FishmanTx

Yup, Diyarbakır is in Turkey

Correct. If they did either of the first 2 scenarios, you could not leave the rate as-is when you are going to RD with a new currency anyway. Therefore, no matter which choice they make, an RV is required. Of course, there is a 4th option and that is to do nothing and let the currency float uninhibited and let the markets dictate the rate. That's not going to happen. The CBI and MoF have already said they will "fix" the rate, limited float may come later once the dust has settled. The burning question in all our minds is; "What will they do about the 3 zero notes". Therein lies the key!

Well, just to give an idea about having Dinars in the bank, here's a hypothetical (so DON'T nit-pick the numbers!) of the main 3 monetary change scenarios.... Fish

GO GET 'EM !!!!

The biggest problem with any bureaucracy is the inherent unwillingness to stop spending. Why is it that any "cutting" always has to do with entitlement programs? I ge tired of hearing everyone in the gub't and media bitchin' about kids going without education and seniors starving to death, etc. That is all the biggest pile of horse **** I've ever heard! Try starting with Senate and Congressional PAYCHECKS FIRST! Then lets look at their office budgets and perks. Touch nothing that has to do with SSI, education, kids, the elderly and disabled, or veterans. ALL ELSE IS A TARGET. Why do we provide money to foreign countries when can't take care of our own house? NO aid for Greece or any other country til we get our own house in order!!!

LOL... yep they agree.... LOP is bad. Go Rv

Boy, your a Gloomy Gus..... They'll have to create a mode of exchange for all expat currency to be changed or allow it to continue as legal tender for a while. If they don't there are going to be a LOT of companies and individuals that will be highly P*ssed Off. This means sometime between TODAY and middle of next year. So keep yer shirt on....... Sorry, it could mean that but a lot of countries transpose the day and month in the date. Can't think American, gotta think like them. LOL!

Thanks Quad! That's the one I wanted to find but overlooked it I guess. Lotta distractions from important things here at work LOL ! Whoops! Nope, weren't it. That's still only up to Dec 2010. Still has lots of good extra info though.....

Agreed. No one would be happy with that, though it does give the GOI an "easy out". If the would just RV, they could pay off their debt easily as well as cash us all out. But...c'est la vie I'm actually surprised no one else has found this until BlondeMinx posted that IAMB press release. These are non-disputable numbers for sure..... P.S. If you notice, it looks as if they've overdrawn the account a bit here and there . Notice the treasury bill purchases too.

IAMB Audit Report of the DFI as of Dec 2010 Some interseting info!

That's an expensive bandaid!! LOL I doubt it, I still think they're full of $h%t.

I couldn't see the need for it in bank to bank transfers either. What happened to the brand new electronic system they just put in? As Shabs ALMOST said in the USCOC video... propaganda. Smoke and misdirection. Information like this and others could be used as propaganda to slow dinar sales and keep everyone guessing. Who knows what they're really going to do. It's going to be complex, but you can bet it'll be geared towards their own self-interest. These guys have tried for years to get out of their debt, to get everyone to just "write it off" (that was a quote!). I'm not trying to start the "old debate" again as to which way they're going to go, but I will say this... When dealing in propaganda, one would think that the one thing they try to deny or hide the hardest is what is really going to happen. JMHO

It may be also that Iraq is just being "stingy" and wants to crawfish out of what they owe. With a straight RV they could pay everyone off immediatly (now THAT would reduce the amount currency in country LOL) but that's not likely to happen (but it could).

Old article. Feb 2010

I suspect that "somebody" doesn't want to have to pay up to those who bought in, not unexpected. Remember Shabs' flub using the word "propa(ganda)....." during a certain video. They'll continue talking smack until the time comes for a real move. Whatever it is.....

Let them know in no uncertain terms that the more they attack, the longer we'll stay (to kill them). When there has been absolute peace for a year then maybe we'll leave.

We all know that Iran pulls al-Sadr's strings. They make claims because Mailiki is working and partnering with the US and Iran can't stand that. But honestly, I don't trust either one.

They want a Muslim govt, not Islamic, and he gets to be the First Mullah (or is that Ayatolla?)! Maybe he'll come down with a case of lead poisoning..... Ya never know!

