|
allooh
-
Posts
22 -
Joined
-
Last visited
Content Type
Gallery
Forums
Calendar
Store
Musicbox
Posts posted by allooh
-
-
The article names "Abdul Hussain Al Anbaki " as the Economic advisor to Maliki .
-
The translation is so bad and confusing, but thanks for posting it.
What the article is saying that CBI is defending it's decision to remove the zeros from the currency
and introduce smaller denominations. CBI wants to reduce the amount of dinars out there from trillions
back to 25 billion. By rednominating the currency there will be less Dinars out and it would be easier
to use and according to CBI it will be stronger.
The economic advisor to Maliki says it is a waist of time and money and will not change the real
purchasing power of the people, so he is against removing the zeros.
A business man is concerned because it will create confusion among the people and the black
market will abuse it and take advantage of the people unless the start by educating the public
thru the media, and slowly start the process.
CBI stressed upon the point that this is a slow process and may take years as the economy
improves and they may do it this year or the next.
Hope that this brief summery helps to understand the article.
-
Rickybobby
you are not missing anything. That is the current value of your 25k Dinars
and it will be the value when they circumsize your 25k Dinars to 25 Dinars.
Right after cutting of the zeros, 25k = 25 Dinars = $21.50
When they RV to $1 , 25k = 25 Dinars = $25.00
If they RV to $2 , then 25k = 25 Dinars= $50.00
You have doubled your investment.
IMO this is why Med seems to be agitated answering the questions for the ????time.
-
There is so much talk about the Lop of 3 zeros lately.
If it is true and it is done as the rumors suggest then:
before I say it, remember it is a rumor and speculations.
So her is my answer to your question:
Case#1: no lop.... 1Million IQD = $2.5 million
Case#2: LOP....... 1Million IQD = $2500
Either case you made money with your investment.
Remember no bashing...OK?
-
According to the TV interview with Ali, he said that he sells 500-600 million Dinars per day.
If he makes $200 per sale, then he is making $100k-$120k per day.
If you were him would you continue to sell Dinars even if the RV is near??
Would you open a Bank or two to invest that income???
Second: People selling on ebay are selling at double or triple the face value,
and they are charging shipping fees.
I am sure that in both cases the sellers have had stashed a few million Dinars
for when it RVs, and they are making a good income from selling the surplus.
A friend of mine is still waiting for his Dinars that he bought and paid for on ebay
2 months ago.
-
It should be noted that the actual value of the dinar will remain unchanged. That means that 1,000 IQD (pre-redenomination) and 1 dinar (post-redenomination) will both be worth the same amount in US Dollars.
Here is my take on this:
I paid $1064 for 1 Million IQD the actual rate was $860 for 1 million IQD
old=pre-redenom , new=post-redenom.
the new 1 IQD will = 1000 old IQD in value
which means 1 new IQD = $0.86 which will also = 1,000 old IQD
Next if they revalue the Dinar to $1.50 just for even numbers then:
1 new Dinar = 1000 old Dinar =$1.50
1,000 new Dinars = 1 million old Dinars =$1500
so now my $1064 investment = $1500 after the RV to $1.50
$1500 - 1064 = $436
if you go to Ali to cash in then $436 - $150 = $286
if you go to the bank @1% = $15 then $436 - 15 =$421
Which is not a bad return on my investment, but we all know
that was not what we got into this investment for.
IMO this is the worst case with the lop but it is still good.
I hope I am wrong and I have been wrong before...A lot.
-
8:54 AM [desimo] knowing their mentality on we infidels, this is one reason why I try and take all the various information sources and compile a composite of the data to draw conclusions
I can see that you know nothing about their mentality..
There is no such word as "Infidels" in their vocabulary.
So get educated before you draw conclusions.
IMO.... Blessings
-
Bank Manager:" Ali made me do it ". JK
-
Example: 0.0001 dinar per dollar, now lets remove 2 zeros, now it becomes 0.01 per dollar and that would be a RV of 100Xcurrent value. I'm sure there will be people that will disagree with me on this, but I spoke to several bankers and this is how they explain it to me.
This example is a DV of the Dinar.
