my opinion on the currency exchange in 2003

[dontlop]

im going to back the things i say with  a link . you can look at the link yourself  and determin  what s what with the swiss dinar ..ill try to get it  written without interuption so you can read what i have found uninterupted ..

 

it really has no bearing on  the revaluation of the dinars we have right now . its just showing  that a revaluation of  thousands of a percent do happen ..with out a lop and over night .

 

 no one got rich of this rv ..

 

the bremmers got exchanged for  3000 per dollar

 

that gives the new bremmer notes  a value of  30 bremmers per penny

 

 30 swiss dinars  were exchanged for 150 pennys

 

while 30  saddam dinars   went for  a single penny 

 

 so how did a demonetized swiss dinar  get remonetized . ?

 

 ti was remonetized october 14th 2003  by  decree . a value based on its market value was given to it for an exchange period  of 3 months afterwards it would be demonetized again .

 

from her ill copy and paste off the cpa document ..

 

“Conversion Period” means the period of time from October 15, 2003, up to and
including January 15, 2004

The CBI shall be responsible for the exchange of Iraqi dinar banknotes currently
circulating in Iraq and may issue Administrative Instructions consistent with this
Order, for the purpose of implementing and facilitating the issuance of the New Iraqi
dinar and the currency exchange.

 

1) The CBI is, pursuant to Article 34 of the Central Bank of Iraq Law No. 64 of
1976, as amended, the sole authority in the Republic of Iraq vested with the power
to issue legal tender currency.


2) The CBI shall ensure that the banknotes redeemed against New Iraqi dinar
banknotes, as provided for by this Order, are safely, promptly and securely
destroyed.

3) The CBI shall also decide on the volumes, costs and other particulars related to the
production and distribution of the New Iraqi dinar banknotes and on the collection,
transportation, and destruction of the banknotes and coins submitted in exchange
for New Iraqi dinar banknotes.

4) New Iraqi dinars shall be legal tender within Iraq, effective on the first date of the
Conversion Period.

CPA/ORD/14 October 2003/43

 

I hereby promulgate the following

 

Section 1
Definitions

“Conversion Period” means the period of time from October 15, 2003, up to and
including January 15, 2004.

1) During the conversion period, 1990 dinar banknotes, Swiss dinar banknotes and
coins, and New Iraqi dinar banknotes shall all be legal tender banknotes in Iraq
and each type of Iraqi dinar may be used as such in proportion to its Official
Conversion Rate.

Section 5
Official Conversion Rates


The 1990 dinar banknotes and the Swiss dinar banknotes and coins shall be
exchanged against New Iraqi dinar banknotes at the official conversion rates of one

(1) 1990 dinar to one (1) New Iraqi dinar, and of one (1) Swiss dinar to one-hundredand-
fifty (150) New Iraqi dinars.
 

http://www.casi.org.uk/info/cpa/20031015_CPAORD43.pdf  << link for above it takes 10 minutes to read

 

 

 there was no official rate  for demonetized currency .. the swiss dinar  all of the sudden  had an official exchange rate . given to it  on october 14  2003 .

 

 the official exchange rate ..like the one we see every day on the cbi web site .. was zero for the demonetized swiss dinar .  then for 3 months it was given legal tender status , and  exchanged  at its new official rate described in section 5 ..

 

id call that an rv of the swiss dinars official rate at the cbi, not on the street  but at the cbi

[dontlop]

FROM ZERO  TO 5 CENT RV  FOR ITS DEMONETIZED SWISS DINAR WITH NOTHING BACKING IT UP  .. NO FORIEGN RESERVES    BACKING IT UP  BECAUSE IT WAS DEMONETIZED ..  UNTIL AFTER THE  INVASION

[sandfly]

THANKS

[jeepguy]

in the 1990 dinar notes --- will take 1 dinar note from 1990 to 1 new dinar note { wasn`t the price of the 1990 dinar around 3.oo ? or are they saying after the new rate that was giving to dinar at that time -- 3ooo or so ? } thanks don`t  l o p

[RVPleaseToday]

Sigh. The Swiss dinar did not have "zero value." It was being used extensively in the Northern part of Iraq, and could buy far more than the Saddam dinar used in the rest of the country. The CPA acknowledged that fact and used it's real world purchasing power to determine how many new dinar you would get for one Swiss dinar. Because they used this purchasing power determination, the people who exchanged their Swiss dinar for the New dinar broke even. No RV, just a straight exchange.