There are several methods they could use though none fits best with the timeline. As for existing notes, in-country, they will have to be removed through attrition or forced exchange in the banks and the market places. A good chunk of it will be when foreign governments, companies, and individuals cash-in their holdings. A lot of larger notes are out of the country. This may be what was meant when someone said "The people wouldn't have time to change..". A bit of a cryptic remark, considering what has to be done. It can't all be done in one shot so there will probably be some "confusion". If they mean new currency, that makes more sense. Possibly meaning the people won't have time to change old currency for new or large notes for small. As rates and prices will be done practically overnight, a new currency will have to follow much later because it will take a long time to print it up and be ready for distribution. Considering the perceived sense of "urgency", they wouldn't have time unless that has already been done, but I don't think so. Not from what's been said so far. Take a look at the old posts that gave the dates of the printing orders of the original post-saddam currency (they were discussing which notes were actually printed) then look at when distribution began. That should tell you how long it may take for a new currency to be ready. There was also the mention of the "$100" note in a couple of articles. This could be a 100 IQD note that equals 100 USD (post rate change) for "easing large cash transactions". Pre-revaluation it wouldn't make any sense, nor would it make sense to create a larger note of the old currency that would equal $100 at current rates. Things to Remember : 1. Shabs himself said in the video of the conference that their currency should equal or exceed the USD and they wanted to get back to the pre-war value. 2. These are a very proud people and a bit culturally arrogant. Everything they do will be based on what is feasible and in-line with their intent for the country (see #1). Motives! 3. All the Paris Club countries as well as the IMF and several other groups, have ENGINEERED AND ARE OVERSEEING all the changes (feasibility - see #2). Why would they forgive all this debt if they weren't going to make money off the changes somehow, whether in oil or "investment". Nothing is free! 4. In the USA's current condition, do you think the Fed would let all that potential tax revenue get away? NOT ON YOUR LIFE! "I'm just trying to illuminate the terrain we currently find ourselves deployed in. Are you on my frequency???" Dale Dye - Casualties Of War The situation as I see it.... Also..... 5. See #4: Remember OUR MOTIVES for helping. A foothold in the ME, right smack in the middle of everything. ...and Oil. If they "crawfish" on their agreements, we'll own them. The new currency after the change is required to be in compliance with the Erbil Agreements. The Kurdish language MUST be on the currency as well as Arabic. this will happen after all the dust has settled from the "change".

DITTO ON THAT! Someone is actually thinking! BRAVO! (I posted this in another topic also and seems relevant here as well) The one thing a lot of people are missing on, is what has already been said and the sequence of things to come. I'm beginning to think some here are either blind or in denial. They definitely don't seem to be reading all the material. These things we know from all the articles over the last few weeks, listed in the sequence as indicated by the CBI, and their reps like Shabibi and Saleh, etc. This is a multi-phase process according to Saleh and Shabs: 1. Lower denominations to be released into circulation. 2. "raising the zeroes" As indicated by the sequence and data is to be the removal of "3 zero notes" from circulation. Why? because Saleh and a couple of other reps have said this would happen BEFORE Issuing a new currency. (see quote below). 3. Revaluation (also part of "removing the zeroes? we'll see). Probably a low number to begin with and stepped upwards over time (IMO). hopefully they'll just "remove the zeroes"! 4. Redenomination. New currency to be issued with the Kurdish and Arabic on them. QUOTE: "The project of deleting zeroes is complete. It will be submitted to the central bank’s administration in the next session. Then, it will be passed to the ministerial council before presenting it to the Parliament for vote. The mechanisms of changing the currency will be gradual. It will be preceded by awareness campaigns for citizens”, the adviser of Iraqi Central Bank governor said. “The new currency will be printed after deleting the zeroes and will include the Kurdish language in addition to the Arabic language. It will bear as well photos of Iraq’s civilizations and patrimony in addition to symbols of Iraqi intellectuals and figures”, Saleh noted." Quote: "Salih stressed that “the project to delete the zeros have been completed and will be presented to the management of the Central Bank of Iraq during its next meeting, and then will be submitted to the Council of Ministers to be presented to the House of Representatives for a vote,” pointing out that “the mechanisms of switching and changing the currency would gradually be preceded by awareness campaigns to citizens.” He added that the benefit of “the new currency that will be printed after the deletion of zeros will contain the Kurdish language in addition to Arabic, as well as some pictures that refer to the heritage and civilization of Iraq and symbols of Iraqi scientists and intellectuals.” Not just IMHO, this is straight from one of the architects of the process. This quote came from only one of 3 different sources who said the same thing. So the issue of the "3 zeroes" is a closed point as to their intention as far as I'm concerned. NO straight LOP, NO straight RV, NO straight RD. There are too many factors involved for absolutes and some of the "uneducated" continue posting pages of "absolutes" without end. Unfortunately for them, the answer is "D - all of the above!" Oh Well.....

