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Parliamentary finance identifies a reason why coins should not be minted and advises such a move


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3 hours ago, Carrello said:

As I recall, and please correct me if I am wrong, but I thought the $3.22 rate was imposed by Saddam Hussein on a whim, and he revalued the dinar when he felt like it. There was nothing analytical about the rates he choose. It was just higher. In the 90s when the country had been ravaged by a dictator, $3.22 sounds pretty high IMO. But I would take it!

 

Yep Carrello, that's the way I remember it.

 

It was an artificial rate that Saddam created to fund the war with Iran and his lavish lifestyle.

 

The basic economics, finances and political situation, at the time in Iraq, did not/could not back up the rate of $3.22

 

I am hoping for an exchange rate in the $1.60/$1.70 range, SOON (like yesterday :praying:) , as indicated by recent financial statements by the CBI (Central bank of Iraq).

 

Semper Fi:salute:

Show me 'da :bagofmoney:

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4 hours ago, keylime said:

Yep. My great grandmother Marion Cleveland's uncle.

I've read several explanations on here in regards to that "chunky mattress money" but have had a long day working and brain fog doesn't allow me to recall. Ha! But perhaps someone else can expound on that scenario.

Have a blessed and safe rest of your week. I'm daily praying this year, this month, is our time. :)

I have too, I stand in agreement with you.

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9 hours ago, Floridian said:

 

Really?  Your Great Uncle?  Gee, that's terrific!  😀

 

I sure hope you're right about replacing the large bills with smaller bills, but what would that do to all the "mattress money"?

Would they just have the same amount of money, only with different bills?  Hmmm.  I have to think about this.  Thanks, Keylime.  😊

 

 

Hi Floridian,

If I may, I want to share my opinion on this.

But first, let me quote an article on 'chunky' money or "mattress money"

 

12-12-2015 02:36 PM

He revealed the central bank governor on the Keywords , earlier, that 77% of the Iraqi currency traded in the market are chunky in residential buildings, pointing out that "these funds are outside the banking sector." 
 

Now......I'm not too sure if all these 77% Iraqi currency 'traded in the market' are all dinars, simply because of the 'dominance' of USD in Iraqi market.

 

Iraqis (as we know it) always prefer dollars for many biz transactions and savings. I would too if I were living in Iraq :)


Why they love USD? Because ~ "We trust the dollar more. The dollar does not go up and down, it is fixed," 

 

Even now, many still take whatever opportunities they have to change their dinars into hard currency. 

 

At one time, some bank officials, were reportedly, making big money by buying dollars at the bank’s auction at a rate of 1,190 dinars for the dollar and then sell those dollars on the market for 1,250 dinars. 

All these money quickly becomes 'chunky money' (part of the 77%), meaning they are traded only in the market outside the banking system.

 

So....there u go, my reason on why I don't think most of the 77% chunky money are dinars. Even in the news....they did not mentioned those 77% are dinars, per se, only Iraqi currency.

 

Just my opinion, of course.......:tiphat:

Edited by zul
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1 hour ago, zul said:

 

Hi Floridian,

If I may, I want to share my opinion on this.

But first, let me quote an article on 'chunky' money or "mattress money"

 

12-12-2015 02:36 PM

He revealed the central bank governor on the Keywords , earlier, that 77% of the Iraqi currency traded in the market are chunky in residential buildings, pointing out that "these funds are outside the banking sector." 
 

Now......I'm not too sure if all these 77% Iraqi currency 'traded in the market' are all dinars, simply because of the 'dominance' of USD in Iraqi market.

 

Iraqis (as we know it) always prefer dollars for many biz transactions and savings. I would too if I were living in Iraq :)


Why they love USD? Because ~ "We trust the dollar more. The dollar does not go up and down, it is fixed," 

 

Even now, many still take whatever opportunities they have to change their dinars into hard currency. 

 

At one time, some bank officials, were reportedly, making big money by buying dollars at the bank’s auction at a rate of 1,190 dinars for the dollar and then sell those dollars on the market for 1,250 dinars. 

All these money quickly becomes 'chunky money' (part of the 77%), meaning they are traded only in the market outside the banking system.

 

So....there u go, my reason on why I don't think most of the 77% chunky money are dinars. Even in the news....they did not mentioned those 77% are dinars, per se, only Iraqi currency.

