rockfl9

Pilchard:::: Gradual deletion of the zeros works like this ..On the chosen date the value of all existing dinar will be reduced by a factor of 1000. that is an instant change..A 1000 note counts as 1 dinar (New)...next when the new notes become available ,( not all new denoms at the same time), as an old 1000 dinar comes thru a CBI branch and a new 1 dinar is available the clerk will take the 1000 cancel it ( probably by punching holes in certain places) and put the new 1 dinar in circulation.. This will take place with all current dinar being exchanged with the new counterpart...So the CBI can still issue all the old dinar they may have in stock they wont be obligated to destroy it.

Dontlop:::: Under current law only Iraqi citizens may own land....What is your interest in a real estate census???? Is there such a thing? I read that each province there has a "land bank" not sure what function they serve? title register or actual sales... I think they will have a hard time attracting major industrial investors if they cant own the land under their facilities.

At the risk of starting a HISSYFIT! More than 72 Trillion dollars if it were to happen tomorrow, September or any date this year.There is no "facility" to exchange dinar at that rate except thru an Iraqi bank or one with CBI connections that I am aware of...I know diehard GO RVers will come back with secret plans by unknown entities to solve that problem!!!! We should hope that the RV of that proportion does not happen until such a process exists ... OR the dinar in Iraq and the ME will thoroughly deplete the CBI reserves before we hear about it... .

BUT when they told us to leave I assume all is null and void...Even if Iran were to attack we wont go back as direct US support...

Keylime ::::::Please tell WHO has that magic pen to solve all of Iraqs problems??? ;;;;;;

Ten":::: Go to cbi.iq.. Home page . center column. Click on Government Debt... Debt, bonds notes ! Add them up.

Dontlop:::: I forgot to add. Iraq HAS DEBT(not forgiven) equal to more than 4 times current GDP. AND it must borrow more to balance the 2012 budget..It would be OK to produce income but it has to borrow just to keep its people alive. If the dinar were to revalue to a dollar and be used as "reserve currency" you can be sure any government using it would have to be assured that it is worth a dollar , not sometime in 10 years or 5 BUT at THAT time.. Else its not a store of value it is a speculation.

Dontlop :::::: Please relate WHERE you get your numbers? I dont think the CIAs numbers are collected intelligence. WE have an embasy there with staff that are trained to compile the data ... It ia accurate give or take a %.

Dontlop:::By the books Iraq is a POOR country...GDP per capita is $3900.. #162 in the world.. 25% of the population exist below the ME poverty level of $2.20 per day and another 25% wil fall into poverty if the goverment is not able to index payments to match inflation. Unemployment is 15% with another 10% underemployed...This from the CIA World factbook! There are no piles of dollars or dinar being stashed anywhere. It is ALL used up! Recycled. Its oil and mineral reserves have value only when pumped/mined AND delivered...What is in the ground is an intangeable asset by accounting standards.

200,000 "free" housing units??? Thats worth 400,000 votes.. Also more red ink in the budget...

i think this "release" announcement means that the CBI will make images of the coins public , not the coins themselves....Banks and busineses will need time to train staff and prepare to reconfigure cash drawers ... That will take time and effort...To just drop in a new set of currency would disrupt commerce...If it is going to happen Jan 1. 3-4 months advance is about right...

Badrabbit::::: rethink your math! When the zeros come off your 1Mil becomes 1000 times .86 is 860 USD....

Goodlife:::: The real cost of dropping the zeros is a wash..The life of a paper bill is less than 2 years, So they would print a replacemnt bill anyway. The life of the plates for the most popular bills is also less than 2 years...So they would have to be replaced in that period. .The quantity of replacement bills is reduced by 1000 +/-....A savings. The new coins will be an expense but they last 15-20 years and would reduce demand for 1,5,10 dinar paper. Add the extra security features , the languages and maybe the pride of being a totally Iraqi creation not a hold over from the US ocupation....Shabibi has it right...I think Jan.1 2013 is THE date!

It is a psychological increase ....1000 old dinar = $0.86 , 1 New dinar = $0.86...So 1 New dinar would trade very close to the USD....Plus IT is an all Iraqi design.... SWFG::: Yes they could also RV to a dollar ...But this would really be unpredictable...Think of the iraqi that has been paying a premium to trade dinar for USD. Make them equal and he has lost part of his savings! That person would think the goverment has taken something away,.

THanks Thuggie ...It gives me relif reading thes GOORUUS , Knowing what IS NOT going to happen SOON and I can go on with a normal day.

I dont believe there are any "surplus bugets(funds)...Majid is missinformed ....The money is GONE, they just cant account for it....corruption....They have a lot of Bernie Madofs .....

THEY may know something??? . but even if they dont , logic says prepare for an RN anyway and for sellers the current dinar is TOAST. Can always restart in Jan. I wont buy any more now..

P71:::: The math is correct the 3 zeros come off first 5000= 5 NEW DINAR then 3X = 15. But the CBI doesnt have that amount of reserve! Where will it come from ? But the Kurd in the post may be an expat living in the US so only gets some news from homeland...

NWGUY:::I guess you are not old enough to have experienced the old coke vending macines that did not need electric ... the cokes were in a bath of ice water and were held in a track where you put in a nickel (5c) pushed a lever and that would release 1 bottle.. From the price that was a loooong time ago...Memories!

121::: After a 1000:1 Redenomination a 1 dinar coin will be $0.86 .... about right for a coke ,candy bar at todays prices... If iraqis will use vending machines makes the 2 and 5 dinar coins a good idea also...

This sounds a little premature. 1,2,and5 dinar coins are planned with the release of the new notes ..Just may be another step in the education process...After an RD a 1 dinar coin may get you a nice cold COKE from a vending machine!

Iraq needs to do what the other arab oil producers have done. That is plan to invest a defined portion of income for the time when the oil income begins todecline..Managed..Income producing properties around the planet...But they are starting late and going SLOW.. The Saudis also learned that to get things done right you find the best talent for the job and put them in charge ... Unfortunately the Iraqi want to do it all by themselves , and that is where they are today,.

Socialdinar you are correct VEIN GOLD is found in quartz but that is deep and you dont get it diging with pick and shovels.. Surface gold is dust and nuggets, must sift thru a lot of material to get small amounts...Very likely to be some gold in the mountains of N. Iraq. If there were any proved deposits I amsure Sadam would have worked them!

Imagine the delema! Drilling for oil and only find gold.....Darn , gotta start over ....S*** happens. LOL.

Its good business! The lift the zeros is comming ...Ali may know the exact date, I believe the CBI will make some sort of formal announcement about Oct 1 ( 90 days notice). After that noone would want old dinar.. His buy price will go lower. His sell price could go as low as his basis cost minus expenses to return it...Ideally he would like to be out of stock by the end of the year...