CBI PLANS TO ISSUE REVALUED NOTES

[bamagirl]

I just think if it was gonna be an RD (lop) then there would be no need for any confusion....it would be a straight forward plan, not 2013 then 2012 or September orthe begining of 2013....there would be NO confusion....believe what you want but I believe the only RD happening will be the issueing of smaller denoms after a revaluation and then the printing of new money with all 3 languages that will co-exist with the notes we have now until they are all removed or a sufficient amount of time has passed.....I hope this makes sense, I believe these confusing articles that are driving us nuts are really our best friend.

[Stryker365]

I was watching on BBC the other night about the developing markets going to mobile phone banking verses credit cards. They were saying that the developed markets already had credit cards and cash that is the dominate source for day to day transaction and that it will not go over as well in these markets. But then I was watching a commercial today that showed the Saints quarterback Drew Brees and in it his little boy kicked a football and it went throw a fence. the next door neibors window, throw a wall and finally landing on a table knocking over a vase. Then Drew sending payments to his neighbors to pay them for the damages thru is cell phone and how easy it is. As I watch this all I could think about was all the articles we have read and the BBC report on the same thing.

Well I have told you this story to point out that they do not need the lower denominations for them to RV their currency, they have the smart card technology up and running, this shows me that they have the technology that will work with the cell phones, CBI sent an announcement out... back in September of 2011 for an open bid to find a company to implement the cell technology and a lot of us have been waiting for the 3 cell phone companies to go public so we can invest.

The signs are right in front of us is what I'm trying to say.

Edited March 11, 2012 by Stryker365

[MANNY99]

It is a rv so be ready for the party

[Mgigs]

I just think if it was gonna be an RD (lop) then there would be no need for any confusion....it would be a straight forward plan, not 2013 then 2012 or September orthe begining of 2013....there would be NO confusion....believe what you want but I believe the only RD happening will be the issueing of smaller denoms after a revaluation and then the printing of new money with all 3 languages that will co-exist with the notes we have now until they are all removed or a sufficient amount of time has passed.....I hope this makes sense, I believe these confusing articles that are driving us nuts are really our best friend.

I hope you are right! These articles do make you think about the lop. Not what we want, let's hope they plan on blessing their people along with us in the process.

[JustNTime]

YES

Wrong

Good call Manny!

Exactly what I was going to say!

So I will 2nd that!

[WorkerBee]

I just think if it was gonna be an RD (lop) then there would be no need for any confusion....it would be a straight forward plan, not 2013 then 2012 or September orthe begining of 2013....there would be NO confusion....believe what you want but I believe the only RD happening will be the issueing of smaller denoms after a revaluation and then the printing of new money with all 3 languages that will co-exist with the notes we have now until they are all removed or a sufficient amount of time has passed.....I hope this makes sense, I believe these confusing articles that are driving us nuts are really our best friend.

I really hope so. I usually err on the LOP side but this article sounded good to me.

[dvforumuser]

Iraq: An article in "Kurdish Globe" informs that the Central Bank of Iraq plans to issue revalued notes of 50; 100 and 200 "new" dinars; which will be equal to 50,000; 100,000 and 200,000 of the old dinars. If true, this seems to indicate that the current 5,000; 10,000 and 25,000 dinars will continue to be used.

So, are you saying that a new-dinar 50 would be equal to 50,000 IQD such as two 25,000 notes or ten 5,000 notes or fifty 1,000 notes. I agree. that's an RD. Here the new-dinar has to have a different dollar exchange rate than the IQD and is thus is a different currency. If anyone see this as increasing the value of the IQD it would be interesting to hear your explanation as I honestly don't see it. Edited March 11, 2012 by dvforumuser

[Tropics]

I just think if it was gonna be an RD (lop) then there would be no need for any confusion....it would be a straight forward plan, not 2013 then 2012 or September orthe begining of 2013....there would be NO confusion....believe what you want but I believe the only RD happening will be the issueing of smaller denoms after a revaluation and then the printing of new money with all 3 languages that will co-exist with the notes we have now until they are all removed or a sufficient amount of time has passed.....I hope this makes sense, I believe these confusing articles that are driving us nuts are really our best friend.

