Upgrading of the Iraqi currency

[yota691]

The fils (Arabic alphabet: فلس) is a subdivision of currency used in many Arab countries, such as Iraq and Bahrain; the term is a modern retranscription of fals, an early medieval Arab coin. "Fils" is the singular form in Arabic, not plural (as its final consonant might indicate to an English speaker). The plural form of fils is fulūs (فلوس); this latter term is also used to refer to small amount of money or money in general in many varieties of Arabic, particularly Egyptian

• 1 Bahraini dinar = 1000 fulūs (or 1 filis = 1/1000 Bahraini dinars)
• 1 Emirati dirham = 100 fulus
• 1 Iraqi dinar = 1000 fulūs
• 1 Jordanian dinar = 1000 fulūs
• 1 Kuwaiti dinar = 1000 fulūs
• 1 Yemeni rial = 100 fulūs

[zzztop]

ISIS blew up over 200 Iraqi people last week.  They still hold vast areas of Iraq.  They hold billions of dinar and hundreds of millions of dollars.  Shabibi has said(probably over a hundred times)  that nothing will happen until there is stability. This was long before ISIS humiliated the Iraqi army.  We have quite a ways to go IMO.  Thanks for the post. 

[Wiljor]

1 hour ago, zzztop said:

ISIS blew up over 200 Iraqi people last week.  They still hold vast areas of Iraq.  They hold billions of dinar and hundreds of millions of dollars.  Shabibi has said(probably over a hundred times)  that nothing will happen until there is stability. This was long before ISIS humiliated the Iraqi army.  We have quite a ways to go IMO.  Thanks for the post. 

Thanks for your comment zzztop, maybe you are correct in your assumption that "we have quite a ways to go" but perhaps not. Why? All over the world their are conflicts taking place as we speak, here in Mexico for example, the teachers union is taking over places like Oxahaca, Guerrero, with violence and killings almost daily, urban warfare amongst drug dealers and traffickers in areas like the boarder towns and cities with the US, Michoacan in the central area of the country. In the US, daily shootings with police and citizens almost daily, we can go on and on with different examples around the globe. Iraq is progressing at a pace not seen in the past do to the urgency in place by IMF, WB, etc... to get their loans granted and in place. I do agree that security is a major issue, but security is a major issue now even in first world countries. The media always will want to show death and destruction, the pain and the sorrow along with the suffering of the people but what about the things that they don't show us? The advancements and accomplishments taking place and,  that has been implemented over the past while. Agreed, Iraq is being reborn and has not yet achieved global recognition, but in order to re build you must tear down, and Iraq is in the "re build process" 

ISIS is almost a thing of the past, they will never be completely eliminated, nor will the protesters here in Mexico, the urban conflicts taking place in our own cities around the globe, but as long as their is hate, their will be conflicts, it's just a fact of life, unfortunately. 

My point being, no matter where we live around the world their will be issues, Iraq is on the verge of becoming an international player, the ducks are lining up nicely and progress being made daily. They will always have issues, as will Mexico, US, Canada and where ever and as always my friend, it's business as usual  

Just my 

[DinarThug]

Here's More Peeps Weighing In On This Article ...

 

 

7-12-2016   Newshound/Intel Guru BGG  [...have you seen the article about Upgrading your currency...if so what is your take on that?  ...the numbers are align up with yesterdays discussion with the Iraq banker...]    ...if they are discussing this - in that frame of reference privately - this is SERIOUS. I am excited.  [reference Guru wmawhite post 7-11-2016]
 

