Iraqi Dinar Could Rise as Much as 15%

[vrnorth]

The General Secretariat of Iraq’s Council of Ministers has ruled out the replacement of the currency or cancellation of three zeros “at this stage”, and it is seeking to raise the value of the dinar against the dollar.

The Secretary General of the Council of Ministers said that the project to replace the currency, dropping the three zeros, was discussed but is not a priority for the government at this time being, and “there is no real problem in this field”.

He noted that replacing currency requires “large adjustments”, and the process of withdrawing the existing money is an enormous and difficult task.

He stressed that some have the mistaken impression that deleting the zeros will “reduce the size of the money in circulation as a block”, but in fact it does not reduce it even by 1 percent, and while the government believes that the change of currency is a good thing under appropriate conditions, it is not a priority.

The Secretary-General said the dinar should be stronger than it is now, and implied that an exchange rate of 1,000 dinars to the dollar — a rise of about 15 percent — might be sustainable.

(Source: Iraqi Cabinet)

http://www.iraq-businessnews.com/2013/02/05/iraqi-dinar-could-rise-as-much-as-15/

[techie]

Well, well... Smoke and mirrors or they mean what they say. Hmmmm, we must be close to something to have this much coming out. "Look at my right hand while I slip my hand in my pocket to astound you!

[fastarnie]

I don't pretend to know what is going to happen, but I can't wait to see what transpires. Whether it be managed float, or what have you. You have to admit these are exciting times. Even more so than 2010, and there were some sleepless nights back then. I sleep now, but only because I learned my lesson....lol

[hammer911]

I dont really think it is smoke this time. They are negotiating with the protesters who want better times. I think that when it goes up 15%the supply and demand thing will kick in and the rest will be history... The RV if you will, will pay for it's self!!! JMO.....GO RV!!!~~~

[RVPleaseToday]

This sounds more like a politician offering an opinion than a statement of policy to me.

[jeepguy]

getting that ol` feeling again ----> this will be pushed back and the idea of raising any rates will be put on back burner! man i hope i`m wrong but this really looks like the `ol g.o.i shuffle,

[bodiddily]

If true, this could be the best news we have had for some time.