BlueJeanBaby

They can't do a revalue solely in country. If they revalue the dinar in any significant way other than the pennies in either direction we've observed on CBI's site, then it changes everywhere. It can't be worth X inside of Iraq, but worth Z everywhere else - not if the IQD makes it to FOREX as a viable currency for trade, and if they want to be a full member of the WTO. If they RV, it won't be just in country. GO RV !!!

If it's a straight RD, then no one gets any richer, because the VALUE of the currency DOES NOT CHANGE.

I would not be ecstatic if they redenominated their currency. You do realize that, if all they do is remove the big bills from circulation and replace them with smaller bills of the same value as the big bills (aka re-denomination) ... that the VALUE of the bill doesn't change, right? I'm only asking because I wouldn't be ecstatic if they did the redenom, unless it was accompanied with the RV ... which I think is what will happen. I think they'll do both. No other scenario makes any sense when you factor in what we've been seeing in the past few weeks/months. If ALL they do is redenom, their currency will still be worthless, the WTO won't give them full membership, and ZERO progress will be made towards Iraq rebuilding their infrastructure or getting foreign investors to help with that rebuilding effort. I can understand why the writer feels the way they do, but after reading everything about the huge strides the GOI has been taking towards Iraq becoming a sovereign nation in charge of their own destiny and future ... I really don't think it's wishful thinking that the RV has to happen. I've been through many dark times, and as poetic as this sounds, I find it to be true that it's always darkest before the dawn. When you want to give up ... THAT is when you have to gather your strength around you, and remain steadfast. I know that this is something I have no control over what so ever, other than my own thoughts and feelings about it, which will remain positive until it's a done deal. GO RV !! P.S. If you were to sell your dinar today, you probably wouldn't get all of your 12 gs' back. The buy back is always less than what you sold it for, minus their fee/spread, so you'd probably end up with most of it back.

http://www.pacoscantina.com/ I couldn't resist. The food's GREAT, though, and if you're ever in LA, have the carnitas.

Anytime!! Why are you still here!?! Aren't you supposed to be relaxing and taking your mind off this place? *pointing towards couch* GO !!!

Aww sweetie ... you don't need to go anywhere, except to the couch to put up your foot, rest your leg, have something soothing (pain killer? Beer? Tea?) and put in your favorite movie. Take your mind off this place for a while, and let it all fall away. THANK YOU for your sacrifice, and for your service. Hope to see you back. (if hugs from strangers are allowed) GO RV!!!

*thumpcrash* <~~~~ me falling out of my chair at the kind words and high praise from pureau. I really tried to be concise and clear in what I said, and to shed some light on a VERY complicated, twisted and convoluted situation that has numerous possible outcomes. to you and for your generosity, pureau, and give thanks. So, can I buy you a beer? GO RV !!!!

T H A N K Y O U!!!!!!!!

You mean for tax purposes? Like, you want to give someone some dinar, and you're concerned that they may have trouble cashing it in without proof for where they got it? P.S. Ohh, groovy Fed111. I was gonna google search it, but you rock!!!

