Mr. Cool

I see it like this....they are going to RV but at a very low rate (plz don’t flame me on this its just IMHO) at the same time start releasing high and low denominations. Say at a rate of .0086 to start, this turns my 25k note that’s worth about $25 bucks (speaking as an Iraqi…) into say a little over $200. Now to do this I'm going to head to my local Iraqi bank and turn them in, as I’m just a normal hard working Iraqi, and feel blessed that the government has done me well and my measly little $25 is now more then $200. Hell I’m not rich but I can buy more, and that’s what was promised. Now I walk out of the bank with 200 brand new low denomination Dinar or 2 new 100’s. Now as for speaking as the government, I have raised the currency value, as required by my obligations (no one said by how much) and I have started to remove all the triple 0 notes, thus curbing inflation and making trade easier for the masses. As time continues the Dinar begins to increase as the economy grows, step by step, they eventually make it to the pre saddam rates of lets say $3. Back to us the investors, we all see the new rate , know that the lower bills are out there but decide to take the .0086, and turn our investments in for a 1000% increase (forgive the math, plz its just an example), some will stay in turning their bills in for new bills others will get out and say “well I made something” This is just my opinion, and not what I would hope for but I see this as a very real scenario.

Its just my take but why talk about introducing high and low denomination bills unless your adding value to the entire structure? IMHO they low ball an RV now, with the release of high and low denoms, then over the next few years start pulling the 000 bills out of circulation. I think this would allow for a "time release" RV and allowing the rates to return to pre saddam prices???

Hi Guys, Been a while since i have posted but just came across this article, after doing some research. I think its written a little better as to what the CBI has said, and if i'm not mistaken it shows a better outcome???? BAGHDAD -- A senior Iraqi Central Bank adviser says the government has adopted a two-pronged plan to restructure the national currency in order to facilitate large transactions and make government accounts more efficient, RFE/RL's Radio Free Iraq (RFI) reports. Mudhhir Muhammad Salih, a member of the bank's advisory panel, told RFI on June 23 that in the short term, larger banknote denominations of the dinar will be issued to simplify major transactions. He said that because so many Iraqis still deal mainly in cash, it is cumbersome to carry bags full of money to pay for expensive items like cars. The inconvenience leads people making such purchases -- as well as many entrepreneurs -- to use dollars for those kinds of transactions instead of dinars, something the government wants to end. He added that large denominations equivalent to around $100 will be issued to simplify major purchases, and new coins and lower denominations will be introduced for smaller transactions. In the longer term, Saleh said a redenomination is needed wherein three zeros will be dropped so that the 25,000 Iraqi-dinar banknote -- currently the largest denomination -- becomes a 25-dinar note. He said the change is inevitable, considering the economy is expecting high growth in the coming years with a planned increase in oil production to finance reconstruction projects. Saleh said there are currently some 29 trillion dinars in circulation in Iraq, represented by some 6 trillion banknotes of various denominations, most of them quite small. He said this also causes complications for the central bank and government, as well as commercial accounting departments. Saleh said the monetary-restructuring plan was drawn up with the help of foreign experts and financial institutions, including the International Monetary Fund (IMF), of which Iraq has been a member since 1945. The plan will soon be presented to the cabinet, which is expected to subsequently send a bill to parliament. Saleh noted that until 1980 the Iraqi dinar exchange rate was 1 dinar/$3.3 compared to $1/1,168 dinars now due to hyperinflation that occurred during the latter part of the late ousted leader Saddam Hussein's reign. http://www.rferl.org/content/iraq_said_planning_currency_overhaul_redenomination/24245867.html

This just in from my mom who is a branch manager for Colorado State Bank and Trust. They as of March 1st are no longer buying or selling Dinar. No reasons where given just a memo from the corporate office. This really sucks as they have been very Dinar friendly in the past. I will update if I learn anything more. Oh this bank also operates as Oklahoma bank and trust. (ps my mom has her own ideas as to why, they are stopping but I leave that for the rumor section

I'm going out on a limb here but the "FLAW" to the story is that it WORKED. The "Stimulus" performed flawlessly. Funds that were not earned were loaned, (without the owners approval of course) but that’s besides the point. The Funds were used to pay debts to others that in turn repaid other debts. In the end all outstanding debts had been paid in full for services rendered and the original lender was paid in full. Hence the circle became debt free. If each debt was a single line item on a debt sheet each debt would show as being paid in full. The true Flaw to the story is that it worked. As for stimulus, the funds that were not earned paid all of debts; additional earnings by each individual that would have been needed to pay the original debts can now become available for the purchase of more services. This of course is a perfect example and is in no way realistic in our economy, hence the flaw.

