Frank26
[Iraq boots-on-the-ground report]
OMAR: The television here in Iraq says there are plans to remove the three zeros from the dinar and reprint our currency. The move they say aims to tackle large denominations, to push hoarded cash into the banks and to curb illicit money...If it follows a 1,000 old dinar to a new 1 dinar rate, then 1 million old dinars becomes 1,000 new ones.
This redenomination simplifies transactions without automatically booting purchasing power or the exchange rate. Experts note it could reduce the money supply if old bills go un-exchagned. They say on TV that while online voices mix optimism about isolating legitimate funds with caution on real gains amid current rates that near the .00076 per dinar.
The central bank has not set a timetable.
Walkingstick
It was 10 days ago on August the 6th the LDs [Lower Denominations] were put into a secure location. Because they are in this location, they are now in a vulnerable position because they are too close to the banks. They are running out of time. They've already spent 10 days. They cannot afford any leaks.
Therefore within days or 1 or 2 weeks they've got to do what they promised. They are subject to huge massive leaks. If you have a leak, it could destroy everything ...They've got to fulfill this...They have to do something now.
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