rockfl9

NWGUY, Iraq is a THEOCRACY! All law is based on the Quoran.....probably is why WE will not understand their logic, if you can call it that.. Islamic law is called Sharia AND does not allow charging or paying interest AND also says a LOAN is a GIFT IF the recipient is unable to repay it !! My concern.. HOW do you run a monitary system that way???

Does anyone know what they consider the poverty level? Average pay?

This is good news. Shows the Kurds are making progress...They are also responsible for half of the oil export thru Turkey...they are somewhat responsible for delays in the HC Law as they think should get bigger share of income.. I wonder how they can assure some of the consessions reported here??

Knowing (and I'm sure they do) that more than half of the dinars in circulation are outside of Iraq why would they want to make us Infidels rich? Especially Americans. They really dont like us. We dragged them into a copy of democracy they dont like and could not wait for us to leave.. Especially the Kurds that wanted their own country and control of it resources We, the CPA , prevented that...I think politiclly knowledgeable leaders ,Shabibi in particular ,are sensitive to this...

Realdinar,, See, you should not ask a question that you dont want to hear the answer to!... Arnay is almost right. Just a gradual appreciation to .01.no one time bump. .. Then the New-new dinar would be able to get most of the US$ off the street..

I wonder if the dealers income hasnt fallen off and they are quoting rates to stir up interest again.. Maybe catch some newbes! Gotta pay the electric! I have wondered why the dealers have nearly identical prices? CBI sells for $850/M ..buying off the street with$ they may get it for $800 . We pay $1150+/-!!!! 35% MARKUP! I forgot must TIP those pumpers

I read somwhere that OOM really lives in Arkansas...OilMAN handle possibly to imply knowledge of the oil business. Oil, Iraq ,get it!!!!! Also read that "his ??" real first name is Elizabeth! Must have been his arents dirty trick.

Jeepguy, Arabic is a quirky language for computer translations ..Read right to left and some words have different meaning in context.. What you should read from this is they need to be sure the iraqi populace is educated to the fact that when the new bills are introduced they will have the same purchasing power as the 3 zero bills and they will exist together for up to 2 years...

Some one earlier said that a lop was easy to do so they would have done long ago.. Well THINK . 30% of iraqis have less than an 8th grade education.. Everything would have to be reduced in price AND if you expected 500,000 dinar salary and only got 500 ???? would need to be at least a long weekend.. With low economic effect.. It may be difficult for some of them to understand that 1000 old equals 1 new and they have not lost value??? there is an upcomming time that this could happen. Ramadan ends when some immam sees the crescent moon. could be aug 18 or 19 then begins 2 feast holidays (banks are closed) . The CIB has declared Aug 21 a bank holiday! IF CBI announced a RD before the 18th might avoid a bank run on the 22nd!...No proof just my thoughts .,. after that the dinar could float .

Great job Rayzur!!! +++++ Now I would like an RVer to do the same without haveing to quote a pumpur or some obscure Iraqi mucky-muck. A point on the dinar becomming an Internationally tradeable currency...First CBI must meet the committee on bank supervisions Basel II requirements . It does not ,as of the end of 2011. Then must apply to the Bureau for International Settlements for recognition. Till then the CBI will be the only place to exchange the dinar at any value...

I got the month wrong.. The bank holiday is AUGUST 21. So banks will be closed from the 18th to 21st...The end of Ramadan. I checked with several Iraqi calendars this Bank Holiday only shows up on ONE. So looks like a recent addition!

It seems there are a lot of talkers and not enough doers in Iraq...It seems that reports of progress here or there are simply one persons propaganda to get attention of the press...I dont think even the CBI has modern accounting/bookeeping systems in place... One question I have is how does the banking system operate under Islamic law (Sharia) wherepaying or charging interest is against the Quoran??? And a loan becomes a "gift" if the reciever cannot repay... I think local/regoinal banks are actually tribal treasuries! I read somewhere a year that the Kurdish banks would not submit to CBI audits.. This does not meet Basel requirements and is a block to the diar to be traded internationally..