Best Thread Ever!! Just remember.............. "Han Shot First!!!!!!"

YES YES I know what it says now but look at the history chart . The graph on the lower right. asd.bmp

Hey everybody, I usually check this converter as it is constantly updating. When I checked today it shows the typical history data, but today the 90 day history shows the Dinar going to 0 against the dollar which would be 1 to 1 correct. Nothing is holding this amount. Are they pinging the systems?? What's your take?? <a href="http://www.exchangerates.org.uk/Dollars-to-Iraqi-Dinar-currency-conversion-page.html">Dollars'>http://www.exchangerates.org.uk/Dollars-to-Iraqi-Dinar-currency-conversion-page.html">Dollars to Iraqi Dinar</a> http://www.exchangerates.org.uk/Dollars-to-Iraqi-Dinar-currency-conversion-page.html

How where you able to confirm this rate? Just got off the phone with a banker and everything in thier system is stil showing the original rate...

Well Said xxxgator, Thank you. Or as my mom would say “why should Corporate lift their finger to do anything when they have us to do it for them”. Also, as explained to me that this type of transaction is more of a service then a “big eye in the sky watched transaction”, and branches have a better idea of their monthly exchanges.

Hey Everyone, just some info I got last night, from my local bank that I do all of my "Dianr Shopping" . The bank manager whom now holds dinar as well, told me they received an email from thier HQ stating "that due to demand the normal 2-3 day turnaround would be 7-10 days on all Dinar purchase transactions". The email goes on to ask each branch for "an estimated amount sold to clients in the last 12 months". It also stated that they (HQ) needed this info "by the end of this week". The bank in question is Colorado State Bank and Trust they are also Oklahoma Bank and Trust. Granted they are not your Wells Fargo, but they have been around for over a 100 years, nice to see a small bank taking notice of our investment. I also trust the info as the Bank Manager is a family friend and my sons Godmother, I also verified this info with the Assistant Branch Manager, whom is my Mother. So sources trusted, use as you wish.. .

Thanks Hyper2001! A $30K car for 10K IQD? or did you mean 100K IQD? Either way I would be down for throwing on a flak jacket if I could find a 60's era Porsche for under a million IQD!! Know any good car lots in Iraq?? lol Going back to the smart card post...I can now see why a card with only 250 IQD is a slap in the face to the Iraqi people in need!!

I have always wondered what true costs are in Iraq. For example what does a loaf of bread cost.... today..in Iraq???? Anybody have an answer?

Hey does anyone have any info of the Dinar Coins? I thought that they were not in circulation as per the CBI, but I just picked some up from ebay a 25, 50 , and a 100. I figured why not and thought it would be fun to have a few. They are listed as Uncirc. New Dinar. Are they being used, kinda pointless if they are right now...right?

My google math says this is a rate of .00084

I agree, and after some further reading of post saround the board. IMO this is good, unless your trying to buy more of course. With no new cash coming out of the CBI auctions, only electronic funds,the supply will dry up soon. Even with the assumed stock pile the federal reserve has, over time and with enough pushing their surplus will dry up as well. Belive me the FED is oK with this as once we go to cash in they make even more money i.e. taxes, oil agreements ect. So hard currency sitting in the federal reserve dosent do them any good, dont be supprised if they dont do something else to make one last big run on there surplus, like a fire sale.

Just FYI, my bank pulles theirs form the Federal Reserve, and I've been waiting for over a week now with no new information. It usually only takes 24-48hrs once I order it. Dont know what it means but ...for what its worth.

