Iraq to revalue dinar and introduce new notes in September 2012

[dvforumuser]

That's one reason posting on here seems fruitless... does anyone actually read what people say?

You can +not+ have -in a lop scenario- an old 50 and a new 50 ( as an example) have 2 different values that run concurrently.

Period. I'm on the road and can't look it up. It's out there if someone wishes to find it and post.

Please follow your own advise and read the first post on page 3.

[bodeen]

You can put whatever spin on this article that makes you feel better but it all boils down to the stated exchange between old and new bills .....you can't really twist that around and its telling us there won't be an even exchange, old for new

This article sure reads that way... We wait for the next one that I'm sure will contradict this one...

Have a great weekend all

[jupitergirl]

Does anyone truly believe they were gonna come out and say " Hey all it's coming out one to one so hang on to those dinars"......I think it is this simple.......If there is a "plan" we will make alot of money in a shorter time frame....if no plan than a slow and steady upward trend. Think about it.

[FreckledFuzz]

Please follow your own advise and read the first post on page 3.

Do some reading. It will be good for you

I stand by what I say until you bring me something that says

In a RD you can have 2 notes with the same number ( 50 and 50) as an example. Running / being used at the same time

With different values.

By the way.... did anyone tell you your paraphrasing in your sentence structure is very similar to 'Legolas'?

I'm off to enjoy my weekend. I have no worries. I'm happy.

Be happy.

[fnbplanet]

Just so you all know, in Vegas, I'll be the guy in the Easter Bunny outfit with the ears cut off.

[Shelley]

STOP…..IT…IS…THE…WEEKEND….A LOP….ARTICLE…IS…OUT….

EVERY….WEEKEND….THIS…..HAS….HAPPENED….IN….THE…..

LAST…..FEW….WEEEKENDS…..THIS….MEANS….WE….ARE….CLOSE

Folks, let’s not go down this path again, save yourself a weekend of trying to defend this investments and let the lopsters have their fun to themselves.

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

The objective behind this move is to appreciate the value of the Iraqi dinar against the U.S. dollar,

………..1:………………….1,000.

Iraqi dinar against the U.S. dollar

HERE IT LOOKS LIKE THE dinar 1 : dollar 1,000.

HERE’S MY POINT…DON’T TRUST THIS ARTICLE, WHY IS IT THESE CLEAR OR MAYBE NOT SO CLEAR ARTICLES COME OUT JUST IN TIME FOR THE WEEKEND WHEN EVERYONE IS OFF WORK AND THE LOPSTERS WILL BE ALL OVER THIS......DO NOT SCREW UP YOUR WEEKEND....FIND THE ARTICLES THAT CAN SHOW US SIGNS THAT WE ARE THERE

THEY WILL BE ALL OVER THIS ARTICLE…I’LL SAY IT, IT LOOKS LIKE A LOP OR DOES IT…..?

IT WILL BE WHAT IT IS… WHEN IT HAPPENS....BOTTOM LINE....IT IS WHAT IT IS.....

EVERYONE KNOWS WHAT I THINK AND MY GROUP SEES IT THE WAY I DO, SO DON'T WASTE YOUR TIME....HAVE A GREAT WEEKEND FOLKS……. WE ARE ALLMOST THERE....

Stryker you are 100 % correct, It seems like their Holy days are our Horror days !!! There is no way in hell am I going to believe they are going to Lop or Bunny ear, They have worked to hard and come to far to go backwards now !!! They need the Rv more than any other country , they are ones that want to be a powerful nation.

Oh and by the way let's have the Arab Summit so all of the Arab nation can come to Bahgdad and watch us Lop and Flop ... Idon't think so .

There will be plenty of articles to come out to put this one in it's rightful place (the garbage ) I'm sure Yota is looking for them as we read !!!!! Hang tight everyone we are almost there

[dvforumuser]

Do some reading. It will be good for you

I've done plenty of it.

I stand by what I say until you bring me something that says

In a RD you can have 2 notes with the same number ( 50 and 50) as an example. Running / being used at the same time

With different values.

