Loops,
This is the same language we have seen reported in all mediums, but MSNBC chose to use a new phrase, "knocking off". Now we have all been through this before, lopping is a specific term relevent to changing value of actual currency. The terms lifting, and/or knocking off zeros are not the same and are midleading to say the least, but this is the problem when you have writers who are clueless about translations. LOL
BAGHDAD - Iraq is considering redenominating the dinar, printing new banknotes to remove inflation-generated zeros from its currency, the finance minister said on Thursday.
Senior government and central bank officials have told Reuters the proposal has been under consideration for some time to make one new dinar equal to 1,000 current dinars, a move that would bring the currency closer to parity with the U.S. dollar.
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No matter how butchered the title of this article is, they finish up with a statement which says it all, to bring currency closer to parity with the U.S. dollar. They are obviously going to introduce smaller denominations, this we already read several places, in fact, they are already to be released. And yes, ultimately we will not see so many zeros on bills in circulation, as in less zeros, as in, 25,000, 10,000, and 5,000. notes being phased out, not replaced, just phased out. As you can see, the zeros will be gone, and this has nothing to do with value of notes.
When you reread the above highlighted paragraph referencing new dinar equal to 1,000. current dinars, this clearly indicates a new note at under a US dollar, or equal to chump change as we would call it in U.S. (g) Or better stated, about .67 as in current 1,000 dinar value.
Good luck to all, Mike
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Asked about such a suggestion in an interview on Arabiya television, Finance Minister Bayan Jabor said: "This is the ministry's suggestion to the central bank. We think in the long term it will be for the benefit of Iraq."
Jabor said surveys indicated popular support for the move. The oil-rich nation's currency was once worth more than $3, he recalled, before the ruinous wars and international sanctions during the rule of Saddam Hussein.
There are currently about 1,450 dinars to the dollar, a rate that has been relatively stable since shortly after the U.S. invasion in 2003. At that time new banknotes were issued by the U.S. occupiers to remove Saddam's image.
Other nations that have been through rampant inflation have followed a similar course, notably Russia in the 1990s. Until the 1980s, many prices in Iraq commonly also used the fils. One dinar equals 1,000 fils. The smallest denomination note today is 250 dinars.