Zig, I know, Iknow , tomorrow would be best . HaHa Seroiusly, Im trying to find out if there is an announced reason for the bank holiday.. To do a rate change of any kind they need commerce to stand still for a length of time that wont be a hardship to Iraqis. .

Noone commented on my post about the October bank holiday.. It will be a 5 day period when the Banks, stock market and most businesses will be closed. An ideal time to make a major adjustment in the dinar. True they wont have a lot of the new currency , if any at all, but I dont think they expected the swap to be a quick and easy thing .. Mark your calendars for Oct 19-23...

it is obvious to me that they are not talking "exchange rate"...They mean a 1,000 dinar note becomes 1dinar and will be worth $0.86....To do this all they need is to declare a bank hoilday in Iraq....the banks will close on friday ,stay closed till Tuesday when the the new rate is in effect...all accounts will be adjusted for the new dinar ... Mortgages, loans , rent ,food will be adjusted.. a simple divide by 1000... There may be a problem making change of less 1/10 dinar for a while as those small denoms will be in short supply There would be utter confusion if they tried an RV at that time... Now an interesting fact...Oct.21 is a national holiday (banks are closed) AND Oct 22 is a PLANNED bank holiday.... WHY?

CBI has any anounced they are printing 25, 50 and 100 dinar bills plus some new coins! If you think they plan for the new 25 bill to be worth current 25 dinar rate (2 cents ) when it costs 4 cents to print they are wasting money. Watch for the timing! they will annonce more "training/explanations " in the press.. Then a banking holliday (prob a weekend ) then RD by 1000. now 1 New-new IQD =$0.86.Then after the dust settles . start buying back IQD at 0.88. Why do this? to get dinar float closer to $1 (the international base for oil).. we expected that all along , but thought it would drop $ in our pockets! Why would iraq give away their money to Infidels?

WBee Good brain juice here. Can I predict ... 3 zero rd in 2013. possibly small RV. Will kill dealers sales!!! Will see real "investors " getting 1:1 in 2015! Umbertino Right, U got me. Shows we are talking tosome smart people here rockl

Luigi1, 2 zero hard to imagine . But another option. Except! it doesnt handle the new-new dinar release ..BUT would the on-the-street iraqi handle it? Understand typical Iraqi has a grade school mentality ! there would be 3 currencies on the street at one time.

WBee, 1.One dinar must be valued as worth something on the streets of iraq.. 100 IQD is less than one US cent! 2. It costs more to print a 1000 dinar note than it is worth? 3 Iraqis dont trust banks so they now try to save US$ in the mattress. Dinars are "lumpy".4 4 CBI has for 2 years said they will RD 1:1000 with new 25 ,50,100 NewNew Dinar notes . Less pain for Iraqis.. No change for dinar holders for now..

Thanks Rand! OK NA, N.A. Got it

70 TRILLION dinar! I estimated 70-75T at end of last year wouldbe more now. If it RVd 1:1 The great sucking sound would be Dollars leaving Iraq.....

Tripphood I am new to the dinar also. When the much predicted RV didnt materialize as predicted(?)...I got serious looking for a reason. Like you maybe , I am confused! The reasons and numbers dont make fiscal sense. The CBI "could " set a rate at say $0.01 to the dinar all by itself .. I know, not what most want . but let us say that is step1...A million dinar = $10,000. With 30T or more dinaroutside of iraq. Conservatively I think half would "cash-in!!!! It would cost CBI $150M...Could they handle it? Maybe ! It could be worth it to remove half of the float. step2 100 dinar would equal $1 so now the dinar could actually buy something on the street.

Rediculous!!! 1. Big four deposits in Iraqi banks! HUH 2. setting up "special wealth management programs " for dinar investors" nice of them! 3 BUT DONT CALL THE LLOCAL BANKS --- It will only confuse them...Ha What kind of a mind could create such a story?

have looked at the Arabic alphabet and now understand why these translations turn up confusing in these links. I think the real meaning of the article Is that these banks are in trouble and need to retain more capitol. ala the US banks lately!

Good post. I could not understant the logic that the dinar JUST HAD to return to pre-war value! Its not the same Iraq. The oil in the ground will have value only when it is pumped and shipped. That is if some enterprising iraqi doesnt steal it first.