Sunday, October 27, 2024
"TA DA FREAKING DA, LOL !!! BY FRANK26, 27 OCT
KTFA
FRANK26: "TA DA FREAKING DA, LOL !!! ........F26
Removing zeros and revaluing the Iraqi dinar
10/23/2024
Ali Daadoush
The concepts and scientific names in economics differ according to the specialization and the branches derived from it. When talking about the exact specialization, economic variables must be named by their scientific names. One of these names is the term redenomination, or as it is called (removing zeros from the currency). Countries usually resort to it to address rampant inflation and the decline in the value of the local currency, as the old currency is replaced with a new currency at a fixed price by removing at least 3 zeros from the old currency.
Currency revaluation becomes necessary when it comes to hyperinflation because it takes a very large number of old banknotes to facilitate trade, especially in local markets, and small banknotes become useless, as an individual needs millions of banknotes to buy simple or necessary household or food needs, an example of this is what happened in 2006 when Zimbabwe renamed its currency at a rate of (1000 old Zimbabwe dollars) for a new Zimbabwe dollar.
In addition, deleting zeros from a currency can also happen when a country joins a monetary union, as happened in the eurozone, and begins using a currency like the euro instead of its local currency. When the euro was introduced in 1999, member states first used the new currency for electronic payments and accounting, then switched from their local banknotes and coins to the euro in 2002.
There are several reasons behind renaming the currency (removing zeros), and they can be summarized as (controlling inflation, facilitating trade and the economy, political factors such as a change in government, for example, in addition to technical considerations such as updating financial systems, which are usually part of a larger project to update the country’s financial systems, such as converting to new digital systems for dealing with the currency).
From what has been mentioned, we find that (deleting zeros) is not carried out randomly, but rather is implemented after a comprehensive study of the economy and the challenges it faces, and it must be accompanied by other economic and financial measures to protect the economy from financial fluctuations. Therefore, renaming the currency is a complex decision that requires a comprehensive study of the economy and politics in the country, and it must be implemented while minimizing the potential negative effects on the economy and citizens.
TIDBIT FROM MARKZ, 27 OCT
MarkZ
[via PDK]
Article: “MP (Member of Parliament) It is not possible to pass the 2025 budget without sending the final accounts from the last two years”
This is a big one. Along with the HCl…it looks like we will soon be getting the revaluation we are looking for.
Article: “Waiting to be sent: Oil and Gas law on Government Debate Table”
finally some news on the HCL. They are working on it to send it for a vote. I am hearing there is a possibility of a vote on Sunday. I am keeping a eye on it.
The Iranian government comments on Israel’s attack: It caused limited losses and we are proud of our country’s defensive capabilities, 27 OCT
Baghdad Today – Follow-up
Iranian government spokeswoman Fatima Muhjrani commented on Saturday (October 26, 2024) on the Israeli attack, which she stressed that it caused limited losses, expressing her pride in her country’s defensive capabilities.
“The Iranian people are proud of their country’s defensive strength and trust it,” Mihrani said in a press statement, noting that “the country’s official air defense data showed that the damage was limited and it is necessary for the esteemed people to remain calm, stay away from rumors and follow the news only from the official media and the statements of the air defense force.”
“We should cherish the strength and authority of the youth of this country, that they have revived the national pride of the Iranians with their actions,” he said.
The Israeli army spokesman said in a statement seen by Baghdad Today: “The army is now attacking military targets in Iran with precision, in response to the ongoing attacks launched by the regime in Iran against the State of Israel in recent months, in accordance with the directives of the political level.”
“The Israeli army is fully prepared to attack and defend, and we are following developments from Iran and its proxies,” he said.
“The Israeli army is constantly assessing the situation, and at this stage there is no change in the directives of the Home Front Command,” the spokesman said.
Media reported that very large numbers of warplanes and refueling aircraft are flying in the sky of Israel.
Before that, the Iranian news agency “Fars” reported hearing several explosions in the capital Tehran at dawn on Saturday, without specifying their source.
Source: Agencies
TIDBIT FROM BRUCE, 27 OCT
Bruce
[via WiserNow]
We've seen rates on the dinar, on forex, which is a very good rate, just a hair under 20, that is going to be the bank screen, front screen rate - so the redemption center rate should be higher than that.
And I told you guys they are supposed to offer us the contract rate on dinar at the redemption center, and that's going to end up being over five times what it is on the bank screens.
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