Central Bank decided to launch the new currency in the 7/1/2013

[starlight]

They will never tell us the date so it is definitely not the 7th or the 13th or the 1st.

A date for the launch of the new currency, yes. A date for the RV, no.

[wong]

Your memory is correct. If Maliki gets his way, it will be pushed back so far, it will look like a taillight in the distance on a foggy night.

If it does get pushed back to the 3rd quarter of 2013, Shabibbi will probably move to push it further to the beginning of the first quarter 2014, for obvious reasons.

When the CBI states their plan for currency reform is a RD, each delay increases the chance that inflation wil again rise above 10%, taking an RD off the table.

As painful as it may seem, Maliki's desire to be King is playing well for folks wanting to see the exchange rate increase, without the zeros being deleted (redenomination).

If you look back to when the inflation was double digits, the CBI raised the rate often to rebalance the economy as it started to grow and introduce the chance of more inflation. They were already having to print more money. Giving the Dinar more purchasing power was the easiest way to keep the inflation coming down, while allowing the economy to keep growing (balancing the amount of money chasing the amount of goods). By increasing the exchange rate, the printing could be kept to a minimum; increasing the exchange rate rather than flooding the economy with more currency to achieve purchasing power.

Some folks here have seen the exchange rate shrink from above 4000:1 to where it is now.

Painfully slow, but no RD. As the economy heats up, the CBI will have to consider rate increases as a weapon against the rising inflation a heated economy brings.

Reader's Digest version; Maliki is keeping the zeros intact, and increasing the possibility that the CBI may have to drop their RD plans. I think this is a good thing for Dinarland. For Iraq's economy; not so much..

DALITE

if Maliki is keeping the zeros, and the possibility that CBI drop their RD plans, CBI consider rate increases as a weapon against inflation. how long does it take to for the rate changes happen?

[hammer911]

This is the GOI speaking... I believe the date is July as stated, because it is GOI against the CBI., and because that is the way it is stated on other sites. But no ware in any of the articles does it say Salah or Shabibi stated this... I look for another article out "CBI Denies the July Article"..... GO RV!!!~~~

[TheArtistFormallyKnownAs]

They will never tell us the date so it is definitely not the 7th or the 13th or the 1st.

Yeah guy's I'm with this chap , Is this a China we will never RV , and then the next few days they RV'd kind of thing?

Do I smell BS Shab's 8 )

[sandstorm]

Does anyone truly believe that Iraq is going to honestly come out and give us a date as to when they plan on making a change to their currency?? Remember what has been stated many times....we will see an abundance of misinformation when this gets ready to break lose!!! I firmly believe we will see an increase in the value next month!! Just my opinion....but we are seeing a whole lot of progress taking place...its time for Iraq to show off their wealth!!!

Well thats a two sided sword. if they rd, (lop), in the traditional, historic sense, yes they will detail it out in the fullest. they will provide dates and will educate the masses beforehand.

but if its a rv....they wouldnt tell us. so either....they will do exactly what they say....or they are boldly lying. personally......i think they are saying way too much, for me to think its logically a rv. i would expect silence and hush hush type style. i dont see, how the cbi could be telling people they will lop for years and then rv instead. mass confusion for citizens

Edited August 28, 2012 by sandstorm

[Dalite]

DALITE

if Maliki is keeping the zeros, and the possibility that CBI drop their RD plans, CBI consider rate increases as a weapon against inflation. how long does it take to for the rate changes happen?

I could only guess; and say it depend on how far and how fast inflation rises.

