Re-basing the Iraq Dinar

[RonaldU]

Ran across this today havent seen it posted yet... just sharing

http://www.iraq-businessnews.com/?p=1805

[quadraph0nic]

Ill believe it when I see them talk about making a law to do this. I dont think they can just do this without making a law and informing the public.

Until then, its business as usual.....we wait. Thanks for sharing.

[mrref]

Thanks for posting. But I think I read this before could possibly be old news...

[marc2]

This was written March 15 and doesn't give any details. However, this does sound more and more what we are heading for. this would mean that a 25k note becomes 25 dinar with a value of 1.17 dollars per 1 dinar according to the artical....I for one don't know....just playing the waitting game and hoping for the best.

[danodano]

I keep seeing this everywhere. XE.com has the article posted as well. Could this really be a decoy? I guess all things are possibe but if this RV doesn't pop shortly after elections, this seems to be the way they are going to go with this thing.

[booster]

this rebasing/lopping whatever one wants to call it,seems that i read more about it all the time,as much as i hate to read about it,even admit that it can be a possibility,i have to say i have yet to read where some of these official/nonofficial news, say that it is defenitly not going to happen.until i see something official either way, i am taking this with a grain of salt and two shots of tequilla.but its not looking good.good luck to all,cheers.

[jaq]

this rebasing/lopping whatever one wants to call it,seems that i read more about it all the time,as much as i hate to read about it,even admit that it can be a possibility,i have to say i have yet to read where some of these official/nonofficial news, say that it is defenitly not going to happen.until i see something official either way, i am taking this with a grain of salt and two shots of tequilla.but its not looking good.good luck to all,cheers.

Or you can respond like most camels do with your head in the sand screaming SMOKESCREEN!!! Lol

[cgbrown]

I didn't know Camels burried their heads in the sand!...??

[kittycat]

I do think it is important to look at all the "news" coming in from all sources and that you are a "camel" if you don't. What he states is true - it does seem to be popping up everywhere that this may be the course of action that is taken. We will all have to wait and see.

[Captain Terry]

If this does (for lack of a better term) "lop," and a IQD 25,000 becomes IQD 25 then what happens to all of the smaller denominations? Does this mean a IQD 100 = IQD .01?? Somebody help me out here. I AM NOT A LOB-STER!!!!! I am however, curious.

[quadraph0nic]

I believe we will first see a law passed about rebasing or redenominating before they LOP. THEY HAVE TO otherwise there would be confusion on the streets, people would go nuts. That hasnt been done PERIOD. The fact is right now the inflation is at 6%. Only countries with a lot of inflation is going to do a LOP. The Dinar money will be backed by the fact that they have OIL. Its just that simple. That fact provides the faith needed for the rest of the world to accept an RV. The only thing that can mess that up are security conditions and the GOI. I dont want to hear anything about M2 and Reserves. That's all Balogne! Look at our own Federal Reserve, tell me that makes sense!

[carlablum]

I am sooooooooo confused. This has never bothered me. I feel like if I put 1,000,000 in the bank it would be just an amount. How could I wake up one day and only have 1000. 00 No different than depositing 1,000.00 in my US account then all of a sudden they say I have 1.00 Just can't see how this could be. I can see them eventually getting the big bills out of circulation but how can you just drop Zeros. NOT

Just my confused opinion

Blessings

[MariaSoledad]

Or you can respond like most camels do with your head in the sand screaming SMOKESCREEN!!! Lol

That is a new one. LOL! ! ! ! !

[TexaSwa]

IQD 100 would become IQD .1 However bills such as these do not exist or at least have not been released into circulation.

[Squaredaway]

Check out this article in the "Iraq Business News" at

http://www.iraq-businessnews.com/?p=1805

The way it was explained indicated that CBI is saying that the 25,000 IQD banknote is targeted to have the three zeros removed (obviously from the right) and that the resulting 25 dinars will be worth $1.17 U.S., making 1 dinar equal $.0468. Wow, what a deal, eh?

If you have 10,000,000 dinar, their exchange value will be $11,700.

That sucks!

Do you have any evidence that this is true or not?

[Squaredaway]

That article in the "Iraq-Business News" was posted today, March 26, 2010.

[booster]

wow! this is what i get for helping iraq, by buying their currency,ha!ha! i will beleive it when i see it ,but i would feel better if i owned all smaller denominations (way smaller).

[TexaSwa]

Calabrum, your $1000000 would become $1000. But each 1$ would have 1000 times the buying power. Research "reverse stock split", its similar to that.

Quadrophonic, regarding inflation: Suppose you live in a world where a loaf of bread costs 1 whammy. Then over a period of say five years more and more currency is put into circulation so that its buying power is so diluted (inflation) that it now takes 1000 whammys to buy a loaf of bread. Then over the next five years the money supply and buying power stays relative level. Over the latter five years the inflation RATE has been relatively low. However since it still takes 1000 whammys to buy a loaf of bread, its easy to see that the money supply is still INFLATED.

It may not be getting worse, but its not getting better. This is a reason that they MAY redenom (LOP).

[carlablum]

TexaSwa,

Thank you for the explination and your time,

I hope this isn't the case but I am a bit sick to my stomach over all of this.

[CaptainConrad]

They lop...shake out weak hands, then they re value. This could be a bloodbath at first.People are already scared to death they may lose money here. Lot's of hand holding a group affirmation.

[MariaSoledad]

If this is true , we will break even, or lose some money, no capital gains and "O" is lost! Come on where is the FAITH! ! !

[dadox]

IQD 100 would become IQD .1 However bills such as these do not exist or at least have not been released into circulation.

well they have bills of 50 IQD, 250 IQD AND 500 IDQ, if they remove the three zeros, what will become of this bills, 50 IQD =0.05 IQD (and so on, interesting)

[booster]

the part that makes no sense to me,about lopp/rebassing ect,ect., is the fact that the normal iraqui will be wiped out,if a citizen of iraq has 100,000 dinars in the bank,saved his whole life now he has what, a 100 dinars.is'nt the iraqui government trying to help their own poeple.but i do know that its happened before and will happen again,just a thought,i am not for lopp/rebassing but whatever will be will be. good luck to all,cheers

[willie]

This lop is not going to happen to many bashers here trying to scare people. The 25,000 notes and 10,000 notes are already super rare and almost impossible to find!!! Come on the average Iraq family makes $300 amercian a month do you really thing that if the do a LOP that the people will not destroy this newly appointed overment. Most familys dont have huge sums of money saved up like we might have invested in the future, these people are trying to SURVIVE!!! that is it alot of them did have any wealth wiped out before and all **** is going to break lose if this happens again and the iraq goverment knows it. If you knew anyhting about the oil rich companies the average Kuwaiti recieves 100,000 KD a year ($360,000 US) for just being alive and being born there. So why would the Iraqi goverment LOP the money and punish thier own people???? Plus why would our goverment have close to 1 billion IDQ if they did not know what is going to happen, heck that could pay for 25% of the research put in to developing the F22 raptor that is now canceled.......There are way to many uninformed people out there and trying to bash the RV hang in there,KEEP THE FAITH, and laugh all the way to bank after the RV and all the way to some tropical island to reward yourself

[Dianne]

I sure hope your right Willie. It does make a lot of sense what you say. I just pray this all works out for all of us!