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Iraq Decides to Redenominate Currency


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7 - 18 - 2012

IraqiCurrency.jpg

After much deliberation, the Iraqi government announced that, beginning in 2013, they will begin removing three zeros from Iraqi banknotes. The change will take three years to complete. Despite economic experts staying Iraq is not ready to change its banknotes, the Iraqi Parliament and the Finance Committee both support the decision to redenominate the currency.

Iraq’s currency, the Iraqi dinar, currently has its smallest unit set at 250 dinars, the equivalent of only $0.20. The Central Bank of Iraq is going through the efforts to remove the zeros in order to redenominate the Iraqi dinar. MP Hassan Ozman of the Iraqiya List believes that this will work for Iraq and benefit the economy due to the measures’ success in other countries. Ozman also said that security measures would be taken to distinguish genuine notes from fake ones.

Despite broad support for the decision to change the banknotes, there are some opponents to the move. Ahrar bloc MP Abdul Hussein believes that current economic conditions, including the lack of reforms in the banking sector, make it premature to change the banknotes.

Despite the predicted salutary effects on the Iraqi economy, the experiences of other countries indicate that issuing the new currency may in fact be unwise. For example, Brazil reissued currency numerous times throughout the last decades of the 20th centuries. The constantly changing value of the currency caused families a great deal of suffering as they saw the value of their savings constantly being depleted.

The Iraqi dinar is a controlled exchange-rate currency. The IMF permits countries with “transitional” economies to control their exchange rates. However, the dinar is not traded on any foreign exchange markets. Instead, it is bought and sold by licensed currency dealers handling existing banknotes.

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7 - 18 - 2012

IraqiCurrency.jpg

That article is 3 days old, yet you changed the date purposely to apply as a supposed rebuttle to a article that came out today. Why did you change the date? Why did you bring in that article at all? There was also a article a couple weeks ago that used the word "revalue." That's also not from today but you chose not to bring that one in. Why not just say "thank you Carello for bringing in the article?" Are you capable of that? I've never once seen you thank someone for contributing.

After much deliberation, the Iraqi government announced that, beginning in 2013, they will begin removing three zeros from Iraqi banknotes. The change will take three years to complete. Despite economic experts staying Iraq is not ready to change its banknotes, the Iraqi Parliament and the Finance Committee both support the decision to redenominate the currency.

Iraq’s currency, the Iraqi dinar, currently has its smallest unit set at 250 dinars, the equivalent of only $0.20. The Central Bank of Iraq is going through the efforts to remove the zeros in order to redenominate the Iraqi dinar. MP Hassan Ozman of the Iraqiya List believes that this will work for Iraq and benefit the economy due to the measures’ success in other countries. Ozman also said that security measures would be taken to distinguish genuine notes from fake ones.

Despite broad support for the decision to change the banknotes, there are some opponents to the move. Ahrar bloc MP Abdul Hussein believes that current economic conditions, including the lack of reforms in the banking sector, make it premature to change the banknotes.

Despite the predicted salutary effects on the Iraqi economy, the experiences of other countries indicate that issuing the new currency may in fact be unwise. For example, Brazil reissued currency numerous times throughout the last decades of the 20th centuries. The constantly changing value of the currency caused families a great deal of suffering as they saw the value of their savings constantly being depleted.

The Iraqi dinar is a controlled exchange-rate currency. The IMF permits countries with “transitional” economies to control their exchange rates. However, the dinar is not traded on any foreign exchange markets. Instead, it is bought and sold by licensed currency dealers handling existing banknotes.

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7 - 18 - 2012

IraqiCurrency.jpg

That article is 3 days old, yet you changed the date purposely to apply as a supposed rebuttle to a article that came out today. Why did you change the date? Why did you bring in that article at all? There was also a article a couple weeks ago that used the word "revalue." That's also not from today but you chose not to bring that one in. Why not just say "thank you Carello for bringing in the article?" Are you capable of that? I've never once seen you thank someone for contributing.

