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

[Teresa82]

Hello,

Let's not go crazy here please. It is not a LOP for goodness sake !! $1170 with three zero's knocked off is $1.17 ( move three decimal places over from the right of the zero and then drop the zero, it is right in front of your face ! ), they are saying the same thing in a different way. It is still $1iqd = $.82-$.84 cents,

nothing has changed. The new denoms they are talking about are the lower denoms that will reflect the new "Exchange Rate Quotation" which is $1.17(usd=iqd) or $.83(iqd=usd)

It seems like the banks job is done as far as confusing people..LOL, bottom line is they have gotten people to try and figure out an exchange rate based on a NOMINAL VALUES and I am here to tell you that you just can't do that, unless you want a very bad ulcer !! Take Care and relax people !

So far this is the one that is making the most sense to me, but what do I know........I'm just here watching and waiting!

[k98nights]

We don't call them lobsters we call em craw-dads.......I luv craw-dads and possum grits!!!!!!

[ATTACH=CONFIG]987[/ATTACH]

hahahahaha

[spede67]

wrong this is old and phony

[Teresa82]

wrong this is old and phony

OK sped maybe........PROVE IT! You can't just say WRONG without evidence!.......Well you can, but no one will listen to you!

[techie]

Bottom line something appears to be happening soon. The vagueness of each article sends everyone one in to speculating the mind of CBI to no avail. So as long as they are even mentioning doing something with the currency means we are probably very close to "something" happening". That is what I will focusing on for right now.

[Mongo]

I just love eating..... ti-LOP-ia....... twice a week

[ATTACH=CONFIG]997[/ATTACH]

[Kent]

wrong this is old and phony

OK, I have to admit I am having trouble pulling up the link I gave you earlier, but I think it was because I somehow got into the pay news service for the article. ON MY PRINTED COPY Zawya's logo has DowJones name in it and you have to pay to get into DowJones Newswire. It appears that Zawya is part of DowJones. This does not look like a phony article, even if the same guy did a similar one with the older rates some time ago.

This is the location where I WAS able to pull up the PDF:

http://www.zawya.com/pdfstory.cfm?storyid=ZW20100315000097&l=103616100315

The date is current. (and I just tried one more time and the PDF comes up). The same guy has done a number of articles on oil contracts, etc.

[Kent]

Mongo, I enjoy your posts more than anyone in the forum! (but somehow I don't have a thanks button anymore).

[spede67]

doesnt sound like you will recognize anything that is proof but if so I did personally call Ali this morning .he was in a conference but to my surprise he did return my call and told me he couldnt controll what others say but this was totally false so i dont know what you call proof but it was good enough for me and also there was an earlier link to that nw rumor and it takes you to a ste asking for your credit card info , so there you have it hope it helps , try not to take this negativity to heart , even though I know its rough , but we have been warned about all the negative info we will be recieving in the last of this ride , im not a pumper , just investor as yourself , so dont buy more if you cant afford it , but let me add i wouldnt sell a bit at this point if I could hold on a lil longer . im not a guru by far ,but do a lot of research and truthfully feel your going to be happy soon ,as a rate or date I cant and wont say but that Ifeel really close . Hope this helps !! this post was written for teresa82

Edited March 15, 2010 by spede67
left out name of correspondence

[spede67]

hey TERESA82 just posted a new one for you but failed to hit the reply button please read below and realize I shoot straight GOOD DAY !!

[shannybelle27]

Mongoooooooooooo ewe. Haha! I am so sad for that fish right now. Poor thing. Look how sad it looks

[Short6]

YAh! it is a LOP only thing is you get 1.17 Dinar kiss per dollar and that does not even break even!!!!!! Better hope they free float the DINAR and it goes way up!!!!! Like 3.20 dollars per DINAR other wise minimal returns! What happen the President Bush statement, "It will pay for its self"??? I truly hope this is smoke and mirrors? But my gut feeling is 3 zero LOP with a small Revalue or better known as a Debase of currency!!! No gold in this Pot as a matter of fact I think it might be stinking already????? Pumpers!!! Please no more BS analysis that can't stand on logic!!!! The three zeros is off the Dinar before the exchange rate!!! I'm not bashing any one just facing that facts as they appear at this time!!! I wish I had a pair of Ruby Red Slippers that I could click together and wish of an RI or RV without a LOP!!! OH Please! RV!

[tampa1000]

I say we stop buying Dinars for a month and their funds from the sales would dry up and force an RV! They are making so much money with their worthless paper and we keep supporting them!

[sonny1]

wow this lop talk makes me want to vomit, eat my vomit, and then vomit the vomit i just ate!!! Let it rest there is no chance of a lop!!

[spede67]

techie well said one of the best put ive read

[LOC]

I agree!!!!!!!!!!!!!!!!!!!!!!!!!

[drox]

Did you notice this in the article:

Separately, the bank's senior advisor Mudher Qasim told Dow Jones Newswires that knocking off the three zeroes would improve the

value of the Iraqi dinar which is trading Monday IQD1,170 against one US dollar.

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.

That is the reporters opinion. There isn't a quote that the interviewee stated that. My point is the reporter may have no clue to understanding this and clearly went off a similar article that Chief V pointed out. He is making an assumption I believe. The word separately could mean something entirely different than the way it was written. Especially when it talks about improving the value of the dinar.

