CBI and IMF agree on exchange rate

[rockfl9]

If plastic doesnt work there why are they issuing out smart cards? why are they updating their banking platforms and laws? why NOT stay in the stone age only dealing with tattered currency and nothing else.  Why are they adding ATM machines in certain provinces? seems plastic will be used alot more then you think it will.

Easy :: U R partially correct.  More government workers are issued smart cards instead of checks and upgrades in the banking system is underway. There was a report of a contract to install a nationwide electronic switch to tie together the banks and their ATMs , but I dont think that's working yet. My point is that More than half of the citizens dont fall into that group and rely on cash. 

[ewingm]

The CBI is doing what they normally do.  Monitoring the physical currency status, and printing replacement bills as needed.  Paper money deteriorates fairly rapidly.  Any replacement currency must contain the new requirements.  There has been no attempt by the CBI to increase the exchange rate since January of 2009.  That should tell most "thinking" people that there never was a hidden agenda to overnight RV their currency 100,000% to make everyone millionaires.  It will be a long drawn out process ending in a three zero lop to return iraq's M2 to realistic numbers.  THEN, and only THEN, will the CBI and Parliament move to slowly increase value.  But you will have to exchange currencies "old for new" in order to be in position to benefit from any eventual increase in value.  That exchange process will be easy in iraq, but extremely difficult for out of country dinarians to do.  The "exchange" of old for new will be a tremendous bottleneck out of country due to verification, locations, competition, and commission rates to perform this process.  It will also have a time window that will be ticking away towards demonitization, making everyone panic to exchange quickly.   It will also be ripe for fraud, theft, and complete and utter frustration.  You people are heading for nightmarish experience when the RD is annoumced.  And remember this, the iraqis will NOT be rooting for you to succeed.

Edited November 2, 2014 by ewingm

[dontlop]

So why did they print up the same 10k and 25k notes if they were planning on a simple LOP?, they wouldnt need them. Why didnt they go live internationally with the ISX with 1166 if that is indeed the TRUE value of the dinar to the U.S dollar? why are they waiting so long to make a move for a neutral event? also why did they specifically say the process would take 5 years of the deletion of 3 zeroes? how could a LOP take 5 years? un less it means phasing out the 3 zero notes over a period of 5 years while they gradualy introduce he smaller denoms to the public These are serious questions BTW

Why did they stop growing the money supply if they are going to lop

If a lop is planned why not just keep growing the money supply till they lop, the more the merrier

I know that's over most people's head , but that too is a serious question

Why not lop 200 trillion dinar

Why stop at 85 trillion

Is 85 billion enough money for iraq if they delete 3 zeros ?

That's less than 3 thousand per capita

And they need to provide a military too

California gdp is a trillion a year

Question is when is this going to happen

When obama and Reid are gone ?

85 billion times a 4 dollar dinar would be ok for iraq

340 billion dollars worth

Or 12 thousand dinar per capita money supply

I think the nay Sayers have no idea what they are talking about and I'm just tired of saying it over and over again to these dopes

Hang in there

Go 4 dollar dinar

Edited November 2, 2014 by dontlop

[dontlop]

http://www.cbi.iq/documents/Monetary_Aggregates_f.xls

I say look at the chart from the cbi and think about it

[skeetdog]

Well put donlop...these clowns lack a life...They'rethe  same ol' broken recorded that just...''keepes''...(pun intended) skippin' along...These two clowns go back and forth jerkin' each other off...They'll have some pre-planed derogative rebuttal though a repetitive reply on every subject matter...It doesn't matter how many times you or anyone else explained they short slightness, they still lack the ability to comprehend and objectively view thing from every angle...When your tryin' to catch a greased pig in a mud pit...there comes a point when ya got to realize the pig's enjoyin' it...The point's that no one knows the out come and these two clowns talk as if they're tryin' to save someone...I guess that's in their little twisted minds... 

[ewingm]

The CBI is doing what they normally do.  Monitoring the physical currency status, and printing replacement bills as needed.  Paper money deteriorates fairly rapidly.  Any replacement currency must contain the new requirements.  There has been no attempt by the CBI to increase the exchange rate since January of 2009.  That should tell most "thinking" people that there never was a hidden agenda to overnight RV their currency 100,000% to make everyone millionaires.  It will be a long drawn out process ending in a three zero lop to return iraq's M2 to realistic numbers.  THEN, and only THEN, will the CBI and Parliament move to slowly increase value.  But you will have to exchange currencies "old for new" in order to be in position to benefit from any eventual increase in value.  That exchange process will be easy in iraq, but extremely difficult for out of country dinarians to do.  The "exchange" of old for new will be a tremendous bottleneck out of country due to verification, locations, competition, and commission rates to perform this process.  It will also have a time window that will be ticking away towards demonitization, making everyone panic to exchange quickly.   It will also be ripe for fraud, theft, and complete and utter frustration.  You people are heading for nightmarish experience when the RD is annoumced.  And remember this, the iraqis will NOT be rooting for you to succeed.