7-11-2016   Newshound Guru Millionday    THE TITLE OF THE REPORT:  "Author - Ahmad Salami - Dinar plastic (polymer) - Restructuring of the Iraqi currency - Re-evaluate the value of the dinar"   THIS IS LISTING THE BENEFIT TO THE IRAQI PEOPLE OF THE NEW PLASTIC MONEY CARD ISSUED...THEY LAY OUT THE PLANS FOR THE IRAQI DINAR..."1. Delete the zeros phantom inflation inherited from the siege and war... 2. Be the dollar value of 1 is equal to 1 dinar and 118 fils.  3.eetm payment in Iraqi dinars for imports from China, Iran, Russia and Turkey are all state of understanding with them about the currency that is dealt with."  THE RESTRUCTURE IS EXPLAINED HERE TO INCLUDE MOVING THE DINAR TO BE 1USD TO 1 DINAR 118 FILS...THEY ARE SAYING A VALUE.  I PERSONALLY HAVE NOT SEEN A THING IN ALL THESE YEARS STATING ANY VALUE OR REVALUE ANNOUNCEMENT WITH VALUES AND FOR WHAT PURPOSE. THE DINAR WOULD BE WORTH MORE BY WHAT THEY ARE SAYING HERE -- NOT ONE TO ONE. THIS IS TO THE IRAQIS FOR THE REVALUATION SO WE WIlL SEE WHAT THIS MEANS FOR RATES AS A RESULT.

 

[boosterbglee]

Thanks...Peeping Thug! 

[SnowGlobe7]

14 hours ago, DinarThug said:

I Found Another Cliff Note Cookie ...

       

 

 

7-11-2016   Newshound Guru rcookie    Quote:  "Ammar Abdullah GhaithInterest is the rehabilitation of monetary value of the currency to make it universally used by tourists, traders"  THIS ECONOMIST ASSERTS THE REHABILITATION OF THE IQD IS TO MAKE IT UNIVERSALLY USED BY TOURISTS & TRADERS AND BE USED INTERNALLY & EXTERNALLY INSTEAD OF THE DOLLAR...DECREASING NUMERIC VALUE...CURB INFLATION...RAISE THE PURCHASING POWER AND support THE ECONOMY...AND HAVE THIS ALL REFLECT STRENGTH IN THE EXCHANGE RATE AGAINST THE USD AND GLOBAL CURRENCIES WHICH IT OBVIOUSLY CURRENTLY DOES NOT DO...

 

 

Wait cookies??????? YOU have the cookies???????

[DinarThug]

Here's Another Chat On This Article ...

 

 

BGG NEWSTIME Monday, July 11, 2016 

 
subgirl says to david334():NEWSTIME!!! WITH BGG TONIGHT AT 6:30pm CST!!!!! 
 
magnetlady says():Yes and I understand Holly brought in more stuff today
 
subgirl says to david334():yyyyaayy!!!!!!
 
magnetlady says():The guys really helped explaining how it all fit together too
 
subgirl says to magnetlady):yes she did!!! WOW!
 
