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Money supply growth over the last 12 months.
Currency outside banks....... Jan 07: 14,232... Nov 08: 18,095
M2........................................ Jan 07: 26,956... Nov 08: 33,576
Deposits component of M2.... Jan 07: 12,724... Nov 08: 15,481
They do have a tight monetary policy. That is not in question. Some just don’t fully understand the policy. Iraq has had a tight monetary policy for years now and they have used it to fight inflation.
The main tool is the interest rates. The Central Bank was offering 21% interest for a long time.
Because of that, banks deposited their money with the CBI… who wouldn’t for 21%.
What that meant was that Banks were not loaning money out, so that and the buy back of currency through auctions kept the money supply (m2 and circ) from growing out of control and as they added reserves from good oil sales they were able to tick the rate up to help counter inflation.
A loose monetary policy would see them lower the interest rates dramatically, that would spur the banks to lend more money instead of just letting it sit at the CBI collecting interest. That would be much much better for the economy. It would spur growth, but it might lead to inflation and the exchange rate going the other direction.
There have been a number of articles where economist have stated their opposition to the tight monetary policy of the CBI because it has stifled the economy at the expense of maintaining the exchange rate. They believe “to hell with the rate” let’s get banks lending and stimulate the economy.
Look at the US… we have had a very loose monetary policy… it was great for the economy, but it stunk for the value of the dollar.
Iraq wants to join the GCC currency... so...
“Re-domination is a requirement for joining a common currency. In fact Romania in their preparation to join the European Union and start using the Euro, they re-dominated and dropped off four zeros from their currency. Turkey also had to re-dominate in order to bring the exchange to the dollar close to what pertains in the West African sub-region.http://www.ghanatoday.com/index.php?...icle&sid=20856
Conditions for Successful Re-denomination
* Re-denomination of a currency leads to significant efficiency gains and is very successful when undertaken:
o in the context of strong economic fundamentals
o in an environment of macroeconomic stability
* However, it fails when implemented under:
o high inflation regime
o unstable macroeconomic environment
* When it fails:
o The zeros will rebuild quickly
o It will require further re-denomination
o Benefits will be illusive
o Credibility will be lost
5
Ghana: The Macroeconomic Situation
* Declining inflation
* Stable exchange rate
* Falling Interest Rates
* Strong GDP Growth
* Significant build up in GIR
* After achieving a macroeconomic stability including declining inflation and stable exchange rate, Ghana requires a simplification of the values of quantities expressed in monetary terms in order to:
(i) Simplify transactions and arithmetic calculations
(ii) Make a more efficient use of computer and accounting systems
(iii) Reduce the cost and overall risks of carrying large volumes of notes
(iv) Re-introduce of the culture of using coins in Ghana
11
Survey of Re-denomination Operations (International Experiences)
12
Survey of Re-denomination Operations
* Since 1960, over 70 operations of currency re-denomination have been undertaken in DTCs
* The operations have varied in size - from removing one zero (14 instances) to removing six zeros (9 instances)
* The median redenomination was three zeros i.e. dividing the currency by 1000
* Nineteen countries have used redenomination on one occasion, while ten have redenominated twice:
o Sometimes with many years in between (as in Bolivia, in 1963 and 1987)
o In other cases, re-denominations followed rather quickly (as in Peru in 1985 and 1991)
* Argentina (4), the former Yugoslavia/Serbia (5), and Brazil (6) are the most frequent users of redenomination
* The notable and recent cases are as follows:
13
Survey of re-denomination operations
14
ARGENTINA: Consumer Price Index (annual variation in percent)
(Red lines represent dates when currency conversions were implemented)
15
* Re-denominations have often occurred after economic crises, as CBs attempt to convince citizens and markets that high inflation is a thing of the past.
* In some cases, the timing was right, in that re-denomination capped off high levels of inflation.
* In other cases, CBs were not able to reign in inflation immediately after redenomination, and had to make multiple efforts at currency reform.
19
* For countries that seek to join regional currency unions, assuring international markets of their commitments is essential.