You are justifiably confused about the difference between a redenomination, and a revalue. A ) If all they do is remove the big bills from circulation, and replace them with smaller denominations (also called lop, when the correct term is re-denominate. I like using the correct terminology so that there's less confusion and more clarity. I'm real big on clarity) ... if they just take away the big bills, the VALUE of the money is the same. A 25,000 dinar note is still only worth a nickel (or whatever it's worth right now. Let's use a nickel for argument's sake.) However, if they take the big bills from circulation and replace them with smaller bills, it makes life for your average Iraqi citizen much easier because they don't have to carry around this ridiculous pile of cash in order to buy some milk ... you know what I mean? So, that's what happens when they do a redomination. APPEARANCE of the bill changes - VALUE of said bill does not change. If they change the VALUE of the bill and make it worth more, that's a revaluation and it's what we all want. If all Iraq does is redenominate, the value of their money is still worth very little. It will be more convenient, yes, but it doesn't improve things in a concrete, major way that changes things for the better. IMHO, I can't see a redenomination without a revaluation, because right now what Iraq needs most is investors, who will come to Iraq and help them rebuild their country - housing, schools, buildings, roads, water and gas pipelines, power plants ... all of these things cost money, and if they revalue their currency to the potential that the country has, they would be taken seriously as a major player for trade and other economic gains. B ) If I have Iraqi dinar in a bank account in Iraq before a redenomination, the VALUE of the tender in that account WILL NOT CHANGE just because they redenominate. I deposited 500K of bills into the account, and that 500k will STILL BE WORTH 500k ... it's just that when I go there to get some cash (let's say that I want 100 dinar for argument's sake), they'll give me a 4 25 dinar notes instead of 4 25,000 dinar notes, because the VALUE of the bills hasn't changed, The ONLY thing that changes with a redenom is the APPEARANCE of the bill - NOT how much it's worth. C) If you were a citizen of Iraq, then yes, you would turn in your large denomination and they would replace it with smaller bills OF THE SAME VALUE. The 25000 note would STILL be worth 25 dinar (or whatever it's worth right now.) What you would end up with is either 5 dinar to equal the 25, or a two 10's and a 5, or a 20 and a 5 ... what a redomination does is make it easier to carry your cash around. The appearance of the bill changes, but not what you can buy with the bill. HOWEVER, as with all other foreign currency, it is not meant to be spent as legal money outside of the country of origin. If you have Swiss francs and you want to buy some milk in the US, you have to change your francs in for dollars. If you have a British pound and you're at the gas station in Bali, Indonesia, you need some Rupias in order to get gas there. So it is with the Iraqi dinar - you can't spend it outside of Iraq, which is why foreign exchange places exist. They take one currency and exchange it for another, based on the current rate of exchange (minus a small fee, or spread, paid to the exchange place.) When the RV takes place, you'll end up with US dollars - not just more smaller dinar. You have no need of smaller dinar notes because you don't live in Iraq, so just hold onto what you have for now, and when they revalue it, turn them in for US Again, this is just my opinion. My best advice is to read and take in as much information as you can before you have a major brain cramp - and then see what makes the most sense to you, and base your opinion on that. Based on what I've read, this is what I think will happen. As it happens, it's also what I HOPE happens. GO RV !!! [NOTE: In an effort at transparency, I posted this information in another thread and copied/pasted it in here.]

If I may offer this ... Seabee, if you were a citizen of Iraq, then yes, you would turn in your large denomination and they would replace it with smaller bills OF THE SAME VALUE. The 25000 note would STILL be worth 25 dinar (or whatever it's worth right now.) What you would end up with is either 5 dinar to equal the 25, or a two 10's and a 5, or a 20 and a 5 ... what a redomination does is make it easier to carry your cash around. The appearance of the bill changes, but not what you can buy with the bill. HOWEVER, as with all other foreign currency, it is not meant to be spent as legal money outside of the country of origin. If you have Swiss francs and you want to buy some milk in the US, you have to change your francs in for dollars. If you have a British pound and you're at the gas station in Bali, Indonesia, you need some Rupias in order to get gas there. So it is with the Iraqi dinar - you can't spend it outside of Iraq, which is why foreign exchange places exist. They take one currency and exchange it for another, based on the current rate of exchange (minus a small fee, or spread, paid to the exchange place.) When the RV takes place, you'll end up with US dollars - not just more smaller dinar. You have no need of smaller dinar notes because you don't live in Iraq, so just hold onto what you have for now, and when they revalue it, turn them in for USD. GO RV !!!!!

You're not stupid, hon. This is unchartered territory for a lot of us, and everyone has to start at the beginning when they learn something new. The issue at hand for a lot of us is whether the VALUE of the dinar will change, or not. If all they do is remove the big bills from circulation, and replace them with smaller denominations (also called lop, when the correct term is re-denominate. I like using the correct terminology so that there's less confusion and more clarity. I'm real big on clarity) ... if they just take away the big bills, the VALUE of the money is the same. A 25,000 dinar note is still only worth a nickel (or whatever it's worth right now. Let's use a nickel for argument's sake.) However, if they take the big bills from circulation and replace them with smaller bills, it makes life for your average Iraqi citizen much easier because they don't have to carry around this ridiculous pile of cash in order to buy some milk ... you know what I mean? So, that's what happens when they do a redomination. APPEARANCE of the bill changes - VALUE of said bill does not change. If they change the VALUE of the bill and make it worth more, that's a revaluation and it's what we all want. If all Iraq does is redenominate, the value of their money is still worth very little. It will be more convenient, yes, but it doesn't improve things in a concrete, major way that changes things for the better. IMHO, I can't see a redenomination without a revaluation, because right now what Iraq needs most is investors, who will come to Iraq and help them rebuild their country - housing, schools, buildings, roads, water and gas pipelines, power plants ... all of these things cost money, and if they revalue their currency to the potential that the country has, they would be taken seriously as a major player for trade and other economic gains. Again, this is just my opinion. My best advice is to read and take in as much information as you can before you have a major brain cramp - and then see what makes the most sense to you, and base your opinion on that. Based on what I've read, this is what I think will happen. As it happens, it's also what I HOPE happens. GO RV !!!