BGG says():Yeahhhh - about that...I am glad to be here D
~~~

 

david334 says to BGG():Hello Mr BGG
 
magnetlady says():We are glad you are too
 
subgirl says to BGG():Good Evening
 
MrsBGG says():Okay, he just received an important phone call, so it will be a few minutes...thank you for your patience
 
magnetlady says():I like when he gets important phone calls. Mrs. BGG
 
david334 says to magnetlady():Yes
 
MrsBGG says to subgirl():smile
 
subgirl says to MrsBGG():i think everyone did a great job putting up ? marks last night!!!!
 
subgirl says to MrsBGG():I thot it went very well... even the after call and asking questions in the room!!!   I was amazed! 
 
MrsBGG says to subgirl():Yes!
 
david334 says to magnetlady(6:36 PM):
Interesting that the country has all this product inventory at .00085 than bang 1.18 nice that will drive IQD demand
 
BGG says():Did you all get a load of News Time last nite - Did they not do a fanatastic job??
 
TNvolunteer says():y)
 
subgirl says():yes!!!
 
puffdragon says():y)
 
daytrader says to BGG():Amazing job.
 
david334 says to BGG():right out of interpol
 
dinarforme says():y)
 
BGG says():There is a great depth of research here at DU...
 
david334 says to BGG():That BGG is a large understatement
 
BGG says():If you missed the News Time portion...  
 
BTW - the guys are all taking a breather after the MARATHON last nite...  they should be back Wednesday   (formally)   they will very likely pop in and out (as per usual)...
 
AND - if you didn't get a chance to hear the "AFTER CALL"...  
 
it is also on a banner on both THE BLOG and THE OBSERVER... Obviously - there is NO WAY to top that... so.    I'll just be here for a short Q&A -
 
BGG says():we were talking today - the News is SOOOOOO volumous... 3 years ago - one of these articles would have had people out buying new cars and houses (don't do that - BTW).
 
david334 says to BGG():Todays parliment meeting whats Vegas saying on the whole package laws
david334 says to BGG():BGG not Vegas
 
BGG says to david334():personally - I don't think that is what we are waiting on - good for Iraq, yes. Required for us... I doubt.   I know that flies in the face of "knowledgable Guru commenters" I just don't see it that way.
 
 
Drewsters Millions says():have you seen the article about Upgrading your currency
if so what is your take on that? the numbers are align up with yesterdays discussion with the Iraq banker  NEN iraq news ,was posted on Facebook page
 
BGG says to Drewsters Millions():I was there when Holly1 brought it in our Chat Room... it's not exactly an article, but a FaceBook communication directly from an Iraqi banker to one of our FAVORITE DU NEWSHOUNDS... HOLLY TAMALE!!
 
Drewsters Millions says():correct< but i am referring to the article that was posted today
 
 
BGG says to Drewsters Millions():and my take is - if they are discussing this - in that frame of reference privately - this is SERIOUS. I am excited.

It appears some enterprising writer picked up on our conversation.(if that was his title)... not the first time that has happened at DU.
 
david334 says():is the eurobond deal soon? if so we can expect new credit ratings. What I love is none of this is discounted in stocks or bonds.
 
BGG says to david334():Not my area of expertise. That is yours... However, Iraq is about Iraq. Period.
 
david334 says():Well a high rating will get the analyst to start looking at it; Take cookies comment on the port huge people will pour in
 
david334 says():The highest GDPO ramp in the world and the world is clueless. I done Thx
 
david334 says():I lied wall street is all about relative value and nothing country comes within a galaxy for upside
 
BGG says to Drewsters Millions():BTW - I was just editing our version of that exchange to post on THE BLOG.    it will be up later this evening.
 
Drewsters Millions says():ty
 
finesse says():I have a friend that insists they will lop and nothing I say changes her mind. Do you think there is ANY chance they will lop?
 
BGG says to finesse():I do not.
 
finesse says():TY maybe "from the horses mouth" will convince her. lol
 
finesse says():D
 
ol lar says to finesse():If they were going to lop they would not have been reducing the note count the last 2 years from 9 billion notes to 4 billion as of last year and in My Opinion they are at or around 1 billion now, they would not have gone to all that trouble
 
slh5282 says):if the rate does come out at a lower rate, do you think we can hold some of what we have until the rate increases?
 
BGG says to slh5282():Who is gonna' stop you??
 
slh5282 says():did not know if there would be some stipulation to turn in or the notes would not be good after a period of time
 
slh5282 says():our notes
 
BGG says to slh5282():I highly doubt.
 
finesse says to ol lar():good thing to bring up for convincing...ty
 
slh5282 says():ok THANK YOU VERY MUCH
 
BGG says to slh5282():even if there is some time issue... there will be ways to address "staying the game".. BTW - the MoP has already told you EXACTLY what they intend to do..
 
slh5282 says():TRUE
 
