Three Zeros To Be Canceled From Currency

[zigmeister]

While we are on this topic I want to tell everyone that I talk on Facebook and Skype with a few friends from Iraq regularly.  In the point of haveing to shop with only the lower Dinar notes like the 250's and 500's.  It make it hard to create change for shop owners to give to their customers.  I've been told that a regular practice is to tear a note to make change.  What they do is of something cost 100 Dinar and the customer gives the shop owner a 250 Dinar note.  The shop owner will tear a portion off of the 250 note and initial it and give it to the customer as change.  Now the customer can only use this torn piece of note in this one store as the shop owner has the remaining part of the note.  So later the customer comes back to the store and after purchasing whatever, then gives the shop owner the pieve of torn note with the initials and the shop owner tapes it back together.  Later the shop owner will take the taped note to the bank and have them replace it with a whole note that has not been torn.

 

This is what caused later for the Iraq government to print more Iraq Dinars as there was so many of these torn notes that was used for change that they had to have them destroyed and replaced.

Interesting.  Thanks.

[icfaith]

Those countries lopped to erase the after affects of very high inflation......which is very high numerical denominations.....and an inflated money supply. Those are the facts.....when these countries stabilize economically, they redenominate and basically start over. Its an easy way out.....its not what we want. 

 

Im not here saying the dinar will never gain value.....it surely will......Im not even saying HOW they will do it.....cause I dont know.....But there IS two methods of getting the dinar on par with the USD as they proclaim.....one will not make us much money (RD), the other would make us money over time (gradual rise in value)

 

But I dont think its beneficial for anyone (except dealers of course) to twist these articles into something we want to happen vs what its really saying.....

 

For the first time, I agree.  These "gurus" make this c-r-a-p up to keep people on their roller coaster ride which is really shameful. 

 

If their purpose is to get suckers (people who buy into these fake stories) to buy more Dinars then, the ones that due will have to deal with this on their own.  I feel for them.

 

And yes they did lop due to an extreme inflation (but inflation is not high numerical denominations) which Iraq does not have.  So for that reason alone that won't happen.  But you also have to look at and I am sure you know this already but the wealth Iraq has, these countries that lopped did not have.  Another reason the lop talk has no play in this.  And we can go down the road of the many countries who forgave the debt Iraq owed them.  Do we even think this was done out of the kindness of their heart or was the debt forgiven in trade for hot off the press 2003 new Dinars that eventually would have a value to them.

 

Keep, we've been down this road for years now, and I've read many of your posts.  I don't think you feel we will see a lop out of Iraq, I think you like to stir the pot, which in turn gets people to do some real research on their own instead of people acting like lambs waiting on their next dose of "guru" bull.  So, in essence, I appreciate what you do.  I do have to admit, about two years ago I did think you thought lop was the only answer until I followed your posts.  If it wasn't for Scooter, I never would have started researching myself.  God bless ya man.

Edited April 17, 2013 by Markinsa
Fixed Quote Box

[Alex38]

Those countries lopped to erase the after affects of very high inflation......which is very high numerical denominations.....and an inflated money supply. Those are the facts.....when these countries stabilize economically, they redenominate and basically start over. Its an easy way out.....its not what we want. 

 

Im not here saying the dinar will never gain value.....it surely will......Im not even saying HOW they will do it.....cause I dont know.....But there IS two methods of getting the dinar on par with the USD as they proclaim.....one will not make us much money (RD), the other would make us money over time (gradual rise in value)

 

But I dont think its beneficial for anyone (except dealers of course) to twist these articles into something we want to happen vs what its really saying.....

 

 

 

 

 

 

I thought you weren't starting a debate??? Bwhahahahhahahahahahahahahahahahah  

 

Edited April 17, 2013 by Alex38

[one2one]

Just Rip The Frickin' Bandaid Off Already And Get It Over With - Whatever The Outcome !

:D

 

right on DT---getting tired of it myself----just hoping to break even right now 

[sandfly]

YES, BUT THEY SHOULD CHECK THEM BEFORE GIVEN UP MONEY

[ReVbo]

The 10 year plan is at its end. The US did not put this plan in place to walk away with nothing. LOL use your brian (GLP speak)

 

Wassup, rken? Long time. And so it begins.

[Tripphood]

Tripphood, the original article is taken in the wrong context. Its not a straight RV.....thats not what deleting the zeros is.....its a revaluation through redenominating/lopping zeros.....

