Economists call for the issuance of a new Iraqi currency

[Longtimelurker]

Just now, rvmydinar said:

I hope you are right Longtimelurker. Because translation from arabic to english languages can be confusing and has a different meaning. We don't know the real meaning " each and a half dinar " from iraq's dictionary point of view / interpretation.

I agree, 4 different interpretations so far and all of them make sense. I bet one of us is pretty close to the true interpretation.. time will tell. 

[rvmydinar]

10 minutes ago, Longtimelurker said:

I agree, 4 different interpretations so far and all of them make sense. I bet one of us is pretty close to the true interpretation.. time will tell. 

Agreed.

[Officiallytook]

[3n1]

buzzkill alert ..

        l

        l

        l

        l

        l

its a economist opinion article not the cbi governor

speaking of the cbi governor Mustafa Ghaleb , when was the last time he has spoke to the iraqis about the currency anyways

( excluding Saleh ) seen him i think do a few grip and grin photo op's about the mastercard debit card or was that Alak ... sure miss shabbs im stuck in the past ... heres hoping  

 

[screwball]

15 hours ago, wciappetta said:

This report calls for a dinar to be equal to the dollar  .... the good point is actual increased value and not some accounting magic. Not sure if this is where they end up, it could be higher, but this the true plan [adding value].

 

He added, "A new currency must be issued for Iraq that is linked to a basket of currencies, as is the case in several countries in the Middle East, in the UAE, for example, the dirham has been linked to the dollar and its price has been fixed for about 20 years," noting that they suggested that the price of the new dinar be equal to 50 cents of the dollar, and 25 A penny from the Australian pound, and 25 cents from the euro and is linked to the euro, sterling and dollar basket, and in this case, the higher the price of these currencies, the higher the price of the Iraqi dinar, and the dinar will turn into a hard currency, and all government contracts will be signed in dinar and there will be no need for a currency auction that witnesses corruption and thefts.”

Yes you could be very well

right 

[Longtimelurker]

4 hours ago, 3n1 said:

buzzkill alert ..

        l

        l

        l

        l

        l

its a economist opinion article not the cbi governor

speaking of the cbi governor Mustafa Ghaleb , when was the last time he has spoke to the iraqis about the currency anyways

( excluding Saleh ) seen him i think do a few grip and grin photo op's about the mastercard debit card or was that Alak ... sure miss shabbs im stuck in the past ... heres hoping  

 

I'm well aware that it's an economists opinion. It's still valuable info to me. I feel like an economist has a more informed opinion than my own.

[Theseus]

On 6/24/2021 at 1:24 PM, rvmydinar said:

If you were referring to number # 1 ( what i wrote  above ) 1 iqd=0.5 usd, then you were right.

But what about this word in red colour?  Can you explain and calculate that? 0.5 iqd=1 usd, then ( 0.5 x 2= 1 iqd )1 iqd= ( 1 x 2= 2 usd ) 2 bucks, is it a wrong calculation?

The paragraph, in its entirety,  in which you got your second point:

Al-Shammaa added in an interview with PUKmedia , that removing zeros does not change the exchange rate system, suppose that 3 zeros were removed from the current currency, then each and a half dinar equals one dollar instead of 1500 dinars equivalent to one dollar, stressing that there is no economic return to removing zeros only achieves Ease of dealings, describing those who demand the removal of zeros in the patriarchs, indicating that the removal of zeros means an increase in costs for the state by issuing new currency notes, and the matter does not need to be done as long as things are going normal. 

 

The above statement does not state that 0.5 IQD equals 1 USD as you list in your second point. No, it states that 1.5 IQD equals 1 USD. So you would have one and a half dinars equaling one USD. If you multiplied each side by 2 you would get a 3 to 2 ratio. Or as it is represented in decimal form, 0.67, rounded.  

 

However, this case, to prove there is no difference in the exchange rate system,  is using a hypothetical exchange rate of 1500 IQD and removing the three zeroes to get 1.5. Thus the exchange rate  would be 1 USD to 1.5 IQD (or for every 2 USD would give you 3 IQD). Dividing 1 by 1.5 would yield a result of 0.67 USD, hypothetically.

 

Things to note:

1) The word "suppose" is used to define what comes after as a hypothetical example.

2)The current exchange rate is not 1500; and,

3) This is being used as a hypothetical to explain why Iraq should not remove the three zeroes as the exchange rate system stays the same as if it, the exchange rate, were 1 USD to 0.5 IQD.

4) This hypothetical example, and it is only a hypothetical example,  is not an indicator to a future exchange rate and shouldn't be taken as such, rather, it is merely used as an example to prove the point being made - the exchange rate system stays the same with or without the three zeroes. It's like saying to make things easier we are going to use this number. 

 

 

 

Edited June 26, 2021 by Theseus

[Rochester]

Thanks everyone for your comments. Very positive. In between my weed 😁and my beer  and your comments, I'm having a pretty good day. 