Below is the IMF exchange rate classification of Iraq, and the IMF guidelines. It is an old reference, but is what the IMF currently has on their website

-------------

Other Conventional Fixed Peg Arrangements

The country (formally or de facto) pegs its currency at a fixed rate to another currency or a basket of currencies, where the basket is formed from the currencies of major trading or financial partners and weights reflect the geographical distribution of trade, services, or capital flows. The currency composites can also be standardized, as in the case of the SDR. There is no commitment to keep the parity irrevocably. The exchange rate may fluctuate within narrow margins of less than ±1 percent around a central rate-or the maximum and minimum value of the exchange rate may remain within a narrow margin of 2 percent-for at least three months. The monetary authority stands ready to maintain the fixed parity through direct intervention (i.e., via sale/purchase of foreign exchange in the market) or indirect intervention (e.g., via aggressive use of interest rate policy, imposition of foreign exchange regulations, exercise of moral suasion that constrains foreign exchange activity, or through intervention by other public institutions). Flexibility of monetary policy, though limited, is greater than in the case of exchange arrangements with no separate legal tender and currency boards because traditional central banking functions are still possible, and the monetary authority can adjust the level of the exchange rate, although relatively infrequently.

[VIZIOIRAQI]

The CBI is on record about never changing the value of the Dinar Mid-Way through any fiscal year which apparently includes any re-denomiation. So I read this article as January 7,2013.

Your very smart and yes they use this date format alot with the day first then month and year

[fnbplanet]

Jubouri has been a butt cavity about the RV for months now, and has NO credibility.

[blaineage]

I admit my translatted Iraqi reading skills are weak, but I'm still stuck on the part that says..'

"If the currency was replaced and increased the value of the Iraqi dinar will be the demand for hard currency lower. Noting" that the distinctive character of the currency the next smaller size and increase the value of purchasing and if those values ​​are available in Iraqi currency there was no inflation."

Maybe this is wishful thinking, but if they come out with new lower denoms , is this guy saying that there will be more demand for the lower denoms? Might be true if a 10k or 25k note is too large to buy everyday items like a bag of groceries. Does someone want to set me straight?

Read more:

[dontlop]

I admit my translatted Iraqi reading skills are weak, but I'm still stuck on the part that says..'

"If the currency was replaced and increased the value of the Iraqi dinar will be the demand for hard currency lower. Noting" that the distinctive character of the currency the next smaller size and increase the value of purchasing and if those values ​​are available in Iraqi currency there was no inflation."

Maybe this is wishful thinking, but if they come out with new lower denoms , is this guy saying that there will be more demand for the lower denoms? Might be true if a 10k or 25k note is too large to buy everyday items like a bag of groceries. Does someone want to set me straight?

Read more:

it sounds like when you exchange in all those 25,000 notes for lower denominations like ones,,,, 5s ,,,,10s ,,,20.... 50ss,,,100....200.... they will run out of small denominations real fast ..as if there wont be any 1000 to one exchange of phisical currency ... only the new value would be 1000 times stronger than it is today ..

like if i had a million dinars right now .. and converted them into smaller denominations .. thats alot of phisical notes .. unless the iraqis tirn to electronic banking .. they will need to print up trillions of new notes in small denominations ..

maybe im lost here too .... but what else would create this overwhelming demand ?

[Francie26]

Jubouri has been a butt cavity about the RV for months now, and has NO credibility.

haha I could name several people like that.

[Realdinar]

Try eight years going on nine. Might be dead before this happens.

Hang in there. It might be soon.

[Carrello]

it sounds like when you exchange in all those 25,000 notes for lower denominations like ones,,,, 5s ,,,,10s ,,,20.... 50ss,,,100....200.... they will run out of small denominations real fast ..as if there wont be any 1000 to one exchange of phisical currency ... only the new value would be 1000 times stronger than it is today ..

like if i had a million dinars right now .. and converted them into smaller denominations .. thats alot of phisical notes .. unless the iraqis tirn to electronic banking .. they will need to print up trillions of new notes in small denominations ..

maybe im lost here too .... but what else would create this overwhelming demand ?

Just a side note: to replace all of the Iraqi currency in 2003, there were only 175 billion notes printed, and shortly Iraq will one of the most sophisticated banking systems in the world, and that includes a huge electronic "currency" segment.