 

If this unique event is being used to try to prove that the CBI can pull an RV out of their hat without any backing, the wrong event has been chosen. What happened in 2003 has no connection whatsoever to the situation in Iraq today.

Edited April 7, 2013 by RVPleaseToday

[dontlop]

in the 1990 dinar notes --- will take 1 dinar note from 1990 to 1 new dinar note { wasn`t the price of the 1990 dinar around 3.oo ? or are they saying after the new rate that was giving to dinar at that time -- 3ooo or so ? } thanks don`t  l o p

THEY ARE REFFERING TO THE SADDAM NOTES THE ONES WITH SADDAMS PICTURE ON THEM .. THEY ARE WHAT SADDAM  REPLACED THE SWISS DINARS WITH  WHEN HE DEMONETIZED THE SWISS DINAR

 

 THEY WERE EXCHANGED ONE  SADDAM NOTE FOR ONE NEW BREMMER NOTE . SADDAM DEMONETIZED THE SWISS DINAR IN 1990 . THE CBI DID NOT RECOGNIZE OR BACK IT FOR 13 YEARS

Edited April 7, 2013 by dontlop

[dontlop]

THE CBI ONLY RECOGNIZED AND BACKED THE SADDAM DINAR SINCE THEY DEMONETIZED THE SWISS DINAR ,

[RVPleaseToday]

I still don't understand what the situation in Iraq in 2003 has to do with the situation in Iraq today. There is only one Dinar, and to do us any good it must RV against the USD. What is the connection?

[dontlop]

WITH ALL THE RESERVES LEFT IN THE CBI .. THEY DETERMINED IT WOULD ONLY BACK THE SADDAM DINAR  AT  3000 SADDAM DINARS  TO ONE U.S.  DOLLAR.

 

 THE SWISS DINAR WASNT BACKED BY ONE PENNYOF RESERVES AT THE CBI  . BUT  IT WAS  DECREED TO  OFFICIALLY  BE EXCHANGED AT 150 TIMES MORE THAN THE SADDAM DINAR THAT WAS BACKED BY THE CBI .

[RVPleaseToday]

What was the value of the reserves in 2003?

 

So this whole argument is to assert that what happened in 2003 proves Iraq doesn't need foreign reserves to back a big RV? Is that your point?

[Bunk]

We better ALL hope for the best!!!

[dontlop]

prom·ul·gate (prml-gt, pr-mlgt)

tr.v. prom·ul·gat·ed, prom·ul·gat·ing, prom·ul·gates

 

1. To make known (a decree, for example) by public declaration; announce officially

[RVPleaseToday]

Well, the Iraqi's certainly publish a lot of public declarations, but everyone says they are smoke.

[Markinsa]

What was the value of the reserves in 2003?

 

So this whole argument is to assert that what happened in 2003 proves Iraq doesn't need foreign reserves to back a big RV? Is that your point?

 

2,078  Billion Dinar

 

Exchange Rate (ID/USD) = 1690

-

[keepmwlknfny]

Oh geeze.......

 

 

 

What exactly are you trying to prove?

[RVPleaseToday]

My point being that it made no difference what the IQD/Dollar exchange rate was. This was a dinar/dinar exchange, and nobody made any money off of it. It is completely unrelated to the RV we are hoping for.

[keepmwlknfny]

My point being that it made no difference what the IQD/Dollar exchange rate was. This was a dinar/dinar exchange, and nobody made any money off of it. It is completely unrelated to the RV we are hoping for.

