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Understanding the Project to Delete Zeros from the Iraqi Dinar in 2024 BY DINAR REVALUATION, 17 AUGUST

Understanding the Project to Delete Zeros from the Iraqi Dinar in 2024

The Central Bank of Iraq (CBI) has been considering the deletion of three zeros from the Iraqi dinar since 2003, a project that has sparked significant public and professional debate. 1 The goal of this initiative is to simplify financial transactions and boost confidence in the national currency, a move that has been observed in several countries around the world. 3

The Central Bank of Iraq's Perspective

According to the Governor of the Central Bank, Ali Al-Alaq, the project to delete zeros from the currency remains a priority. 1 This policy involves replacing a one-thousand note, valued at 1,000 dinars, with a new note worth one dinar, effectively removing three zeros from the currency. The rationale behind this move is to simplify transactions and make financial amounts more digestible for individuals and companies, reducing the need to deal with large numbers.  1

Global Precedents and Examples

Iraq is not alone in resorting to the policy of deleting zeros from its currency. Since 1960, there have been 70 instances worldwide where countries have implemented similar measures. Notable examples include Türkiye, which removed six zeros from its currency in 2005, Zimbabwe, which deleted twelve zeros in 2009, and Venezuela, which eliminated five zeros in 2018. 1

Potential Economic Implications

Although the actual value of money does not change post-zero deletion, the step contributes to streamlining buying and selling processes. For instance, instead of handling one million Iraqi dinars, individuals would deal with one thousand dinars. This simplification can also facilitate the issuance of small currencies like coins, enabling goods to be priced more affordably. 1

Economists' Divergent Views

Economists are divided on the potential impacts of the zero deletion project. Supporters argue that it could help decrease inflation and unemployment, while critics warn of potential economic shocks. Challenges include security concerns, an open market susceptible to foreign commodities, counterfeit money, and widespread corruption. 2 Moreover, some suggest that removing zeros alone cannot effectively combat inflation and should be part of a broader set of economic reforms. 3

Lessons from Other Countries

Analysts recommend studying the experiences of countries like Turkey and Argentina, where zero deletion policies have had varying degrees of success. Turkey's experience is often cited as a successful case study of changing national currency policy, following substantial reformative policies and social changes. 3

Challenges and Considerations

Potential challenges include the costs of printing new currency, updating accounting systems, and training the public on how to use the new currency. Mismanagement of the deletion process could lead to economic disruptions and initial confusion among residents and consumers. 4

Preparation and Timing

The Iraqi economic environment is said to be ready for the project if the necessary will is present among decision-makers. Choosing the appropriate timing is crucial to ensure the project's success. 5

Central ank's Progress

In 2011, the Iraqi Central Bank announced that the project to remove three zeros from the dinar was nearing completion. This strategic plan aimed to reduce transaction costs and ease the burden of carrying large amounts of cash. 6

The project to delete zeros from the Iraqi dinar in 2024 is a complex endeavor with potential benefits and challenges. Its success will depend on careful planning, execution, and coordination with broader economic reforms.

SOURCES: 

https://dinardetectives.com/translation-of-the-popular-surfacing-video-relating-to-deleting-zeros-from-the-iraqi-dinar/ 

https://www.al-monitor.com/originals/2013/10/dinar-currency-iraq-plans.html 

https://www.linkedin.com/pulse/deleting-3-zeros-from-iraqi-dinar-mohammed-al-kaisi/

THE PROJECT OF DELETE ZEROS OF THE IQD" BY DINAR REVALUATION, 17 AUGUST

 As of 2024, the "Project Delete Zeros" initiative refers to a plan by the Central Bank of Iraq to remove zeros from the Iraqi dinar (IQD) currency. This type of project is typically undertaken to address issues related to hyperinflation and to simplify the currency system.

Key Points About "Project Delete Zeros":

1. Purpose: The primary goal of deleting zeros from the currency is to simplify transactions and accounting by redenominating the currency. This means removing a few zeros from banknotes to make the currency more manageable and to help stabilize the economy.

2. Implementation: This process involves issuing new currency notes that are worth less in nominal terms but have the same purchasing power. For example, if a note currently has 1,000 dinars, after the redenomination, it might be replaced with a 1-dinar note, assuming the value of the currency has been adjusted accordingly.

3. Timeline: The specific timeline for such projects can vary. While the Central Bank of Iraq might announce plans and timelines, it's important to follow updates from official sources for precise dates.

4. Impact on Citizens: For the public, this means exchanging old notes for new ones. The process is typically managed by banks and financial institutions to ensure a smooth transition.

5. Current Status: For the latest updates on the Project Delete Zeros, consult the Central Bank of Iraq's announcements or official statements. They will provide the most accurate and current information regarding the project’s status and its impact.

If you have specific questions or need detailed instructions about how to exchange your old currency or how the redenomination will affect you, it's best to reach out to local banks or financial authorities in Iraq for guidance.