Read more:

After much deliberation, the Iraqi government announced that, beginning in 2013, they will begin removing three zeros from Iraqi banknotes. The change will take three years to complete. Despite economic experts staying Iraq is not ready to change its banknotes, the Iraqi Parliament and the Finance Committee both support the decision to redenominate the currency.

Iraq’s currency, the Iraqi dinar, currently has its smallest unit set at 250 dinars, the equivalent of only $0.20. The Central Bank of Iraq is going through the efforts to remove the zeros in order to redenominate the Iraqi dinar. MP Hassan Ozman of the Iraqiya List believes that this will work for Iraq and benefit the economy due to the measures’ success in other countries. Ozman also said that security measures would be taken to distinguish genuine notes from fake ones.

Despite broad support for the decision to change the banknotes, there are some opponents to the move. Ahrar bloc MP Abdul Hussein believes that current economic conditions, including the lack of reforms in the banking sector, make it premature to change the banknotes.

Despite the predicted salutary effects on the Iraqi economy, the experiences of other countries indicate that issuing the new currency may in fact be unwise. For example, Brazil reissued currency numerous times throughout the last decades of the 20th centuries. The constantly changing value of the currency caused families a great deal of suffering as they saw the value of their savings constantly being depleted.

The Iraqi dinar is a controlled exchange-rate currency. The IMF permits countries with “transitional” economies to control their exchange rates. However, the dinar is not traded on any foreign exchange markets. Instead, it is bought and sold by licensed currency dealers handling existing banknotes.

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click on the link LOL alan nice try but if this was indeed true this would be quoted by Shabbs himself and by multiple known agencies including the CBI. I know you got blasted on the other thread but why? LOL

Edited by easyrider
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Alan, that article is 3 days old, yet you changed the date purposely to apply as a supposed rebuttle to a article that came out today. Why did you change the date? Why did you bring in that article at all? There was also a article a couple weeks ago that used the word "revalue." That's also not from today but you chose not to bring that one in. Why not just say "thank you Carello for bringing in the article?" Are you capable of that? I've never once seen you thank someone for contributing.

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Alan, that article is 3 days old, yet you changed the date purposely to apply as a supposed rebuttle to a article that came out today. Why did you change the date? Why did you bring in that article at all? There was also a article a couple weeks ago that used the word "revalue." That's also not from today but you chose not to bring that one in. Why not just say "thank you Carello for bringing in the article?" Are you capable of that? I've never once seen you thank someone for contributing.

Thanks Doc

Sharp eye Good job. + 1 for you Should be + 10 for discovering this fraud!

We here enough BS coming out of Iraq.

Sure don't need a member trying to manipulate us.

Im taking Carrello's advice and using the ignore button for the first time. We don't need this garbage here.

Edited by SocalDinar
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Alan, that article is 3 days old, yet you changed the date purposely to apply as a supposed rebuttle to a article that came out today. Why did you change the date? Why did you bring in that article at all? There was also a article a couple weeks ago that used the word "revalue." That's also not from today but you chose not to bring that one in. Why not just say "thank you Carello for bringing in the article?" Are you capable of that? I've never once seen you thank someone for contributing.

lol there you go again DocDinar i post something new to the forum not even posted at all and the first thing that comes out is its 3 days old but yet other post stuff years and months old and they get WHAT A GREAT ARTICAL THANKS FOR FINDING IT. mybe your just mad because this can actually become and outcome of this speculation.

i dont see anyone else here saying on anyone else post saying this is 3 day or so old.

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lol there you go again DocDinar i post something new to the forum not even posted at all and the first thing that comes out is its 3 days old but yet other post stuff years and months old and they get WHAT A GREAT ARTICAL THANKS FOR FINDING IT. mybe your just mad because this can actually become and outcome of this speculation.

i dont see anyone else here saying on anyone else post saying this is 3 day or so old.

Alan, all you have to do is hit your link to see the article is dated July 15, 2012. You're welcome.

