DINAR REVALUATION

Tuesday, October 1, 2024

DINARLAND UPDATE: RECENT UPDATES FROM BRUCE @DINARREVALUATION

"RAFIDAIN IS ONE OF THE BANKS THAT WILL PARTICIPATE" BY FRANK26, 1 OCT

KTFA

FRANK26: "RAFIDAIN IS ONE OF THE BANKS THAT WILL PARTICIPATE".......F26

Rafidain: Continuing to update data and information to ensure safety from money laundering suspicions

9/27/2024

Baghdad - WAA

Rafidain Bank announced, today, Friday, the continuation of updating data and information to ensure safety from suspicions of money laundering.

The bank's media office stated in a statement received by the Iraqi News Agency (INA), that "in implementation of government directives and instructions of the Central Bank of Iraq / Anti-Money Laundering and Terrorist Financing Office, the Money Laundering and Terrorist Financing Reporting Department at Rafidain Bank conducted field visits to the bank's branches in Baghdad and the governorates," noting that "the risks of money laundering and terrorist financing and the mechanisms to combat them and report suspicious transactions and monitor them using available means and methods."

He added that "the visits concluded with auditing the work of liaison employees and following up on updating the (KYC) form, which ensures the safety of customers' funds and accounts from any suspicions of money laundering," noting that "due diligence measures are taken for companies and customers according to the Anti-Money Laundering and Terrorist Financing Law."

LINK

RV UPDATE BY MILITIAMAN , 1 OCT

Militia Man

In the last week or so...there's probably five or six articles specifically talking about removing zeros from the Iraqi dinar...

Quote: "...this is done by removing a specific number of zeros from the nominal value of the currency."

From the value of the currency not the currency notes but the value of the currency...

Article: "Minister of Transport announces the establishment of the Joint Maritime Authority between Iraq and Britain"

...Massive amounts of trade is coming to the ports of Iraq... I suspect Al-Sudani and his teams are fully aware of the priorities needed to make it all happen.

DINARLAND HIGHLIGHTS!!! @DINARREVALUATION

What would happen to the Iraqi dinar if the zeros were removed? Comment by Dr. Mahmoud Dagher, 1 OCT

What would happen to the Iraqi dinar if the zeros were removed? Comment by Dr. Mahmoud Dagher

9/29/2024

Economist Mahmoud Dagher pointed out that deleting zeros will not change inflation rates or the purchasing power of the dinar, stressing that the importance of the process is summarized in the “psychological impact” and “facilitating accounting transactions,” in addition to knowing the sources of capital in the event that opening a bank account is required to replace the old currency with the new one.

Mahmoud Dagher, financial and banking expert, in an interview with media figure Muhammad Qais, followed by 964 Network :

The idea of deleting zeros has been on the mind of the Central Bank of Iraq for a long time, and it is under consideration. We will not be the first country to move towards this option, as Turkey, for example, preceded us by deleting six zeros from its national currency many years ago.

But let us start by removing the illusion. Removing the zeros will not change the purchasing power of the dinar, and it does not affect inflation rates at all, because the amount of legal tender issued by the Central Bank will never change. Instead of carrying a bundle of 50,000 dinar notes, it will be possible to compress them into a smaller number of notes after removing the zeros, and this will not change their purchasing power.

The amount of money on offer, according to my observations, is equal to 105 trillion dinars, and after removing the zeros, the amount will be 105 billion dinars, which is exactly the same amount, and the exchange rate will change from 1320 dinars per dollar to 132 dinars per dollar.

The Iraqi dinar is linked to the dollar, as Iraq adopts a fixed exchange rate system, or a soft peg system, according to the classifications of the International Monetary Fund, and this system has been adopted by us since 2004 until now.

The most important benefits of deleting zeros are the psychological impact on the citizen and the symbolic value of the history of the Iraqi dinar, and this is important, but more important than this is facilitating the accounting processes, as companies and individuals face many obstacles in accounting due to the huge numbers circulated in economic transactions.

Removing zeros, or changing the currency in general, may help in identifying the sources of money in the market, as it is assumed that a condition should be set for opening a bank account for every person who wants to change the type of currency in his possession, and in this way the central bank will know the sources of capital for individuals, and the door to replacement must be with a specific time limit to pressure the owners of capital.

It is better for the currency replacement process to be accompanied by intensive electronic payment activity. The process may also include changing the type of currency to “polymer” with a plastic material that increases the life of the currency and reduces the factors of physical damage to it, as Egypt and the Emirates have done with some categories of their national currencies.

The strength of a currency is not measured by the number of foreign currency units linked to it, but rather by the stability of exchange rates. This is the indicator relied upon by investors to assess the extent of risks in any economy.

LINK

RV UPDATE BY CLARE, 1 OCT

Clare

Article: "What would happen to the Iraqi dinar if the zeros were removed? Comment by Dr. Mahmoud Dagher"

Quote: "Economist Mahmoud Dagher pointed out that deleting zeros will not change...the purchasing power of the dinar...

Instead of carrying a bundle of 50,000 dinar notes, it will be possible to compress them into a smaller number of notes after removing the zeros, and this will not change their purchasing power.

The amount of money on offer...is equal to 105 trillion dinars, and after removing the zeros, the amount will be 105 billion dinars, which is exactly the same amount, and the exchange rate will change from 1320 dinars per dollar to 132 dinars per dollar."