[easyrider]

#7 The uncertainty and instability that is inherent in major changes in economic policies in most developing countries could lead to increased speculation, capital flights, drop in foreign remittances, increased risk aversion, adoption of “wait-and-see” attitude by investors and increased sharp practices. 



Costs and Risks of Currency Redenomination


1.Cost of printing new notes and minting new coins. In the long-run this cost may be offset by the reduced number of notes that will be printed in future due to the reduction in the amount of notes for transactions.
 

2.The cost of disposing of the old notes and coins. This is likely to be small but there is a risk that some of the old notes may be re-circulated or round-tripped. It has been reported in some countries that officials who were charged the responsibility of destroying the exchanged (old) notes and coins secretly “smuggle” then back into circulation to be re-exchanged into the new currency. This could result in multiple “round-tripping” of the old currency which can fuel inflation. Therefore, the banking authorities must ensure that notes and coins withdrawn do not find their way into circulation. 
 

3.The cost of public education and advertising the change to citizens. This could be substantial.
 

4.The cost of exchanging the old currency for the new currency in terms of man-hours lost in waiting in banking halls, changing records and dual accounting in both old and new currencies during the “interim” period.
 

5.Risk of massive disruption in the pricing mechanism in the economy and short-term inflationary pressure arising from the “announcement effect”. No matter the assurances from the CBN, a major economic policy like currency change is bound to trigger inflationary pressure due to the uncertainty such changes generate. However, the inflationary impact may be curtailed with effective public education and anti-inflationary policies, e.g. ensuring abundant supply of petroleum products and stable prices of petroleum products and government-provided services. In a country with a low level of financial literacy like Nigeria, determining new prices for goods and services could be a challenge for many traders, farmers and operators in the informal sector.
 

6. It took the European Union about five years from the decision to introduce the Euro currency to its full implementation, i.e. from 1998 to 2002.[v]
 

7.The uncertainty and instability that is inherent in major changes in economic policies in most developing countries could lead to increased speculation, capital flights, drop in foreign remittances, increased risk aversion, adoption of “wait-and-see” attitude by investors and increased sharp practices.
 

8.Likely short-term increase in the rate of armed robbery because robbers will flood banking halls and trail those who have exchanged large sums of old money for new ones. There is also a likely increase in other fraudulent activities and financial “scams”. For instance, since the announcement of the redenomination and the introduction into circulation of the new notes and coins in July 2007, several cases fake new Ghanaian cedis have been reported under spectacular headlines in their newspapers ”. You can trust that Nigerian fraudsters are already at work perfecting their strategies to take advantage of the proposed redenomination of the naira 

 

[rockfl9]

I see that the MOF is INVITING a visit by World Bank officials.

A new loan?

Forbearance for existing loans?

I think the next IMF semiannual is December?

[ewingm]

Yes, Easyrider.  A Redenomination carries monetary risks as well, but nations with hyperinflated currency numbers have chosen to do this over and over.  I have NEVER heard of a country that had hyperinflated M2 numbers, choose to perform a 100,000% RV essentially making most of their citizens filthy rich.  Have you?  It is impossible to do, plus the world would NOT accept it, just like they didn't accept Saddam's $3 exchange rate back in 1999.  If its not accepted world-wide, you don't get PAID!!  Period.  So ends the SCAM and so ends the lesson for today.

[Shabibilicious]

Yes, Easyrider.  A Redenomination carries monetary risks as well, but nations with hyperinflated currency numbers have chosen to do this over and over.  I have NEVER heard of a country that had hyperinflated M2 numbers, choose to perform a 100,000% RV essentially making most of their citizens filthy rich.  Have you?  It is impossible to do, plus the world would NOT accept it, just like they didn't accept Saddam's $3 exchange rate back in 1999.  If its not accepted world-wide, you don't get PAID!!  Period.  So ends the SCAM and so ends the lesson for today.

 

Oh so eloquently and respectfully spoken as always.    

 

GO RV, and NO BV

[ewingm]

Eloquent......yes.  Blunt and to the point...........yes.  Truthful and accurate..........yes.   Respectful?...........respect is earned.   Not just given away.  I respect the debates put forth by many of the former lobsters such as Legonias, Keeps,etc.  And I respect many of the dinarians such as Razur, SnowGlobe7, Maggie, etc.  But I do not respect others.  You have to EARN my respect, and you cannot do that being a dinar pumper like yourself or the bread-baker.. End of 2nd lesson.

Edited November 4, 2014 by ewingm

[Shabibilicious]

Eloquent......yes.  Blunt and to the point...........yes.  Truthful and accurate..........yes.   Respectful?...........respect is earned.   Not just given away.  I respect the debates put forth by many of the former lobsters such as Legonias, Keeps,etc.  And I respect many of the dinarians such as Razur, SnowGlobe7, Maggie, etc.  But I do not respect others.  You have to EARN my respect, and you cannot do that being a dinar pumper like yourself or the bread-baker.. End of 2nd lesson.