Iraq Decides to Redenominate Currency

15/07/2012 02:47

After much deliberation, the Iraqi government announced that, beginning in 2013, they will begin removing three zeros from Iraqi banknotes. The change will take three years to complete. Despite economic experts staying Iraq is not ready to change its banknotes, the Iraqi Parliament and the Finance Committee both support the decision to redenominate the currency.

Iraq’s currency, the Iraqi dinar, currently has its smallest unit set at 250 dinars, the equivalent of only $0.20. The Central Bank of Iraq is going through the efforts to remove the zeros in order to redenominate the Iraqi dinar. MP Hassan Ozman of the Iraqiya List believes that this will work for Iraq and benefit the economy due to the measures’ success in other countries. Ozman also said that security measures would be taken to distinguish genuine notes from fake ones.

Despite broad support for the decision to change the banknotes, there are some opponents to the move. Ahrar bloc MP Abdul Hussein believes that current economic conditions, including the lack of reforms in the banking sector, make it premature to change the banknotes.

Despite the predicted salutary effects on the Iraqi economy, the experiences of other countries indicate that issuing the new currency may in fact be unwise. For example, Brazil reissued currency numerous times throughout the last decades of the 20th centuries. The constantly changing value of the currency caused families a great deal of suffering as they saw the value of their savings constantly being depleted.

The Iraqi dinar is a controlled exchange-rate currency. The IMF permits countries with “transitional” economies to control their exchange rates. However, the dinar is not traded on any foreign exchange markets. Instead, it is bought and sold by licensed currency dealers handling existing banknotes...."

Edited by Carrello
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Iwith all due respect, I personally don't care if its 3 days old. Its an article just the same and it holds the same value as "Carellos article." For Heavens sake people, there is a 50% chance that this will not go the way you all bought into. Just be adults, accept the RD as a possibility (noone said you have to like it) and read each article as an additional chance to become more educated about the process. Stop bashing each other as if anyone has any control over this.

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lol there you go again DocDinar i post something new to the forum not even posted at all and the first thing that comes out is its 3 days old but yet other post stuff years and months old and they get WHAT A GREAT ARTICAL THANKS FOR FINDING IT. mybe your just mad because this can actually become and outcome of this speculation.

:D

i dont see anyone else here saying on anyone else post saying this is 3 day or so old.

HA!HA! Busted!! Wow, talk about pushing your own agenda! Well, the timing of your post or lack thereof speaks volumes about you. You are no better than the gurus. You just like stirring it up. Well, nothing to learn from you eithier. The list of negative Nancy's is really growing these days. See you and your sisters at the finish line. :D

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7 - 18 - 2012

IraqiCurrency.jpg

The Iraqi dinar is a controlled exchange-rate currency. The IMF permits countries with “transitional” economies to control their exchange rates. However, the dinar is not traded on any foreign exchange markets. Instead, it is bought and sold by licensed currency dealers handling existing banknotes.

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The loppers keep saying 1166 is not a program rate....

That statement clearly says that 1166 is a program rate.....

We are waiting for them to implement their "real" rate, and changing the structure of their currency is part of that process....

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Alan, that article is 3 days old, yet you changed the date purposely to apply as a supposed rebuttle to a article that came out today. Why did you change the date? Why did you bring in that article at all? There was also a article a couple weeks ago that used the word "revalue." That's also not from today but you chose not to bring that one in. Why not just say "thank you Carello for bringing in the article?" Are you capable of that? I've never once seen you thank someone for contributing.

Hey, remember me Doc. I say thanks once in awhile. Thanks for uncovering the fraud. I gave you a plus up.

Bad, bad, bad Alan. Now, you're on my list. And it's not a good list.

lol there you go again DocDinar i post something new to the forum not even posted at all and the first thing that comes out is its 3 days old but yet other post stuff years and months old and they get WHAT A GREAT ARTICAL THANKS FOR FINDING IT. mybe your just mad because this can actually become and outcome of this speculation.

i dont see anyone else here saying on anyone else post saying this is 3 day or so old.

Sounds like somebody needs a hug. But not from me. But I'll give Gina G a hug. Or KK. or Maggie 123

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What do they think they are accomplishing by announcing they are going to re denominate the currency 25 fricken times a day. Do they think Iraqi's are monkeys who won't be able to comprehend the redenomination unless it's announced 25,000 times.