* Romania’s Central Bank for e.g., portrayed its re-denomination as indicating that the days of hyper-inflation were over and the new currency would help keep things that way.
* It said Romania had a goal of joining European Monetary Union (EMU) by 2012, and a currency that was worth 29,890 to the dollar was seen as an impediment to doing so.
* Similarly, one of the motivations for Turkey’s re-denomination came from its interest in joining the EU (FT, 22 December 2004).
Re-denomination, WAMZ & the ECO
20
* In this regard, re-denomination has been used to help meet requirements for joining a currency union.
* While it is high inflation that adds zeros to the value of currencies, the presence of low local currency/dollar exchange rates, especially in relation to the currencies of the potential members of the currency group, is one of the most obvious signs to a central bank going into a monetary union of the need for re-denomination.
http://74.125.95.132/search?q=cache:...ient=firefox-a
Can't find a single thing about RVs of 100,000%
Question for you?
Iraq is spending about 40 Trillion dinar a year for their budget?
The M2 and currency in Circ numbers are not growing at a rate anywhere close to 40 trillion a year. It only grew at about 10 trillion.
So where did the extra 30 trillion dinar come from?
If you claim the bought back dinar is being retired... then where did that 30 trillion dinar spent on the budget come from??
How can you continue to ignore what is right in front of your face? The do not call it M0, they call it currency outside of banks.
Every country uses different terms.
The US uses mo,m1,m2,m3
Some only use m1,m2
http://www.cbi.iq/xl&wr/key%20financial.xls
Line 65 shows currency in circulation. 18 Trillion
notice the new M2 nuber also... up 2 trillion.
It has and continues to grow despite the lies told by known pumpers on this board..
This document explains what each line means.
http://www.cbi.iq/pdf/Key%20Financial%20Indicators%20Documentation.pdf
a - Currency outside banks, i.e., the currency component of the money supply as shown in the Analytical Balance sheet (Item 8) which is derived from the following sources(currency put into circulation reported by Issuing Dept. less vault cash(item 8.1 of Analytical Balance Sheet) reported by Research & Statistics Dept.). From December 2003, currency in circulation is the new currency issued by the CBI less redemption of old and damaged newcurrency notes.
It specifically states that dinar bought back at action, that would be redeemed currency… it clearly states that the figure in the chart takes that into account. Once it is bought back it is no longer in circulation and they specifically say the figure is less the redeemed currency.
MENAFN - (Qatar News Agency) Central Banks Governor announced today it has accepted a decision to raise zeros from the Iraq dinar.
Dr. Mohammad Saleh, The Central Bank of Iraq adviser, on Wednesday, the bank's determination to proceed with the project to delete the zeros of the Iraqi dinar to convert thousand dinars to one dinar.
"We have reached a conclusion that we should take off three zeroes from the current Iraqi dinar banknotes," Mudher Qasim, the bank's senior advisor
The Central Bank Governor and two Central Bank Senior Advisors
The Government that you speak of is the Minister of Finance... LOL... he has been pushing for a lop swince the summer of 2006
And I have yet to see any economist or any journalist or any government official even mention a 120,000% increase, which is what it would be if they went to 1:1. The reason it’s never mentioned is because it’s so far fetched that they don’t even think about it.
Notice you didn't highlight the last sentance..
"Expressing a different view on the issue, Munthir Ahmed, an economist, said that the removal of three zeros from the right side of the figure on Iraqi banknotes may have a positive psychological effect on money holders, which he said may boost the position of the Iraqi dinar if accompanied by sound policies and coordinated measures."
So two economist disagree... big deal. Neither of them have a say in a lop or not. The Minister of Finance, Two senior Advisors to the Central Bank of Iraq and the Governor of the CBI have all said they will lop... and they are the ones who decide... not some random economist that doesn't agree.