 

So does that make you the chicken or the.......egg?    

 

GO RV, and NO BV

[ewingm]

It makes you irrelevant to me.  I try to get people to actually think outside the constant stream of koolaide.  You are happy with the positioning of the big RV, making you rich.  So, ...because virtually every fiscal expert agrees that the big RV is IMPOSSIBle, that makes you either a paid dinar pumper, or someone who is just incredibly OBTUSE to the world around them.  WHich are you Shabs?  My money rests on you being a pumper..

[Shabibilicious]

If you honestly think I'm a pumper.....you're not nearly as educated as I thought.  Doesn't really matter though.....I'm irrelevant.    

 

GO RV, and NO BV

[ewingm]

Then that makes you extremely obtuse to the world of fiscal reality.  Don't let your pride over ride the obvious ridiculousness of this scam.  You of all people should be able to think outside the koolaide.  You must know you are riding a dream based on just guru lies and deceit.  There is no 100,000% RV coming.  There never was.  It is an IMPOSSIBILITY!!  Be a champion in helping others out of the scam before they lose most, if not all of their money.

[caz1104]

Oh Lord tryin real hard to create another SAVOIR. Open minded discussions needs both parties to be open minded...................seems we have a problem with that. Ego is strong on both sides................only difference....RV'ers don't blame others or create BS stories. The lies & deceit you speak of isn't just regulated to guru's & pumpers. Lopsters are pretty good at it themselves...............but you already know that. 

[dontlop]

It makes you irrelevant to me.  I try to get people to actually think outside the constant stream of koolaide.  You are happy with the positioning of the big RV, making you rich.  So, ...because virtually every fiscal expert agrees that the big RV is IMPOSSIBle, that makes you either a paid dinar pumper, or someone who is just incredibly OBTUSE to the world around them.  WHich are you Shabs?  My money rests on you being a pumper..

Such a mouthy person you have become

You remind me of a few other mouthy screen names that passed thru here

Oh your just here to learn about the dinar to protect your delusional elderly relatives my assssssssssssss

Your just a liar

Once a liar always a liar

Chill out YA maniac

[ewingm]

Caz, you say RVers don't blame other people.  OF COURSE NOT!  They believe they are holding the winning lottery ticket!  The problem, of course, is they are holding a losing ticket.  What they are dreaming for, praying for, hoping for, is a total monetary IMPOSSIBILITY!  No country is going to RV 100,000% of their value with 90 TRILLION dinars in M2!  You should know this, being a "savvy" investor like you say you are.  The fact you bought into this SCAM tells me you're not nearly as smart as you think you are.  All you have to do is review the existing FACTS about iraq and the dinar to know that there is no millionaire making RV coming.  Go bake some bread.  You shouldn't be giving people money advice with your poor understanding of how the world's currencies actually work.

 

Dontlop, just go back to sleep.  You sold your dinars, but still support the SCAM  That makes you a very strange person.

Edited November 4, 2014 by ewingm

[dontlop]

321 million mega million jackpot tonight

[caz1104]

Ewingnut, And exactly what are your qualifications? I've never given anyone financial advise.........that's their responsibility.

 

Again you have your views others have theirs..............most sane folks can appreciate & respect that.

Dontlop,

 

Ewingnuts whole premise is laughable at best.............I really don't think he believes it any more.

Edited November 4, 2014 by caz1104

[rockfl9]

Caz, Shabs, dontlop... I still want to know how each of you expect the RV to happen? I cant believe you are hanging on with blind faith that overnight you expect to profit but dont know how!

I know some dinarians believe the auctions have removed all dinar in the country.

Some believe the dinar will "float " and the UST will store it.

Both of those arent going to happen.

So what are you counting on???

[caz1104]

Blind Faith was a rock band in the 60's wasn't it?

 

Does what I believe make or break a financial decision for you?

[rockfl9]

No, But I know I must be missing something for so many believers to have plunked down good cash to buy what they now called TP.

I first got the tip on the dinar in 2009. It was supposed to be a secret according to the tipster. In a few days I researched and found at least 6 dealers and 4 pumper websites. When I encountered the tipser later and told him what I found, needless to say he was very surprised.

[ewingm]

Rockfl9, I have told you before.  You will not get answers from the pumper duo.  That's not what they want to do.  They want to play with your words, denegrate, use sarcasm, and in all ways try to make YOU out to be a liar.  This is coming from two individuals who bought dinar themselves based on NOTHING!  Nothing but a rush to get rich.  Neither of them did any research, or they wouldn't have bought into the SCAM.  Now they MUST hold on, otherwise their dinarian followers will turn against them.  They would never allow that, now would they?

[rockfl9]

Ewingm: I'm sure you are right ..Dumb and Dumber bought the overnight wealth rumor without question Not surprising they dance around to cover up.