 

Just my opinion, of course.......:tiphat:

Your rite buddy.. why would I use worthless iqd instead of USD???? Its just a pile of useless paper to carry around..

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6 minutes ago, Stabstones said:
8 minutes ago, Stabstones said:

Your rite buddy.. why would I use worthless iqd instead of USD???? Its just a pile of useless paper to carry around..

 

 

Not for long buddy.....

 

:rodeo:

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2 hours ago, zul said:

12-12-2015 02:36 PM

He revealed the central bank governor on the Keywords , earlier, that 77% of the Iraqi currency traded in the market are chunky in residential buildings, pointing out that "these funds are outside the banking sector." 
 

Now......I'm not too sure if all these 77% Iraqi currency 'traded in the market' are all dinars, simply because of the 'dominance' of USD in Iraqi market.

 

 

 

HAH!  In all my years following the ups and downs of the dinar, this has NEVER occurred to me.

Thank you so much, Zul.  You have shed new light on the whole picture.  😊

I'll bet you're right.  If I was in Iraq, I would be hoarding dollars, not dinar.

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@zul I just had a second thought.

 

So where might the 77% of Iraqi money be, if not in people's houses?

 

Also, I'm remembering that one of our members (I think Greg, but not sure) has a friend who has hundreds of thousands of dinar in his house in Kurdistan.

 

Why would anybody in Iraq save worthless dinar in their houses, unless they too thought it would regain it's value one day?

 

Oh, I'm so confused.  I don't know what to think now.  😂

 

May something break our way soon!  :praying:

Edited by Floridian
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2 hours ago, Floridian said:

@zul I just had a second thought.

 

So where might the 77% of Iraqi money be, if not in people's houses?

 

Also, I'm remembering that one of our members (I think Greg, but not sure) has a friend who has hundreds of thousands of dinar in his house in Kurdistan.

 

Why would anybody in Iraq save worthless dinar in their houses, unless they too thought it would regain it's value one day?

 

Oh, I'm so confused.  I don't know what to think now.  😂

 

May something break our way soon!  :praying:

 

Haha....i'm sure some of them DO keep dinar in their homes. 

 

What i was trying to say is (re: above post)~ if Iraq were to RV, not all of those 77% will be RVed because I believe large part of the 77% Iraqi currency are in dollars.

 

 

 

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2 minutes ago, zul said:

 

Haha....i'm sure some of them DO keep dinar in their homes. 

 

What i was trying to say is (re: above post)~ if Iraq were to RV, not all of those 77% will be RVed because I believe large part of the 77% Iraqi currency are in dollars.

 

 

 

C u in Maui bro, haha

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16 hours ago, Carrello said:

 

Thank you jg1. I am curious about many things but I would really like to know if the Iranian involvement is as rampant as we see in the news. 

 

The main question I have, and you too I would think, is WHEN? 

I asked my Iraq friend at work about the Iranian influence and she didn't seem concerned, like what can you do? It has roots in the government so decisions will be made in their favor. I will keep at her for more questions. I knew I was not going to have a lot of time as our little group includes about 6/ 3 woman chatting and eating donuts.lol

She does not seem concerned about anything in Iraq as she is out of there. Of course, she said it would be nice if the dinar gained value😄. Again, she said it was so much better over there. 

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Thank you jg1. I appreciate your time and best of all it is good to know life is better in Iraq. The hell those people have been through for decades is infamothable. Saddam Hussein was in power over them for 30 years so their time has been a long time coming. It's easy to sit here and judge and criticize Iraqis (not the corrupt in power) but as they say you have to walk a mile in their shoes to know how much those shoes might really hurt.

 

Thanks again. 

 

 

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9 hours ago, zul said:

 

Hi Floridian,

If I may, I want to share my opinion on this.

But first, let me quote an article on 'chunky' money or "mattress money"

 

12-12-2015 02:36 PM

He revealed the central bank governor on the Keywords , earlier, that 77% of the Iraqi currency traded in the market are chunky in residential buildings, pointing out that "these funds are outside the banking sector." 
 

Now......I'm not too sure if all these 77% Iraqi currency 'traded in the market' are all dinars, simply because of the 'dominance' of USD in Iraqi market.