I agree with you.

[jas428]

I have to come out and say that I do have sources in Iraq that I use for my own translations and help with my own research. This article has been out before (perhaps not on this particular site) and I've been told (many times in the past few years but even moreso often recently) that these articles do indeed talk of an RD. The plan is being described in the country as an RD, then eventually an RV after the 0 notes are all taken in. RV being on the new currency only. That being said, I'm also told the new over there is always confusing, but I get a real translation, not through internet translators.

I'd like to believe its all misinformation purposely gievn out, but the current reality of it is that these articles arnt meant to be read into. taken at face value (which is what the Iraqis do) , they talk of a 25000 old note being equal to a new 25 note. Again, this coming straight out of Iraq. I never share this info because I work hard at gathering my own info and don't want to use my sources as "intel" for those that are just looking for easy news. In any case, its the same confusing news articles as always that can be interpreted by us (and the internet) in many ways!

[bodeen]

I just think if it was gonna be an RD (lop) then there would be no need for any confusion....it would be a straight forward plan, not 2013 then 2012 or September orthe begining of 2013....there would be NO confusion....believe what you want but I believe the only RD happening will be the issueing of smaller denoms after a revaluation and then the printing of new money with all 3 languages that will co-exist with the notes we have now until they are all removed or a sufficient amount of time has passed.....I hope this makes sense, I believe these confusing articles that are driving us nuts are really our best friend.

You're awesome Bama!!!!!!! +1

[dog53]

YES

Wrong

Well great manny thanks . Thats exactly what I was asking. I definitly hope thats the way it goes

GO RV !!!!!!!

[amhvl]

I was watching on BBC the other night about the developing markets going to mobile phone banking verses credit cards. They were saying that the developed markets already had credit cards and cash that is the dominate source for day to day transaction and that it will not go over as well in these markets. But then I was watching a commercial today that showed the Saints quarterback Drew Brees and in it his little boy kicked a football and it went throw a fence. the next door neibors window, throw a wall and finally landing on a table knocking over a vase. Then Drew sending payments to his neighbors to pay them for the damages thru is cell phone and how easy it is. As I watch this all I could think about was all the articles we have read and the BBC report on the same thing.

Well I have told you this story to point out that they do not need the lower denominations for them to RV their currency, they have the smart card technology up and running, this shows me that they have the technology that will work with the cell phones, CBI sent an announcement out... back in September of 2011 for an open bid to find a company to implement the cell technology and a lot of us have been waiting for the 3 cell phone companies to go public so we can invest.

The signs are right in front of us is what I'm trying to say.

+1 for reminding us to watch what they do and listen to less of what they say. Just because they swear they haven't touched the blueberry pie doesn't remove the blue from their faces. Great reminder my friend...

[George Hayduke]

Ok let me get this straight. If 1 new dinar is worth 1000 old dinars. BUT we have a year to change our old dinars for the new dinars. I am going to get 1 new dinar for every thousand dinars. 25000 dinar note I am going to get 25 new dinars. Right? How the He!! is this good? PLease someone tell me Im doing this wrong

Thats how I read it but, I don't see that as a bad thing. As I pointed out earlier while the article stated what the exchange rate for the new Dinar for old Dinar was going to be, it did not state what the value of the either dinar was in relation to the dollar at that time. It did, however, state the objective of that exchange was to appreciate the value of the Dinar equal to the dollar . The article failed to clarify how that appreciation was to take place and what the value of the Dinar would be at the initialization of the exchange.

It seems to me there is going to be a currency exchange but the value of the currency at the time of that exchange is unknown as well as how that value is arrived at.

GH

[keepmwlknfny]

I have to come out and say that I do have sources in Iraq that I use for my own translations and help with my own research. This article has been out before (perhaps not on this particular site) and I've been told (many times in the past few years but even moreso often recently) that these articles do indeed talk of an RD. The plan is being described in the country as an RD, then eventually an RV after the 0 notes are all taken in. RV being on the new currency only. That being said, I'm also told the new over there is always confusing, but I get a real translation, not through internet translators.

