American effort to stop it will be considered immoral by many,” he said. But Washington must be prepared to refrain from further intervention in Iraq, however, as supporting any civilian government in Iraq with US forces at this stage means returning to the occupation quagmire. Moreover, no civilian government has much hope of remaining in Iraq, with or without US support, as the power dynamics leaving Kazemi at the present time extremely weak exceed Washington’s ability to change.
The report stated that “if such a crisis appeared between now and next January during the Trump period, the American intervention mechanism in the Middle East will work effectively, through a familiar routine of air strikes, deployment of forces and the like, as Washington arrives in reverse to save the failed regime that worked. Hard to create it. ” LINK
Don961: After 5 economically fierce years … a country announces its application to use the “Petro” digital currency
2020-09-30 Yes Iraq – Follow-up
Venezuelan President Nicolas Maduro announced that cryptocurrencies can be used in commercial exchange, in addition to the cryptocurrency, “Petro”.
Maduro said, in a speech he delivered while presenting the Anti-Siege Law at the National Constituent Assembly: “The Anti-Sanctions Law is a preliminary step, to give new power to the use of cryptocurrencies and“ Petro ”in domestic and foreign trade, so that all cryptocurrencies in the world can be used, This is an important project and is under development. ”
The Venezuelan president stressed that he is open to dialogue with the United States, whether with Donald Trump or Joe Biden, as long as they allow relations based on respect between the two countries.
He stressed that his country will defeat everyone who wins the American elections on November 3.
Maduro added, “No one is fooled by the United States elections. Venezuela must be prepared, regardless of who wins, to stand up and follow its own path of independence and freedom … if Trump wins, we will face and defeat him … and if Biden wins, we will also face him.”
He pointed out that “Venezuela has suffered for five years from the most ferocious attacks, which seek to affect the Venezuelan economy.”
And the United States announced, this September, the imposition of a series of sanctions, especially targeting the Iranian Defense Ministry and Venezuelan President Nicolas Maduro. link