Removing the 3 zeros by re-denominating the currency is (or can be) a mutually exclusive event from removing 3 zeros from the exchange rate. They are separate bodies but commonly linked together to the confusion of everyone. The CBI is using a float rate mechanism right now which is controlling the currency value for numerous reasons. I believe they want to keep that control to build their reserve to a comfortable level so that they can RV and peg it to the US dollar as another float, and then eventually to trade openly on the international exchange market. CBI is under a lot of pressure. The first was to make themselves transparent and independent from the GOI. Done. The second was to reign in inflation and build up reserves. Done. The third is to make the currency tradeable by becoming internationally recognized. In the works. That is basically the RV we are waiting for. It will occur before re-denomination/re-basing/lopping because Iraq needs to open up trade markets in order to facilitate rebuilding and growth for the people amongst other things. The unemployment rate in Iraq is around 40%... I read somewhere. How on Earth is simply re-basing going to help value as the interviewee suggests without an RV or even a second RV beforehand? That wouldn't help the people other than in using smaller bills in daily commerce.

[BobO]

is gankans around again?? saw his post... inquiring minds want to know...

[bahtman]

Sonny1,

Well, let me say up front that I don't believe it will LOP.

I think that the RV will come in at .20 to .50 with a 90-120 day time limit to cash in, to draw in all the larger bills.

Then it will be put on a managed float for the following months until it rises to a level where they are comfortable it can float without restriction. However, being of an analytical mind I can't make the claim that there is "no chance of a LOP".

Sonny1, what makes you 100% sure that it won't LOP and then RV at say $3.50?

I am asking because I would also like to be that sure.

[ronscarpa]

Sonny1,

Well, let me say up front that I don't believe it will LOP.

I think that the RV will come in at .20 to .50 with a 90-120 day time limit to cash in, to draw in all the larger bills.

Then it will be put on a managed float for the following months until it rises to a level where they are comfortable it can float without restriction. However, being of an analytical mind I can't make the claim that there is "no chance of a LOP".

Sonny1, what makes you 100% sure that it won't LOP and then RV at say $3.50?

I am asking because I would also like to be that sure.

Thanks Bahtman,

I tend to agree with you, and can live with that. Anything over .10 is considered a success- assuming no LOP.

RON

[Qman]

Sonny1,

Well, let me say up front that I don't believe it will LOP.

I think that the RV will come in at .20 to .50 with a 90-120 day time limit to cash in, to draw in all the larger bills.

Then it will be put on a managed float for the following months until it rises to a level where they are comfortable it can float without restriction. However, being of an analytical mind I can't make the claim that there is "no chance of a LOP".

Sonny1, what makes you 100% sure that it won't LOP and then RV at say $3.50?

I am asking because I would also like to be that sure.

And the reason I posted this was I did not understand what was on link. I had no opinion one way or the other.

[gozilla]

If they LOP 3 zeros, what does a $250 note become? Or a $500 note? I believe I will just wait and see what happens. I don't buy into the LOP theory as it does not make sense for anyone involved.

[bahtman]

thanks bahtman,

i tend to agree with you, and can live with that. Anything over .10 is considered a success- assuming no lop.

Ron

Absolutely Ron!!! I'm hoping for more!! But .10 is great!!! It may not be a homerun but it's certainly extra bases!!!!

[dboner]

Don't know if smokescreen but sourse seems genuine

Date: Mon, 15 Mar 2010 08:20:51 -0500

UPDATE: Iraq Ctrl Bank Plans To Rebase Dinar; No Time Fixed Yet rocky Today at 7:38 am

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

Monday, Mar 15, 2010

(Adds more quotes, details.)

By Hassan Hafidh

Of DOW JONES NEWSWIRES

AMMAN (Dow Jones)--The Central Bank of IraqCentral Bank of Iraq is planning to rebase the Iraqi dinar but hasn't decided yet on the timing of the move, the bank said in a statement Monday.

"The Central BankCentral Bank affirms its commitment to its strategic projects, particularly knocking three zeroes from the Iraqi dinar," the statement said.

http://www.zawya.com/marketing.cfm?zi&p=/Story.cfm/sidZW20100315000097/iq/ Ctrl Bank Plans To Rebase Dinar?cc

"Despite the technical and logistical preparations for the project we have yet to decide on suitable timing to implement the project," it said. Choosing a suitable time wouldn't be linked to economic aspects only, but rather to the security situation as well, it added.

Separately, the bank's senior advisor Mudher Qasim told Dow Jones Newswires that knocking off the three zeroes would improve the value of the Iraqi dinar which is trading Monday IQD1,170 against one US dollar.

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.

The bank said that knocking off three zeroes from the dinar would "improve management of the currency and facilitate cash dealing." The decision was the result of debate with the economic commission at the Iraqi cabinet, it added.

Currency rebasings are usually monetarily neutral and are introduced to make commercial calculations easier and cheaper. Turkey, for example, knocked six zeroes off its lira currency in 2005. Russia did the same for its currency.

Qasim said one of the reasons for rebasing the Iraqi dinar is because the bank has managed to reduce the country's high rate of inflation. The inflation rate fell to 6.1% in December 2009 from a record high of 60% in late 2006.

In July 2004, the now dissolved U.S. civilian authority in Iraq decided to print the current Iraqi banknotes replacing those that used to bear the picture of the former Iraqi leader Saddam Hussein. Iraqis then had three months to swap their old dinars with the new ones.

The central bank's advisor said that if the project was implemented the central bank would need to print new banknotes.

- By Hassan Hafidh; Dow Jones Newswires; +962 799 831 831; hassan.hafidh@dowjones.com

Copyright © 2010 Dow Jones & Co.

(END) Dow Jones Newswires

15-03-10 1036GMT

[xdmed]

if they did lop off 3 zeros would we exchange our dinars for smaller denominations or do we just get ripped for a loss