Iranian central bank announced dropting the zero of Rial today. | |
Anonymous Coward User ID: 33120536 Germany 01/27/2013 05:24 PM Report Abusive Post Report Copyright Violation | |
Anonymous Coward User ID: 24009796 United States 01/27/2013 05:41 PM Report Abusive Post Report Copyright Violation | |
Anonymous Coward User ID: 8260452 United States 01/27/2013 05:58 PM Report Abusive Post Report Copyright Violation | |
KipKat User ID: 25952351 Netherlands 01/27/2013 06:01 PM Report Abusive Post Report Copyright Violation | That will not help for long. They will be dropping zero's again and again... Last Edited by KipKat on 01/27/2013 06:02 PM :kkwapper: |
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Anonymous Coward (OP) User ID: 16689814 Canada 01/27/2013 06:18 PM Report Abusive Post Report Copyright Violation | |
Anonymous Coward User ID: 33156424 United Kingdom 01/27/2013 06:25 PM Report Abusive Post Report Copyright Violation | |
Anonymous Coward User ID: 33157497 Sweden 01/27/2013 06:39 PM Report Abusive Post Report Copyright Violation | Ehhhh... I know you americans are tarded and all. But if you have a problem with ur money the thing would go in the opposite direction. 1 = 10 = 100 = 1000 etc. Not 1000 = 100. That menas they are makeing less money on the market and that gives the currancy strength. Germany pre ww2 printed more and more money so they deutche mark became worthless. They did it because they had to pay france a whole LOT of it. So todays class i will end with this. Less money = higher value. More money = less value. Did you get that?? |
Anonymous Coward User ID: 33141745 Mexico 01/27/2013 06:41 PM Report Abusive Post Report Copyright Violation | We did this in Mexico, three zeros, it was just and administrative change because of the huge inflation. thus we now have a 12.80 parity with the USD but in reality is 12800, it does nothing for the economy this from the bank of mexico's site Google translate: In the last quarter of the twentieth century the purchasing power of the coins was reduced due to inflation. This led to issue coins of high denominations, therefore, that the breach of the denomination of fifty dollars and at one point they reached a thousand mint coins and up to five thousand pesos. In this situation and in order to simplify the management of the amounts in national currency, the June 18, 1992 it was established that after 1993 a new unit would be used Monetary System of the United Mexican States, equivalent to 1000 pesos the previous unit. The new unit was named "New Pesos" and identified with the symbol "N $" or putting the word "New". That is, if a person had 5000 pesos before the change of unity, they amount to 5 New Pesos. To comply with the provision of the decree, the Bank of Mexico issued in 1992, a new series of coins in denominations of ten, five, two, and one dollar and fifty, twenty, ten and five cents. from here [link to www.banxico.org.mx] |
Anonymous Coward User ID: 17418121 Ireland 01/27/2013 06:51 PM Report Abusive Post Report Copyright Violation | |
Anonymous Coward User ID: 3297006 United States 01/27/2013 07:12 PM Report Abusive Post Report Copyright Violation | if there is a lot of illicit black market funds floating around and there is a small timeframe window to exchange into the currency then like expired lotto tickets this money will be pulled from circulation thereby strenghening the currency... not necessarily an accounting only mechanism |
Saddletramp User ID: 736749 Puerto Rico 01/27/2013 08:07 PM Report Abusive Post Report Copyright Violation | Yeah, but it's bullshit, if you notice you just X off the zero's...it's not like the existing currency is gaining any value whatsoever... "And how can a man die better than facing fearful odds, for the ashes of his fathers, and the temples of his Gods..." ~ Horatius "Because he told the truth, and once you've heard the truth, everything else is just cheap whiskey..." "We don't rent pigs!" |