 

Iraqis (as we know it) always prefer dollars for many biz transactions and savings. I would too if I were living in Iraq :)


Why they love USD? Because ~ "We trust the dollar more. The dollar does not go up and down, it is fixed," 

 

Even now, many still take whatever opportunities they have to change their dinars into hard currency. 

 

At one time, some bank officials, were reportedly, making big money by buying dollars at the bank’s auction at a rate of 1,190 dinars for the dollar and then sell those dollars on the market for 1,250 dinars. 

All these money quickly becomes 'chunky money' (part of the 77%), meaning they are traded only in the market outside the banking system.

 

So....there u go, my reason on why I don't think most of the 77% chunky money are dinars. Even in the news....they did not mentioned those 77% are dinars, per se, only Iraqi currency.

 

Just my opinion, of course.......:tiphat:

Just getting in. Zul  that is what was interested in. The USD, since I figure it is used everyday are people really stashing the dinar. Most of the photos of the dinar on the street look ripped and badly damaged. I would think that they would exchange them for the USD after all these years. 

 

I also would be interest on their take on the exchanging of the USD that were damaged? The CBI made a big deal of it. 

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1 hour ago, Carrello said:

Thank you jg1. I appreciate your time and best of all it is good to know life is better in Iraq. The hell those people have been through for decades is infamothable. Saddam Hussein was in power over them for 30 years so their time has been a long time coming. It's easy to sit here and judge and criticize Iraqis (not the corrupt in power) but as they say you have to walk a mile in their shoes to know how much those shoes might really hurt.

 

Thanks again. 

 

 

Oh, one other thing. I made a statement to her. I told her years ago when the dinar devalued and they printed all new currency, it seems like to me the value only decreased 25%. She said that is true.

I describe it as a reverse LOP. 

They may have decreased the value but they gave you alot more dinar's. Take care. 

Just like @Greghi states the people in Iraq still live a decent life even with the devaluation of their currency.

Edited by jg1
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2 hours ago, ChuckFinley said:

 

I also would be interest on their take on the exchanging of the USD that were damaged? The CBI made a big deal of it. 

 

We have seen circulars/notifications from CBI recently, more than once, reminding commercial banks on the procedures of exchanging currencies (incl. Dollars and Euro)......yeah that's a big deal. And it looks like, they are preparing/expecting massive exchanges in the not-too-distant future.

 

Even if we assumed all the 77% chunky money (in the news) are dinar, I would like to think that most of them are now already sitting in the CBI vaults, as commercial banks reserves ~ collected by the banks, when they (iraqis) exchanged their dinars for dollars.

 

Note: Commercial banks reserves (eventho' they are kept in the central bank vaults) are still considered as M1 (currency in circulation) by the central bank because they still belong to the commercial banks, by definitions.

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17 minutes ago, zul said:

 

We have seen circulars/notifications from CBI recently, more than once, reminding commercial banks on the procedures of exchanging currencies (incl. Dollars and Euro)......yeah that's a big deal. And it looks like, they are preparing/expecting massive exchanges in the not-too-distant future.

 

Even if we assumed all the 77% chunky money (in the news) are dinar, I would like to think that most of them are now already sitting in the CBI vaults, as commercial banks reserves ~ collected by the banks, when they (iraqis) exchanged their dinars for dollars.

 

Note: Commercial banks reserves (eventho' they are kept in the central bank vaults) are still considered as M1 (currency in circulation) by the central bank because they still belong to the commercial banks, by definitions.

I would have to agree. The next few weeks will be interesting. It seems like everyone is playing nice, which is little scary.

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47 minutes ago, ChuckFinley said:

I would have to agree. The next few weeks will be interesting. It seems like everyone is playing nice, which is little scary.

Well if it's going to happen in August I'd say the next few days will be interesting 😉

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14 hours ago, keylime said:

Well if it's going to happen in August I'd say the next few days will be interesting 😉

Thinking about the dream a bit more - Maybe they announce some type of RV/RI August, but in typical Iraq fashion they drag it through the rest of 19 somehow .  Anyhow, here's hoping they do something !

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41 minutes ago, slb said:

Thinking about the dream a bit more - Maybe they announce some type of RV/RI August, but in typical Iraq fashion they drag it through the rest of 19 somehow .  Anyhow, here's hoping they do something !

Maybe that's why the ink ran down the paper to the end. They drag it to the end of 2019. They ink the deal in August but don't implement it until the end of 2019.

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