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 Both will be legal tender in Iraq until the old notes are completely withdrawn.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...

True dat

GDP (official exchange rate): $14.26 trillion (2009 est.)Last year's GDP for the US, the world's largest econony by far, was $14.9 Trillion! https://www.cia.gov/library/publications/the-world-factbook/geos/us.html. Second, was Japan at $5 Trillion. And Iraq?... $66 Billion.

Does anyone know if that "one of Iraq's debt in full" refers to it's war reparations debt to Kuwait?

"Anyone who thinks that Iraq can introduce a currency, increase the supply of it to 26 Trillion (over 3 times more than the US dollar, 3 times more than the Euro) and use this currency for almost 5 years now… an then somehow magically increase the value 120,000%…" I believe the author's intent was not only to address the size of a country's GDP but to address the relationship to its money supply and the length of time the currency has been in use. I'm a 'newbie' here and know nothing about world currencies but I think we should look at both sides of the argument rationally. I think we all understand the concept of supply and demand so in the author's view, if there is an oversupply of IQDs with little demand for that currency as compared to others, there will be very little movement in the exchange rate. Furthermore, the value of a currency is also affected by the confidence that the market places on that currency. I think that it is instructive how varied exchange rates are in different economies around the world. For example, against the USD, the Chinese CNY is 6.77 and the Japanese Yen is 84.10 (World's 2nd and 3rd largest economies), the S. Korean Won is 1177.30 (equivalent to the IQD), the Columbian Peso is 1802.57, and the Indonesian Rupiahs is 8950.35... just an observation. I see this as a speculative investment and heed the mantra to invest only what I can afford to lose. With the losses I have taken over the years in the collapse of the stock market, the reduced value of my real estate, and lottery tickets... I figured why not? For at one point, though Enron and Worldcom were speculative, so were Google, Apple and Gold.

No worries. I ordered mine through Dinar Trade while overseas, got back in country Tuesday and Fed Ex delivered them yesterday. I will be using BB&T here locally to make the other transactions for diversification.

Thanks for the scoop. I think I'm on the way...

Thanks Alice. I finally got through to them.

Thanks, then I may not have to go up to Buckhead... Thanks for the tip. I'll check them out. No need to be surly. (I was going to Ms. Lowery and say you sent me... yeah right!) I'm overseas right now and just joined up so this is part of my research. Anyway, it seems my local BB&T may be able to help when I get back in town. I was able to call Dinar Trade directly and purchase some. Thanks again for your responses.... No need to respond further.

"Internet Explorer unable to ....." Anyway, I'm overseas but I called Dinar Trade directly and was able to place my order telephonically with a COD.... Sweet! Thanks for all the help. So, I presume that Ms. Lowery will also be familiar with the wire transfer process to Warka Bank... I may be out of time.. but just in case..

Thanks guys. I tried getting them online through Dinar Trade but I kept getting an error message. I will try 5/3 in Buckhead... Does BB&T also sell them? Thanks again