I'd like to believe its all misinformation purposely gievn out, but the current reality of it is that these articles arnt meant to be read into. taken at face value (which is what the Iraqis do) , they talk of a 25000 old note being equal to a new 25 note. Again, this coming straight out of Iraq. I never share this info because I work hard at gathering my own info and don't want to use my sources as "intel" for those that are just looking for easy news. In any case, its the same confusing news articles as always that can be interpreted by us (and the internet) in many ways!

You are correct.....the people on this forum are much smarter then they are portraying.....

[bamagirl]

I really hope so. I usually err on the LOP side but this article sounded good to me.

I know you've been leaning toward a lop lately so your optimism on this article is great news to me!

[Mgigs]

I have to come out and say that I do have sources in Iraq that I use for my own translations and help with my own research. This article has been out before (perhaps not on this particular site) and I've been told (many times in the past few years but even moreso often recently) that these articles do indeed talk of an RD. The plan is being described in the country as an RD, then eventually an RV after the 0 notes are all taken in. RV being on the new currency only. That being said, I'm also told the new over there is always confusing, but I get a real translation, not through internet translators.

I'd like to believe its all misinformation purposely gievn out, but the current reality of it is that these articles arnt meant to be read into. taken at face value (which is what the Iraqis do) , they talk of a 25000 old note being equal to a new 25 note. Again, this coming straight out of Iraq. I never share this info because I work hard at gathering my own info and don't want to use my sources as "intel" for those that are just looking for easy news. In any case, its the same confusing news articles as always that can be interpreted by us (and the internet) in many ways!

So you are saying 1 mil will equal 1,000 Then at some point may be 3,000 or so. Lop.

[hoosier1470]

I understand this to mean one 'new' dinar will equal one thousand 'old' dinars [ones we currently hold] The exchange rate was not discussed except through implication that 'The objective behind this move is to appreciate the value of the Iraqi dinar against the U.S. dollar.' It didn't say how that appreciation was going to occur but did imply that results of that appreciation would result in an efficient banking system. I'm not trying to rain on anybodies parade - I think this is a positive forward thinking article but I don't see that it promotes an RV or RD. It appears mute on the mechanism of appreciation.

GH

The entire plan may not be laid out for us, but we know that the dinar has to appreciate against the dollar, or there would be absolutley no reason what so ever to mint a one or two dinar coin....or printing smaller paper denoms...they would be useless without a wheelbarrel!! Go RV!

[jas428]

I was watching on BBC the other night about the developing markets going to mobile phone banking verses credit cards. They were saying that the developed markets already had credit cards and cash that is the dominate source for day to day transaction and that it will not go over as well in these markets. But then I was watching a commercial today that showed the Saints quarterback Drew Brees and in it his little boy kicked a football and it went throw a fence. the next door neibors window, throw a wall and finally landing on a table knocking over a vase. Then Drew sending payments to his neighbors to pay them for the damages thru is cell phone and how easy it is. As I watch this all I could think about was all the articles we have read and the BBC report on the same thing.

Well I have told you this story to point out that they do not need the lower denominations for them to RV their currency, they have the smart card technology up and running, this shows me that they have the technology that will work with the cell phones, CBI sent an announcement out... back in September of 2011 for an open bid to find a company to implement the cell technology and a lot of us have been waiting for the 3 cell phone companies to go public so we can invest.

The signs are right in front of us is what I'm trying to say.

I see your point but there is no way they will RV without the lower denoms. The percentage of people in that country that have electricity, let alone cell phones, is tremendously low. We couldn't even rely on cell phone technology here in the US, we need a cash system and Iraq needs it even more. I think its sometimes forgottwn how technilogically behind that country is. They have to make decisions based on everyone in the country, not just for the people who live in cities, have electricity, and possibly a cell phone. In reality (I've witnessed it myself, so I'm basing my statements on first-hand experiences) they are nowhere near ready for an electronic banking system alone. Electronic plus cash, yes, that's a possibilty. But lower notes are needed to increase the rate.

