Deputy Central Bank Governor: the new currency will be immune to technology developed after you delete the zeros

[JayP]

Yota & Dinar Dana,

Thanks for the great read. It is very educational, and from what I can comprehend Iraq is being forced rapidly into a change of monitary policy due to ME regional crisis. The article suggests that a 1-2% narrow adjustment like the one we have witnessed 1170-1166 will last for 3 months before an exit to a market floating system. The rapid pace of banking conformity is part of this exit and we are witnessing IMF policy's in action. If my conclusions need tuning please chime in fellow DV's

Thanks for the info. Good stuff.. I am not convinced that Iraq would go to a free float in my opinion, as I believe that rate stability would be important to them. I think that a managed float would be their best option since the confidence in their currency will be important as an emerging economy, but you brought up something interesting to think about at least. I would like to see continued small adjustments making a slow rise to where we would love to see this currency be!

[unirod]

I didn't get bogged down in the type of system they may adopt as it is too technical for me. I was focusing more on the movement to go international with their currency and the crisis factor in the region that is forcing an exit. Crisis 1 US troops withdraw, Crisis 2 Syria erupts, Crisis 3 Iran, Crisis 4 ?

Thanks JP for the comment

[Darin]

That is correct unfortunately. There are some "gurus" out there that are supposedly not rate-n-date guys that have absolutely insisted that the notes are already printed and have been saying that for a year not at least.. and have even gone as far as to state they even saw a pic of the notes, but never produced that picture. I have debated this issue with the pumpers for at least a year now that they have not printed the notes yet, and this is just another indicator that they have not yet done so. I would love to see evidence that they have though that would contradict this quote from the CBI.

If I recall correctly, there was an in-depth interview with a U.S. official that helped plan, prepare, & execute the exchange of old regime notes to the current IQD that many of us hold today. In this interview, I believe to recall that the official mentions 16 demoninations were printed. This is the reasoning for how many believe the LDs have been printed since the initial release. If we were to think logicially, it may be wise to have printed lower & higher denominations than what they released to prepare for market fluctuations. So, this may include 50k & 100k notes & also other lower denominations. It may have made sense to be prepared, so they printed additional currencies if need be.

So, could the CBI hold additional denominations that are not currently in circulation? I would believe so... But here is the problem with introducing the 'next' new currency. According to their constitution, they need a currency that has all three languages on it. So, basically speaking, what the CBI may have held since 2004 does not meet the requirements of the constituion. Solution? Re-print the currency... Could they have co-existing lower denominations where maybe one set has the 2 languages & another set has the 3 langauges? I think it would be possible as long as the 2 language set was being removed.

It sometimes is hard to dinstinguish fact from speculation. I think our best bet is to seek facts from sources that are not aligned w/ that region. Suggested entities to research information would include: IMF, UN, WTO, BiS, WB, etc. Now the documents they submit to the public eye are normally complex and gives us more to read, but I would feel more comfortable trusting that document over media articles.

[truthful1]

Well the only way that people will be respectful on this site is if you lie to them. You can't talk about the possibility of a LOP or a RD because if that happens, they would be wrong and we can't have that. So it's best to tell them what they want to hear and watch them run with it.

Seriously. your painting everyone with such a broad brush. most know what a rd is. Most know what history has been as deleting the zeroes. most have seen the cbi financials. no disputes. A lot of people dont believe the numbers or these articles. if there was to be a rv, the cbi will disguise, mislead, and discourage speculation. thats what most people believe is happening. there is more than one way in iraqs case, to delete the three zeroes. The cbi has stated the currency is backed by more than100%. they can move the rate, but they havent. inflation is a problem. the opening of the 2012 budget will cause more inflation. Theres many reasons to rv, yet the lopsters want to believe every single word in these articles. these articles could be purposeful distortion by reason. its so amateur to have every discussion to where some lopster wants to recite the definition of a rd, every article. Most hear are further advanced and are tired of the recital of rd. we get it. if you want to convince everyone what a lop is, go to the lop section. please

[unirod]

Da La Ru is at multi year highs today. $1000.00 per share up $200.00 since last Sept. 2011.....Hmmm

[Darin]

Thanks for the info. Good stuff.. I am not convinced that Iraq would go to a free float in my opinion, as I believe that rate stability would be important to them. I think that a managed float would be their best option since the confidence in their currency will be important as an emerging economy, but you brought up something interesting to think about at least. I would like to see continued small adjustments making a slow rise to where we would love to see this currency be!

