Wednesday, September 25, 2024
Pros And Cons.. Why Doesn't The Central Bank Delete 3 Zeros From The Iraqi Currency?, 25 SEPT
Economy 2024-09-24 | Source: Alsumaria News 2,509 views Alsumaria News – Economy
Economist Nabil Al-Marsoumi said today , Tuesday, that the process of deleting zeros from the currency means replacing a new currency with the old currency with the aim of simplifying the calculation process among consumers, and countries that suffer from high inflation often resort to it and have become unable to deal with paper currencies of very weak value.
Al-Musumi mentioned in a blog post followed by Al-Sumaria had previously implemented News that 54 countries at different times the deletion of a group of zeros from their local currencies due to some of the positives resulting from such a procedure, represented by
re-evaluating the national currency,
simplifying financial transactions, and
streamlining currency units as a necessary condition for reducing accounting numbers and
facilitating accounting. The
cost of managing large numbers new and the
lack of small numbers. He added,
although the issue of deleting 3 zeros from the Iraqi currency has been receiving attention and study from the Central Bank since 2007, the bank has not yet taken such a measure due to the lack of two important conditions: the first is the instability of the dollar exchange rate against the Iraqi dinar and the
second is political instability.. In addition to the
disadvantages and risks resulting from it:
First: The process of deleting the zeros is not a magic solution to the problem of inflation, but rather a formality whose purpose is to give momentum to the Iraqi economy.
Second: Influencing the behavior of consumers and producers, economic variables, and economic relations between Iraq and other countries.
Third: Deleting the zeros is an imaginary change in the value of the currency and does not change its purchasing power.
Fourth: It is possible that people will panic and give up their dollar savings and replace them with the Iraqi dinar, which will lead to a large and sudden growth in the monetary supply, which will undermine monetary stability. Iraqi currency
Fifth: The large costs resulting from printing the new.
Sixth: The emergence of corruption in the process of getting rid of old currency or introducing counterfeit currencies and trying to replace them with the new currency, in addition to the occurrence of money laundering operations.
Seventh: The decision will not affect the competitiveness of Iraqi goods against foreign goods because the majority of transactions are carried out in dollars.
Eighth: Deleting the zeros will create social problems at this stage due to the inability to convince the public to accept the decrease in the size of the monetary mass while acknowledging that the true value of the money is not affected.
The issue relates to the mind and memory preservation of large amounts, in addition to the difficulty of settling commercial and personal contracts and agreements.
CMKX PERSPECTIVE OF AL HODGE VIA GINGER TELEGRAM ROOM, 25 SEPT
💢Ange Kat, Liberty Lounger Extraordinaire, adds to our learning! HUGE THANKS!
💢Ange Kat: CMKX perspective, following Ginger's-Chronicles Part 14 ✅⬇️
Al Hodges [voluntary legal claimant + invested] describes the experience. Look at dates 2014. These people have been waiting a long time for the GCR but rings true.
https://cmkxunofficial.proboards.com/thread/10876/hodges-associates-12-25-update
Evening News with MarkZ and Zester. 09/24/2024
Iraq presents to US Treasury date for abandoning currency auction , 25 SEPT
Iraq presents to US Treasury date for abandoning currency auction
9/24/2024 Economy
The Prime Minister informed Mohammed Shia Al-Sudani, US Treasury Department, keeps only 5% of remittances Foreign It is not done through the electronic platform, and it will be completed by the end of this year, then the transition to correspondent banks.
He said The office Al-Sudani's media, in a statement received by Sumaria News, said that Al-Sudani received, yesterday evening, Monday (Baghdad time), the US Deputy Secretary of the Treasury, Wally Adeyemo, and a number of officials in the Treasury Department. The meeting witnessed a discussion of bilateral economic relations between the two countries in various vital sectors, a review of the government's efforts and plans for economic and financial reform, the move towards diversifying the sources of Iraqi output, enhancing development targets, and practical measures applied in the field of combating money laundering.
Al-Sudani stressed that "the government has made great strides in the financial and banking reform file, and 95% of bank transfers have been completed through the electronic platform, and less than 5% remains to be completed by the end of this year, after which the transition to the correspondent banking system will take place, in accordance with the government's approach and its commitment to raising the capabilities of Iraqi banks, in line with the standards.
"Global It meets the needs of the thriving investment environment in Iraq For his part, Adeyemo praised the “progress being witnessed by Iraq In the field of economic and banking reforms that were achieved in record time, and the state of economic growth that reached a total of about 6%, which enhances the government's efforts in development, expressing readiness to cooperate and work within a bilateral partnership that serves the interests of economic development," according to the statement. LINK
"MOST OF THE CURRENCIES : THE DINAR & DONG MOST WILL BE IN THE $4 - $7 DOLLAR RANGE" BY BRUCE, 25 SEPT
BRUCE INTEL ONLY
WHERE ARE WE NOW???
First thing the idea that as of tomorrow the 25th there are no more privatized Central Banks around the world. Most were Rothchild, and others and our FED Reserve is almost totally gone and might be tomorrow and that was own by private individuals in Europe - and now our Central bank is the people’s Treasury in Nevada -
we’ve paid off all our debts and we have many funds available in the New Treasury - The People’s Treasury our new Treasury with new USN and our new currency.
The new USTN should be our new money in our wallets and when will that be out – we know it’s in the banks - and when should we see it - probably after Nesara is introduced a week from tonight.
Going back to Central Banks we talked about the Iraqi CBI and the CBI became the SBI - the new Sovereign Bank of Iraq and speaking about that there was a flight made last Sunday out of Iraq coming to US to meet with President Trump and Judy Shelton – for talks but we don’t really know yet what that was all about. So all good.
And also yesterday Monday we heard that one of our Bond PM’s understood that we would get our notifications with the 800’s number he said in his opinion either today or tomorrow – so didn’t happen today but tomorrow is and another piece from the Military Space Force said we’d be notified tomorrow the 25th – when we get the numbers and emails and then it’s game over and it’s well over 50% of the game and when we set those appointments it’s all over but the crying.
So over the weekend some but not all the rates some were showing and some rates on bank screens blinking slowly and when they stop and get solid and then they are tradeable so by now or tomorrow that should be the case.
We don’t do rates per se – but we should get the contract rate for the Dinar and rate tied to the prices of a barrel of oil being exported. And salaries are being paid out today or tomorrow being updated and paid out and when that happens in the newly valued Dinar – Dong don’t have the rate but it’s trading up –
and anything else and I told you a long time ago – most of the currencies the Dinar and Dong but most will be in the 4 – 7 dollar range – and after the call tonight late I’ll be getting some new intel – but we should get it now and some people read and see things on line about October 1st - one it’s a start of the fiscal year – last day of current year is Oct 30th -
so a week from today and Bruce has been told this will go before the end of September or BY the end of the month and also the R&R and Debt Forgiveness and Nesara Trump said is Looming so if that is Looming and also Bruce thinks Gesara and could both be brought out October 1st so the new USN and also maybe a corporate tax rate so that new items would have the 15% within the price of the new goods, and divided between the state and the Federal government.
Debt Relief and Mortgages all should be coming and right around the corner.
We are looking at the rates and the RV to get this going and underway and the rest will be added on later. That’s what I wanted to bring to you tonight - we’re hearing tomorrow but of course we do have to wait and see.
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