LATEST FROM WOLVERINE, 17 AUGUST

 WOLVERINE
Fri. 16 Aug. 2024 Wolverine

 “Exciting things have happened, but I’m not allowed to say what. People are expecting something Sun. night 18 Aug. Just to let you know guys is to get ready.

 I’m sorry that I can’t say anything as everyone is under total NDA now and soon I will be as well. That opera will be release any day now. Thank you for all the support you have all given me as this is one of the most hardest things that I have done in my life as it has control our way of life for years and played with our emotions. 

We have seen so many of our compatriots that did not make it and thankfully their family will cross the finish line for them. During this journey I never thought that I was going to be attacked viciously and even to this day the attacks are still continuing. 

I know within my heart that I’m doing God’s work and that too many of you are suffering and you need hope and a messenger to know what is going on. As soon as I’m under NDA you won’t hear from me anymore but my job has been completed and I can leave with good conscience that I have done everything possible to help you. The opera will be release once I receive the green light.

 Don’t forget the Get Together in February 2025 here in Sydney as we are planning to have the biggest party that Sydney has ever held with all these patriots coming from so many countries. Remember that it’s going to be a gala night and so wear your best clothes everyone. I’ll let you all know the day and the address of the Get Together. Love you all. Your friend Wolverine.”

DINAR REVALUATION : The Crash of the Petrodollar: What It Means for 2024

THE "CRASH OF THE PETRODOLLAR" BY DINAR REVALUATION, 17 AUGUST

 The term "Crash of the Petrodollar" typically refers to a potential or speculative scenario where the dominant role of the U.S. dollar in global oil trading faces a significant decline or disruption. Here’s a breakdown of what this might entail, particularly in the context of 2024:

1. Background: The "petrodollar" system emerged in the 1970s when oil-exporting countries agreed to price their oil in U.S. dollars. This arrangement bolstered the dollar’s status as the world’s primary reserve currency and facilitated significant demand for it globally.

2. Potential Causes of a Crash:

   • Shift to Alternative Currencies: If major oil-exporting countries or large economies decide to trade oil in other currencies (e.g., the euro, yuan, or a basket of currencies), it could reduce demand for the dollar.
   • Geopolitical Tensions: Increasing geopolitical tensions or trade wars might prompt countries to seek alternatives to the dollar.
   • Technological Advancements: Innovations such as digital currencies or blockchain technology could create new mechanisms for trading and settle transactions in ways that bypass the dollar.

3. Implications of a Petrodollar Crash:

   • Economic Impact: A decline in the petrodollar could lead to reduced demand for U.S. dollars, potentially weakening the dollar’s value. This might impact U.S. inflation rates, interest rates, and economic stability.
   • Global Markets: Changes in global trading practices could disrupt financial markets and influence international trade dynamics.
   • Political and Strategic Shifts: The shift away from the petrodollar might alter global political and economic alliances, affecting U.S. influence in global affairs.

4. Current Context (2024):

   • Global Shifts: In recent years, there have been discussions about diversifying away from the dollar, with countries like China promoting the use of the yuan in international trade.
   • Economic Trends: Monitoring trends in oil trading, currency reserves, and international trade agreements can provide insights into the potential for a significant change in the petrodollar system.

It’s worth noting that while discussions and speculation about the petrodollar’s future are ongoing, any significant shift would likely be gradual and involve complex economic and geopolitical factors.

2024 Countdown to the US explosion begin after Biden’s failed trip to the Middle East BY BEN FULFORD, 17 AUGUST

 Fri. 16 Aug. 2024 Countdown to the US explosion begins after Biden’s failed trip to the Middle East, Ben Fulford

• Let’s now look at the real meaning of Biden’s visit to the Middle East. His inability to get permanent free oil in exchange for money printed out of nothing will have consequences far beyond the United States. This will mean the end of the BIS, the UN, the EU and perhaps even the papacy.

• To understand why this is the case, we need to look through some background material. First, the BIS, or central bank of central banks, was founded in 1930 using Asian gold. This gold was lent to the Germans to help them fulfill their obligations under the Treaty of Versailles, signed at the end of the First World War. In return, the Asians were promised that the United Nations would be created as a world parliament with ancient royal families. East and West (family of dragons), acting as background overseers.

• However, at the end of the Second World War, the victorious Allies broke their promise to spend the gold they were given on the development of the entire planet. Instead, their Marshall Plan developed only the countries they controlled (now known as the G7).

• In retaliation, the Asians cut off any further access to their gold. When the U.S. ran out of gold, we had the “Nixon shock” of 1971. It was then that the dollar was separated from gold. Instead, the countries of the world had to buy oil for dollars.

• It was a giant sugar high for the USA. The countries of the world had to have a trade surplus with the United States in order to buy oil. This has led to a strong dollar and free money for Americans. However, as a result, the US industry has lost its competitiveness, and more than 50 years of trade deficits have turned the US into the country with the largest debt in world history.

• Then, finally, in 2008, the rest of the world decided to stop lending to the US, which led to the “Lehman shock”.

SOURCE: DINARCHRONICLES