jomans

We know the reason for the 4 pips move on the Dinar....it has nothing to do with it floating. It had to do with the fact that the auctions were extremely high recently. This caused CBI to rethink moving the dinar a few pips. We can now put all the rumors of why to rest. ------------------------------------------------ here's the link and translation is below: http://www.imn.iq/news/view.9430/ High exchange rate of the dollar caused some neighboring countries 19/01/2012 11:30 The central bank attributed the rise in the dollar exchange rate and high demand in Iraq to the financial constraints on some neighboring countries. The central bank adviser said the appearance of Mohammed Saleh in a press statement that the Central Bank observed in the month of December of last year, an increase in demand for the dollar at the auctions of Finance held by the bank and after review and identify the reasons found that this increase is not motivated by internal economic, but rather a result of the regional situation in the surrounding Iraq's neighboring countries of east and west. He said the central bank in favor of lenient to sell the U.S. dollar, although for this increase because the Iraqi dinar fully covered 100% of the dollar, but the problem lies in the lack of economic benefit to Iraq in the event of dealing internationally.

So, this makes it pretty clear.... the new IQD currency will not be done/released until Parliament votes on the draft law for restructuring of the currency and delete zeros from them. With Parliament in recess until Jan 3rd and the possibility of even then not getting a quorum for Parliament to vote (because of the current political turmoil), any RV may take awhile.

Actually, Kuwait never revalued their currency. The reality is that after IRAQ invaded Kuwait, Sadaam stole the plates used to make Kuwait dinars and tried to replace Kuwait dinars with Iraq Dinars. The Kuwait banks closed during this chaos and everyone on the Kuwait street thought the Kuwait Dinars were worthless. At this time, you could pick up the Kuwait dinars for pennies on the marketplace streets. Some folks did this and only paid a few cents for them. After the war, the banks opened up and reinstated the Kuwait Dinar and the original value (which was somewhere around $3.31 value). Those folks who purchsed the Kuwait Dinar on the streets (for pennies) simply went to the bank and exchanged for $3.31 (roughly) each.

Actually, I have a contrarian view.... I'm now thinking that the EURO collapse will be good for America and economy. With the decline and maybe collapse of the EURO, many of the customers in Europe will be turninhg to America for their needs AND American banks will have many opportunities to grab up Europe's loans that they have to get rid of. very cheaply. This "smells" of renewed American prosperity to me..... contrary to what you may hear from the "doom and gloomers".

Well, the law has already been read in Parliament 2 times. So now, all they need to do is vote on it. I don't think they can wait that long though (year 2013) to do this. I believe that this will happen soon and the "2013" year is the year that they complete this after doing this action garadually...

I like the last sentence: "Instead of needing large amounts of money to buy a small quantity of goods, we will need small amounts of money to buy more goods." This just can't happen unless they RV their currency!!

I don't agree with thos over-used phrases. In reality good and bad things happen to all people.