I know it is....I thought we had explained everything to Dontlop in that other thread but apparently we both just made it all up.......

 

Thats why I dont get why he started another thread on this.......

[jeepguy]

o -kay i get what your saying ------> but how many mcdonald big mac`s could i get , when the now-a-day dinar revalues , i`m feeling kind of hungry   thanks for the answers don`t  and you guys , walk-um. r.v.

[dilladoom]

There is no precedent for this event. However, dontlop's point is, depending on what they classify this situation, whether it be the cause of war or some other justification. They can decree the dinar whatever value and adjust the books. The only obstacle is getting the world to agree to the scheme. Beyond that there isn't much. We are betting on a long shot. If this happens the way we all want to.....it will be a first in history. If there is a precedent we can count on is...there's a first time for everything. Economic science is ever evolving. We by no means have mastered it. Hopefully, commodity policy in relation to government and central bank policy change, but it would have to be on a global scale, so every country is playing on a level playing field. All difficult things to achieve, but who knows, maybe they have been achieved and slowly implemented. We can only sit and wait. How things stand now, nothing will happen. The dinar is pretty stable at the current policy, they don't need to mess with it. The reconstruction is cheaper this way. Because of the value of the currency, imports are cheaper. Conversely, I do believe something unprecedented will happen with Iraq- question is when?

Kudos to all of you for having the stones to debate. However, belittling and condescending someone doesn't help. We have to have open minds when discussing this.

[keepmwlknfny]

As what was brought forward in the previous 20 pages of the other thread, the swiss dinar held its own value in the north even after saddam declared it no longer legal tender in the rest of Iraq.....

 

The Kurdistan region still accepted and used it up until the currency exchange in 2003-04......Since they kept themselves seperate from the rest of Iraq, when Saddams dinar plummeted in value, the swiss dinar did not.....they continued using the same value as it always carried, the banks in the Kurdistan region seperated themselves from the CBI and they still do today.

 

All the CPA did was allow the Kurds to exchange their swiss for the new just like the rest of Iraq.....but they were still worth more then saddams dinar.....they based it on what the kurds were still accepting for it in the marketplace....

 

The swiss dinar did not RV 1000x its value or whatever dontlop had claimed.....the swiss dinar ALWAYS carried its value until the day it was exchanged for the current dinar....

[unirod]

As what was brought forward in the previous 20 pages of the other thread, the swiss dinar held its own value in the north even after saddam declared it no longer legal tender in the rest of Iraq.....

 

The Kurdistan region still accepted and used it up until the currency exchange in 2003-04......Since they kept themselves seperate from the rest of Iraq, when Saddams dinar plummeted in value, the swiss dinar did not.....they continued using the same value as it always carried, the banks in the Kurdistan region seperated themselves from the CBI and they still do today.

 

All the CPA did was allow the Kurds to exchange their swiss for the new just like the rest of Iraq.....but they were still worth more then saddams dinar.....they based it on what the kurds were still accepting for it in the marketplace....

+1 Keep,

I believe the exchange at 150-1 was a reward to the Kurds and a promise kept by the USA to protect Kurdish interests. The powers that be can reward ayone at anytime with the stroke of a pen effecting currency values. Lets hope we are the next to recieve such a reward.....IMO

 

The swiss dinar did not RV 1000x its value or whatever dontlop had claimed.....the swiss dinar ALWAYS carried its value until the day it was exchanged for the current dinar....

My post starts with +1 Keep. Somehow I messed it up sorry

[dontlop]

either way the swiss dinars official value was zero  as far as the cental bank of iraq and the government of iraq was concerned . . the iraqi dinar was a pegged currency and backed up by reserves at the cbi .

 

 the swiss dinar had nothing backing up its value  at the cbi . all the reserves were backing the saddam dinar ,, nothing backing the swiss dinar .it was demonetized .  so the swiss dinar had zero  official exchange rate .

