[dinarded]

I am sure that many of you are familiar with the article concerning Redenomination of the Iraqi Dinar.

The one that appeared on XE.COM:



2010-02-11 13:11 (UTC)

BAGHDAD, Feb 11 (Reuters) - Iraq expects to redenominate its dinar currency by knocking three zeros off the nominal value of bank notes to facilitate currency transactions, a central bank official said on Thursday.
ETC....



Well, I stated in one of the old threads that I had sent an email to Reuters, requesting that they verify the article as legit.

I received this response JUST NOW.



___________________________________________________________________




This is my email requesting verification AND the response that I received today.

from XXXXXXXXXXXXXXX@gmail.com>
to jack.kimball@thomsonreuters.com
date Fri, Feb 12, 2010 at 2:30 PM
subject Article Verification
mailed-by gmail.com

hide details Feb 12 (5 days ago)

Mr. Kimball,

This article appeared on xe.com. Is this your article?

http://www.xe.com/ne...2/11/951385.htm

2010-02-11 13:11 (UTC)

BAGHDAD, Feb 11 (Reuters) - Iraq expects to redenominate its dinar currency by knocking three zeros off the nominal value of bank notes to facilitate currency transactions, a central bank official said on Thursday.


RESPONSE FROM REUTERS:

from jack.kimball@thomsonreuters.com
to XXXXXXXX@gmail.com
date Thu, Feb 18, 2010 at 1:50 AM
subject RE: Article Verification
mailed-by thomsonreuters.com

hide details 1:50 AM (18 minutes ago)

Hi xxxxx,

Yes, this is our article. We don't have all the details about the exchange rate, but we've been led to believe this is only a cosmetic change to the bank notes to make payments easier.

Best,

Jack


This email was sent to you by Thomson Reuters, the global news and information company.
Any views expressed in this message are those of the individual sender, except where the sender specifically states them to be the views of Thomson Reuters.

[zoomzoom]

This is good news, thanks

[phredd]

nice.......

[quadraph0nic]

Thank you Dinarded!

[bright]

Yes.....I read it on Safedinar....which seldom has any updated news so I was surprised to read it on their site. It was on the 11th.....about once a month I check their site and it is very weak for news!!!!!!!! They go months with no important news!!!!

[hoodlion1]

Good job with follow up!

[avenger380]

Kudos to you for your diligence. Finally, a nugget of truth!

[gregg450]

In the above article what does "The dinar's value will remain unchanged, he said" mean? Does this mean that the 25k will always be 25k and the 25 will just be 25?

[teke0414]

Question
What is the VIP section and is it worth signing up?

[Nance]

Great! Perhaps this topic will finely be put to rest....finally!!!

[Soldier]

Im sorry does this mean there will be a LOP. Thanks,

[yothor]

Soldier, it means that by the end of the year, if someone has a 25000 bill it will be looked at as a 25 bill. At the new year all the bills with three zeros will not be legal tender. So they would need to be turned it. If it rvs before then, and it will. People wont be walking around with say 75000 dollars worth of dinar if it goes at 3.00.

(is what im guessing)

[DgreenFSU66]

You cant have TWO currencies... so new 25 Dinar is the same as 25,000 dinar????? I dont buy it, sounds like propaganda....

[tzsbwn]

your right it finally put to rest, there will be a lop.

[DgreenFSU66]

tzsbwn said:

your right it finally put to rest, there will be a lop.

you people love your LOP... NOT HAPPENING

[ftruck7]

Does this say anywhere in the article, that a 25k note is going to be worth whatever they RV at in US $? I didn't see that.

[gideonx]

How does an infamous currency LOP suddenly become all-bunny here?
Just because it came out from Reuters?!

1) If a 25,000 ird does not become 25 ird, what is the point of this exercise......... when you end carrying 2 baskets to supermarket: one for grocery and one for dinars since the exchange rate is still maintained at $US 1= 1170 dinars(or thereabouts) ?

2)IMO, it's not possible to retain the current currency rate and LOP at the same time.........may be someone with a more brilliant mathematical mind can help here.

3) In short the LOP together with exchange rate change is BAD news !!.......... maybe someone can explain otherwise.

Let's pray it doesn't happen at all.............

[ftruck7]

http://en.wikipedia....ation_(currency)

[jackdavis1364]

I'm convinced that you will never convince the "loppers" that it will not be a lop. They want it to be a lop so badly that they will not see it any other way.
THERE WILL BE NO LOP! FUGGETTABOUTIT!

[Fi3ry_Ph03n1x]

DgreenFSU66 said:

You cant have TWO currencies... so new 25 Dinar is the same as 25,000 dinar????? I dont buy it, sounds like propaganda....

Of course you can Dgreen. That is what a redenomination is. You not only can, but you must have two currencies in circulation during a redenomination. If a country wants to take all large bills out of circulation and replace it with new smaller bills, they can't snap their finger and have this magically happen instantly. There has to be a period of time where both the old and the new bills are legal tender.

To avoid economic turmoil, the old bill and the new bill are worth the same. (An old 25,000 and a new 25 will both buy a DVD, for example). Just because they are both called a Dinar, don't let that fool you into thinking that their values have to be in relation to one another. A rednomination is a new currency brought into circulation and slowly phasing out the old currency.

Some don't get this because they don't want to get it. It is the simplest and easiest interpretation of recent news. But to each their own. Believe wha you will.

FP