CripplingLies User ID: 31919704 Brazil 01/27/2013 08:12 PM Report Abusive Post Report Copyright Violation | So a loaf of bread that cost 12,000 rials today costs 12,000 rials next week but the 12,000 rials you have as an Iranian citizen today is only worth 1.2 rials next week? Is that a good thing? Sounds like 1920's Germany to me. Quoting: Anonymous Coward 24009796 You're a retard, seriously. No, he is not. We face this in Brazil in mid 80's, this made inflation skyrocket to unbelievable +80%/month. Can you picture going to the market today and buying something for about 10 dollars, then in the next week, the same thing costing about 15, and the next week about 20 and so on? This makes money worth nothing; What will happen? They will cut these 4 zeros, then prices(of everything) are going to skyrocket, what cost 1000 rial, will cost 1 rial, the next month, it will cost 100 rial again, which is the same as 100000 rial in few weeks, this is a disaster, the worst thing ever to happen... |
Anonymous Coward (OP) User ID: 16689814 Canada 01/27/2013 08:29 PM Report Abusive Post Report Copyright Violation | Anyway dropping zeros along with stopping import of foreign goods replacing it with domestic goods (has already started since last year. Many good are now prohibited from being imported)and other measures of dropping or phasing out dollar and euro as it was in the news recently, plus increasing the gold reserve (Iranian tv showed Iranian gold reserve increased by 100 tons this past year) and government subsidies thats going on now (every 2 to 3 months government deposits some money to Iranian low income families); All these and others can boost the economy and Irans currency in coming years. The dropping of zeros is not just alone. There are other factors Iran has put in place by Ahmadinejad government. So we have to wait and see what will happen. Iran contradicts every economic models in the world. What the world think it will happen will have opposite effect in Iran. |
Deej User ID: 32939808 United States 01/27/2013 09:27 PM Report Abusive Post Report Copyright Violation | Deanann caitheamh tobac diobhail thromchuiseach duit agus do na daoine moirthimpeall orth Quoting: Anonymous Coward 17418121 Yeah... what she said! Last Edited by Deej on 01/27/2013 09:27 PM No matter what happens... just say "Thank You." - D W Fierce |
Anonymous Coward User ID: 10372663 United States 01/27/2013 09:46 PM Report Abusive Post Report Copyright Violation | Now the fun part will be the super rich Iranians will not longer be super rich and the gap between upper class and lower class will become smaller. Quoting: Anonymous Coward 16689814 AAAAAAAAHAHAHAHAHAHA!!!!!!!!!!!!!!!!!!!!! That's the silliest shit I've ever heard!!!!!!!!!!! How would that effect the gap it will only effect wealth in relation to the rest of the world not other Iranians they will still be VERY wealthy! |
Anonymous Coward User ID: 18381151 United States 01/27/2013 09:53 PM Report Abusive Post Report Copyright Violation | |
Unc Al User ID: 33168565 United States 01/27/2013 10:02 PM Report Abusive Post Report Copyright Violation | |
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MaryAlananB User ID: 25459882 United States 01/27/2013 11:23 PM Report Abusive Post Report Copyright Violation | No the loaf will still be 12,000 rials and you will only have 1.2 to purchase it. So a loaf of bread that cost 12,000 rials today costs 12,000 rials next week but the 12,000 rials you have as an Iranian citizen today is only worth 1.2 rials next week? Is that a good thing? Sounds like 1920's Germany to me. Quoting: Anonymous Coward 24009796 Last Edited by MaryAlananB on 01/27/2013 11:24 PM |
Saddletramp User ID: 736749 Puerto Rico 01/27/2013 11:42 PM Report Abusive Post Report Copyright Violation | What they're trying to do is make their currency seem more attractive vs foreign currencies to their own people by Xing out a few zero's... Lot's of countries have tried this over the years...doesn't affect the value of the currency vs the amount of currency in circulation vs the price of commodities...so it's a shell game when you get right down to it. Iran still has to import almost all of their food and (oddly enough) gasoline...do you think it's going to make any difference on the world market?!?!? Meaning that world market controls the price of the commodities that this country must have...so Xing out a few zero's doesn't mean a thing in or out of Iran... "And how can a man die better than facing fearful odds, for the ashes of his fathers, and the temples of his Gods..." ~ Horatius "Because he told the truth, and once you've heard the truth, everything else is just cheap whiskey..." "We don't rent pigs!" |