Getting out my calculator ... 2 5 0 0 0 times 3 . 6 2 ... equals $90,500. That's what the 25k note will be worth at $3.62 USD. Of course, depending on how long you've had the note, you'll have to pay capital gains taxes on it, plus whatever the spread charged by your currency exchange place/bank or wherever you go to cash it in and exchange it for USD. Not a bad trade, eh? (and I'm not even Canadian. ) GO RV!!!

But Eagle ... why should an Iraqi citizen be forced to carry around 50 pieces of paper in order to have 5.00 worth of currency? THAT is why they are redenominating, and why they need small denoms. That reason, and because they're getting ready to revalue. What other scenario makes any sense? Granted, this IS the middle east we're dealing with, but this country is taking H U G E strides towards becoming a major player on the world market for trade, investments and other infrastructure development, and that will not happen unless they RV. Forcing a person to carry around that many bills is ridiculous, and I think they're finally coming around to that fact. So, I think it'll be yes redenomination, and yes revaluation. If they want to be taken seriously by the rest of the world and to get in the game to their fullest potential, they have to do both. GO RV !!!!

You are misinformed about the value being one amount in Iraq, and another value for everyplace outside of Iraq. If this currency changes in value and makes it to the FOREX, the FOREX amount is the value worldwide. FOREX doesn't stipulate one value for one country and a different value everywhere else - THAT FIGURE IS what it's worth, no matter where you live. GO RV !!!

Slade ... why can't they do both? Why is that not an option? If they only redenominate without changing the value of the new bills, what does that get the Iraqi people? NOTHING. Their day to day lives change not one bit, their economy doesn't move in a more positive direction, they're still in the same hole, and no investor worth their millions will go there because why should they, when their currency is worthless on the open market? I think that both will happen because it's the only scenario that makes sense, when you consider the big picture. Shabs has been talking for months now about a dramatic restructuring of their currency. Isn't there the possibility that this is what they're doing, and that it's taking so flipping long to accomplish because it's a pretty convoluted and complicated process that they've never done before, and they want to make sure they get it right (FOR ONCE?) ... and I wonder where you got that analogy. That's ok ... as long as the idea gets out, I don't care who gets the credit. GO RV !!!!

If I have Iraqi dinar in a bank account in Iraq before a redenomination, the VALUE of the tender in that account WILL NOT CHANGE just because they redenominate. I deposited 500K of bills into the account, and that 500k will STILL BE WORTH 500k ... it's just that when I go there to get some cash (let's say that I want 100 dinar for argument's sake), they'll give me a 4 25 dinar notes instead of 4 25,000 dinar notes, because the VALUE of the bills hasn't changed, The ONLY thing that changes with a redenom is the APPEARANCE of the bill - NOT how much it's worth. This isn't Kool Aid. It's common sense.

You're missing one really important point: The VALUE of the dinar does not change, unless they do the RV. Your dinar will be WORTH the same as the person with the bigger bills. Redenomination DOES NOT CHANGE HOW MUCH THE BILL IS WORTH. They can't revalue it only in country. If they revalue it in country, then it's the same worldwide. That's the way it works. GO RV !!!!!

We can call them the Anti-Pumper. Better yet, how about ... The Deflator?

If all they do is take the big bills from circulation and replace them with more reasonable, and more portable smaller bills (aka redenomination) ... but without also revaluing their currency, that will only make it easier for an Iraqi citizen to buy milk, because they won't have to carry around this big wad of bills anymore. Doing ONLY the redom will do nothing in the way of moving the Iraqi economy forward. Their currency will still be worthless on the world market, and any designs they have for attracting investors will not come to fruition. I think they have to do both, and seeing as how the WTO deadline is up on the 30th, AND the DFI will be released on the 30th, AND numerous UN sanctions will be removed on the 30th ... well gosh darn, I guess it'll happen S O O N. If not on the 30th, then soon thereafter. Yes, I know ... the 30th is their weekend, so that's why I say if not the 30th then soon thereafter. GO RV !!!!

If the guy behind the counter had told you it would cost you $25,000 USD for your 25k note, THAT would have been a (smacked upside the head) clear sign of the RV having taken place.

... it's 'grammar.' Couldn't resist GO RV !!!!

That doesn't sound like opinion. It sounds like fact. Kinda scary if it's all true ...