Since an RD introduces a NEW currency, why would there be any constraint on them both having a note with the same denomination? If you want to produce a document that says this can't be done, please do so. The smaller the RD the more likely this is to occur. When France did a 100:1 RD assuming that there was both a 100 and a 1 franc note (which seems pretty likely, I'll try to look it up), then this would have been the case for them as well.

By the way.... did anyone tell you your paraphrasing in your sentence structure is very similar to 'Legolas'?

I'll take that as a compliment since I found his posts to be quite well written, but no I am not Legolas.

I'm off to enjoy my weekend. I have no worries. I'm happy.

Be happy.

Always good advise!

[Carrello]

focused visions...

I like you!

[Shelley]

Just so you all know, in Vegas, I'll be the guy in the Easter Bunny outfit with the ears cut off.

The only part of that costume allowed will be the cut off ears only !!!!!! Good morning FNB

[Carrello]

Good morning Carrello!!!!

You too JustNTime!!!!!

And too the rest of you...a good morning to all!!!!

Going to be a great day today....

Good morning! Stryker, when you say good morning on a weekend day, I always smell bacon.

Edited February 25, 2012 by Carrello

[yota691]

These articles sure do wear out the elevator button from downstairs, you think to prevent from wearing out the button it might help to post this on the Community board downstairs!! It might help from someone calling the Fire Marshall!!

[dvforumuser]

here you go: http://en.wikipedia.org/wiki/French_Franc When they did a 100:1 RD in 1960 there were both old 1 franc coins and new 1 franc cons.

[hame55]

The objective behind this move is to appreciate the

value of the Iraqi dinar against the U.S. dollar,

Sorry but I don't really see how appreciate means lop. Appreciate

used in this sentence means to gain strength.

Ty and go RV!!

[Carrello]

Do some reading. It will be good for you

I stand by what I say until you bring me something that says

In a RD you can have 2 notes with the same number ( 50 and 50) as an example. Running / being used at the same time

With different values.

By the way.... did anyone tell you your paraphrasing in your sentence structure is very similar to 'Legolas'?

I'm off to enjoy my weekend. I have no worries. I'm happy.

Be happy.

Fabulous Frecked Fuzz

The Lopsters need to go to the beach and slither into the sea. I am going to make lasagna, scalloped potatoes, and a pan of cinnamon rolls, and making a list of the first things I am going to do SOON. I hope everybody has a great weekend..

Edited February 25, 2012 by Carrello

[yota691]

here you go: http://en.wikipedia.org/wiki/French_Franc When they did a 100:1 RD in 1960 there were both old 1 franc coins and new 1 franc cons.

Please bring the facts in for Iraq!! No need for a History Class!!

[Carrello]

Just so you all know, in Vegas, I'll be the guy in the Easter Bunny outfit with the ears cut off.

Great. That's one less name tag.

[FishmanTx]

Keep, your probably right....

Can they screw us that easily? Yes.

-------------------------------------

Timeline EXAMPLE:

The GOI and CBI set the time for the activation of the process as September 1, 2012 @ 00:00:01 a.m.

Through the previous "education" and "awareness" campaigns (quote from Saleh in another thread/post Here) it was made known that the old vs. new currency exchange rates will be 1000:1 (see reference in post #1) beginning Sept 1 @ midnight; a 25k note will become equal to 25 IQD. A 1000:1 exchange of old note vs new.

At 00:00:01 on Sept 1, the program exchange rate goes from 1169:1 IQD/USD to 1:1 on the world market. At this time all Iraqi bank account values are reduced electronically by 3 zeroes.

The next day, the People, with their new "education", begin to exchange notes @ 1000 old to 1 new their soon-to-be obsolete notes at an extreme pace to get rid of the old and acquire the new so they won't get stuck with it. Not just through day-to-day transactions, but lining up at the banks and money changers to get rid of the old notes (Do YOU remember how it was when the Saddam dinar exchange was started?) as fast as possible.