I think the surrounding areas may have a larger impact on the strength of their currency. If people create a run on the bank for the dollar, it could pose issues for supply/demand. It takes a strong & stable economy to support a free float system. I believe only a few countries follow that system which include the U.S., Japan, and Europe. Managed would help maintain stability while still allowing the market to decide the value. With their moments of instability, this would be the wise choice to pursue, therefore I agree.

I also would like to see continued small adjusting increases, but from what their history has shown us is that these movements are far & in-between. It appears that they have no desire to drvie the value up even in the long-term project. If they were maintaining 1170 for 3 years their first movement is only 4 pips, that is not anything significant. If we had to wait another 3 years for 4 pips, this would be a hard investment to profit from. I believe another member had posted how their CBI performed rate adjustments, and their normal rate adjustments were normally quite significant. An example would be like moving from 2500:1 down to 1500:1. The difference between then & now is that we are comparing apples to oranges as one consisted of an old regime which may have had more control over the CBI and present day CBI with a new government.

As they increase their revenue, more money will enter the system. Demand may go up when the economy improves. I think the GOI has laws in place that make it difficult to allow foreign investors to get their foot in the door and setup shop. This is stunting job growth and is not fair to the people. Simply put, the poor want to work to feed their families. I've speculated that they're made it difficult for good reason, because they want the investments to come after they conclude their decision to the currency debacle.

[Carrello]

Why, do this to yourself?? Your enticing people on purpose. is it an attention thing??

Truthful, if you have ever had small children, you would know the answer to your question.

[yota691]

Thanks for the info. Good stuff.. I am not convinced that Iraq would go to a free float in my opinion, as I believe that rate stability would be important to them. I think that a managed float would be their best option since the confidence in their currency will be important as an emerging economy, but you brought up something interesting to think about at least. I would like to see continued small adjustments making a slow rise to where we would love to see this currency be!

You debated a RD with every article that has something to do with zero's JayP, you have Flop out your Historian links. Now you state your not convinced that Iraq would go to a Free Float, well I got this

In a related development stressed the president of the Iraqi industries Abdul Hussein al-Shammari, "not to the presence or hypotheses to float the currency in Iraq for the central bank's ability to control in the local currency of the country. alluding to (Al-citizen) ": that the floating currency becomes when the security situation in the countries moving towards instability and in this case, the state or the economy vulnerable to collapse a large, compelling the state or the central bank to float the currency, and indicated that there are two ways to determine the price of the first currency" leaves the exchange rate of the currency to market forces of supply and demand and the effects of economic, without any government intervention to influence the price, and the second "the intervention of the government to specify the currency by linking them to one of the currencies of leadership, such as the dollar and the euro, and, if linked to the currency of the currency of leadership, be agreed to currency against the currency of leadership. this comes the process of floating the currency ": "Impact"]through the pressure of continuous international financial institutions, particularly the World Bank and International Monetary Fund in order to launch the exchange rate, subject to the equation of supply and demand in the market, and the decision to float a medicine recent forced governments and states to tonic after debate is full of traction and pull with those institutions, organizations and bodies to end up float full of their national currencies and leave the determination of the mechanisms of the market and move towards completion of its economic reform and bear all consequences and costs and to fulfill their pledges of Foreign Affairs and its commitment to the mechanisms of the open market and the integration of the local economy in regional and global economy and the preparation of the enabling environment to attract capital and investments to it.

http://translate.goo...view_35565.html

Read more: One more question JayP did the IMF or the World bank pressure those other countries to RD? I figure you would know!!

