Carmine

Here's another from 6 Feb '10: Iraq Planning Currency Redenomination Iraqi dinars are stacked at a teller's window in a Najaf bank. February 06, 2010 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 Both will be legal tender in Iraq until the old notes are completely withdrawn.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. ... and 14 Sep 10 Central Bank Wants to Drop Zeros from Iraqi Dinar? Posted on 14 September 2010. Tags: forex, iraqi dinar Various websites are quoting the Governor of Iraq’s Central Bank, Mohammed Salih, as saying the he wants to delete three zeros from the Iraqi currency after the formation of the new Iraqi government. In a reported interview with “Alsumaria News”, he said the amount of Iraqi dinars in circulation has increased from 25 billion in 1980 to 27 trillion now, and this has “led to confusion in transactions for large commercial banks”. Saleh added that “the Bank is fully prepared to delete the zeros from the Iraqi currency once the new Iraqi government is formed … the deletion of zeros is a national issue and may need special legislation”. Saleh pointed out that “the Bank was able to reduce the level of inflation to 3%, which reflects the success of Iraqi policy”. The reports also quote a ‘Jamil Antoine’ as saying, “Iraq is not ready for the time being to delete the zeros from the Iraqi currency … the deletion of zeros needed to stabilize the security and political, as well as economic stability … the Central Bank by seeking the deletion of zeros from the Iraqi dinar is intending to give moral force, not physical strength of the dinar … the deletion of zeros needed to create and cultural awareness for the Iraqi people and the Iraqi market.” IBN has so far been unable to verify these reports

Chief V, I have argued this point before on this forum. The South Korean Won has been around for decades and have gone up and down incrementally against the dollar during that time. The Won is equivalent in value to the Iraqi Dinar, and there is a 50,000 Won note but the government of South Korea has not felt the need to redenominate their currency. I have not found a compelling argument for redenomination of the Iraqi Dinar either.

Because.......

I'm not sure that the bills in circulation are not feasible. The Korean Won is almost equivalent in value to the Iraqi Dinar and the Won has been in circulation for decades. In fact, there is a 50,000 Won note.

My sentiments exactly! Thanks Eddinar.

Please! The owners of this site has the right to remove any post that they feel are inappropriate.... including this post! This is the World Wide Web. I presume that we are all adults and can exercise a bit of decorum and self control. If you want to post your musings with wanton disregard, create you own website/blog; because, even Facebook and My Space have restrictions regarding what is appropriate. My two cents/20 Dinar...

This is not 'the' Forex website. Notice 'forex.trading.....' the official 'Forex' (FXCM) website is www.forex.com and the IQD is not in any of their trading pairs.

$25B times 1,000 equals $25Trillion. Hence the article's notion....

If his real name is Roger, he'll be running the Salt Lake City operation.

I This sounds like he is infering LOP...

Thanks for the update. The latest I could find was in August still showing that they owed that $22Bil. http://www.tradearabia.com/news/eco_184648.html

True. A lot of it has been forgiven but they still owe Kuwait and Saudi Arabia about $200 billion... most of it to Kuwait; and Kuwait wants to get paid!

FXCM - Vladimir L: which forex trading chart are you referring to? Michelle: and this morning went down FXCM - Vladimir L: can you send me the link? Michelle: yes Michelle: http://forex.trading...&per=1m⊂=Save Michelle: I have not started to trade in my money yet FXCM - Vladimir L: thats fine give me a moment to take a look at the website please Michelle: ok FXCM - Vladimir L: Michelle , just so you know this is not an FXCM website Same chart.... we've been duped..

The language is the currency has to be 'tradeable' not 'revalue' 30 days prior.

FXCM - Vladimir L: which forex trading chart are you referring to? Michelle: and this morning went down FXCM - Vladimir L: can you send me the link? Michelle: yes Michelle: http://forex.trading...&per=1m⊂=Save Michelle: I have not started to trade in my money yet FXCM - Vladimir L: thats fine give me a moment to take a look at the website please Michelle: ok FXCM - Vladimir L: Michelle , just so you know this is not an FXCM website I think we've been hoodwinked...