He improved to the Central Bank of Iraq aims to reach the exchange rate of one thousand dinars to the dollar by the middle of this year
واعتبر ذلك تمهيدا لحالة إجماع السياسة النقدية على حذف الأصفار وجعل الدولار يساوي دينارا واحدا ليعود الاقتصاد إلى محيطه العربي بقوة وينضم إلى العملة الخليجية الموحدة عند انطلاقها في عام 2010. This was seen as a prelude to the case of a consensus on monetary policy and the deletion of zeros to make the dinar and the dollar equivalent of one[b/] to return the economy to the Arab world to join a strong and unified Gulf currency at its inception in 2010.http://www.aljazeera.net/NR/exeres/C...84DF34733F.htm
Posted on another board... link takes you to an Arabic site... I don't want to take the time to figure it out.
More simple math guys.
Rounded off numbers here…
Iraqs 2008 budget was about 60 trillion dinar.
We saw an article that stated that about 65% of their expenditures were in dinar… so
Iraq spent 65% of 60 Trillion… or about 40 Trillion dinar for budgetary items last year.
They obviously didn’t add 40 trillion to currency in circ or M2 number right. That dinar had to come from somewhere.
$40 trillion for the year means they spent 3.25 trillion dinar a month. So unless they were buying back more than 3.25 trillion a month, the currency number were growing… which the CBI and the IMF have reported they were.
So Rasicas 1 to 1.5 billion a month number makes perfect sense. It allowed them to buy back close to 2 trilllion a month, which they spent on the budget, but they had to add more to it than the 2 trillion bought back, that’s why the currency numbers continue to grow.
IT IS SO SIMPLE!
http://www.cbi.iq/xl&wr/key%20financial.xls
Line 65 shows currency in circulation. 18 Trillion
notice the new M2 nuber also... up 2 trillion.
It has and continues to grow despite the lies told by known pumpers on this board..
This document explains what each line means.
http://www.cbi.iq/pdf/Key%20Financial%20Indicators%20Documentation.pdf
a - Currency outside banks, i.e., the currency component of the money supply as shown in the Analytical Balance sheet (Item 8) which is derived from the following sources(currency put into circulation reported by Issuing Dept. less vault cash(item 8.1 of Analytical Balance Sheet) reported by Research & Statistics Dept.). From December 2003, currency in circulation is the new currency issued by the CBI less redemption of old and damaged newcurrency notes.
It specifically states that dinar bought back at action, that would be redeemed currency… it clearly states that the figure in the chart takes that into account. Once it is bought back it is no longer in circulation and they specifically say the figure is less the redeemed currency.
LOL... sorry to confuse you with facts. Go back to pulling things from your bottom. That's a wonderful investment strategy. LOL
Wow dude… you are pumping big time lately. Did you get the word from your employer that they know the lop is coming soon so they want to liquidate stock as soon as possible?
Did they double your rate for each post or something?
LOL
Your understanding of what Tight Monetary Policy means and how long it has been in effect and what consequences it has had on the Iraqi economy are a joke.
Instead of pulling them out of your butt, how about some real numbers.
If Iraqs GDP were to grow 40x that would give them a GDP of $2 trillion a year.
Sorry, but that isn’t going to happen in our lifetime.
Saudi Arabia currently has a GDP of close to $400 billion.
That is a realistic goal for Iraq… but that will even take years and years.
That would be an increase of about 8x.
SA has 1st GDP, 382B… and 1st money supply $240B
UAE is 2 GDP, 190B… and 2 money supply, $220B
Kuwait 3 GDP, 115B… and 3 money supply, $77B
Qatar is 4 GDP,73B… and 4 money supp, $41B
Iraq is 5 in GDP, 50B… and 5 money supply, $26B
Oman is 6 GDP, 40B… but 7 money supply $19.5B
Bahrain is 7 GDP, 17B… but 6 money supply $21B
Iraq's currency is worth $26 billion and puts them right in line with their neighbors.
As you can easily see... GDP and money supply are very related. When compared to their neighbors... Iraq is right about where they should be. As their GDP... non oil GDP in particular... grows... so will their money supply.
LOL...All it means is they are buying back dinar...
We have all been aware of that for years.
