1:1000

[NoviceInvestor]

Hi have read an artice on currency news site whih says that they will start the process of deleting the zeros in September and both currencies will co exist at the rate of 1:1000 ..could someone please explain if this the rv rate it is going to be ...Sounds like a lop to me or thankyou

[JayP]

Hi have read an artice on currency news site whih says that they will start the process of deleting the zeros in September and both currencies will co exist at the rate of 1:1000 ..could someone please explain if this the rv rate it is going to be ...Sounds like a lop to me or thankyou

Yes, here is an article from today that states that:

http://www.kurdishglobe.net/display-article.html?id=3CBF63FA930E6C8FF6BBF1EDC3B7D027

""According to the agreements, the new bill will be printed by a European company and introduced to the market gradually and in a well-planned schedule to ensure it will not result in shocks and would not have a negative impact on the market," explained MP Khalil. He added the exchange rate between the new banknotes and the old ones would be 1:1,000. "

This is definitely not good for our investment, at least in terms of the hopes of making millions. This still does not mean that they cannot give it a new rate over 1.00 for the new notes at the same time that would give us some return in time, but this would definitely make it so we would not make millions as the gurus try to tell people

Edited February 25, 2012 by JayP

[one2one]

how can the currency they sell now :

all of a sudden be worth 1/ 1000 of its current face value ?

this latest rumor does not make sense :

[Butifldrm]

Well, IMO when they drop the three zeros, 1/1000, should be 1/1. JMO

[JayP]

how can the currency they sell now :

all of a sudden be worth 1/ 1000 of its current face value ?

this latest rumor does not make sense :

Unfortunately one2one, this is how a redenomination happens. The old for new is traded 1000:1, meaning it would for ever 1000 dinar, they exchange for 1 new dinar. The old dinar maintains the current value of .00086, while the new 1 dinar has a rate of .86. Both, 1000 old and 1 new are worth $21.50 USD. They co-exist because there are 2 prices are listed in the stores, during that time of exchange, depending on what they are using.

So for example, if you want to buy 2 cans of soda, you can either pay 1000 dinar using the current note, or 1 dinar with the new note. Both prices would be listed.

This is how redenominations happened in the past with the other nations. I hope this helps. I guess all we can do is hope this is not true at this point, but they seem pretty clear about it, and have been talking about doing this for years now...

Well, IMO when they drop the three zeros, 1/1000, should be 1/1. JMO

No doubt about it that would be much better for us, but based on what they stated, they were very clear:

"explained MP Khalil. He added the exchange rate between the new banknotes and the old ones would be 1:1,000."

That is means that they would need to exchange 1000 old notes for 1 new note... I truly wish it meant something else as well though..

[speculatorsRIDE]

how can the currency they sell now :

all of a sudden be worth 1/ 1000 of its current face value ?

this latest rumor does not make sense :

First, it doesn't make sense that you would call this a rumor. It is a news article with a verifiable link.

Secondly, to answer your question, the currency they sell now could become worth 1/1000th of its current value if they re-denominate, ie lop, the currency. They did the exact same thing to the old Sadam notes when they introduced the current currency we hold now.

The question is will the parliament allow them to do it? There is strong disagreement currently with this plan.

Edited February 25, 2012 by speculatorsRIDE

[umbertino]

Quote

This is definitely not good for our investment, at least in terms of the hopes of making millions. This still does not mean that they cannot give it a new rate over 1.00 for the new notes at the same time that would give us some return in time, but this would definitely make it so we would not make millions as the gurus try to tell people

End Quote

Exactly.....Let's hope it's not like that.....Again, I'd be super happy with a few cents per Dinar RV......A 5 cents RV would multiply my Capital 50 fold......

[Hamels]

This art is NOT from the CBI, but a banker or dealer...article upon article has stated repeatedly that the exchange rate will be close to one to one....also, I think the 1-1,000 means that what you paid for with a 1,000 dinar, you can now pay for with a one dinar.......also not mentioned was the 25-50 fils, which would be the change you get back from a dinar....The CBI stated that their new currency would mirror the US....1-5-10-20-50-100..........I think this guy , either a banker or dealer only remembered partially what the CBI has stated in earlier articles......IMO

[JOLLY ROGER]

My life has become much easier since I've learned not to believe everything that I read, even if it's supported by a link.

[armondtoth]

when he is talking about exchange rate he is referring to this,,, 1000 old dinar will be worth 1 new dinar.