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Parliament and Fiance committee support revalue of Iraqi Dinar


gamaray
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My calcs give me $22,500 for 25,000 dinars, or $.90 per dinar. Looks like Pay Day to me. Where does the line start?

if i remember right r s s skelton said it starts in kentucky i think !! :lol: or was it alabama ? :blink: as far as the topic that is what i was thinking they were compairing it too ,,, bring it on baby --- thanks folks ----------- > question { where does a kamel keeper , keep her kamels ?}

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The following is the last part of the article we are talking about.

........The market is in weeks fluctuation in the exchange rate of the dinar against the U.S. dollar, which cited experts to restrictions imposed by the Bank on sales of hard currency. and the imposition of bank procedures more stringent in the auction to sell the dollar after it said that the currency you go to countries neighbors, especially Syria and Iran imposed upon economic sanctions. and drew Najib is Deputy for the Kurdistan Alliance that “the project will be implemented over two years by government banks, and will be part of the new currency coins of small denominations as there will be coins large corresponding to $ 180-200 thousand Iraqi dinars from the current currency. “

In my calculations, which may be in error, I do not see the 90 cents. Here is what I came up with.....

$180 for every 200,000 dinar that we have.

Say a person is invested for 1,000,000 IQD's.

I find out how many 200,000 IQD's are in that 1,000,000 = 5 units

Then, those 5 units x $180 (each) = $900.00

I am not a math person. Please hold me by the hand, and show me how you reached 90 cents per dinar.

Boy, I sure hope that my math is wrong..... won't be the first time, nor the last !!!! :D

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if i remember right r s s skelton said it starts in kentucky i think !! :lol: or was it alabama ? :blink: as far as the topic that is what i was thinking they were compairing it too ,,, bring it on baby --- thanks folks ----------- > question { where does a kamel keeper , keep her kamels ?}

Oh, you devil you. I have to know you a little better than that to do Kamel Talk with you. Keep talking...I'm listening.......... :P

ill take it and run

beat you to the door........ B)

The following is the last part of the article we are talking about.

........The market is in weeks fluctuation in the exchange rate of the dinar against the U.S. dollar, which cited experts to restrictions imposed by the Bank on sales of hard currency. and the imposition of bank procedures more stringent in the auction to sell the dollar after it said that the currency you go to countries neighbors, especially Syria and Iran imposed upon economic sanctions. and drew Najib is Deputy for the Kurdistan Alliance that “the project will be implemented over two years by government banks, and will be part of the new currency coins of small denominations as there will be coins large corresponding to $ 180-200 thousand Iraqi dinars from the current currency. “

In my calculations, which may be in error, I do not see the 90 cents. Here is what I came up with.....

$180 for every 200,000 dinar that we have.

Say a person is invested for 1,000,000 IQD's.

I find out how many 200,000 IQD's are in that 1,000,000 = 5 units

Then, those 5 units x $180 (each) = $900.00

I am not a math person. Please hold me by the hand, and show me how you reached 90 cents per dinar.

Boy, I sure hope that my math is wrong..... won't be the first time, nor the last !!!! :D

Let me see if I can remember what I did:

I took 25,000 dinars.

Divided 25,000 dinar by 200 dinar to get the units in 25k

Which equalled 125 units

Multiplied the 125 units by $180 which equaled $22,500.

Right or wrong, that is what I did. B)

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Great point T.

Imagine an Iraqi citizen brings about 1,166,000 IQD to the bank in Exchange for 1000 USD to use on the street

Now, the value of the dinar becomes .85 ( one dinar is 85 cents) and the citizen wants to use it now everyday

They bring their 1000 usd to the bank and get 850 dinar .

The bank has successfully brought in over one million dinar and can destroy it or take it off the books. The bank has also gotten 1000 usd to add to its reserves to back the new value.

Let's say there is $10 million usd on the streets that gets brought in like this.....11 billion IQD off the streets AND $10 million USD added to their reserves. It really has cost them nothing to revalue in country.

Now, I know exchanging outside Iraq is another situation all together, I just wanted to add to this scenario TQ mentioned.

There are so many different angles to consider... Anything is possible.

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My calcs give me $22,500 for 25,000 dinars, or $.90 per dinar. Looks like Pay Day to me. Where does the line start?

Right behind me... that rate sounds excellent!

Jeepguy, I read this article yesterday but never read any comments... good catch on the $180 to 200 dinars thing!

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This is the big question, why haven't they RD'd, they have been talking about it for years. I really believe 2010 was the planned currency change, what brought it to a halt? Were they not ready? Why weren't they ready, they knew it was coming down the pike.

I don't like deletion of zero's off of currency stories, but if they planned to RV they certainly would not say it. It drives me crazy, either they mean what they are saying or they are saying it to keep people from buying more of their pink stuff. :unsure:

Let's face it, they have missed many deadlines.....you have to remember that a RD is logistically (I'm using the word "logistically" to encompass everything from the political and economic environment, to the sheer magnitude of difficulty in issuing an entirely new currency). What I'm saying is, a RD is as, if not more complicated than, a RV. Look at how many articles as of late could be called "Lop" articles.....this is the education stage. Unfortunately, there are many uneducated Iraqi's, (I say this with no malice or intent to degrade) who need to understand what will happen when (if) Shabibi decides to RD.

In late December 2003, the Grand National Assembly of Turkey passed a law that allowed for the removal of six zeroes from the currency, and the creation of the new lira. It was introduced on 1 January, 2005, replacing the previous lira (which remained valid in circulation until the end of 2005) at a rate of 1 new lira = 1,000,000 old lira.

Turkey took a whole year after making it law....

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Let's face it, they have missed many deadlines.....you have to remember that a RD is logistically (I'm using the word "logistically" to encompass everything from the political and economic environment, to the sheer magnitude of difficulty in issuing an entirely new currency). What I'm saying is, a RD is as, if not more complicated than, a RV. Look at how many articles as of late could be called "Lop" articles.....this is the education stage. Unfortunately, there are many uneducated Iraqi's, (I say this with no malice or intent to degrade) who need to understand what will happen when (if) Shabibi decides to RD.

Turkey took a whole year after making it law....

A whole year I did not know that. Interesting.

Too many as of late "lop" articles for me. However as far as I know they have not made the lop a "law". So.....there is room for movement.

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