Wednesday, July 12, 2006

Clarifying article about removing three zero's of the Iraqi dinar

"According to the statements of Bayan Jabr Al-Zubeidi, the Iraqi Minister of Finance on June 26, 2006, to 'Al-Sabah' newspaper, published in Baghdad, the government intends to remove three zeroes of the dinar to make it equivalent to the dollar. Thus, we may conclude that the planned process will be nothing but currency exchange, which neither revaluates nor devaluates the dinar"

"It is well known that the Iraqi dinar is a local, not a global, currency. It will remain the same both in the foreseeable and distant future. The country's import capacity, the consumption levels, and the welfare of the Iraqi individual, all depend on the circumstances of oil exports and the policies and methods of handling them"

"In brief, the value of the dinar against the dollar differs in several aspects from its value against global currencies. This is just a formal issue of no use, and that is not to be celebrated"

Click here to read this article, very informational and clarifying!


Regards Marcel