There are a number of articles that explain that the dinar bought back is respent for the budget.
The CBI figures back up those articles as it shows the currency in circ has continued to grow.
It's only common sense.... Iraq has about 18 trillion in circulation now. Add up the dinar spent in the last 3 or 4 years through the budget and the number would be over 100 trillion I'm sure. It's simple logic that dinars purchased at auction are put back into the system...
and for those lacking simple logic... the articles and the numbers reported by the CBI should take care of that... :)
ooops... lol.. come on... I knew it was WayneC77 after the second or third post.
Same illiterate style. Hard to hide.
Same exact grips as Wayne, same as the last time he used another alias to get on this board and got himself banned from IHUB for a stretch.
He's bannned from this board, and his board got made premium... so somehow he's here as Nicebabe now.
Plus... His third post was on some penny board, said he hadn't posted there in a while... just go back in WaynesC77 posting history and you'll see he used to post there all the time.
Guess he got a new IP address this time, so their letting him slide.
The government’s revenue is predominantly in US dollars, from oil sales. To this extent, Iraq’s position is similar to that of many countries in the region. And in common with many countries in the region, its expenditure is largely in domestic currency, in this case Iraqi dinar. The Ministry of Finance therefore needs to sell dollars for dinar.
http://www.mees.com/postedarticles/oped/v48n18-5OD01.htm
In otherwords... they have to buy back dinars because there expenditures are in dinars. Budget, saleries, rebuliding programs... most everything. If they were not buying back dinar the M2/ currency in circ would be growing by 60 or so TRILLION dinar a year. that's what the budget was lasyt year. They buy it back and recycle it back into the economy and that is what has allowed them to keep the M2/Circ money from growing out of countrol. But it is still growing per the CBI and any attempt to tell you otherwise is a bald faced lie from a known pupmer.
It's never been a question of if they are really buying back dinar. Of course they are... they have to for the reasons in my link. He simply ignores the financial statement the CBI updates every single month that shows the amount of dinars GROWING, not being reduced. And that is becuase they use those dinars to fund the budget.
And on top of it all... he... the known paid pumper of penny stocks... has the nerve to refer to others as pump/dumpers.
When will you stop posting that crap?
This explains why the auctions were set up.
It clearly states, just as I have told you 1000 times, that the auctions are to buy back the dinar to fuel the budget and put back into the economy.
Here it is in black and white...
SO STOP LIING TO THE PEOPLE ON THIS BOARD!!
http://www.mees.com/postedarticles/oped/v48n18-5OD01.htm
Without a mechanism to rechannel dollars to the economy, there would have been two consequences:
A shortage of dollars could hit the dinar exchange rate, leading potentially to a very sharp depreciation;
A dollar shortage would also cut off import supply, pushing up prices sharply. (Large amounts of dollar expenditure by the CPA and MoF had, predictably, fed through to a huge increase in imports, as previously suppressed demand could now be satisfied.)
Associating the introduction of the ‘new’ currency with sharp depreciation, cutting of the supply of consumer goods, and a hike in prices for those goods still available would have been disastrous.
It is neutral because the million dinar he holds now is worth about $1000... and the 1000 dinar he will hold after the lop will be worth about $1000... how is that not neutral?
I've explained many times that a lop just means a new currency comes out at a new rate. You could say the new currency is a RV... but you will only get 1 for every 1000 you give.
In other words... the lop doesn't come before or after a RV... they both happen at the exact same time... by issueing a new currency.
One more thing Wayne... to prove you are just making crap up...
From the same study...
"Indeed, 2004 was the first year of single-digit inflation in Turkey since 1972, making 2005 an apt time to reinforce the commitment to low inflation."
"Similarly, in August 1997, the Russian government announced that the ruble would be redenominated as of January 1, 1998, with three zeros removed from the currency. This was intended to assure the public that Russia's economic crises were behind it; inflation was on the decline, falling from 875% in 1993, to 200% in 1995 and further, to 15%, in 1997"
Also Wayne... in a REAL study of all lops, done at the University of North Carolina... this is what they say about lops.
