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


johnnie
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You cannot just remove the face value of a note, no one can, you can only change the fractional exchange rate and that changes the purchasing power of the note. If you were going to do this why would you have printed 1,5,10, and 25 dinar notes. No lop!!!!!!!!!!!!!!!!!

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Something like this has came out before, this is a post from the past....doesn't say anything about taking out zero's either!!

Selasa, Januari 15, 2008
Iraq Plans To Rebase Its Dinar Early 2008 - Fin Min
Iraq Plans To Rebase Its Dinar Early 2008 - Fin Min
Thu, Nov 29 2007, 15:19 GMThttp://www.djnewswires.com/eu

UPDATE: Iraq Plans To Rebase Its Dinar Early 2008 - Fin Min (adds more interview details) By Hassan Hafidh Of DOW JONES NEWSWIRES AMMAN (Dow Jones)-The Central Bank of Iraq is contemplating rebasing the Iraqi dinar and issuing new banknotes early next year, the country's Finance Minister said Thursday.
"The Central Bank will take a decision in three months time from now, taking off three zeros from the current Iraqi dinar value," Bayan Jabor said in an exclusive interview with Dow Jones Newswires in Amman.
On Thursday, the dinar traded 1,230 dinars against the dollar, according to a trader in Baghdad. If the rebase decision is taken, it means that a dollar will equal only 1.23 dinars at current prices, the minister said.
Currency rebasings usually are monetarily neutral and are introduced to make commercial calculations easier. Turkey knocked six zeroes off its lira currency on Jan 1 2005, for example.
Before the U.S.led invasion of 2003, the dinar was trading at 2,500 against the.During early 1980s an Iraqi dinar was traded by Iraqi state-run banks at 3 dollars.
The Central Bank of Iraq has been working to improve the value of the dinar against the dollar through holding a daily auction to sell dollars to private and government banks. The bank sells between $35 and $50 million in each auction it holds, bank officials said.

http://dinarmirah.blogspot.com/2008/01/iraq-plans-to-rebase-its-dinar-early.html

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Something like this has came out before, this is a post from the past....doesn't say anything about taking out zero's either!!

Selasa, Januari 15, 2008
Iraq Plans To Rebase Its Dinar Early 2008 - Fin Min
Iraq Plans To Rebase Its Dinar Early 2008 - Fin Min
Thu, Nov 29 2007, 15:19 GMThttp://www.djnewswires.com/eu

UPDATE: Iraq Plans To Rebase Its Dinar Early 2008 - Fin Min (adds more interview details) By Hassan Hafidh Of DOW JONES NEWSWIRES AMMAN (Dow Jones)-The Central Bank of Iraq is contemplating rebasing the Iraqi dinar and issuing new banknotes early next year, the country's Finance Minister said Thursday.
"The Central Bank will take a decision in three months time from now, taking off three zeros from the current Iraqi dinar value," Bayan Jabor said in an exclusive interview with Dow Jones Newswires in Amman.
On Thursday, the dinar traded 1,230 dinars against the dollar, according to a trader in Baghdad. If the rebase decision is taken, it means that a dollar will equal only 1.23 dinars at current prices, the minister said.
Currency rebasings usually are monetarily neutral and are introduced to make commercial calculations easier. Turkey knocked six zeroes off its lira currency on Jan 1 2005, for example.
Before the U.S.led invasion of 2003, the dinar was trading at 2,500 against the.During early 1980s an Iraqi dinar was traded by Iraqi state-run banks at 3 dollars.
The Central Bank of Iraq has been working to improve the value of the dinar against the dollar through holding a daily auction to sell dollars to private and government banks. The bank sells between $35 and $50 million in each auction it holds, bank officials said.

http://dinarmirah.blogspot.com/2008/01/iraq-plans-to-rebase-its-dinar-early.html

THANKS CHIEF FOR THE FOOT WORK! and the link!

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"...If the rebase decision is taken it means a current 25,000 Iraqi dinar banknote will become IQD25, and a dollar will equal only 1.17 dinars. ..."

This statement makes sense IF they RV FIRST then rebase later. If not, then you would have to believe any Iraqi with money (25000 notes) will loose, and those with the lower denoms will gain?!?! Another way to look at it is that the wealthy Iraqis, politicians, etc. will loose their fortunes. NO WAY. This is either completely smoke and mirrors or the RV will precede the rebase with time to cash in or exchange for the lower demons! No way it will happen so that up is down and down is up.

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http://en.aswataliraq.info/?p=128562

Omitting zeros currency strategic project – CBI

March 15, 2010 - 10:51:36

BAGHDAD / Aswat al-Iraq: Omitting zeros from Iraqi currency is a strategic project that has been implemented by Iraqi currency policy since 2007, Central Bank of Iraq (CBI) said on Monday.

“The project came after deep studies and discussions,” the CBI said in a release received by Aswat al-Iraq news agency.

It said that the process aims at redesign and reform Iraqi currency system relying on public and security circumstances.

“The project will not affect the state’s commitments,” the statement said.

MH (P) /SS

Qman,

Like you - I'm questioning this article. My question is WHY is the CBI making such an obtuse statement again, without further elaboration. It brings confusion to us, but might be totally understood by the Iraqis. They are cooking something up - but it's not for us to know yet...! It can be viewed two ways with a measure of support for both arguments. One we like - one we don't. Only time will tell. All with a grain of salt - IMHO.

RON ;)

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Hey Guys . . . .This is NOT a LOP . . . .IT is GREAT NEWS !!!!!!

It clearly states that "IF" they drop the 3 zeros, 1 USD will then equal 1.17 Dinars INSTEAD of 1170 !!!! Without any other adjustments, and this is the "big ? mark" . . . . then 1 Dinar would equal $0.8547 !!!!!!!!!

Dennis S.

B.A. Economics

Middlebury College

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dont buy into this mess you guys if you go to the link its trying to sucker u in dont fall for any more lopster stories its more negative propaganda to stir up trouble . Id bet the person resposible for this old and phony story with no legit link is laughing and looking at his stack of dinar right now

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If as stated 1 USD will = 1.17 Dinar, then the reverse would be $.85 USD to 1 dinar. If this is correct, we are headed in the right direction. Now they just need to get it done. If I am incorrect in my math, please let me know.

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If as stated 1 USD will = 1.17 Dinar, then the reverse would be $.85 USD to 1 dinar. If this is correct, we are headed in the right direction. Now they just need to get it done. If I am incorrect in my math, please let me know.

nrwst . . . .Your math is correct . . . .look 5 posts above.

Dennis

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