[blaineage]

Just a side note: to replace all of the Iraqi currency in 2003, there were only 175 billion notes printed, and shortly Iraq will one of the most sophisticated banking systems in the world, and that includes a huge electronic "currency" segment.

Agreed. But in the news story it says'Hard Currency'.

[Carrello]

Agreed. But in the news story it says'Hard Currency'.

My comments were just to add to Dontlop's comments, pointing out trillion vs billions and the sophisticated, electronic banking system which would not require the volume of paper currency used in the past.

Ciao'

[zigmeister]

Well thats a two sided sword. if they rd, (lop), in the traditional, historic sense, yes they will detail it out in the fullest. they will provide dates and will educate the masses beforehand.

but if its a rv....they wouldnt tell us. so either....they will do exactly what they say....or they are boldly lying. personally......i think they are saying way too much, for me to think its logically a rv. i would expect silence and hush hush type style. i dont see, how the cbi could be telling people they will lop for years and then rv instead. mass confusion for citizens

However we are hearing two stories at the same time. Two conflicting stories which seems to negate the other. So is CBI lying boldly to prevent more "investors" from entering in the investment. They would it seems have good reason to make it as "real" as possible? Or do they know the government will stop them from the process and they will surprise people with what they intended in the first place. Shabibi did say, "If he knew when it was going to RV he would not tell the public." OR something like that. What I always found interesting in the dynamic of his speech in Washington was this, he clearly defined and RD, but when asked about an RV, he did not say Iraq was NOT going to RV and he could have.

[sandstorm]

However we are hearing two stories at the same time. Two conflicting stories which seems to negate the other. So is CBI lying boldly to prevent more "investors" from entering in the investment. They would it seems have good reason to make it as "real" as possible? Or do they know the government will stop them from the process and they will surprise people with what they intended in the first place. Shabibi did say, "If he knew when it was going to RV he would not tell the public." OR something like that. What I always found interesting in the dynamic of his speech in Washington was this, he clearly defined and RD, but when asked about an RV, he did not say Iraq was NOT going to RV and he could have.

Good post. i see your point. i didnt take much from shabbibis, "even if i knew, i couldnt tell you", because from my view..... what else was he supposed to say. he couldnt say never, or august 29 ,2012. It was a loaded question and i think he made it a funny moment....but i see nothing else he couldve said.

i think the second question was about deleting the three zeroes....and he sad its a matter of redenomination.....what kind we are yet to see.

[zigmeister]

Good post. i see your point. i didnt take much from shabbibis, "even if i knew, i couldnt tell you", because from my view..... what else was he supposed to say. he couldnt say never, or august 29 ,2012. It was a loaded question and i think he made it a funny moment....but i see nothing else he couldve said.

i think the second question was about deleting the three zeroes....and he sad its a matter of redenomination.....what kind we are yet to see.

I found Shabibi very coy in his response to the question. I would imagine back when Turkey began their plans and advertisements for the upcoming RD, if asked if they were going to RV don't you think they would have said, "No," Point blank.....

[Maggie123]

What I always found interesting in the dynamic of his speech in Washington was this, he clearly defined and RD, but when asked about an RV, he did not say Iraq was NOT going to RV and he could have.

That has been interesting to ponder over, Ziggie.

If he has always been planning an RD and being unclear about it, that would make him the biggest pumper of the dinar Ever!

They have made a boat load of $$$$$ from the sales of dinar all over the world.

I found Shabibi very coy in his response to the question. I would imagine back when Turkey began their plans and advertisements for the upcoming RD, if asked if they were going to RV don't you think they would have said, "No," Point blank.....

Good Point. He did seem "coy" in his response, a twinkle in his eye, and no Shabs couldn't say "yes" I'm going to RV first but...

What could be the harm in telling the truth about just a straight up RD???

Let's hope the twinkle in his eye was because he knew we were going to be very happy.

Edited August 28, 2012 by Maggie123