 

Enorreste, just like Kap, do nothing but pump these articles as the objective we are waiting for and if you plan on not making any money, then they would be correct....

Well, these are older articles and may not really represent the direction they are planning to take now. So right now, NO ONE KNOWS! This is a fluid situation and fact is, they have got to do something soon. The ball has started rolling downhill and is gaining speed. Something is going to happen soon and I will take it, whatever it is.

[keepmwlknfny]

For the first time, I agree.  These "gurus" make this c-r-a-p up to keep people on their roller coaster ride which is really shameful.  If their purpose is to get suckers (people who buy into these fake stories) to buy more Dinars then, the ones that due will have to deal with this on their own.  I feel for them. And yes they did lop due to an extreme inflation (but inflation is not high numerical denominations) which Iraq does not have.  So for that reason alone that won't happen.  But you also have to look at and I am sure you know this already but the wealth Iraq has, these countries that lopped did not have.  Another reason the lop talk has no play in this.  And we can go down the road of the many countries who forgave the debt Iraq owed them.  Do we even think this was done out of the kindness of their heart or was the debt forgiven in trade for hot off the press 2003 new Dinars that eventually would have a value to them. Keep, we've been down this road for years now, and I've read many of your posts.  I don't think you feel we will see a lop out of Iraq, I think you like to stir the pot, which in turn gets people to do some real research on their own instead of people acting like lambs waiting on their next dose of "guru" bull.  So, in essence, I appreciate what you do.  I do have to admit, about two years ago I did think you thought lop was the only answer until I followed your posts.  If it wasn't for Scooter, I never would have started researching myself.  God bless ya man.

Well i wasnt really saying that inflation IS high denominations, its more of an affect of having out of control inflation.....the currency drops in value and higher denominations are needed. Iraq did have really high inflation which hurt the value of the dinar and caused the need for.higher denominations. Most countries do.try and lop once they get inflation under control.....at least to pull if off successfully.

Yes Iraq does have a future of nonstop revenue coming from the ground, but if you actually look at the GDP numbers of some of those other countries, they were pulling in enormous amounts of money in comparison to.Iraq. It might not have been all oil.like Iraq has, but its cause their economies were more diversified. So in all honesty, I dont think we can really say that Iraq is one of the wealthiest countries.

Im glad you took the time.to.actually read my posts. Yes I do like to stir the pot at times but its not to.argue or cause trouble.....it is sometimes the only way to get people to think for themselves, and if be it, get annoyed or mad enough to look outside these forums for real answers to try and shut me.up lol.....wish I didnt have to but to be honest, me and scooter used to talk all the time about how people just want the quick and feel good answers to things, and would rather be spoon fed then find information on their own. Its the sad truth.....I know we used to bump heads but hey if i got to you of all people (lol) and got you to look deeper into things, then it was worth the trouble! =) Of course i would like to think that your not the only one but most would probly not be mature enough to.admit it! Thank you for that!

You are correct, I do not wish it to lop and i do think there is a chance that they wont.....af least i hope lol.....im holdin on to the fact that it keeps being put off when they say they are gonna do it.....and for that reason im holding on!

[WISKY291]

Keep, Well said.

[Darin]

Well i wasnt really saying that inflation IS high denominations, its more of an affect of having out of control inflation.....the currency drops in value and higher denominations are needed. Iraq did have really high inflation which hurt the value of the dinar and caused the need for.higher denominations. Most countries do.try and lop once they get inflation under control.....at least to pull if off successfully.

Yes Iraq does have a future of nonstop revenue coming from the ground, but if you actually look at the GDP numbers of some of those other countries, they were pulling in enormous amounts of money in comparison to.Iraq. It might not have been all oil.like Iraq has, but its cause their economies were more diversified. So in all honesty, I dont think we can really say that Iraq is one of the wealthiest countries.

Im glad you took the time.to.actually read my posts. Yes I do like to stir the pot at times but its not to.argue or cause trouble.....it is sometimes the only way to get people to think for themselves, and if be it, get annoyed or mad enough to look outside these forums for real answers to try and shut me.up lol.....wish I didnt have to but to be honest, me and scooter used to talk all the time about how people just want the quick and feel good answers to things, and would rather be spoon fed then find information on their own. Its the sad truth.....I know we used to bump heads but hey if i got to you of all people (lol) and got you to look deeper into things, then it was worth the trouble! =) Of course i would like to think that your not the only one but most would probly not be mature enough to.admit it! Thank you for that!