[Stryker365]

If I recall correctly, there was an in-depth interview with a U.S. official that helped plan, prepare, & execute the exchange of old regime notes to the current IQD that many of us hold today. In this interview, I believe to recall that the official mentions 16 demoninations were printed. This is the reasoning for how many believe the LDs have been printed since the initial release. If we were to think logicially, it may be wise to have printed lower & higher denominations than what they released to prepare for market fluctuations. So, this may include 50k & 100k notes & also other lower denominations. It may have made sense to be prepared, so they printed additional currencies if need be.

So, could the CBI hold additional denominations that are not currently in circulation? I would believe so... But here is the problem with introducing the 'next' new currency. According to their constitution, they need a currency that has all three languages on it. So, basically speaking, what the CBI may have held since 2004 does not meet the requirements of the constituion. Solution? Re-print the currency... Could they have co-existing lower denominations where maybe one set has the 2 languages & another set has the 3 langauges? I think it would be possible as long as the 2 language set was being removed.

It sometimes is hard to dinstinguish fact from speculation. I think our best bet is to seek facts from sources that are not aligned w/ that region. Suggested entities to research information would include: IMF, UN, WTO, BiS, WB, etc. Now the documents they submit to the public eye are normally complex and gives us more to read, but I would feel more comfortable trusting that document over media articles.

Darin,

I too remember reading this interview, it was going to save millions by doing it this way, and it would be nice to see this again if someone could find it. I'll try but if I remember correctly they stated that they could even print the Kurdish Language on the uncirculated notes but that could just be I or someone else’s thoughts by reading it. I think the word stamp was used…

Anyway this would be good to review again.

I totally agree with your thoughts about the research information sources but I still believe that pieces of the puzzle are found in these articles. Even by breaking them down one must us logic in making their mind up to what's said by these journalist that are aligned with sectarian groups.

Thanks Darin I really like this post of yours,

[yota691]

I think the surrounding areas may have a larger impact on the strength of their currency. If people create a run on the bank for the dollar, it could pose issues for supply/demand. It takes a strong & stable economy to support a free float system. I believe only a few countries follow that system which include the U.S., Japan, and Europe. Managed would help maintain stability while still allowing the market to decide the value. With their moments of instability, this would be the wise choice to pursue, therefore I agree.

I also would like to see continued small adjusting increases, but from what their history has shown us is that these movements are far & in-between. It appears that they have no desire to drvie the value up even in the long-term project. If they were maintaining 1170 for 3 years their first movement is only 4 pips, that is not anything significant. If we had to wait another 3 years for 4 pips, this would be a hard investment to profit from. I believe another member had posted how their CBI performed rate adjustments, and their normal rate adjustments were normally quite significant. An example would be like moving from 2500:1 down to 1500:1. The difference between then & now is that we are comparing apples to oranges as one consisted of an old regime which may have had more control over the CBI and present day CBI with a new government.

As they increase their revenue, more money will enter the system. Demand may go up when the economy improves. I think the GOI has laws in place that make it difficult to allow foreign investors to get their foot in the door and setup shop. This is stunting job growth and is not fair to the people. Simply put, the poor want to work to feed their families. I've speculated that they're made it difficult for good reason, because they want the investments to come after they conclude their decision to the currency debacle.

Iraq's oil revenues will reach 1.5 trillion dollars over ten years

Read more:

[Stryker365]

particularly the World Bank and International Monetary Fund in order to launch the exchange rate

I just like this I had to read it again and again....thanks yota...