The old and new notes then coexist for a year until on Sept 1, 2013 they become obsolete and no longer accepted as a viable currency.

Over the next 2-3 years the exchange rate is incremented upwards to 1:2.89 IQD/USD (last appx rate before devaluation).

The GOI and CBI have now achieved their goal of bringing the Dinar back to being a prominent currency in the world market.

------------------------------------

Yes, it's that easy to screw everyone over.......

Again, I'm not a Lopster and God knows I need the RV, but I'm not blind or stupid, nor do I have my head in the sand either and everything I've seen of what they are doing over the last 7 years points to "bad news". I wouldn't trust them to do anything but what benefits themselves (the CBI) in the long run.

If they were going to straight RV @ 1:1 then release the new denoms and remove the old notes, then no one would need an "education". It would be very straight forward; 25=25 and 25k=25k. It would be like adding the $2 bill back into circulation. No impact. Who cares. An "education" would only be needed if you were going to coexist 2 currencies of different nominal (face) value but the same cash value and buying power (referenced by Saleh in the statement link above) so the people don't get confused or freak out when they're handed 1 dinar for every thousand.

If they did a straight RV, every goat herder in the country would own a house and a Beemer and what happens to costs of living in rich countries? Prices out roof; aka inflation. Why would the CBI allow it? They won't. Their not that ignorant.

People, not everything can be "smoke". Where there's smoke, there's fire. And Bankers are notorious CHEAPSKATES. It's in there nature.

For what it's worth...

JMHO

Edited February 25, 2012 by FishmanTx

[Shelley]

Great. That's one less name tag.

Good morning Lady C.... I already wrote to FNB no costume !!! only the ears will be allowed

[Carrello]

Well under one scenario, it could mean a LOP - they drop the zeros (neutral event) to equal USD then raise the value (small RV) 3X or 4X to equal Kuwaiti dinar.

This is what I'm worried about. Then you have a purely AMBIGUOUS situation that explains ALL of the articles and explains why it seems they are going back and forth on this LOP thing....could be LOP, could be RV - because they are planning to do both. Unfortunately, if this is the case, they are planning a much smaller increase, not a pure RV. A kind of hybrid.

Joe, tell me it ain't so....just sayin'.

Hame, I can't argue with you. Psssttt Joe, tell us it ain't so........

Good morning Lady C.... I already wrote to FNB no costume !!! only the ears will be allowed

Good morning Shelley! Well, then FNB needs to warm up for the conga line. I will fit ears onto my "Carmine Miranda hat with the fruit" hat and loan it to him.

[hame55]

Hame, I can't argue with you. Psssttt Joe, tell us it ain't so........

Good morning Shelley! Well, then FNB needs to warm up for the conga line. I will fit ears onto my "Carmine Miranda hat with the fruit" hat and loan it to him.

I know - I wish someone would argue me out of this box....very good, but disheartening post by "fishntexas" that outlines moreclearly the dreaded scenario....it will RV, sure. After they drop the zeros. It just makes sense, event though it really hurts. I find myself going down the drain on this investment, and emotionally it's hard.

[FishmanTx]

Well under one scenario, it could mean a LOP - they drop the zeros (neutral event) to equal USD then raise the value (small RV) 3X or 4X to equal Kuwaiti dinar.

This is what I'm worried about. Then you have a purely AMBIGUOUS situation that explains ALL of the articles and explains why it seems they are going back and forth on this LOP thing....could be LOP, could be RV - because they are planning to do both. Unfortunately, if this is the case, they are planning a much smaller increase, not a pure RV. A kind of hybrid.

Joe, tell me it ain't so....just sayin'.

I've been saying that for 2 years! LOL! No matter what process they chose, an RV (REVALUE: aka: a change in the exchange rate) is required. Whether a straight RV or LOP/RD, an adjustment in the rate (RV) is required. People keep wanting to pick and chose how they want to apply the term, but it has a specific meaning. Whether they like it or not.

