Stevel & Member News Discussion 11-11-16
The Central Bank Project To Delete The Zeros Will Be Implemented In Early 2017
Tbush said: Simply for those that continue to not understand and fear the non-existent LOP..... The removal of zero's on the 25000, 5000, ect. Iraqi Dinar is simple.
Once the Iraqi Dinar is revalued your 25000 dinar bill is still 25000 dinars it is not suddenly a 25 dinar bill!!
Once the Dinar is revalued and you cash in your 25k dinar to whatever financial institution your return will be for exchange rate times 25k.
The removal of zero's is that 25k dinar note will never see the light of day again because it will be replaced with lower denominational Iraqi Dinar notes/bills much the same as the U.S. currency 1,5,10,20,50, and 100 dollar bills. LOP does not and will not exist in this scenario.
Most everyone here understands this so this is strictly for the stragglers trying to understand. GOD BLESS
Stevel: Very nicely explained. Thank you.
Here is another article one of our team members sent to me:
Delete The Three Zeroes From The Currency Of Iraq Early In 2017
the source: Baghdad, Iraq Ahmad
Date: November 10, 2016 Deletion of zeros from the Iraqi currency, will be implemented in early 2017, according to the Keywords, the central bank governor, noting that the bank began to develop the first steps of the project.
Keywords and said in a statement, said that the aim of the deletion of three zeros is to support the Iraqi dinar, and make it a competitor to foreign currencies, pointing out that this strategic project will serve the country's economy, as the dinar will be included in the global basket of currencies in the vital exchanges.
He added that the bank is working on mechanisms for the implementation of the project, it is expected to start at the beginning of 2017. He pointed out that the introduction of the new currency does not mean the destruction of ancient coins, but will continue to trade for about 10 years.
wolfhunter54 said: Gotta love these articles that you have brought Steve!!!! THANK you very much!!!!
Stevel: Now I am getting very encouraged and starting to get excited. It is finally coming our way.
Parliament Plans To Enact A Law To Guarantee Bank Deposits
SteveI: This is extremely important as it will give the citizens confidence in the banking system and to actually use it instead of putting their dinars under their pillows.
I love this article. Sort of like our FDIC.
Parliament Plans To Enact A Law To Guarantee Bank DepositsAuthor: HH, MK Editor: BK, HH 10/19/2016 10:21 Long-Presse / Baghdad
Finance Committee in the House of Representatives unveiled on Wednesday its intention to legislation of a special law to guarantee depositors' money in Iraqi banks, while confirming that it will contribute to "boost confidence in the banking sector."
Said Finance Committee member Jabbar al-Abadi, said in an interview to the (long-Presse), "The Committee was planning to prepare a draft law to guarantee bank deposits, but the government has agreed with the central bank to develop a system depends new styles to re certain percentage of depositors' money in the event of a loss banks ".
He said al-Abadi, a deputy from the coalition of state law, that "the government issued rules in agreement with the Central Bank of Iraq," adding that "the parliamentary finance committee working to enact a law to guarantee bank deposits to shore up confidence in the banking system."
The central bank announced in (the seventh of June 2016), for approval of the Cabinet set up a company to guarantee deposits in the government and private banks with a capital of 100 billion dinars, while the company aims to stimulate citizens to deposit their money in banks rather than Aktnazha, confirmed money chunky citizens outside banks of more than $ 30 trillion dinars.
It is noteworthy that the Iraqi private banks association, announced (October 2015) that the ratio of deposits to the government banks, ranging from 65 to 68 trillion dinars, of which no more than 22 trillion and deposits of private banks.
Many of the depositors of banks own, have demonstrated in front of the central bank recently for demanding their money regardless beyond many of those banks refrain, including investment, the Warka and the north, about it.
The banking system in Iraq consists of 54 banks as well as the Central Bank and distributed according to property between the seven state-owned and 23 private businesses, including Islamic nine in addition to the 15 branches of foreign banks.
diverdown said: Stevei, i love seeing you excited, do you feel or are you hearing we will need to wait until 2017 or could it just be any day after they liberate Mosul?
Stevel: I think early 2017 seem to be what many are talking about.