prosperityclub I agree as well. IMO the amount of capital it would take to buy back the huge amount of Dinars coming in to one company that they have sold over the years, is mind blowing. Claims of instant wire transfers and walking out with documentation is one thing, those same transfers can disappear just as fast. I always look for the angle. It almost reminds me of the story about a small village and monkeys. Just change monkeys for Dinar. One fine day a wise man makes a sudden appearance at a village with an offer to buy monkeys for 10 bucks apiece. Since there are many monkeys around, the villagers start catching them from the nearby forest. The wise man buys the monkeys in thousands at 10 bucks each as promised. Since the monkeys have dwindled considerably by now, the villagers stop catching them. The wise man doubles his offer and pretty soon the villagers are chasing after the remaining monkeys. Soon monkeys are so rare that the villagers go back to their farms. The wise man buys the next batch of monkeys in hundreds for the 20 bucks as promised and makes a new offer of 25 bucks per monkey but free monkeys have become almost extinct in these parts by now. Still he manages to buy a dozen or so monkeys at 25. Now the wise man raises his offer to 50 ! The villagers try really hard but monkeys are nowhere to be found. Since he has to travel to the city to attend to an urgent business matter, the wise man authorizes a deputy to buy the monkeys on his behalf. In his absence, the deputy shows the villagers the huge cages holding all the monkeys that have been caught and bought till date. “Dear villagers, these are the monkeys that my boss has collected. I will give them to you at 35 apiece. By the time my boss returns, each monkey would be at least worth 70 bucks a piece; you can sell them back to my boss at a profit and double your money !” The villagers cough up all their hard earned money down to the last penny and buy back all the monkeys at 35. Then the deputy vanishes without a trace; the wise man is never heard of again in those parts. The villagers are poorer than ever but the nearby forests are rich with monkeys again ! But he keeps the monkeys IMO...........Always look for the angle!!

The bank is Colorado State Bank and Trust. They have branches in Colorado and Oklahoma, but the OK offices are under a different name I will see if i can find the info. Oh and it was their Boulder Branch

Just FYI I have confirmed again with the bank manager that no outside verification will be necessary. I will need to complete the transaction with the manager or assistant manager, not a teller. Their point is that they don’t need to send out the pound or euro when they are exchanging, currencies. I asked about onsite verification and they where fully aware of the security features on the notes..i.e. watermarks, metal strip, holograms ect. Also note that I have been purchasing all of my dinar from this bank and have receipts for all of my purchases. Its just me but sending your dinar out or going through someone other then a financial institution, gives me the willies.

I checked with by bank last week and posed some hypothetical "what if's" Do they need to verify the bills, send them out, or something. They said, NO they have been informed on what to look for, as with any currency. I would just need to have an account for the exchange and if I wanted cash it would take several days as they don’t have that much on hand, if however I wanted it credited to my account then it would be instant. The bank is Colorado State Bank and Trust.

To Steve and everyone, Thaks for the call!!

WOW my BAD!! Sorry Guys!!

Just ran across this, please dont shoot he messenger. http://www.iraq-businessnews.com/2010/10/17/alsumaria-tv-to-re-run-dinar-re-denomination-prog/ Bi tarikh Al Ghad” is a weekly political talk-show prepared and presented by Ahmad Hassan and directed by Yaseen Mohamad Amin. It retraces the latest major political developments taking place in Iraq and handles events from a leading-edge angle. “Bi tarikh al ghad” projects the consequences of newest developments on the political process and highlights their effect on the current situation. It analyzes as well the future impact of the present situation on Tomorrow’s political stands and provides insight on how Iraqis see their future. “Bi Tarikh Al Ghad” is a political talk-show aimed at uncovering the fate of Iraq. Given the generated by the episode on Iraqi Dinar re-denomination that aired on 8-10-2010, the episode will be rerun on Friday 22-10-2010. Iraq’s Central Bank set up a new strategic project in 2007 under the name of “Iraqi Currency revaluation” under the recommendation of the Supreme Economic Committee related to the Ministerial Council with the support of Iraq’s Finances Ministry. The project aims to re-denominate the national currency by removing zeros from the currency. The episode tackled the following issues: Is Iraq’s economy prepared for such a change? What is the effect of removing zeros from the currency? Will removing zeros from the currency cause fluctuations in the Iraqi market? Is the project aimed to improve Iraqi payments system? What is the effect of removing zeros on bonds market? How is the process of removing zeros progressing? Will removing zeros add up to the purchase value? What are the gains of such a project? These questions were addressed with the following guests: Iraq’s Central Bank advisor, Mazhar Mohammed; Economist, Basem Antoine; Economist, Majed Al Souri; Baghdad Investment Committee spokesman and economist, Thaer Al Fili [Thair Feely]; Industrial investor, Thabet Al Baldawi; Head of Iraqi Businessmen Union, Ragheb Rida; and a number of Citizens. Presented By: Ahmad Hassan -------------------------------------------------------------------------------- Directed By: Yaseen Mohamad Amin -------------------------------------------------------------------------------- Broadcast Time: Friday @ 21:55 -------------------------------------------------------------------------------- Rerun Time: Sunday @ 11:00

At a rate of $5 bucks, I would open a free amuzment park and all those who said I was a wack job for investing wouldn' t get invited!