[keepmwlknfny]

Seriously. your painting everyone with such a broad brush. most know what a rd is. Most know what history has been as deleting the zeroes. most have seen the cbi financials. no disputes. A lot of people dont believe the numbers or these articles. if there was to be a rv, the cbi will disguise, mislead, and discourage speculation. thats what most people believe is happening. there is more than one way in iraqs case, to delete the three zeroes. The cbi has stated the currency is backed by more than100%. they can move the rate, but they havent. inflation is a problem. the opening of the 2012 budget will cause more inflation. Theres many reasons to rv, yet the lopsters want to believe every single word in these articles. these articles could be purposeful distortion by reason. its so amateur to have every discussion to where some lopster wants to recite the definition of a rd, every article. Most hear are further advanced and are tired of the recital of rd. we get it. if you want to convince everyone what a lop is, go to the lop section. please

In all fairness, until the "deleting the zeros" articles are no longer being published/posted, the RD/RV debate will continue.....and it is specifically because no country has ever said they were redenominating by removing zeros from the currency, and only gradually removed just the larger bills from circulation....add that with the other details the CBI has been stating like reducing the money supply, and using other countries that lopped as templates and you can see why it will continue....

[yota691]

particularly the World Bank and International Monetary Fund in order to launch the exchange rate

I just like this I had to read it again and again....thanks yota...

This is my Favorite article, I read it and read it to were i just about got it memorized!!

Edited February 14, 2012 by yota691

[Darin]

Iraq's oil revenues will reach 1.5 trillion dollars over ten years

Read more:

Nice! That means at one point, they'll be reaching 1 trillion + per year. Obviously we would have to subtract out expenses to find Net Income, BUT!, oil revenues is not their only source of revenue.

Darin,

I too remember reading this interview, it was going to save millions by doing it this way, and it would be nice to see this again if someone could find it. I'll try but if I remember correctly they stated that they could even print the Kurdish Language on the uncirculated notes but that could just be I or someone else’s thoughts by reading it. I think the word stamp was used…

Anyway this would be good to review again.

I totally agree with your thoughts about the research information sources but I still believe that pieces of the puzzle are found in these articles. Even by breaking them down one must us logic in making their mind up to what's said by these journalist that are aligned with sectarian groups.

Thanks Darin I really like this post of yours,

You can attempt to use the forums search engine to find the topic. It is likely hidden deep in the archives as a tremendous amount of topics are posted daily. To receive faster results, I would reccomend using Google to find the topic. It will provide faster results and allow you to be more specific and just look for reults that include DV links. You will find it much quicker that route I would believe.

Its located on this forum, just takes a little work to prop it up. Its an interesting & educational read!

[Stryker365]

Nice! That means at one point, they'll be reaching 1 trillion + per year. Obviously we would have to subtract out expenses to find Net Income, BUT!, oil revenues is not their only source of revenue.

You can attempt to use the forums search engine to find the topic. It is likely hidden deep in the archives as a tremendous amount of topics are posted daily. To receive faster results, I would reccomend using Google to find the topic. It will provide faster results and allow you to be more specific and just look for reults that include DV links. You will find it much quicker that route I would believe.

Its located on this forum, just takes a little work to prop it up. Its an interesting & educational read!

Thanks Darin, I'm using Google and I think I sent that one to my investment friends too, looking in my inbox/

So I'm on it, I've got two laptops going at the same time...multitasking...

[truthful1]

In all fairness, until the "deleting the zeros" articles are no longer being published/posted, the RD/RV debate will continue.....and it is specifically because no country has ever said they were redenominating by removing zeros from the currency, and only gradually removed just the larger bills from circulation....add that with the other details the CBI has been stating like reducing the money supply, and using other countries that lopped as templates and you can see why it will continue....

Yes , the debate will continue. i have been on both sides of the debate,as you probably know. i love the debate, and im not sure which way this will go. but , lets grow in the debate. im just asking we get past reciting the definition phase, because it overtakes the original article every time. i can detail a rd, with the best of them. i would like to see the conversation expand. defining a rd every article, is like spinning tires in the mud. we get no where. i accept it as a real possibility. i just want expansion of the topic, in similar, to the way you present the argument. it encourages thinking and allows us to.look at the bigger picture.

