Madrage88

Now I feel like a fool.. Duh!

I don't usually start new topics but here is something interesting I found. With link Merry Christmas!!! http://www.rferl.org/content/Iraq_Planning_Currency_Redenomination/1950504.html BAGHDAD -- The Iraqi Central Bank is planning to redenominate the national currency in an effort to ease transactions and allow people to carry less paper money, RFE/RL's Radio Free Iraq (RFI) reports. Mudhhir Muhammad Salih, a member of a Central Bank advisory panel, told RFI that a plan has been made to remove three zeros from the currency and phase out the current banknotes late this year. Salih said by the end of 2010 the new banknotes will be fully introduced while the old banknotes will be gradually removed from circulation. He did not specify when the new notes would be issued. Both will be legal tender in Iraq until the old notes are completely withdrawn. Iraqi officials have had a long-running plan to redenominate the Iraqi dinar. In 2006, the Finance Ministry recommended to the Central Bank that it carry out such a plan. Salih pointed out that banks are having a hard time accepting cash savings and deposits, but by dropping the zeros it will make it easier for both the banks to deal with their customers and for the general public to carry money. He said some 80 percent of Iraq's money supply is cash in circulation. Salih added that in 1990 the value of banknotes in circulation was about 25 billion Iraqi dinars but is currently some 25 trillion dinars. Economic analyst Hilal al-Tahhan told RFI that the bank's move is overdue. He said he expects the currency change to go smoothly because of the decision to allow both the old and new banknotes to coexist, leading to less turbulence in the economy. The current exchange rate is 1,167 Iraqi dinars to the U.S. dollar. ~Nate

Agree.. Thanks

Hey All~ I just want to clear the air about some of the bank rumors that I've been reading. First off.. I've worked in the banking system for about 5 years now at the same bank (Bank of the West) in Colorado. I worked as a Teller (csr), Financial Service Rep (FSR) and also as a Financial Service Consultant (FSC). I'm very close to my Branch Manager and Invest Rep. I can assure you I know a few things about the banking system. 1: I would not consider Bank of the West as big as Wells Fargo, or JP Morgan Chase I can assure you the following: 1A: Bank Teller as you guys call them (CSR) are NOT notified of an upcoming change in currency, Neither are FSR, FSC, Branch Manger or Invest Rep. I'm still in constant contact with my Branch Manger and Invest Rep and the only information they know.. has been from this site or another site. 2: They would have to know that to be prepared for the onslaught that’s coming.. Maybe true, but a bank will handle a currency exchange in the following manner: 1. When people would come in to exchange Euro for USD (example) We would take the euro go over to our computer check to see the exchange rate and inform the client. From there we would take the euro and send it down to our exchange department who would then credit the clients account within 2-3 day's. My point in saying this is a bank does not really need to be (prepared for an onslaught) because the bank would not exchange the currency on demand. So exchanging Euro for USD would be the same process as exchanging IQD for USD. Yes, maybe the line for getting service would be around the block down the street and start at grandma's house, but the process to exchange the currency would stay the same. I hope you take this information as just information from my personal experience and knowledge (5 years banking experience), but I wanted to clear some banking rumors I keep hearing. Read more: http://dinarvets.com/forums/index.php?/user/3728-madrage88/#ixzz1aPw6Yyd5

Hmmmm................. (RABEESECURITIES.COM) Registrant: Shwan Taha 530 E76 Street, #14D New York, NY 10021 US Domain name: RABEESECURITIES.COM Administrative Contact: Taha, Shwan shwan.taha@gmail.com 530 E76 Street, #14D New York, NY 10021 US +1.9053249383 Technical Contact: Taha, Shwan shwan.taha@gmail.com 530 E76 Street, #14D New York, NY 10021 US +1.9053249383

Nooooo!!! His account got hacked again!!! ~Nate

Ok.. Well .. Lets just say I worked at Bank of The West for 5 years and still have plenty of contacts at that bank. Regional Managers, Branch Managers, Invest Rep, ect IF bank out west = Bank of The West .... I can assure you that this is false information.. I talked to all my contacts at the bank and they are not preparing for transactions... Why do people have to make up information.. Just give us the facts!!! ~Nate

Dear Okie ~ The only thing your good for is a quick laugh. Thank you, ~Nate

Hey All~ I just want to clear the air about some of the bank rumors that I've been reading. First off.. I've worked in the banking system for about 5 years now at the same bank (Bank of the West) in Colorado. I worked as a Teller (csr), Financial Service Rep (FSR) and also as a Financial Service Consultant (FSC). I'm very close to my Branch Manager and Invest Rep. I can assure you I know a few things about the banking system. 1: I would not consider Bank of the West as big as Wells Fargo, or JP Morgan Chase I can assure you the following: 1A: Bank Teller as you guys call them (CSR) are NOT notified of an upcoming change in currency, Neither are FSR, FSC, Branch Manger or Invest Rep. I'm still in constant contact with my Branch Manger and Invest Rep and the only information they know.. has been from this site or another site. 2: They would have to know that to be prepared for the onslaught that’s coming.. Maybe true, but a bank will handle a currency exchange in the following manner: 1. When people would come in to exchange Euro for USD (example) We would take the euro go over to our computer check to see the exchange rate and inform the client. From there we would take the euro and send it down to our exchange department who would then credit the clients account within 2-3 day's. My point in saying this is a bank does not really need to be (prepared for an onslaught) because the bank would not exchange the currency on demand. So exchanging Euro for USD would be the same process as exchanging IQD for USD. Yes, maybe the line for getting service would be around the block down the street and start at grandma's house, but the process to exchange the currency would stay the same. I hope you take this information as just information from my personal experience and knowledge (5 years banking experience), but I wanted to clear some banking rumors I keep hearing. In response from the below statement (below) Got confirmations from some banks today. They knew the exact date this was going to happen 5 days ago. They were alerted the exact date this was going to happen. When we say there are people who know that – yes there are. They would have to know that to be prepared for the onslaught that’s coming. That was a lot of the discussion today – how to handle the lines, extra security etc…. all about the banks and how to get that part ready. Not sure how you guys will react. Don’t want to have mob scenes etc. Preparing their own guidelines and rules. Should tell you that if the banks are having those discussions that it is really close if they are at that level. ~Nate

Hate to burst your bubble.. But I've work at Bank of The West for 5 years now and I can assure you of one thing. No teller, No personal banker, No Branch Manager, No Branch President will know of when the currency will change, It's all here-say. I could name all the banks in the Mountain-region and not one Branch Manager knows when a currency will re-value. They are all hoping for a change but they do not know. I've been on the boards many of times and I'm hoping for a re-value like everyone else, but when you read these post about this bank said this or this bank got this information I would be very skeptical and I would do my own research. I'm just tired of people saying this bank manager has this information because he does not!!! Good Night

I hate to burst everyone's bubble.. But I've work at Bank of The West for 5 years now and I can assure you of one thing. No teller, No personal banker, No Branch Manager, No Branch President will know of when the currency will change, It's all here-say. I could name all the banks in the Mountain-region and not one Branch Manager knows when a currency will re-value. They are all hoping for a change but they do not know. I've been on the boards many of times and I'm hoping for a re-value like everyone else, but when you read these post about this bank said this or this bank got this information I would be very skeptical and I would do my own research. I'm just tired of people saying this bank manager has this information because he does not!!! Good Night

Bingo! I'll check with our currency dept today and see if they have anymore news.

I have not.. I work at a bank one of the larger ones , and we have not received the "new" book :/.. But that is great news!!!