You are correct, I do not wish it to lop and i do think there is a chance that they wont.....af least i hope lol.....im holdin on to the fact that it keeps being put off when they say they are gonna do it.....and for that reason im holding on!

Hey! I can agree with that...

I do the same thing, not so much to motivate others to research for themselves outside the forums, but more so I do it so people do not become narrow minded and stick to one idea. I try to promote outside the box thinking.

The funny thing about many of the long winded debates is because as per an internet conversation, the words are taken out of context or too literal.

[sandyf]

 

As always keepmwlknfny, you rely on the past to help bring strength to your present statements which are not factual for Iraq.  This is a whole different ballgame.  You can't use the countries from the past as they RD/lop due to instability in their financial sector.  This is not the case with Iraq.

 

I remember Iraq stating that Phase II (deleting the zeros) was to remove the 25,000 - 10,000 - and 5,000 notes from the Iraqi public.  Which for the last 4 years is what the CBI has been doing.  They was going to also remove the 1,000 notes but decided later not to do this as they could easily transition these notes out after bringing in the new currency (lower denoms) that would slowly (over a period of 2 years) phase the 1,000 notes out.

 

Also remember articles of the Iraq citizens being angry due to they only had the 250, 500 and 1,000 notes to use. Which caused them to go around with paper grocery bags of money to do their regular shopping.  During this time, the value of the Dinars against the USD went up which made the USD more favorable to the Iraqis since they did not need as much of the USD to carry around.  All part of the CBI's plan to "delete the zeros" or remove the larger Dinars from the streets and have the Iraqi citizens to depend more on the dollar.

 

Once Phase II is completed, which it sounds they are near completion, they will lower the value of the Dinar rate against the USD, as they need to have the Iraq citizens to have more confidence in the Dinar and let go of the USD.  This is Phase III.  We are entering Phase III or have already entered it just recently.

 

By this time, the CBI has gained control of the majority of the Dinar prior to re-value.  And CBI has passed their mission of lowering the amount of Dinar within Iraq.  This has all been stated repeatedly in Iraq news articles.

 

Now keep, can continue to believe in his myths, but Iraq will over time gain value to their Dinar.  The when and how much, only Iraq knows. 

 

Anyone who mentions a new currency is talking about an RD. If there is to be an RV there will be no new currency, only changes to the existing currency IQD.

 

ISO codes are normally issued several months before the new currency comes into being.

[rken]

Having followed this trail for many years, since 2004, it seems to me that a straight RD will be of no value to anyone. It would still leave the Iraqi people with an almost valueless currency. A 25 dinar note would only be worth a percent of a penny and thousands would be needed to purchase a loaf of bread. 

 

One viable solution would be to RD and immediately RV.  The other alternative is to RV then RD. A lop serves no one nor does a straight RD. Unless there is something I'm missing. If an exchange of old for new was required after an RD prior to an RV, I think you would see a revolt in Iraq as this would devalue everyone's monetary holdings. Not to mention piss off the US State Dept., not something I would recommend doing. lol

[keepmwlknfny]

Having followed this trail for many years, since 2004, it seems to me that a straight RD will be of no value to anyone. It would still leave the Iraqi people with an almost valueless currency. A 25 dinar note would only be worth a percent of a penny and thousands would be needed to purchase a loaf of bread. 

 

One viable solution would be to RD and immediately RV.  The other alternative is to RV then RD. A lop serves no one nor does a straight RD. Unless there is something I'm missing. If an exchange of old for new was required after an RD prior to an RV, I think you would see a revolt in Iraq as this would devalue everyone's monetary holdings. Not to mention piss off the US State Dept., not something I would recommend doing. lol

Well what normally happens is that when a country redenominates, the NEW currency carries a higher value. So the end result is a RV of the NEW currency and the old currency still carries the old value. So really no one loses anything in the transfer. Its not a devaluation like a lot of the "gurus" say, its only said because they do not understand the process of redenominations.

[stealthwarrior]

They are not going to remove 3 000's from anything.all smoke.

[zigmeister]

Unless we see a new ISO code number for Iraq, I am not too concerned.