[zigmeister]

Yes , the debate will continue. i have been on both sides of the debate,as you probably know. i love the debate, and im not sure which way this will go. but , lets grow in the debate. im just asking we get past reciting the definition phase, because it overtakes the original article every time. i can detail a rd, with the best of them. i would like to see the conversation expand. defining a rd every article, is like spinning tires in the mud. we get no where. i accept it as a real possibility. i just want expansion of the topic, in similar, to the way you present the argument. it encourages thinking and allows us to.look at the bigger picture.

I totally agree with you Truthful, but in all honesty I do not know how one can expand the discussion of RD or RV. However you are very intelligent and often think outside of the box. To make these debates more meaningful how could we open the discussions up and explore the possibilities in a more profound manner?

[Carrello]

If I recall correctly, there was an in-depth interview with a U.S. official that helped plan, prepare, & execute the exchange of old regime notes to the current IQD that many of us hold today. In this interview, I believe to recall that the official mentions 16 demoninations were printed. This is the reasoning for how many believe the LDs have been printed since the initial release. If we were to think logicially, it may be wise to have printed lower & higher denominations than what they released to prepare for market fluctuations. So, this may include 50k & 100k notes & also other lower denominations. It may have made sense to be prepared, so they printed additional currencies if need be.

So, could the CBI hold additional denominations that are not currently in circulation? I would believe so... But here is the problem with introducing the 'next' new currency. According to their constitution, they need a currency that has all three languages on it. So, basically speaking, what the CBI may have held since 2004 does not meet the requirements of the constituion. Solution? Re-print the currency... Could they have co-existing lower denominations where maybe one set has the 2 languages & another set has the 3 langauges? I think it would be possible as long as the 2 language set was being removed.

It sometimes is hard to dinstinguish fact from speculation. I think our best bet is to seek facts from sources that are not aligned w/ that region. Suggested entities to research information would include: IMF, UN, WTO, BiS, WB, etc. Now the documents they submit to the public eye are normally complex and gives us more to read, but I would feel more comfortable trusting that document over media articles.

General Hugh Tant was the individual that was in charge of the currency, and several interviews are online, but I have not found the one that defines the denominations, as of yet.

[pocono]

General Hugh Tant was the individual that was in charge of the currency, and several interviews are online, but I have not found the one that defines the denominations, as of yet.

Search using BING and use " final report of Hugh Tant"....it should answer the questions about denominations,amounts etc...also has pics of the different notes...couldn't get a link to work..

[Stryker365]

Search using BING and use " final report of Hugh Tant"....it should answer the questions about denominations,amounts etc...also has pics of the different notes...couldn't get a link to work..

Here is this one but it's not what Darin was talking about but many most likely have not seen these...

Iraqi Currency Exchange (Hugh Tant)

159, 9/1/2010

Iraq Currency Exchange

Final report from Hugh TANT (15 January 2004)

OPERATION ICE ENDS CURRENCY CONVERSION MISSION ON TARGET!

The Iraqi Central Bank had a big victory today--a great win for the people of Iraq. Today represents the culmination of a tremendous effort by a team of people who came selflessly from all walks of life. These quiet professionals hailed from Australia, Canada, Fiji, Great Britain, New Zealand, South Africa, and the USA. All of one mind: to help the Coalition Provisional Authority achieve success in support of the Central Bank of Iraq and the Iraqi people. The good counsel provided by the U.S. Treasury, the Bank of England, the Ministry of Finance and the superior leadership provided by Ambassador Bremer were all key ingredients that set the tone for high achievement and the unwavering expectation of mission accomplishment.

My deputy, John Rooney, and the contractors, along with our information operations team led by Karen Triggs, made this operation a success. Bearing Point, led by John Dulle, provided expert project management support and was on the job around the clock to ensure we successfully stayed on time, within scope, and on budget. Global Risk Strategies provided us with Col. Phil Wilkinson, GBR, (Ret.) to lead the outstanding security and convoy teams, which conducted nearly 1000 convoy--often under fire. On 30 November, the largest battle since the end of war announcement was directed against two of our 35-man convoys which were delivering and collecting currency at two banks in Samara. A fierce battle ensued and many enemy were killed and a few of our team were wounded. The 4th Infantry Division soldiers provided strong cover for our team to complete its currency mission while engaged in combat.