BGG says to slh5282():  they may not do it - but they may - too... FWIW - the MoP talked about the "shadow value" of 1.13 and how they intend to apply the value there... and - (in their words) "until readdressment" by competent authorities after 3 years.
 
which sounds like a long time... however, let's say - you have a Million USD... in some kind of investment - that you are pretty certain will triple in 3 years.  is there any such place that exists?? Outside this play?? 

 

 

david334 says to BGG():Does the MOF and CBI care about pulling in as much 000 currency as possible outside the country relatively quickly? Will the shadow value do it people might sit at that price way undervalued.
 
slh5282 says():NOT THAT I KNOW OF
 
BGG says to david334():There is regular reference to that idea... several different ways - all the same. It will work.
 
david334 says to BGG():THX
 
BGG says to david334():1.0 + anything, they will use it... it will draw in all the "mattress money"...
 
BGG says():   BTW - Last question...
 
Idaho says():What I know. I am earning .03% on my savings account and I paid only 1/10th of a cent for each Dinar 7% on my overseas account if comes out at the suggested 1.134 what a win....
 
BGG says to Idaho():HUGE WIN.  and if there is a prospect of another bounce in 3 years... maybe bigger win.   and if I'm wrong... big deal - you saved some money. In the end - you still have it.
 
Idaho says():True BGG and if you have enough at 1.134 it can equal millions after taxes
 
BGG says():OK gang - that's it for me tonite.
 
slh5282 says():THANK YOU FOR THE INPUT AND ALWAYS THE GREAT NEWS
 
david334 says to BGG():Thank you
 
BGG says():Have a great nite.
 
 

 

 

[Freedomwish]

Great article or opinion piece, very interesting indeed.......but ummmm yeah, if anyone could let us know how's that HCL's looking that'll be great lol 

Cheers!!

[Reelemfast]

This all sound's good, bring it on Iraq............

[DinarThug]

On 7/11/2016 at 5:44 PM, DoD said:

Upgrading of Iraqi currency 
Written by Economic news editor

Author - Ahmad Salami
         

 

CNN. Uncovered This Picture Of The Author Of The Article !

 

And We Also Found This Racy Picture Of His Wife !

 

 

And His Mistress ...

 

             

 

Edited July 14, 2016 by Markinsa
Removed Offensive Photos | See Forum Rules

[DinarThug]

 

CNN   << BREAKING NEWS >> .......

 

Salami Has Recently Gone Missing And It's Suspected That SnowGlobe May Have Had A Hand In His Disappearance !

         

 

[gregp]

Oh bologna!!

[ComPLX]

1 hour ago, DinarThug said:

 

CNN   << BREAKING NEWS >> .......

 

Salami Has Recently Gone Missing And It's Suspected That SnowGlobe May Have Had A Hand In His Disappearance !

         

 

Leave it to CNN for on the scene coverage of breaking news. +1 for you!!

[yota691]

Polymer banknotes are banknotes made from a polymer such as biaxially oriented polypropylene (BOPP). Such notes incorporate many security features not available to paper banknotes, including the use of metameric inks;^[1] they also last significantly longer than paper notes, resulting in a decrease in environmental impact and a reduction of production and replacement costs.^[2] Modern polymer banknotes were first developed by the Reserve Bank of Australia (RBA), Commonwealth Scientific and Industrial Research Organisation (CSIRO) and The University of Melbourne. They were first issued as currency in Australia in 1988 (coinciding with that country's bicentennial year). In 1996 Australia switched completely to polymer banknotes. Countries that have since switched completely to polymer banknotes include Brunei, Canada, New Zealand, Papua New Guinea, Romania, and Vietnam. Cape Verde, Chile, The Gambia, Nicaragua, Trinidad and Tobago and the Maldives are the latest countries to introduce polymer currency notes into circulation.

[yota691]

Security features

Polymer banknotes can have three levels of security devices. Consumers can recognize primary security devices; these include intaglio, metal strips, and the clear areas of the banknote. A machine is required to detect secondary security devices. The third level of security devices can only be detected by the issuing authority when a banknote has been returned.^[7]

Traditional printed security features applied on paper can also be applied on polymer. These features include intaglio printing, offset and letterpress printing, latent images, micro-printing, and intricate background patterns. Polymer notes can be different colors on the obverse and reverse sides.

Like paper currency, polymer banknotes can incorporate a watermark (an optically variable 'shadow image') in the polymer substrate. Shadow images can be created by the application of optically variable ink, enhancing its fidelity and color shift characteristics. Security threads can also be embedded in the polymer note; they may be magnetic, fluorescent, phosphorescent, micro-printed, clear text, as well as windowed. Like paper, the polymer can also be embossed.

Polymer notes also enabled new security features unavailable at the time on paper, such as transparent windows, and diffraction grating. Since 2006, however, the development of paper transparent window technologies by De La Rue (Optiks) and G&D (varifeye) have reduced that advantage.