[stealthwarrior]

^{I truly think that they are trying like hell to pull in the large notes before they RV.this is the sad part for the common man on the street who does'nt know any better and is giving them to the bank.the common people on the street are going to lose out on this one because they are being lied to and tricked out of their money by the government.this is common throughout all governments,especially corrupt ones like ours for example.if they can screw us too,they will.}

[TQueezy]

The Iraqis don't look at their own national currency like its an investment. They use it as a last resort for paying for things that are cheap, since it requires carrying so much of it for every transaction. They like the convenience of the US dollar and they trade in the dinar they get paid with for mostly dollars or all dollars. I don't think they even think twice about hoarding higher dinar notes in the event a massive revaluation would occur.

[zigmeister]

I am pretty sure Iraq does not want them to know there could be an RV in the dinar.  Again if this was an RD, the ISO code has to be changed for a new code.  This does not happen overnight, it is a process and it takes time, then they would print the new currency.  So far they have not applied for a new ISO code, this tells me what Iraq is not doing, gearing up for a new currency.

[uncirculd]

Just Rip The Frickin' Bandaid Off Already And Get It Over With - Whatever The Outcome !

:D

You gotta love the Dinar Thug, tell it like it is!  wooooo  plus one to you friend.

[keepmwlknfny]

I am pretty sure Iraq does not want them to know there could be an RV in the dinar.  Again if this was an RD, the ISO code has to be changed for a new code.  This does not happen overnight, it is a process and it takes time, then they would print the new currency.  So far they have not applied for a new ISO code, this tells me what Iraq is not doing, gearing up for a new currency.

I agree with you Zig......

They havent mentioned anything of a new ISO code.....at least not yet......so that tells me nothing is happening anytime soon.....

[zigmeister]

I agree with you Zig......

They havent mentioned anything of a new ISO code.....at least not yet......so that tells me nothing is happening anytime soon.....

Exactly....so, so far so good!

[BelievingInTheBest]

I agree with you Zig. No ISO code means no redenomination and there is no new ISO code or even an application for one at this point. 

 

In my opinion, until a new ISO code is applied for, all redenomination talk belongs in the rumor section along with the pumpers.

 

As reality stands right now, we are looking for an increase in the exchange rate.   

[Rasica]

^{I truly think that they are trying like hell to pull in the large notes before they RV.this is the sad part for the common man on the street who does'nt know any better and is giving them to the bank.the common people on the street are going to lose out on this one because they are being lied to and tricked out of their money by the government.this is common throughout all governments,especially corrupt ones like ours for example.if they can screw us too,they will.}

 

I agree, GOI/CBI have and are pulling/buying back the large 3-O notes off the streets. Since the IQD is in tight monetary control, the buy back is not translating into a higher value 'yet'.

 

Iraq will be using smaller notes that will be introduced (a type of redenomination if you will) but not a true redenomination by the financial lingo. As the larger remaining notes are pulled/retired by business transactions of buy sell or deposits, the smaller notes aka; denominations will become the norm.

 

For this to take place the IQD must first be released from tight monetary control/nominal value and attached to its real value ~ some call this a revalue.

[Darin]

I agree with you Zig......

They havent mentioned anything of a new ISO code.....at least not yet......so that tells me nothing is happening anytime soon.....

 

Yep! An ISO code would be necessary for the new currency. This helps other banks properly exchange currencies.

Out of all the R/D articles, no mention of an ISO code. Maybe this is their last step prior to fully engaging in a R/D, but regardless it has yet to be even touched in conversation.

Why would they need a new ISO code? Because the new currency would function off of a new rate. Therefore, would need a different ISO code. This would help other foreign banks that are willing to deal with dinar to properly facilitate transactions.

 

Now, we would not necessarily be looking for numbers... The new currency code may be something as follows; "IQI, IQM, etc" It will begin with the IQ and any letter A-Z.

[hame55]

I am pretty sure Iraq does not want them to know there could be an RV in the dinar.  Again if this was an RD, the ISO code has to be changed for a new code.  This does not happen overnight, it is a process and it takes time, then they would print the new currency.  So far they have not applied for a new ISO code, this tells me what Iraq is not doing, gearing up for a new currency.

I like the reasoning, and I'm going off your facts - have not researched ISO codes myself - but the question here is, do they really take a lot of time and preparation? Because IF they could do it quickly, then we'd be screwed.

Of course, if they plan to RD, then they should come out with a new code months in advance to print a new currency...

And it seems like a waste, and a lot of trickery against their own people, to introduce a new currency - and all that trouble for a neutral event.