There is not enough room to write about all of the fantastic support we received from the 101st Airborne Division (Air Assault), the 82d Airborne Division, the 1st Armored Division. Also we appreciate the good help from the British Division, Polish and Spanish soldiers who contributed to the success of this mission for the Iraqi people. The leaders of these Divisions were always willing to go the extra mile to help us never miss a beat. I shall always hold in awe the incredible courage of the pilots and convoy teams who demonstrated their devotion to duty under high risk conditions.

I must say a huge thank you to Ambassador Bremer for his unwavering support and confidence --you gave us "Leadership That Works"!!

The Central Bank of Iraq has now provided the Iraqi people with one currency instead of two. This new currency is continuously increasing in value (over 20% since the start of the exchange). This currency is secure. It has features built in that make it very difficult to counterfeit such as a watermark, metallic ink, raised lettering and numbering and very high quality paper. The old Saddam print Dinar was printed on cheap paper and easily counterfeited. The new Dinar is convenient with six denominations instead of just two. The Saddam Dinar had a 250 note and a 10,000 note which was like having a 12 cent note and a 5 dollar bill. Can you imagine how difficult it was to shop or make change? Now there are six denominations ranging in equivalent value from about 5 cents to 17 dollars. The currency is also significant in that it no longer portrays the evil one's countenance.

The new notes reflect important cultural and historical figures like Hammurabi who wrote the first code of laws. Read on below for the details and you can open the attachment of the new beautiful currency and associate the story with the actual new Dinar.

Notes on illustrations on banknotes:

Most illustrations featured on the six denominations of New Iraqi Dinar banknote are very familiar to Iraqis - they appeared on the Swiss Dinar, the currency in use in Iraq before the first Gulf War and the one currently used in the Kurdish area.

The Central Bank of Iraq felt that re-using old illustrations that pre-date the Saddam Dinar was a positive step because '...those designs reflect Iraq's culture, history and contemporary life'. The mix of illustrations reflects the harmony of the ancient and the modern.

The illustrations are differently colored than on the old notes, feature on different denomination notes - and of course the new notes incorporate many more security features than the old.

The illustrations on the 25000 Dinar note are new - the Bank decided the design concepts (Kurdish farmer, Hamurabi code).

The new Iraqi Dinar is printed by De La Rue, the world's largest commercial security printers and papermakers. The 200 year-old British-based firm is involved in the production of over 150 national currencies and is a world leader in anti-counterfeit technology. To note: they printed the Swiss Dinar.

See color pictures of the

new Dinar notes here, description of each note follows.

25,000 Dinar Note

FRONT

Kurdish lady farmer holding sheaf of just-cut wheat. Tractor in background.

BACK

King Hammurabi. Credited with writing the first code of law in human history he founded the First Dynasty of Babylon in 1700 BC, leading Babylonia into a period of great prosperity.

10,000 Dinar Note

FRONT

Abu Ali Hasan Ibn al-Haitham (known as Alhazen to medieval scholars in the West), born Basra in 965 A.D. His most important work - although he wrote some 200 books - is held to be a seven volume series on optics Kitab al-Manazir, in which he gives the first correct explanation of vision, showing that light is reflected from an object into the eye. He is said to have 'invented' the camera obscura. Also, an eminent physicist and mathematician he developed analytical geometry by establishing linkage between algebra and geometry.

Alhazen's work was translated into Latin, and greatly influenced European scientific thought.

BACK

Hadba Minaret, at the Great Nurid Mosque, Mosul, built 1172 A.D by Nurridin Zangi, the then Turkish ruler. The 59m-high minaret leans 8 feet off the perpendicular. That is how it earned its Arabic name Al-Hadba ('the humped').