These are the hypotheses of the UNC study.
Here is a better link. http://www.unc.edu/~lmosley/APSA%202005.pdf
Hypothesis 1: Both authoritarian and democratic governments may have political reasons for redenomination. Democratic governments are likely to redenominate in response to high inflation. Authoritarian governments may redenominate even without high inflation, particularly in the presence of civil conflict.
Indeed, Mas (1995) suggests that authoritarian governments will choose confiscatory currency reform rather than direct inflation as a strategy of financing.
No real relevance to Iraq
Hypothesis 2: Redenomination is more likely following a period of high inflation and a subsequent stabilization. A dramatic downward movement in inflation increases the probability of a redenomination. This is particularly likely in countries that are more open to international capital flows, that are under an IMF adjustment program, and that have politically independent central banks.
That one describes Iraq perfectly
Hypothesis 3: Redenomination is more likely immediately after an election (or with many years remaining until the next election), less likely immediately before an election, and more likely in more fractionalized political systems.
Iraq has elections coming up very soon.
Hypothesis 4: Redenomination is less likely, all else equal, when left-leaning parties are in office, and more likely when right-leaning politicians hold office.
are they left or right, not sure, again... probably not a huge factor
Hypothesis 5: Redenomination is more likely in nations where it has been used in the past. The total past experience with redenomination increases the hazard of its use.
Don't think Iraq has done it in the past, but certainly dosn't mean they wont
Hypothesis 6: Redenomination is more likely, all else equal, where foreign currency substitution is more prevalent in the domestic economy. This is more likely in nations with high inflation, with high local currency/dollar ratios; and foreign currency substitution is more likely after 1989 (as financial globalization expands) than before.
That sounds like Iraq
Hypothesis 7: Redenomination is a more likely response to economic problems in more heterogeneous societies, and in younger nation-states.
I think Iraq would be considered a "younger nation-state"
Wayne... did you not see this...
http://investorshub.advfn.com/boards/read_msg.aspx?message_id=35168288
“This report was originally prepared at the request of the Senate Committee on
Foreign Relations. With the Committee's permission, it is being made generally
available for the use of Members.”
Inflation: As with other indicators, data on inflation are spotty and, during the 1990s, price data have a highly anecdotal quality. Before the oil boom, the Iraqi economy was characterized by price stability with an inflation rate at 5-6% during the period 1960-73.34 This source calculates inflation increasing from 18% to 68% between 1975-79 as a consequence of substantial currency inflows related to the oil boom.35 Prices continued to rise during the Iran-Iraq war as resources were diverted toward the military and government borrowing from the central bank expanded the monetary base. Inflation was recorded at 95% in 1980 and had increased to 400% by 1989. During the 1990s, a period of hyperinflation occurred. The government continued to print money to meet expenditures while economic sanctions shut off the supply of imported goods leading to a classical monetary overhang. A yearly inflation rate of upwards of 2,000% per cent was reported in open market food prices between 1990-1991.36 Another source estimated that inflation increased 5,000% between 1990and 1995.
Lop is just a figurative term. The dinar you have now would not change one bit. The rate would stay the same.
They issue a new currency, smaller bills. Those have a new rate… 85 cents… maybe they make it 1:1, a nice little increase.
Both currencies exist side by side for how ever long the exchange period is… anywhere from a month to a year. After that exchange period the dinar you hold now becomes worthless… just like the old Saddem dinar now.
The exchange of old for new is 1000 old for 1 new… that’s where the term 3 zero lop comes from. It’s just figurative though.
Sorry to say... but what I posted is BAD news.
http://www.gulf-times.com/site/topics/article.asp?cu_no=2&item_no=237500&version=1&template_id=48&parent_id=28
Iraq central bank takes steps to ‘rebase dinar’
BAGHDAD: The Central Bank of Iraq has taken steps to rebase the Iraqi dinar and issue new banknotes, a senior official at the bank has said.