So, I think this article puts to rest that the IQD will RV at ten cents. The last paragraph clearly states 1-to-1..... ENJOY!! Palm - Deputy Governor of the Central Bank of the appearance of Mohammed Saleh said that the bill included proposals for a new currency and the categories that bear and details of technical and economic. Saleh pointed out during the permit media changing the currency and delete zeros decision taken by the executive and approved by the legislature, and that the project will not be implemented hastily, but will be taken a number of factors to consider before you start to implement it, including the date of the financial year and the strength of the national economy, among other indicators in the favor of the view that This law, if approved, will have a positive impact on the Iraqi currency in several aspects you need during the next phase, which will strengthen the value of the Iraqi currency. He described the favor of a system of cash payments of the current Iraqi regime miserable, noting that the largest denomination in which value does not exceed twenty dollars, confirming that the deletion of zeros will enhance the value of the Iraqi currency, and reduces the cost of handling cash, The currency in its present estimated size of today Petrlionat dinars, making the process of dealing monetary cost is high. And the concerns of rigging the new currency in the event issued or it will affect negatively on the economic situation, responded in favor: it reflects the look bleak, do not forget that there are other countries in deciding to switch its currency and dropped them zeros, such as Turkey, Romania and Brazil without being its economy to shocks and thus Iraq is not unknown or running water moving in path not knock him one before is likely to include the new currency for the inhabitants of a coin by the paper. The increased zeros on the Iraqi dinar to the days of inflation, which came on the value of the Iraqi currency as a result of previous wars and the subsequent economic blockade was over, the currency of Iraq to the paper was printing the former regime, issued in large quantities without a cover, while the Iraqi dinar until the mid-eighties equivalent of more than three U.S. dollars. But the adviser to Iraqi Prime Minister for Economic Affairs Abdullah Al-Hussein Anbuge said in a press statement: that the rampant corruption in state institutions and the low level of efficiency and economic situation in general in this time is not in favor of lifting the zeros. He pointed to what he said about it bumps will change the currency and delete zeros, including the risk of fraud and increase the demand for goods causes a fake due to payment of dinars instead of a thousand dinars, as now, explaining that the re-printing of new currency will have the costs of expensive, adding that attempts will be made to persuade the Bank Central to wait in his plans in this regard. Previously Chairman of the JSC confirmed that Iraqi, earlier, to delete the zeros of the Iraqi currency will not affect the circulation of the Iraqi Stock Exchange and its shares. The director of a money transfer companies abroad Sami Rashid: I think that the lifting of the zeroes from the currency will increase confidence in the currency, and will lead to increased purchasing power of citizens, and will drop the phenomenon of trading blocs, the large cash used by the Iraqis since the nineties. He believed economic analyst Talal Jassim said the switch of the Iraqi currency a necessary but pointed to the need to provide the conditions necessary for its implementation, particularly the security and political stability, adding that the relative stability of the Iraqi currency after the issuance of currency recently, and the result of the return link Iraq to the global economy and the availability of reserves of foreign currency due to oil exports, encouraged the central bank to consider deleting the zeroes. Jassim added that lifting the three zeroes will lead to an exchange rate of one dollar per dinar to where Jassim called to the need to follow the policies of peaceful citizens to convince them and get a feel for a period not exceeding two years. http://translate.google.com/translate?hl=en&sl=ar&tl=en&u=http://www.nakhelnews.com/pages/news.php%3Fnid%3D11181

Adams stance for awhile now is that the HCL and IRAQ's exiting of Chapter 7 needs to be done before RV. I think it will be awhile before the UN lets them out of chapter 7. I say that because SADR (one of the radical clerics) keeps antagonizing and threatening the other factions in IRAQ. His block has a minority vote in the parliament, but his threats are not good.... probably enough for the UN not to grant IRAQ out of Chapter 7. ....this is just my opinion.

Yes, as indicated above, Med's comments are about the 2nd reading of GOI granting into law the printing of new currency (including small denominations).... NOT Erbil. This should get everyone excited, because the GOI is about ready to grant permission for CBI to print the lower denominations (just one more reading needed), which is useless for the peeps in IRAQ unless the IQD RVs. Then, these small dedomination currency bills will have value based on new RV rate.

Or stating it another way, that would be about 1 IQD = 0.86 USD.

Badge me too, thanks Adam.

BofA is losing money big time... their acquisition of "Countrywide Corp" and all their bad home loans, was a disastrous mistake. Their stock is low and will drop further. But, there is an opportunity here.... meaning that when IQD RV's, buy BofA stock big time. They will make money on the IQD reval and their stock will soar.... IMO.

This part, originally in Arabic, is the tricky part. Some translators actually translate this to mean that coins will be introduced to replace the 500 and 1000 dinar value bills. The value of coins is not known but may be equivalent to $1, $5, $25 USD etc.