5000 Dinar Note

FRONT

Gully Ali Beg and its 800m waterfall. The 10km gully passes between Mount Kork and Mount Nwathnin, some 60km away from Shaqlawa, in the Kurdish area.

BACK

The second century desert fortress of Al-Ukhether, Hejira.

1000 Dinar Note

FRONT

A gold Islamic Dinar coin, minted in Damascus in the first century AD.

BACK

Al-Mustansirya University, Baghdad. Built in the mid-thirteenth century it was the most prominent university in the Islamic world in the Middle Ages.

250 Dinar Note

FRONT

The astrolabe. One of the earliest scientific instruments - able to measure the time of day or night and altitude and latitude – conceived by the Greeks it was further developed by medieval Arab astronomers, who used it to help determine the time for fasting during the month of Ramadan.

BACK

The Spiral Minaret in Samara, built 848-849 A.D. Samara was then the Abbasid Empire's capital city.

50 Dinar Note

FRONT

The grain silo at Basra. Working at full capacity the facility can off-load and process 60,000 tons of grain per hour.

BACK

Date palms.. Iraq used to be the world's largest producer and exporter of dates. Over 600 varieties are grown in-country.

TEAMWORK THAT WORKS! This is my final report. Farewell and God bless to all.

Hugh B. Tant III

An ancient Islamic compass on a new Iraqi 250 dinar banknote replaces the smiling face on the old one of Saddam Hussein (news - web sites), as new currency is unveiled during a press conference in the capital of Baghdad, October 4, 2003. Iraq (news - web sites) unveiled its new banknotes on Saturday, with pictures of an ancient Babylonian ruler and a 10th century mathematician in place of the smiling face of Saddam Hussein. REUTERS/Akram Saleh

IRAQI CURRENCY EXCHANGE (ICE): RAFINO member BG Hugh B TANT III is in Iraq to oversee the conversion to a new currency (dinar) in Iraq. The total exchange entails 2200 tons of new currency, 6+ Trillion of Iraqi Dinar in six denominations, worth appx $3B (US). 250+ sites throughout the country, including the Central Bank, the 2 state owned banks and the private banks, will be used for distribution. This is a huge logistics and security challenge. We will then destroy over 3000 tons of old Iraqi Dinar. Conversion will be done 15 Oct-15 Jan 2004. They will provide the treasury banks with additional new Dinar to cover the October government salaries (worth 286.6 billion Dinars) and the Jobs Program (worth 12.2 billion Dinars). This will be the first salaries paid with the new currency and will assist in their acceptance throughout the country.

29 Oct 2003 -- Hugh TANT, our correspondent in Iraq, reports that the ICE (Iraqi Currency Exchange) is still on target. He reported further as follows:

"Reports from the banks regarding the conversions are starting to flow in! All the Iraqis I have spoken with say they really love the new currency. Positive reports from the field indicate the same story: the great majority of the Iraqi citizens are very happy with the new Dinar—a single, stable, secure currency for all the people of Iraq.

The following is a snapshot of where we stand with the new currency as of this date:

Total new Dinar in Iraq: 4.26 Trillion (67% of 6.36 Trillion)

Dinar inventory at distribution hubs: 1.2 Trillion

Dinar amount issued to banks: 3.06 Trillion

New Dinar in circulation: 845 Billion (19% of 4.364 Trillion)

Today (29 Oct 2003) Admiral David Oliver was honored with a farewell gathering of his team and our ambassadors. We will all miss this man of action who has built a team of winners and passed on to all of us his indomitable spirit of selfless service to those in need. We will strive to emulate his high standards as we continue to move this critical mission forward."

30 OCT 03 --To date we have destroyed 224 tons of a planned 225 tons of old currency. To date our destruction is a mere 2.5% of the 9000 tons that we will destroy. To put this in perspective-we are bringing in twenty seven 747 plane loads of new Dinar or 2300 tons. We are destroying nearly four times that amount. Our capacity to verify and destroy will increase dramatically in the near future. With some luck and a lot of hard work we will be able to destroy some 6500 tons by January 15, 2004. (You can see the big picture at "Finance Stories".)