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Alan ... last time I asked this - you paused long - and it was implied .. you dont even hold dinar. Let me ask again - do you even have any dinar in this whole situatioin???? All I have ever seen you do is be negative and trying to throw water on anyones information of this even RVing. Try and find better things to do with your time... its really old.

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Alan ... last time I asked this - you paused long - and it was implied .. you dont even hold dinar. Let me ask again - do you even have any dinar in this whole situatioin???? All I have ever seen you do is be negative and trying to throw water on anyones information of this even RVing. Try and find better things to do with your time... its really old.

no i don't hold any dinar what is a dinar ?

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Hey, remember me Doc. I say thanks once in awhile. Thanks for uncovering the fraud. I gave you a plus up.

Bad, bad, bad Alan. Now, you're on my list. And it's not a good list.

Sounds like somebody needs a hug. But not from me. But I'll give Gina G a hug. Or KK. or Maggie 123

It was you that pinched me! :P

no i don't hold any dinar what is a dinar ?

It is time to put the Ding Dongs and Doritos down, turn off the computer, and climb out of the basement.

Edited by Carrello
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Wow.....its funny how people are sweet and nice with those who share the same idea. but become nasty and spiteful with those they disagree with. Some true character on display.

around here the motto is....my way or the highway. either agree with me or leave attitudes. dont count on any great dialogue to follow.

Edited by sandstorm
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Wow.....its funny how people are sweet and nice with those who share the same idea. but become nasty and spiteful with those they disagree with. Some true character on display.

around here the motto is....my way or the highway. either agree with me or leave attitudes. dont count on any great dialogue to follow.

It works both ways the way I see it when it comes to these discussions. You have the pissed off RVers and the condescending RDers. I think if more of the lopsters would participate in the other articles in Iraq as opposed to always focusing on the lop slop articles, attitudes would change greatly and opinions would be respected. So don't complain when you post your "opinion" and it receives a nasty response, because we both know this is part of the thrill for posting here isn't it? A reaction....it never fails does it?

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Wow.....its funny how people are sweet and nice with those who share the same idea. but become nasty and spiteful with those they disagree with. Some true character on display.

around here the motto is....my way or the highway. either agree with me or leave attitudes. dont count on any great dialogue to follow.

True, some people are emotionally enmeshed with this currency purchase and can't have an intellectual exchange regarding opposing positions. There's no reason to fear information, regardless of what it purports or which side of the argument it supports.

I believe the issue that has wadded up the panties on this thread is not so much the content of what alan presented, it's the way he presented it. Taking credit for bringing breaking news that in fact was published by KK three days before is just a juvenile move, and one that lowered his credibility.

This is one forum that the members strive to keep at a level far above those sites run by the pumpers and MLM call in junkies. That is where alan's lame attempt at being a newshound belongs.

It works both ways the way I see it when it comes to these discussions. You have the pissed off RVers and the condescending RDers. I think if more of the lopsters would participate in the other articles in Iraq as opposed to always focusing on the lop slop articles, attitudes would change greatly and opinions would be respected. So don't complain when you post your "opinion" and it receives a nasty response, because we both know this is part of the thrill for posting here isn't it? A reaction....it never fails does it?

Huzzah! :twothumbs:

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It works both ways the way I see it when it comes to these discussions. You have the pissed off RVers and the condescending RDers. I think if more of the lopsters would participate in the other articles in Iraq as opposed to always focusing on the lop slop articles, attitudes would change greatly and opinions would be respected. So don't complain when you post your "opinion" and it receives a nasty response, because we both know this is part of the thrill for posting here isn't it? A reaction....it never fails does it?

You make it sound so simple, when its not. we have a reality of news,data, and statistics that people get attacked for refrencing by people who want to argue and attack based on theories. True theree are those on both sides who take it to far, but if you bring any details that are available thatare considered non-rv, it turns to, you dont agree with me, so you should leave

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