Edited February 25, 2012 by FishmanTx

[patriotic party girl]

GREAT ARTICLE BUT THIS CAME FROM AC THIS MORING IT WAS IN MY IN BOX AND HE STATED THAT HE WOULD POST THIS ARTICLE TODAY AND SEND IT OUT TO EVERYONE ON HIS MAILING LIST YESTERDAY .SO JUST SO EVERIYONE KNOWS IT CAME FROM AC SO WHO KNOWS WHAT THE HELL IT REALLY MEANS

PPG

[Goldiegirl]

That's what happens when smoke gets in your eyes. You can't see the big picture.

[Carrello]

GREAT ARTICLE BUT THIS CAME FROM AC THIS MORING IT WAS IN MY IN BOX AND HE STATED THAT HE WOULD POST THIS ARTICLE TODAY AND SEND IT OUT TO EVERYONE ON HIS MAILING LIST YESTERDAY .SO JUST SO EVERIYONE KNOWS IT CAME FROM AC SO WHO KNOWS WHAT THE HELL IT REALLY MEANS

PPG

You lost me at "THIS CAME FROM AC THIS MORING...." Red Bull or Starbucks, PPG?

[zigmeister]

Oh goody the Saturday morning "lop" article. How can we get by a weekend without them! It seems pretty clear until you start reading it!

The Kurdish Globe

Views differ on financial and socioeconomic impacts

Despite fears of a negative economic impact, the Central Bank of Iraq will remove three zeros from Iraqi dinar notes and print new banknotes in 2013.

The Central Bank of Iraq has agreed with the Economic Committee of the Iraqi Parliament to introduce the new banknotes in September 2012, which will be used in parallel with the current banknotes for a year. The CBI will completely withdraw the old banknotes by September 2013.

Abdul-Hussein Abtan, Economic Committee Member of Parliament in Baghdad stated in a press conference that there is an initial agreement between Parliament and the central bank to start the process of removing three zeros in September, and it will take a year to complete. The new banknotes will be printed in Arabic, English and Kurdish.

The new bank notes, probably they are referring to the lower denoms will be introduced as well as coin. Then in 2013 they will introduce the new currency with the three languages and why english is included is beyond me. I did not think overall they cared much for us english speaking people. And they figure everything will be complete by September 2013, a year in nutshell when they have collected all the old notes.

MP Abtan says "The grant agreement is to ensure that during the one year process, the old banknotes are traded in the market and replaced by the new one."

A grant according to this article is what they are going to use for the program. So a grant is going to fund the new currency. I would assume a grand would be in the 2013 budget. However my questions is if so, if they are releasing the smaller denoms in September of 2012 wouldn't that be part of the grant?

Some questions answered for me; "According to the agreements, the new bill will be printed by a European company Their delarue machines cannot print. They won't be printing the new currency.

"The process of removing zeros from the currency will contribute to dealing better with inflation, facilitate economic cooperation with international banks and reduce the differences in [standards of] living in society," Abtan explained. Mahma Khalil, another Member of the Iraqi Parliament and official spokesperson of the Economic Committee says an agreement has been reached about the mechanisms of introducing the new banknotes after a series of meetings and discussions with the CBI Governor Dr. Sinan Al Shibibi.

As much as I like Dr. Shabibi, in this article it appears he has plans to do this. But; The Security Commission says deleting the zeros will have a negative impact on financial trade in the stock market. Other opponents of the move argue it would pave the way for money laundering and want the government to reconsider its decision. The Security Commission does not. Right now as this article reads, I want the Security Commission to win out. However I do not know what their recommendations entail or if they have any.

The CBI apparently has consulted with Parliament and representatives to see if a law needs to be passed, according to this article they have done so because the Economic Committee on Feb 19 was introducing new legislation for the purpose and also address inflation in Iraq. I don't have time right now, got to head to the gym soon(ha ha), I will later. Or if someone wants to check on Feb 19 articles and see if any reflect the Economic Committee announcing this.

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