UPDATE: Iraq Ctrl Bank Plans To Rebase Dinar; No Time Fixed Yet

[ghaggerty]

Not if a million is all that you have....because your million is now a thousand.

Looks like they are simply moving the decimal point 3 to the left on both the zeros and the current rate. (25000 to 25 and 1170 to 1.17) This sounds like a pretty good profit if you ask me. If you divide $1.00 by 1.17 dinar you get approx .85 cents per dinar! That means 1 million dinar is worth $850,000.00. I can buy alot of bacon with that!!

[kornbred6]

People read Adams post they are trying to make you squeal and sell now.....So they can make money.....

[Count_LaDruel]

People are reading this wrong in my opinion.

The CBI said nothing about taking 3 Zeros off this way: .00085 to make it .85 --> after the decimal point (.)

But to take it off this way from 25,000 Dinar Notes to 25 Dinar Notes by knocking off the 3 Zeros at the end after the five (5).

However here's a great comeback to this story that was written by someone else:

Sir, I have just read your story in regards to the CBI's decision to re-based the Iraqi Dinar by removing three zeros from the current Iraqi dinar.

My question to you sir is, if the CBI chooses to remove the zeros and issue new currency over the next year does this not, in effect, rob the wealth from the people of Iraq even further?

From my understanding, when the UN placed Iraq under Sanctions in 1991-2003 the old Iraqi dinar was removed from circulation and Iraq citizens were issued the new currency that is being used currently, that it was exchanged by the CBI at a ratio of 1:1 new for old.

And in such that since 1991 the Iraqi dinar had fallen in value, primarily from the effect of the UN sanctions placed upon Iraq and that a more appropriate resolution would be for the CBI to revalue or reinstate the currency to the pre-1991 rate of $3.22 IQD to $1.00 USD?

By removing 3 0's from the currency, this does not restore the wealth of the Iraqi people it in fact robs them again as in example, in 1991 a $25,000 IQD dinar note would have had a value $80,500 USD.

So if your story is correct... The CBI is planning on devaluing it's currency even further and thus in effect stealing the $80,470.75 USD that a $25,000 IQD should be and once was worth and only giving the citizens of Iraq a note that would only be worth $29.25 USD for the newer yet to be printed IQD $25 Iraqi dinar note, is this your understanding?

This is in the responders opinion, the one who wrote this above reply.

[ClydeDriver]

After almost 20 years of not having this 'lost wealth', I really don't think there are very many Iraqis who expect to get that wealth back. I believe the GOI would, in a nice way, say 'Sorry about your luck. That was then, this is now'. And really, during the Saddam regime, how many wealthy Iraqis were there outside of the ruling class? How many were not corrupt? Not very many. This is an interesting look at it, but is flawed in it's logic. Under Saddam, outside of the ruling class, Iraq was one step above a third world country. The best the GOI can hope to do is increase the value of the current monetary system. They don't have the luxury of worrying about things from 20 years ago...

[ClydeDriver]

ClydeDriver,Actually, your posts here make a lot of sense.* If they are correct I am disappointed!!* I am new to this, so learning the different scenarios.* I hope you are wrong...but.....I have a feeling you may right on target. * Thanks for your insight.

Thanks FDyer, I appreciate the feedback. And thank you for understanding... you obviously get it. Look, I'm not trying to rain on anyone's parade here, but if you are going to be a responsible investor you need to look at all the angles... you can't run around with blinders on having people blow sunshine up your butt and ignore scenarios that are contrary to what you hope will happen. That is Jr. High stuff. I have a nice chunk of Dinar tucked away in my safety deposit box, and I will be thrilled if they pull this off without a lop. But, I don't have rose colored glasses on... I understand there could be a 'down' side... thus why I only invested what I could afford to lose or have tied up for a while. Be smart. Educate yourself as best you can. And think objectively.

[kox]

I agree, Stop buying...the only guys that have made any money, are the DEALERS...Stop Buying.

[wizard96]

THIS IS A SMOKE SCREEN !!

They want us to sell our dinar back thats all we were told to expect this type of news

IMO

[caz1158]

The article said Turkey & Russia had previously done the same-what effect did that have on the millions of people that held old currencey?