3 NOV 03 -- Following are some light statistics that might provide some interesting tidbits about the magnitude of the ICE program:

Total Tons of old currency -- Approximately 9000 tons

Number of bills in 9000 tons -- approximately 9,027,000,000 This number of bills laid end to end would stretch nearly 855,000 miles, wrap around the globe more than 34 times, or extend from the earth to the moon 3.6 times. In other words, the ICE team needs to collect each month of the operation enough currency to reach to the moon or go around the world ten times.

© 2012 - Society of Retired Army Finance

http://rafino.org/ShowContent?id=159

Edited February 14, 2012 by Stryker365

[keepmwlknfny]

I totally agree with you Truthful, but in all honesty I do not know how one can expand the discussion of RD or RV. However you are very intelligent and often think outside of the box. To make these debates more meaningful how could we open the discussions up and explore the possibilities in a more profound manner?

I guess until we get more information or as more information is released there isnt much more we can bring up....I mean of course we could talk about possibilities of them maybe only removing 1 or 2 zeros (which would def be more profitable) but we havent seen any mentioning of anything but 3....

This is just a slow process in its entirety....

[zigmeister]

I guess until we get more information or as more information is released there isnt much more we can bring up....I mean of course we could talk about possibilities of them maybe only removing 1 or 2 zeros (which would def be more profitable) but we havent seen any mentioning of anything but 3....

This is just a slow process in its entirety....

I hear ya......its a turtle race!

[429]

Let's try this one:

http://dinarvets.com...t-came-to-iraq/

TANT: Now, with the new dinar, we have six denominations for the people. I understand

that they're going to reestablish some coinage and perhaps two additional denominations,

giving them a total of eight denominations plus coinage to continue progressing the

currency situation.

But, of course, my team and I, we dealt in the six new denominations. I can send you

pictures of that and descriptive information of each of the notes NOTE: These materials

have been supplied by General Tant as a supplemental to the interview.

Now the other thing is, you needed to have a currency that was meaningful to the people.

It was important to take Saddam's face off the currency and replace it with meaningful

characters, persons and places that were had historical and cultural significance to Iraqis.

There were discussions with the Central Bank of Iraq and leaders in the Kurdish area, and

all of them decided that they would like to basically use the characters that were on the

Swiss dinar (the original currency of the country), but change the denominations.

And so that's what we did. We contacted a British company called De La Rue. This

company was almost 200 years old and had produced currency for over 150 nations.

They were the masters in anti-counterfeiting techniques and using high-quality paper.

The cost to produce the currency was approximately six cents per note, which allowed for

a very high-quality paper. All of the currencies, the six denominations, are different

colors and different sizes, based on their denomination. That also helps prevent

counterfeiting. The currency has metallic threads and metallic strips. It has a watermark,

where you hold the currency up to a light and you an see a white Arabian stallion. And,

when you rub your thumb across the face or the back of the currency, the numbers and

letters are raised. It's not just flat like on cheap paper.

Read more: http://dinarvets.com/forums/index.php?/topic/18337-the-new-dinar-and-how-it-came-to-iraq/#ixzz1mNmSvSSd

[nemesis760]

1

Edited February 14, 2012 by nemesis760

[leesburg]

the new currency should be released as the erbil agreement is implimented .. as the kurdish constitution calls for the currency to have kurdish language on it ... im sure the currency design has been decided and is now in process of printing up the 4 billion notes they will be needing .. but all the currency will be replaced ..no matter what currency the250 note...500 note .. 1000 note as well as the5000... 10,000 ... 25,000 note .. and i believe the coins will also be required to have kurdish language on it .. why it contains english language on it is beyond me but from what i have read it will also contain english language .. i dont believe the erbil agreement will be in effect until the new currency is in effect .. it is looking like they are getting close ..as i see the erbil agreement coming to a close