With the coins being currently so low in value, I can't see how any IRAQ person would use them.... they would have to carry a ton of them around to purchase from the merchants, that is if the merchants would accept them in the first place. So, IMO, it seems logical thgat the restructuring of their currency would have to occur first, or very soon after the release of coins, rather than later.

Well, it's pretty clear.... paragraph three indicates that their currency will be supported by international organizations valued to the dollar. And paragraph four indicates that the restructuring will occur this week. The coins being released do them no good now since ytheir current value is 1170 IQD = 1USD. So, it's logical to assume that for the coins to have value, the information in paragraph three and four will do this.

This simply means to me that the USA has nothing to do with the IQD RV. It seems it's an IRAQ CBI issue alone.

Seth, Yes, the month is in the middle... meaning August 1, 2011.

I believe IRAQ is studying how Romania revalued. This is an interesting read and could parallel how IRAQ may revalue their IQD From Wiki ...in reference to Romania revaluation: Fourth leu (RON) As of late 2008, some price tags still showed the cost of items in both ROL and RON. On 1 July 2005, the leu was revalued at the rate of 10,000 "old" lei (ROL) for one "new" leu (RON), thus psychologically bringing the purchasing power of the leu back in line with those of other major Western currencies. The term chosen for the action was "denominare", similar to the English "denomination", to signify not a conversion, but rather a total reinvention. The first day brought difficulties adjusting to the new paper currencies and closed ATMs (that needed reprogramming) and forcing a new calculation habit that slowed down shops and annoyed some sales staff and older shoppers. The old ROL currency banknotes remained in circulation until December 31, 2006 (coins remained in circulation only until December 31, 2005), but all accounts have been converted starting July 1, 2005. There is no conversion time limit between the currencies. Retailers had to display prices in both old and new currency from March 1, 2005 until June 30, 2006. The appreciation of the leu during 2005 was about 20% against a basket of major currencies. As of 2006, the revaluation is a potential source of confusion, especially to visitors, since both old and new currency values are commonly quoted. When written, the very large amounts in old currency are usually obvious, but in speaking inhabitants might refer to an amount of 5 new lei as simply "fifty" in reference to its value of 50,000 old lei. [and further down...] Third leu In 1952, the Ministry of Finance introduced notes for 1, 3 and 5 lei, and the Banca Republicii Populare Române introduced 10, 25 and 100 lei notes. In 1966, the Banca Națională a Republicii Socialiste România took over the production of all paper money, issuing notes for 1, 3, 5, 10, 25, 50 and 100 lei. In 1991, 500 and 1000 lei notes were introduced, followed by 200 and 5000 lei notes in 1992, 10,000 lei in 1994, 50,000 lei in 1996, 100,000 lei in 1998, 500,000 lei in 2000 and 1 million lei in 2003. There was also a 2,000 lei note introduced in 1999; it celebrated the total solar eclipse that occurred on August 11, 1999. The final issues of the 2000, 10,000, 50,000, 100,000, 500,000 and 1 million lei were polymer notes. Notes in circulation at the revaluation were: 10,000 lei (became 1 leu) 50,000 lei (became 5 lei) 100,000 lei (became 10 lei) 500,000 lei (became 50 lei) 1,000,000 lei (became 100 lei) Fourth leu In 2005, polymer notes were introduced for 1, 5, 10, 50, 100 and 500 lei. 200 lei notes were added in 2006. The designs of the 1, 5, 10, 50 and 100 lei notes are based on those of the earlier 10,000, 50,000, 100,000, 500,000 and 1 million lei notes which they replaced. The 10 lei bill was redesigned in November 2008 (most of the graphic elements are identical, some of the safety elements were withdrawn, making its safety degree similar the lower values of 1 leu and 5 lei bills). http://en.wikipedia.org/wiki/Romanian_leu According to Oanda today: 1 USD / 2.94660 Romanian New Lei [RON] OR 1 USD / 29,466.0 Romanian Old Lei [ROL] http://www.oanda.com/currency/converter/

Well, I can understand your frustration, but if you read this article, it does state that currency will change value between this month and end of year.... so, there is your timeframe. Hopefully sooner than later in the year. http://www.microsofttranslator.com/b...px%3FID%3D5973

I really don't think O has anything to do with the Dianr RV. he's busy enough trying to handle Congress and USA debt limit. It's been my experience that more often than not, the answer is the most simple one..... like the simple reason could be that IRAQ Parliamnet has to say "OK" to the RV. As soon as they do, it will be done. Hopefully they will do it soon.