On that point, I understand, but that's not what's going to happen The one thing most are missing on, is what has already been said and the sequence of things to come. I'm beginning to think some here are either blind or in denial. They definitely don't seem to be reading all the material. These things we know from all the articles over the last few weeks, listed in the sequence as indicated by the CBI, and their reps like Shabibi and Saleh, etc. This is a multi-phase process according to Saleh and Shabs: 1. Lower denominations to be released into circulation. 2. "raising the zeroes" As indicated by the sequence and data is to be the removal of "3 zero notes" from circulation. Why? because Saleh and a couple of other reps have said this would happen BEFORE Issuing a new currency. (see quote below). 3. Revaluation (also part of "removing the zeroes? we'll see). Probably a low number to begin with and stepped upwards over time. 4. Redenomination. New currency to be issued with the Kurdish and Arabic on them. QUOTE: "The project of deleting zeroes is complete. It will be submitted to the central bank’s administration in the next session. Then, it will be passed to the ministerial council before presenting it to the Parliament for vote. The mechanisms of changing the currency will be gradual. It will be preceded by awareness campaigns for citizens”, the adviser of Iraqi Central Bank governor said. “The new currency will be printed after deleting the zeroes and will include the Kurdish language in addition to the Arabic language. It will bear as well photos of Iraq’s civilizations and patrimony in addition to symbols of Iraqi intellectuals and figures”, Saleh noted." Quote: "Salih stressed that “the project to delete the zeros have been completed and will be presented to the management of the Central Bank of Iraq during its next meeting, and then will be submitted to the Council of Ministers to be presented to the House of Representatives for a vote,” pointing out that “the mechanisms of switching and changing the currency would gradually be preceded by awareness campaigns to citizens.” He added that the benefit of “the new currency that will be printed after the deletion of zeros will contain the Kurdish language in addition to Arabic, as well as some pictures that refer to the heritage and civilization of Iraq and symbols of Iraqi scientists and intellectuals.” Not just IMHO, this is straight from one of the architects of the process. This quote came from only one of 3 different sources who said the same thing. So the issue of the "3 zeroes" is a closed point as to their intention as far as I'm concerned.

Smart card use and the fact that the large bills will be removed from circulation by attrition and by our cashing in. When we exchange, that Dinar is not replaced like it is in country, it's a foreign exchange. All the govt, corporate, and individuals notes are exchanged for the appropriate foreign currency. Remember the "blurb" about increasing foreign currency holdings in one or two reports, also the DFI? When we exchange, that foreign currency is used to bring all that dinar back home to the vault, thereby reducing the amount in circulation by a significant number. I'm sure there are many more ways to reduce it further. This is why oil money (which is dollars) will be used to fund the exchange (as well as the DFI, etc...).

Yeah, but they don't HAVE to put all of it into circulation. They stockpile the larger notes, out of circulation, and there you have a reduction of available dinars. Just because they printed 27T IQD doesn't mean they have to circulate them and inflation is based on AVAILABLE currency. Less available notes equals a STRONGER currency. This why our economy sucks, remember? As the Fed keeps printing the notes and USING THEM the value of the dollar goes DOWN. Basic economics. Ya'll leave a LOT of factors out of your logic.

As for pumpers info, don't let my post numbers lull you into thinking newbie. Been in this gig since literally "Day 2" at the street changers in Baghdad and I'm a Forex and commodities trader as well. But I'm one of the original hard-line skeptics. But some of these pumpers are more right than they think, and some are WAY out in left field! I think you would be surprised at what goes on behind the scenes. A lot of it is not a matter of what Iraq wants or needs but what they are allowed to do to gain certain concessions and status. I think Marcus Curtis is closest to right than any speculator. "And that's all I have to say about that." Forrest Gump

An oversight maybe..... Actually, that is incorrect. The exchange rate will need to be adjusted to 1:1 for that to be true, the rate change would be critical. Otherwise you would still be stuck with a $25 toaster costing 25k IQD (at the 1000:1 IQD/USD rate on an imported toaster) and you would pay for it in 1000 25 IQD notes.