 

 and by decree with no reserves  backing up the swiss dinar at the central bank of iraq   it was revalued at the central bank  on october 14 2003 . to 150 times what the currency that was backed by  the reserves  at the central bank .. the saddam dinar .

 

the link clearly states the facts ,, and i see its had hundreds of views today , so im sure  many people got to read the facts .. which is good . .,theres to many people who want to deny   anything that took place  in iraq  to further there agenda  to i guess tell people that the iraqi dinar cant revalue because it  doesnt have reserves  to  back up that much dinar   because its a pegged currency .  but reserves dont count for the swiss dinar .. it didnt have to be backed or pegged to anything . claiming it always had an official exchange rate at the cbi . and this link is just an illusion.

 

 the swiss dinar was not legal tender and had no value that was backed by one penny of reserves .

 

the central bank of iraq as vclearly stated in the cpa link i provided .. has sole authority  to issue  legal tender in iraq ..

 

 the swiss dinar  had an exchange period back in 1990 .. and after the exchange period it was demonetized by the govt and central bank of iraq ..

 

 

 

 it had no official  exchange rates for 13 years

 

zero .

 

every currency that is legal tender has an official  exchange rate ..

 

 

 

 sorry if that bothers people ..

 

i put up a link .to show that to everyone .. some want to deny that link .. and high 5 each other . thats their perogative.

 

 

 

 the fact that the swiss dinar was remonetized for a 3 month period   and given a new official value for exchange  by decree  is something they want to pretend never happened .  but the link  says they are wrong .

 

 the swiss dinar was not legal tender ,, then it was for 3 months only . then its was demonetized again ..

 

 so whats the demonetized saddam dinars   exchange rates right now .... or the swiss dinars rates .. what are they today .. now that they are demonetized  again ..?.. .   id say zero . just like the swiss dinar was from 1990 till 2003

go ahead and try to justify a revaluation for the bremmer .. and the same people who deny this willl explain how dumb you are because you have to have reserves to back up those bremmers .. .. forget the swiss dinar .. no reserves required for demonetized money .. its exchangable without them

[dontlop]

it must bother someone  enough to neg me . for backing up what i say with a link ..

 

 the modrator told these guys in the lop section . today .. that they could eliminate all this  back and fourth by backing up what they say are facts ,, with links

 

 yet the refuse to do that ..

 

 so im taking what they say as speculations , and opinions .

oh and i say they  only because i cannot prove  that they are not the same person .. the screen names seem to follow each other around from  topic to topic ..  having concversations amongest themselves  smearing those who make posts ..

 

 i see nothing different about all three screen names opinions that do this ..they are in lock step  and well three against one .. they win right ..

 

 the link says it all

my topic starts out sayimg  im going to back this with a link .. so you all can read it  and determin whats what  yourself .

[RVPleaseToday]

The problem, dontlop, is you don't understand what the "facts" you do post actually mean. The fact is that the events of 2003 had nothing to do with the exchange value of the dinar to the dollar. Nothing the CPA did even referenced whether the Swiss dinar was legal tender. They didn't care. The CPA, according to the articles, said something like this:

 

"Look, we are going to introduce a new dinar to Iraq that will be used everywhere in the country, and hopefully help once again unify the country. We want to be fair to everyone, including Northern Iraq who kept using the Swiss dinar and the rest of the country who used the now almost worthless Saddam dinar. The only way we can figure out to do that fairly is to look at comparables...what one Swiss Dinar will buy in the North, and what one Saddam dinar will buy in the rest of the country, and come up with a rate that will let everyone break even on the deal when we put the New dinar in circulation."

 

So, they came up with a number that would make that even. Nothing to do with the foreign exchange rate. Not even a mention of it. An in-country decision by the CPA.

 

You keep posting stuff that is irrelevant to the debate and certainly irrelevant to any modern RV of the dinar to the dollar.

[dontlop]

ah confrontation .. make it about the person .   nice link you posted