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Tuesday, August 8, 2017

"Praise the Lord" - Tues. PM KTFA Thoughts, News w/ Frank26


Chrisbarbjul » August 8th, 2017

But once the rate is higher then 1 to 1. Why would they use the US dollar in Iraq?

Walkingstick » August 8th, 2017

Many countries use the USD for buy, sell and trade.. A number of them, with values much higher the the USD... One only has to look at WTO members..

Stranger » August 8th, 2017

Thank you SIR!....I hope this means what I think it means.

Walkingstick » August 8th, 2017


Redenomination Of The Indonesian Rupiah In Progress

August 7, 2017

Bank Indonesia has prepared a draft bill on the redenomination of the Indonesian Rupiah (Draft Bill). The Draft Bill is aiming to improve the economic efficiency and to create smoother commercial transactions. The Draft Bill suggests to remove the final 3 digits of the current Rupiah. By removing the final three digits, the use of the Rupiah would be simplified, however the value of the Rupiah would remain the same.

Circulation Procedures of the New Indonesian Rupiah

The circulation of the new Rupiah will consist of two phases:

The First Phase (January 1, 2020 – December 31, 2024):

Bank Indonesia will issue and circulate the physical currency with the sign “new” incorporated onto the body of the money (First New Money).

The Old Rupiah can still be used as payment method, until its revocation on December 31, 2024

The Old Rupiah can still be exchanged at Bank Indonesia until December 31, 2034

The Second Phase (January 1, 2025 – December 31, 2028)

Bank Indonesia will issue and circulate the physical currency, without the sign “new” incorporated onto be body of the currency

The First New Money will be valid until its revocation on December 31, 2028

The First New Money can be exchanged at Bank Indonesia until December 31, 2038

Mandatory Implementation Measures

The Draft Bill requires both businesses and Individuals to adhere to the following obligations:

Prices of goods and services must mention both the pre-existing and new Rupiah price during the period from June 1, 2019 until January 1, 2023. This obligation does not apply to micro level businesses)

The value of goods and services must remain the same when converting prices from the old Rupiah price to the new Rupiah price. Value rounding of the new prices is however allowed

The value of the Rupiah in documents must be adjusted to the new Rupiah value.

Failure to comply with the above obligations may lead to fines up to IDR 200 million (old value) and/or an imprisonment up to three months.

CONTINUE READING: http://www.livetradingnews.com/redenomination-indonesian-rupiah-progress-50766.html#.WYnNjVWGOM8%C2%A0%C2%A0

Walkingstick » August 8th, 2017

Something, to keep in mind... regarding the Rupiah... A re-denomination, is employed for various reason/s and in a number of manners... Each country has had their varying reasons over the years... Albeit: inflation, currency devaluation, strain on financial market/s ie: Banks, ATM's and or the introduction of new currency unit/s...

They have also been employed for this simple reason, the psychological effect/s larger denominations have had on the general population.. Moving forward, Indonesia will introduce "new" currency notes where the value will remain the same:

Example, A 100k note will become a "new" 100 rupiah note: A 10k note will become a "new" 10 rupiah note retaining the same value... etc... Although, the "new" currency, itself... will eventually be replaced (eliminating the word "new") in the future...

The fact is, they will have introduced a lower denominated currency, paving way... for an increase in purchasing power at any time (should they choose) after the introduction of the "new" currency notes. Will they, possible, at some point. In no way am I promoting this or any other currency, I am merely pointing out a possible scenario for those that inquired....

Samson » August 8th, 2017

Rafidain determines the sale of dollars to pilgrims at the official price

8th August, 2017

Rafidain Bank announced the sale of the dollar to the pilgrims at the official price and through its branches specified in Baghdad and the provinces.

"The bank has directed its branches to sell the dollar to pilgrims who want to buy it at the official price," the bank's information office said in a statement.

He pointed out that "the bank set the official price is 1200 and three thousand dollars" for each pilgrim.


Animated Rock » August 8th, 2017

Hmmm, if the "official price" is 1200 dinar for 3000 dollars, which the article might be implying, that puts us pretty close to that $2.42 rate that somebody keeps bringing up. Just an observation. ~Rocky

Frank26 » August 8th, 2017

............. Praise The Lord ............ That we are Good at KTFA.... (Big Grin)

Giants » August 8th, 2017

Am I reading this right? 1200 dinar = $3,000 US Dollars which would mean an exchange rate of $2.50 Isn't their pilgrimage around the 21st of August? I just want to make sure things weren't lost in translation. If not it will cost citizens 3.6mil for 3K us dollars. (wink) One Day!!!!!

Stranger » August 8th, 2017

I'm guessing fill the ATM's Aug. 20-21 (God willing) but payday is last Thursday/Friday of the month when they will be activated for "Citizens 1st"....followed by it bleeding over into Sept. before being "admitted" internationally which will apply to US. Imo

Gdoggau » August 8th, 2017

That's the most likely scenario that I can come up with given the info and how it was repeated so many times.



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