“We have reached a conclusion that we should take off three zeroes from the current Iraqi dinar banknotes,” Mudher Qasim, the bank’s senior advisor, told Dow Jones Newswires in an exclusive interview.
“The process is progressing and we have taken some steps,” Qasim said. “We will issue a decision in due time.”
Notice... REBASE is the term they use for "take three zeros from the banknotes"
The US Treasury is telling Iraq to lop.
Since October 2008, no progress has been
made toward rebasing the value of the Iraqi
dinar against the U.S. dollar. Treasury continues
to recommend measures to improve the rates of
exchange. Further, it recommends that the GOI
reissue banknotes in denominations that are
more convenient and less costly to produce
http://www.sigir.mil/reports/quarterlyreports/Jan09/pdf/Report_-_January_2009_LoRes.pdf
page 89
Guess that means they wont be using that money to buy back all the dinar as you propose.
"They have to buy 5 Oil Tankers - How would they buy them at their current Dinar Value ? ? ? ...... Revalue
They have under contract to buy 5 new Jet Liners - How would they buy them at their current Dinar Value ? ? ? ...... Revalue"
Are you truly that clueless? Do you really believe they will paying dinars for such things???
Any purchases like that are done in $$$$$ dollars.
Do you think when Kuwait buys such things with their great 3:1 exchange rate... do you think anyone actually excepts Kuwaiti dinars as payment??? NO!! They still have to pay dollars.
I'm sure it all didn't get exchanged... I see it on ebay all the time... lol
There were numerous articles that stated that the initial exchange was about 4.5 trillion dinars. That number has grown to the figure shown in the chart. Red line, blue line…
The other numbers are numbers reported by the CBI after they were liberated. Saddam never allowed the numbers to be published.
Not sure what you are thinking I added up. The one chart shows current (almost) circulation and M2 amounts. The other from the 90’s just shows what the M2 amount was back in those years and how it grew.
The chart shows there was only 24.6 billion dinars in M2 in 91 and the rate was already down to 10 cents.
They now have over 1000 times more M2.
I will bet that not all of this dinar will be exchanged either.
Nice to see facts
Currency in Circ... nice easy chart.
http://www.cbi.iq/xl&wr/Monetary_Aggregates_f.xls
Follow the red line.
The Blue linje is M2... Compare to the M2 numbers in my last post. Over 1000 times more. Perfectly explains why the rate is now 1000x more. Can not change the rate back without chnaging the M2 back....
AND THEY ARE NOT BUYING IT BACK AND TAKING IT OUT OF CIRC. THE FACTS ARE THEY PUTTING IT AND MORE BACK INTO CIRC BECAUSE THE NUMBERS ARE GROWING.
Which supports...
http://www.cbiraq.org/Binder4.pdf
Year.........M2............Exchange Rate ID/US$
91.............24.6B.......10
92.............43.9B.......21
93.............86.4B.......74
94.............238.9B......458
95........….705.1B......1674 Iraq starts printing 250 dinar notes (1)
96........….960.5B......1170
97........….1.03T........1471
98.........…1.35T........1620
99.............1.48T........1972
00.............1.72T........1930
01.............2.15T........1929
02.............3.01T........1957 Iraq starts printing 10,000 dinar notes (2)
03.............3.78T........1459 (3)
1.Starting in 95, by the end of 02 Iraq had issued 2.4 Trillion dinars in the form of 250 dinar notes.
2. Starting in Aug 02, in 5 months Iraq issued 239 billion dinars in the form of 10,000 dinar notes.
3. Had gone up to 3500, went down 1459 because people started hording the currency because of the invasion, currency speculators.
This was from the old CBI site, link no longer works and I haven't takent the time to try and find it on the new sight.
But it goes right along with the my last two posts.
When officially introduced at the end of the British mandate (1932), the dinar [consisting of 1,000 fils or 20 dirhams] was equal to, and was linked to, the British pound sterling, which at that time was equal to US$4.86. Iraqi dinar (ID) equaled US$4.86 between 1932 and 1949 and after devaluation in 1949, equaled US$2.80 between 1949 and 1971. Iraq officially uncoupled the dinar from the pound sterling as a gesture of independence in 1959, but the dinar remained at parity with the pound until the British unit of currency was again devalued in 1967.
