Question about redom.

[Fieryspirit]

So there has been a lot going on lately and it is hard for me to keep up. I found this on XE's site...

The Central Bank of Iraq has announced their plans to redenominate the Iraqi Dinar to ease cash transactions. By the end of 2010, they intend to drop three zeros from the nominal value of bank notes. It should be noted that the actual value of the dinar will remain unchanged. That means that 1,000 IQD (pre-redenomination) and 1 dinar (post-redenomination) will both be worth the same amount in US Dollars. As stated by the Central Bank of Iraq, their mandate is to "ensure domestic price stability and foster a stable competitive market based financial system." For more information about the redenomination, read "Iraq plans to slice three zeros off currency notes."

So if 1000 dinar equals 86 cents pre redenomination after the redenomination would 1 dinar be worth 86 cents?

Another question...will our big bills be worth anything once they redom? Should I go and exchange my bills for smaller ones before anything happens so I still have the same amount?

PS. Unlike many of you, I am not very invested in the dinar...just enough to fix something once the big bang finally happens.

[CDEW]

Trust me.....

There will be no LOP. Despite any evidence you find. They are wrong and everyone here is right.

Suggesting that there will be a LOP makes you foolish, and you are disrespecting everyone here to even suggest such a thing.

Did I cover that OK all you Senior Members?

Oh yea, I forgot. Shame on you for not looking at all the posts from the past. Forget the fact that the evidence you are finding on the net is more current than the old posts on this subject.

You are simply mis reading these articles and should stop freaking out.

And if you are not careful.. The Senior members here will Eat You Alive for discussing such a thing...

Hope that covered it OK, that way all you senior members don't have to be bothered by all us newbies who just fell off the turnip truck.

[SuperFlyJr]

So there has been a lot going on lately and it is hard for me to keep up. I found this on XE's site...

The Central Bank of Iraq has announced their plans to redenominate the Iraqi Dinar to ease cash transactions. By the end of 2010, they intend to drop three zeros from the nominal value of bank notes. It should be noted that the actual value of the dinar will remain unchanged. That means that 1,000 IQD (pre-redenomination) and 1 dinar (post-redenomination) will both be worth the same amount in US Dollars. As stated by the Central Bank of Iraq, their mandate is to "ensure domestic price stability and foster a stable competitive market based financial system." For more information about the redenomination, read "Iraq plans to slice three zeros off currency notes."

So if 1000 dinar equals 86 cents pre redenomination after the redenomination would 1 dinar be worth 86 cents?

Another question...will our big bills be worth anything once they redom? Should I go and exchange my bills for smaller ones before anything happens so I still have the same amount?

PS. Unlike many of you, I am not very invested in the dinar...just enough to fix something once the big bang finally happens.

(I read that today, as well.)

Most everyone here is convinced that a lop (redom and dropping zeroes) is old news and will never happen. However, if it did that means your dinar would increase by exactly 0% so of course no one wants it to happen either!

As to the big bill question, if you live outside of Iraq it's virtually impossible to exchange them for small bills. Most places only deal in 5k, 10k, and 25k. But there would be some type of grace period to exchange your currency for the new redom currency. Iraq already went through this once! Not that it's going to happen again. We hope. So they say.