Iraq News; #IQD Iraq talking about deleting three zeros; What this means for Iraqi Dinar investors and the country of Iraq?
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VIDEO NEWS LINKS
https://search4dinar.wordpress.com/2020/11/21/deleting-3-zeros-from-the-currency-parliamentary-finance-is-suspended-and-determines-the-size-of-the-cost-and-the-economic-effects/
https://www.iraq-businessnews.com/2013/10/03/economists-divided-over-deletion-of-zeros/
https://iraqidinarchat.net/?p=70062
https://europa.eu/european-union/about-eu/euro/exchanging-national-currency_en
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VIDEO CONTENT
1. First we can ask ourselves: What does a country hope to gain by deleting zeros from its currency: Deleting the zeroes can help to decrease inflation and give a government more control over its currency when new monetary policies are put into place.
2. Deleting zeros from the currency does not affect the currency financially and it does NOT change the country’s financial issues.
3. Deleting zeros means destroying the existing currency and printing new currency. Although this sounds easy, the cost can be substantial to print new currency.
The next question you might ask yourself well how long will they give us to exchange the old money for the new money? And the answer to that question is what could determine the result of our investment.
Will we be able to exchange the old currency for new currency without traveling to the Middle East, and how long would we have to exchange the currency?
In the past, some countries place limits on how long you have to exchange a currency, while other countries do not. For example, here is the exchange calendar for exchanging national currency for the euro. Usually, you can go to a countries central bank and exchange for a lot longer than retail banks. We have no way of knowing what Iraq would do. I repeat: We have no way of knowing what Iraq will do. Perhaps deleting the zeros will not occur because of the possibility of the Central Bank of Iraq releasing its own digital currency.
Deleting zeros from a currency is a common occurrence. Argentina, deleted zeros 5 times, in former Yugoslavia, 6 times in Brazil, two times in Bolivia 3 times in Ukraine, Russia, Poland, and Belgium, and once in Turkey, Korea, and Ghana are all countries that have deleted zeros. Here a member of the Iraqi parliamentary Finance Committee, noted some years back, that the deletion
of zeros would occur in coordination with the CBI, and the number of banknotes in circulation will be reduced from 4 billion to 1 billion. This is an older article, back when they were talking about deleting zeros ten years ago: The reasons for the delay have not changed:
The business community, the public, and the Iraqi economists are divided in their support of deleting the zeros. One side believes, deleting the zeros provides an opportunity to decrease inflation and unemployment. while another side warns of economic shocks that could occur in the Iraqi market because of printing new currency.
Now, most of these conversations have occurred since 2003 and now today, in 2021, we are approaching a digital currency world. A Central Bank of Iraq Digital Currency could change the entire conversation.
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