One Iraqi dinar remained equal to US$2.80 until December 1971, when major realignments of world currencies began. Upon the devaluation of the United States dollar in 1973, the Iraqi dinar appreciated to US$3.39. It remained at this level until the outbreak of the Iran-Iraq War in 1980. In 1982 Iraq devalued the dinar by 5 percent, to a value equal to US$3.22, and sustained this official exchange rate without additional devaluation despite mounting debt. In early 1988, the official dinar-dollar exchange rate was still ID1 to US$3.22; however, with estimates of the nation's inflation rate ranging from 25 percent to 50 percent per year in 1985 and 1986, the dinar's real transaction value, or black market exchange rate, was far lower-- only about half the 1986 official rate.
http://www.globalsecurity.org/milita...ncy-reform.htm
So that's saying the rate had already dropped to about half, $1.61 by 1986
http://search.export.gov/search?q=cache:iSsKm37wSeEJ: http://www.export.gov/iraq/pdf/crs_i...ntend&oe=UTF-8
“This report was originally prepared at the request of the Senate Committee on
Foreign Relations. With the Committee's permission, it is being made generally
available for the use of Members.”
Inflation: As with other indicators, data on inflation are spotty and, during the 1990s, price data have a highly anecdotal quality. Before the oil boom, the Iraqi economy was characterized by price stability with an inflation rate at 5-6% during the period 1960-73.34 This source calculates inflation increasing from 18% to 68% between 1975-79 as a consequence of substantial currency inflows related to the oil boom.35 Prices continued to rise during the Iran-Iraq war as resources were diverted toward the military and government borrowing from the central bank expanded the monetary base. Inflation was recorded at 95% in 1980 and had increased to 400% by 1989. During the 1990s, a period of hyperinflation occurred. The government continued to print money to meet expenditures while economic sanctions shut off the supply of imported goods leading to a classical monetary overhang. A yearly inflation rate of upwards of 2,000% per cent was reported in open market food prices between 1990-1991.36 Another source estimated that inflation increased 5,000% between 1990and 1995.
During the 1990s, a period of hyperinflation occurred. The government continued to print money to meet expenditures while economic sanctions shut off the supply of imported goods leading to a classical monetary overhang. A yearly inflation rate of upwards of 2,000% per cent was reported in open market food prices between 1990-1991.36 Another source estimated that inflation increased 5,000% between 1990and 1995.
That one sentence sums up the dinar, and proves without a doubt that a huge RV will never happen.
NO country has, or ever will, just reinstate the value of their currency after going through that type of inflation.
Sad to say it, sorry to crush anyone’s dreams, but it’s that simple. A large RV is just that… a dream.
Buy lottery tickets... at least they have a slim chance.
Wayne...You are hilarious dude.
You posted this over on your board.
2 - Aerospace is ALWAYS spreading crap with nothing to back his claims up. He talks in outer space with NO TRUTH. I asked the MODS to address the problem and they swept it under the rug, and did nothing. I asked DIRECT question, because I want direct answers. I got redirecting and deceptions.
Now I’m not sure if you are aware of it or not. Maybe someone snuck them in on you… can’t imagine you added them…
But look at the bottom of your I-box. There are about 25 links… all post of mine… all with links… all showing the dinar for what it is.
This is just too funny.
See ya Babe... I mean Wayne
It's Wayne at it again... Illiteracy is hard to disguise.
Guess he's looking for more "jail time".
was this your last post.....
http://investorshub.advfn.com/boards/read_msg.aspx?message_id=28233215
WayneC77 was already banned from IHUB one time for a month or two for creating extra screen names so he could talk to himself on his board and also get back and bad mouth this board.
Almost identical to what’s happening now.
Might be time someone checked IP addresses again.
I live at the beach in SoCal and it is way to beautiful here today to waste my time here… I’m out… thanks for the conversation guys and girls.