The transparent window where the OVD is located is a key security feature of the polymer banknote. It is easily identifiable, allowing anyone to authenticate a banknote.

Because the polymer bank note contains many security features that cannot be successfully reproduced by photocopying or scanning, it is very difficult to counterfeit. The complexities of counterfeiting polymer banknotes are proposed to act as a deterrent to counterfeiters. The substrate BOPP film, metallised or otherwise, is widely available from European and Chinese suppliers, as are the metameric inks used.

[SnowGlobe7]

17 hours ago, DinarThug said:

 

CNN   << BREAKING NEWS >> .......

 

Salami Has Recently Gone Missing And It's Suspected That SnowGlobe May Have Had A Hand In His Disappearance !

         

 

 

You got no proof.....

ok wait maybe you do

[SnowGlobe7]

[ChuckFinley]

Great read guys. I hope that all this is telling us that this is coming to an end. 

[DanielM]

On Thursday, July 14, 2016 at 3:57 PM, ChuckFinley said:

Great read guys. I hope that all this is telling us that this is coming to an end. 

I've missed something I guess. If they do this what happens to the money I have?  Sorry if this was explained elsewhere.  

[gregp]

Thank you, Yota. 

[ChuckFinley]

Are stuff will be good.  

[ronscarpa]

Thanks for the Great Article...Five (5) Stars and + 

[calkid11]

Thank you 

[Crow]

Just hoping something will happen....I figured nothing would come until Obama was out....... Trump winning gave a an especially good feeling about this all.

[yota691]

Add this article from another thread...

The stability of Iraq's reserves of gold

 

 

Economy News / Baghdad ...       World Gold Council announced a rise in world reserves of gold a month in February, indicating that Iraq maintained a fifth of the Arab world's reserves rank. The World Gold Council is an international organization headquartered in London, along with six branches in New York, Mumbai, Shanghai, Beijing, Tokyo and Singapore. Council aims to develop the global gold industry market and works with global organizations to stimulate demand and the development of innovative uses of gold and take new products to market, and provides a comprehensive analysis of the Council to give decision-makers information about the gold demand factors. The council said the statistics published on its website yesterday that "Iraq has maintained its 37th place globally out of 100 countries listed in the International Financial Statistics of global reserves of gold during the month of February of the year 2017," noting that "Iraq came fifth Arab rank after Saudi Arabia and Lebanon, Algeria and Libya. " And that "Iraq's reserves of gold remained stable as recorded 89.8 tons, representing 7.0 of the rest of the other currencies," noting that "the last purchase of gold for Iraq was in the month of April 2014 where 15.16 tons bought." According to the Council, that "the world's gold reserves rose for the month of February by 11 tons for the month of January for up to 33 thousand and 259 tons, while the United States ranked first globally in terms of these reserves, which amounted to 8.133.5, followed by Germany with 3.377 tons." . The central bank decided in early 2014 coined a variety of alloys of pure gold ranging between weights (50 g and 1000 g) to sell to traders in gold, investors and segments of society wishing to do so in Iraqi dinars. And announced that, at the time, the direct contracting procedures for imported and then sold through the banking system, as this procedure is one of the monetary policy tools. Considered economic researcher verse just that Iraq intended by the central bank to stabilize the currency market, including gold at the local level, adding in an interview, he said that the monetary policy pursued by the central strengthen the monetary reserves of gold action is in the final outcome for the benefit of the national economy. She pointed out that the price of gold in Iraq is witnessing a kind of stability away from the rapid mutations or the sharp fall in prices, explaining that it comes because of the balance between supply and demand for the precious metal locally. The central bank adopts a strategy in the management of its gold reserves to achieve racial safety and security through the use of monetary policy tools to stabilize the dinar exchange rate against foreign currencies. The economic expert, Dr. appearance of Mohammed Saleh said earlier, that the citizen trust in absolute government transactions means he trusts the precious metal which items imported Central as a guaranteed standard specifications, as well as that of the global origins of what makes imported gold from the Central much better than that items imported gold dealers. He pointed out that this measure will double the chances of increasing credit (loans granted by banks to the citizens) the adoption of the gold coins good as collateral for the loan repayment terms will be reflected positively on improving the reality of living and the national economy in general.     mm
Views 36   Date Added 02/06/2017 - 11:01   Last updated 02/06/2017 - 15:09   No. Content 6659