$1=.0001 IQD one Dollar buys one 10 thousandth of a Dinar
$1=.01 IQD one Dollar buys one hundredth of a Dinar
This says that now I can buy more Dinar with the same Dollar
Then the Dinar is now cheaper to buy.
If you switch the currencies in this example then it becomes a RV.
-
في سياق آخر، قال مستشار محافظ البنك المركزي العراقي إن "مشروع إلغاء بعض الأصفار من الدينار العراقي، يعتبر من أولويات البنك المركزي العراقي، من أجل إصلاح العملة وتنظيمها". In another context, "said Advisor to the Governor Central Bank of Iraq that" the proposal to cancel some of the zeros of the Iraqi dinar, is one of the priorities of the Central Bank of Iraq, to reform the currency and organizing it. "
وأوضح صالح أن "الحروب الماضية التي خاضها العراق، تسببت بارتفاع وتضخم في الكتلة النقدية من 25 مليار دينار في عام 1980 إلى 23 ترليون دينار حاليا"، مؤكداً أن "البنك المركزي العراقي يسير في اتجاه محو أصفار العملة بشكل هادئ، لتلافي حصول مشاكل مستقبلا". Saleh pointed out that "past wars fought by Iraq, has caused the rise and inflation in the money supply of 25 billion dinars in 1980 to 23 trillion dinars now," asserting that "the Central Bank of Iraq moving in the direction of literacy zeros currency quietly, to avoid problems for the future" .
It says that they are going in the direction of erasing the zeros from the dinar in a quiet manner so as not to have problems in the future.
which leads me to think that they would phase out the large currency by taking it out of circulation as it is being turned in to the banks.
That also means that they must issue more smaller denominations for everyday use.
IMO...To avoid a backlash I think that they would RV at a lower rate and allow a period of 3 months to exchange the large denominations.
Does that make sense?? I hope so!!
P.S. In the first paragraph it says cancel some of the zeros, and the second paragraph says cancel the currencies zeros??
-
Bank of Texas in Houston, TX , main branch is at 1401 McKinney
They said that they will sell and buy Dinars at all their branches
They have a minimum of 250K and a max of 500k per visit.
A friend bought 250k Dinars for $275.00 they said 10 days
but the called him after 2 days to pick it up.
My friend's cousin in Oklahoma, bought some at Bank of Oklahoma, Tulsa
-
1
-
-
RTucker Sonny1 was replying to LittleMissGritts comment below.
6:47 PM [LittleMissGrits] sonny1 ... what is your take on the banks supposedly being on alert for rate change?
So he said: 6:48 PM [sonny1] LittleMissGrits i was told the same thing by the 5-3 in chicago area
That is it.
Blessings
-
About a week ago Viet Nam revalued the DONG at a lower rate for the third time
It was around 17000 Dongs to a Dollar, now it is around 19500 Dongs to
a Dollar. The Dong is cheaper to buy now. Viet Nam is keeping the Dong low
so as to stimulate their economy.
I used Wells Fargo Bank online currency service to buy Dongs and Wons.
$202.00 = 3.1 million Dongs
$200.00 = 214000 WONs
shipping and handling = $12.00
I received circulated notes via FedEx within 10 days.
Hope this helps.
-
the date in the upper left corner shows 2/12/09 in Arabic calender.
In Arabic the date is written as DD/MM/YYYY. so I am not sure if this is
an old article or new.
Watch the date tomorrow, if it changes to 03/12/2009 then it is the
correct date, but if it shows the same date 2/12/09 then it could be
an old article from Feb/09.
Just my 2 Fils.
-
That hurts....My Dong just went down prematurely.
I hate it when that happens.
-
Sorry to disappoint you folks. The exchange rate in this article was translated wrong.
What they were talking about was the payment rates for projects in Babel, if the amount is less than a Billion Dinars then a simple majority is need to approve the payment if more than a Billion then a bigger majority of council votes is needed.
Has nothing to do with the Dinar exchange rate.
Dinar News To all Am Chat People from This Morning
in Iraq & Dinar Related News
Posted
John: you are correct, if the exchange rate is 1 IQD= .862 USD,
then 1000,000 IQD = $ 862,000 USD.
but
If they drop 3 zeros from the currency then 1000 IQD = $.862 USD
which means that 1000,000 IQD = $862 USD and that is the
current rate before an RV.