[caz1158]

Snap - this is from march

[Bruce]

IT IS A LOP! It is what i've been trying to tell everyone for months. Everyone is saying it's "smoke and mirrors" and "propaganda". However, this has been reported by the Central Bank of Iraq, Reuters News, BBC,Radio Free Iraq, and others. The point is that these are all official and recognized institutions that have publicly said they will drop three zeros from the current bills. There is nothing from the naysayers that has been reported by ANY recognized institution or news agency to dispute this fact. IT IS A LOP!!!!!!!! Let's move forward people.

[Mr. Phonics]

IT IS A LOP! It is what i've been trying to tell everyone for months. Everyone is saying it's "smoke and mirrors" and "propaganda". However, this has been reported by the Central Bank of Iraq, Reuters News, BBC,Radio Free Iraq, and others. The point is that these are all official and recognized institutions that have publicly said they will drop three zeros from the current bills. There is nothing from the naysayers that has been reported by ANY recognized institution or news agency to dispute this fact. IT IS A LOP!!!!!!!! Let's move forward people.

Well, that's one person's opinion, doesn't mean you're right.

[Bruce]

Well, that's one person's opinion, doesn't mean you're right.

It's not an opinion. It is what was reported by the official Bank of Iraq and well respected news agencies.

[Mr. Phonics]

It's not an opinion. It is what was reported by the official Bank of Iraq and well respected news agencies.

I don't have time to argue with you. You want to have a negative outlook on this investment, go ahead. I, for one, would rather be positive. There have been many articles lately, from the C.B.I. saying, "they're not going to knock 3 zeroes off the Dinar." Have a good day.

[Bruce]

Where are these articles? I would like to read them. I'm not trying to be negative, only realistic. I don't want to be in denial of the facts.

[Mr. Phonics]

I don't have time, right now, to go dig through the archives. They are there, maybe another kind DV member could help.

[k98nights]

Aw helll just google it. We've been over this a million times.

[Bruce]

OK I've just finished Googling it. I have not found one official agency that says they will not drop the zeros.

[Brandon2230]

OK I've just finished Googling it. I have not found one official agency that says they will not drop the zeros.

Read more: http://dinarvets.com/forums/showthread.php?14290-UPDATE-Iraq-Ctrl-Bank-Plans-To-Rebase-Dinar-No-Time-Fixed-Yet/page20#ixzz0leIsUDi4

Do you really think they would publish this information?? Of course not.. That's why its a speculative investment. People have been over this so many times. If your in, be in, if you don't believe cash out.

[Bruce]

Thanks Uncle Rico

[Kent]

OK I've just finished Googling it. I have not found one official agency that says they will not drop the zeros.

Honestly, the articles that I recall that are supposed to be saying, "they're not going to knock 3 zeroes off the Dinar" actually say no decision has been made or things similar to that. I don't recall one that said they won't lop.

"at this time" http://www.aknews.com/en/aknews/2/130886

"so far no formal decision to" http://dinarvets.com/forums/showthread.php?14051-deputy-central-bank-governor-denies-lifting-of-the-zeroes-of-the-Iraqi-currency

the clearest NO LOP- http://translate.google.com/translate?hl=en&ie=UTF-8&sl=ar&tl=en&u=http://www.iraq-ina.com/showthis.php%3Ftype%3D1%26tnid%3D41288&prev=_t

Conversely, I could document 9 LOP articles. Clearly there are contraditions in the news, but most lean toward a Lop and you have to believe it is "smoke and mirrors"/"fake left and go right" to be confident in the RV (and that is the position of most on this site). I personally belive a Lop is more likely with a smaller RV, but none of us really knows (and I hope they are right).

Kent

[sopranoman85]

^^^ makes sense

[Captjohn]

On the one hand, if they carry through and omit three zeros on all existing currency, it will be the biggest screw-job on all of us that the world has seen. On the other hand, if simply rebase the currency to a new value, then we will reap the increase in value. Bear in mind that we were told through stories that have leaked into these chats, that there will be big-time disinformation spread before an RV/RI. This could well be part of that plan.

[RV4Me333]

expect smoke and mirrors and downright lies before the rv.

Right but who is lying and who is telling the truth?

[willie]

Only the goverment can do a lop no bank has that kind of power

[kranzgolfer]

It's not a LOP, the only Lop I see is you. They are not going to LOP or drop 3 zero's It' just doesn't make any sense to do any of those two things. They have plenty of wealth in that country the revalue the currency and get the Iraqi people what they deserve.