To me, I interpret this to mean RV possibly by 7/31.... ...just saying...

CBI seeks to replace Zero's between end of month and year!!!!! 07/20/2011 0:00 The future of Iraq / special With the approach of the countdown to reduce the zeros of the Iraqi currency by three zeros to the bottom step of the Central Bank of Iraq to rearrange the rules of the Iraqi economy, began to supported groups inside the Green Zone, assigned to currency traders collect and store a currency U.S. dollar in preparation for phase determine how zeros of the Iraqi currency and Tbdlleha to become a thousand dinars , JD and access to the numbers Alumblyaria that invaded the culture of the Iraqi economy. Source from inside the Green Zone, says that some of the condos with leaders and officials and officers turned to the banks not matching the specifications of the storage of financial because they were filled with U.S. currency the dollar, a gain is added to the dealers that it exceeds the profit rate of 100%, where it will be the amount sold by the Iraqi currency and buyer of U.S. currency The dollar is the same amount that it will buy the Iraqi dinar once again after the whistle of the Iraqi currency. This process has affected and three days ago at the level of trading of the currencies in central Iraq, but are invisible to this moment, but will cause major problems on the economic level for the next period. Traders the opportunity who make a living on such stages are active in damaging the Iraqi economy and raise the crisis between the people who started many of them converts from its own funds to the U.S. currency, an approach that is almost universal in the Iraqi markets are looking for safety in the maintenance of its financial resources by turning them into dollar and then deal with the new Iraqi currency, Valqnaah that prevail in the market now, that the process of replacement of zeros of the Iraqi currency, which goes to the government seeking its implementation during the period between the end of this month, and year. It is expected to break out conflicts and problems in society and in the Iraqi economy if the project was carried out without the education and promotion by the government in the media and open channels of its own government to alter the currency and not to rely on the black market and banking companies, which accuses currently being fed the subject of rumors about what will happen with if the project was implemented as a means to increase the chances of speculation by raising the purchase price of the dollar against the Iraqi dinar in the flagrant exploitation of public ignorance of the fact that a step the central bank. Economic circles demanded an integrated program for public awareness and transparent display of the program delete the zeros because these decisions are not just purely financial decisions, but is located in the heart of the daily life of citizens. http://www.almustakb...o.aspx?AuthID=1

Shabs is right.... they do have a lot to learn from Turkey..... History shows that Turkey had a tremendous inflation and, as a result, removed many zeros from their currency. The problem was that the first time they did it, they ignored the advice given them from the IMF and it almost cost them their country. Then, after almost ruining their commerce and country, they finally followed the IMF advice and did it right. So.... IRAQ does have a lot to learn from Turkey... they had better do the RV correctly the first time following the advice from the IMF.

[quote name='bluejay' date='05 July 2011 - 10:52 AM' timestamp='1309888360' post='559301'] Thanks for the post...My question is when the refer to the IQD as not an international currency, do they really mean a currency with any value, I'm pretty sure that it has been stated that the IQD is a international currency....Just curious....I wish this would just end win or loose... I believe meaning that the IQD is not recognized in banks.... for example, if you try to take your IQD at Bank of America (or any other bank in USA), you cannot exchange it for USD. And it does no good for outside contractors that work in IRAQ to accept IQD.... they can't excahnge it at their banks for the contries currency to pay workers. Currently, until the mechanism goes in place for the international banks to accept IQD to exchange into their currency, it is basically worthless and not considered an "international currency".