Posted on 04/03/2011 6:20:27 PM PDT by nuconvert
(Reuters) - Iran aims to slice three zeros off the end of its currency which has weakened steadily over many years despite a policy to keep it loosely pegged to the dollar, the official news agency IRNA reported on Saturday.
(Excerpt) Read more at reuters.com ...
pong
Worked so well for the NORKs...
We would take a Zero off of our currency, but fortunately Obama’s picture isn’t on any of our currency, yet.
Those Mullas are such economic geniuses! < sarc off
0bama’s picture is on used toilet paper.
Wouldn't be him first - you know who has the pants in the family.
This'll buy ya a loaf of bread:
I remember when they did that in Argentina
“despite a policy to keep it loosely pegged to the dollar”
Well, there’s their problem right there- they pegged it to a currency whose worth has been steadily dropping for years...
Nice that they are giving up all those zeros on their currency, we can add them to ours...
Pay off our debt plus no need for taxes for years!
LONG overdue for the United States. Since the Federal Reserve Bank was formed, the purchasing power of the dollar has declined 97%. We could easily lop off two zeros and get the numeric value back to something reasonable. Then the government wouldn’t have to debate whether to get rid of the penny — it would actually have the worth of (at lease) a dime. Houses would cost $30,000 again; cars would cost $3,000 again. If only I could keep them from lopping the zero off my income, too!
“its currency . . . has weakened steadily over many years despite a policy to keep it loosely pegged to the dollar”
Despite?
We can joke about it, but it might be our future maybe a decade from now. Depressing.
...yet.
Cheers!
Minister Praises Iran's Successful Economic Performance
TEHRAN (FNA)- Iranian Minister of Economic Affairs and Finance Seyed Shamseddin Hosseini on Monday praised Iran's economic power, and said Tehran has managed to push back one of the most dangerous economic threats posed to the country during the last Iranian year (ended on March 20).
Our biggest banknote is very weak against other countries’ currencies and this has brought a bad feeling among our people in psychological terms,” Gholamreza Mesbahi-Moqadam, a member of the Iranian government's money and credit council told Fars, an Iranian news agency.
Mesbahi-Moqadam added: “Iranian pilgrims to Mecca could exchange 10,000 rials for 500 Saudi rials but now they only receive four.”
Iranian media said redenomination was proposed in 2005 but was rejected by the former governor of the central bank, Ebrahim Sheibani, who was replaced by Tahmasb Mazaheri earlier this month.
http://www.centralbanking.com/central-banking/news/1420221/iran-consider-redenomination
North Korea slashed two zeros in Dec 2009:
http://seekingalpha.com/article/176077-effects-of-redenominating-the-north-korean-won
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