[bamagirl]

You're awesome Bama!!!!!!! +1

You are awesome too my friend, hope you've been well!

[Rayzur]

I remember Yota posting this on the day it came out..... 25 Feb.....You may be interested in the discussion there as well, regarding these same thoughts.....

Its very hard searching back through the entire board to make sure something hasn't been posted... i think Yota's was on like page 33 or something....and its very difficult to always catch this stuff by taking hours to wade through it... I just happened to remember reading it,.....

Read more:

[leesburg]

yes this is sooo hard to understand ..it being in english and all

you need to have 1000 existing dinars to equal one new more valuable dinar ..which will be worth a dollar each ...

it is very difficut to understand that for some i see

ya better be hoping for a 3 dollar dinar ..not just a one dollar for one dinar ..and im talking about the new dinars ..

we all know what the existing dinars are worth...a country with a 200 billion gdp ... is not worth 29 trillion dollars ...so dont kid yourself ,,maybe they are just hyping up the dinar so they can dump the ones they got with out paying the spread on cash in day

[JustNTime]

You are correct.....the people on this forum are much smarter then they are portraying.....

You are so right Keep! (about the 2nd part)

I believe most on here are definitely smarter than the average Iraqi citizen!

So therefore, I think I will bet on our translations, instead of relying on theirs.

[jas428]

So you are saying 1 mil will equal 1,000 Then at some point may be 3,000 or so. Lop.

Unfortunately we have to be prepared for that. There is a 50/50 chance of this working out in our favor and noone can prove otherwise unless its pure speculation alone. Adam, Kap, and a few other people with a good grasp on this situation even admit to the possibility of it going either way. Obviously we cheer for the RV but we must prepare for either scenerio. No arguments from me on the lop front. I don't go there and never will. I research and come to my own conclusions...I was just simply passing on some first hand info.

[TXNOLE]

But dont forget..........the news being released is for those "in country" residents who will be using the new denoms on a daily basis for all areas of their economies..........they are trying to educate the Iraqi people about using those lower denoms when they are issued - they want them to start using dinars and stop using dollars. Only way that can be a convincing arguement is to RV the dinar to a rate slightly above the dollar. Otherwise, it just wont work!

[Choppermike]

I was watching on BBC the other night about the developing markets going to mobile phone banking verses credit cards. They were saying that the developed markets already had credit cards and cash that is the dominate source for day to day transaction and that it will not go over as well in these markets. But then I was watching a commercial today that showed the Saints quarterback Drew Brees and in it his little boy kicked a football and it went throw a fence. the next door neibors window, throw a wall and finally landing on a table knocking over a vase. Then Drew sending payments to his neighbors to pay them for the damages thru is cell phone and how easy it is. As I watch this all I could think about was all the articles we have read and the BBC report on the same thing.

Well I have told you this story to point out that they do not need the lower denominations for them to RV their currency, they have the smart card technology up and running, this shows me that they have the technology that will work with the cell phones, CBI sent an announcement out... back in September of 2011 for an open bid to find a company to implement the cell technology and a lot of us have been waiting for the 3 cell phone companies to go public so we can invest.

The signs are right in front of us is what I'm trying to say.

Stryker - However, aren't we dealing with a group of people who do not have a lot of trust in technology that would be initially overwhelming and a total lack of trust for the banks and the GOI? I see a people who are "stuck" in a time period of 30-50 years ago who have been a cash society as far back as anyone can remember. Hell, think about it, they're stoning kids for a haircut. I think the smart card technology was a probably a good start, however, you know as well as I do, there are still going to be a vast majority of those over the age of 35, who will continue to deal in cash and keep most of that cash in a hole in the ground in their shack. This is why the education process is so important and vital for a smooth transition from dealing with a paper money virtually worthless to a currency which will now be of value and highly protected. I can't even begin to imagine the road ahead for these people who are seeped in both custom and oppression. I imagine it would be like visiting Mayberry in the 1960's and bringing an iPod or an iPhone and telling Barney to order flowers from flowers.com for Thelma. "You want me to give them my money before I even see the product, let alone deliver it?!" Just my thoughts...