[rvmydinar]

7 hours ago, Theseus said:

The paragraph, in its entirety,  in which you got your second point:

Al-Shammaa added in an interview with PUKmedia , that removing zeros does not change the exchange rate system, suppose that 3 zeros were removed from the current currency, then each and a half dinar equals one dollar instead of 1500 dinars equivalent to one dollar, stressing that there is no economic return to removing zeros only achieves Ease of dealings, describing those who demand the removal of zeros in the patriarchs, indicating that the removal of zeros means an increase in costs for the state by issuing new currency notes, and the matter does not need to be done as long as things are going normal. 

 

The above statement does not state that 0.5 IQD equals 1 USD as you list in your second point. No, it states that 1.5 IQD equals 1 USD. So you would have one and a half dinars equaling one USD. If you multiplied each side by 2 you would get a 3 to 2 ratio. Or as it is represented in decimal form, 0.67, rounded.  

 

However, this case, to prove there is no difference in the exchange rate system,  is using a hypothetical exchange rate of 1500 IQD and removing the three zeroes to get 1.5. Thus the exchange rate  would be 1 USD to 1.5 IQD (or for every 2 USD would give you 3 IQD). Dividing 1 by 1.5 would yield a result of 0.67 USD, hypothetically.

 

Things to note:

1) The word "suppose" is used to define what comes after as a hypothetical example.

2)The current exchange rate is not 1500; and,

3) This is being used as a hypothetical to explain why Iraq should not remove the three zeroes as the exchange rate system stays the same as if it, the exchange rate, were 1 USD to 0.5 IQD.

4) This hypothetical example, and it is only a hypothetical example,  is not an indicator to a future exchange rate and shouldn't be taken as such, rather, it is merely used as an example to prove the point being made - the exchange rate system stays the same with or without the three zeroes. It's like saying to make things easier we are going to use this number. 

 

 

 

Thank you very much for your clarification  theseus. I hope you are right. Since this article is just someone opinion ( not real rate from cbi site ) , therefore it doesn't really matter whether the rate=0.67 usd or even 50 cents anymore.  But i could still live with either 0.50 usd or 0.67 usd if one of those rates really really show up in the cbi site one day.

[3n1]

8 hours ago, Longtimelurker said:

I'm well aware that it's an economists opinion. It's still valuable info to me. I feel like an economist has a more informed opinion than my own.

 

no worries LTL , patience is a great virtue , i don't know anyone personally on this dinar site to know peoples thoughts but like many here i have been sadly holding iqd for far to long and have seen every kind of flow chart , graph , hypothesis , opinions , economist forecast , guru know it alls  breakdowns and scenarios on what does and will take place concerning the iqd wasn't trying to be a killjoy so until the cbi makes a move to reinstate or whatever they intend to do we're all just passing time and living life ..... cheers 

[rvmydinar]

On 6/24/2021 at 10:23 PM, Mary B said:

they suggested that the price of the new dinar be equal to 50 cents of the dollar

I know this is just economists opinion. I am just curious, how the h#$l all of sudden , did they come up with 50 cents? Where did 50 cents come from? They came up with 50 cents based on what? According to cbi official rate, 1 usd=1460 iqd, that means 1 iqd=0.68 usd.

[Officiallytook]

Buy and sell rates always different... I can see buy for .50 sell for .68 ... We get .50 then they get .68 when they resell

Edited June 26, 2021 by Officiallytook
That's one helluva spread lol

[Laid Back]

What I like is that they keep talking about the exchange rate and delete of the zeros project.!

 

It is said that in every rumour there's always an atom of truth.

 

Go delete of the 000

Go RV

Go $1:1

 

 

 

 

 

 

 

[Longtimelurker]

29 minutes ago, Officiallytook said:

Buy and sell rates always different... I can see buy for .50 sell for .68 ... We get .50 then they get .68 when they resell

Thats a huge spread.

[rvmydinar]

26 minutes ago, Officiallytook said:

Buy and sell rates always different... I can see buy for .50 sell for .68 ... We get .50 then they get .68 when they resell

1 usd=1460 iqd , that means 1 iqd=0.68 usd. And 1 usd=2000 iqd, that means 1 iqd=0.5 usd. So if buy for 0.50 and sell for 0.68 usd, that means iraqi citizens buy 1 usd=2000 iqd and sell 1 usd=1460 iqd. So the differences between buy rate and sell rate are 2000 - 1460= 540 iqd / dollar, can the difference ( 540 iqd / dollar ) be that much? No wonder dinar dealers make a lot of profits when buyers either buy dinar or sell dinar back to dinar dealers.

[rvmydinar]

13 minutes ago, Longtimelurker said:

Thats a huge spread.

Agreed. That's what i am talking about. The spread between sell rate ( 0.68 usd=1460 iqd ) and buy rate ( 0.50 usd=2000 iqd )= 540 dinar / usd. No wonder dinar dealers make a lot profits everytime someone buy dinar and sell dinar back to dinar dealers.

[Theseus]

Please note: This article is not in favor of  deleting the three zeros. In fact the article is talking AGAINST the deletion of the three zeroes. SO for those who are saying this article is talking about deleting the three zeroes are wrong. The article gives a hypothetical example of why the zeroes should not be deleted.

[Dinarrock]

16 minutes ago, Theseus said:

Please note: This article is not in favor of  deleting the three zeros. In fact the article is talking AGAINST the deletion of the three zeroes. SO for those who are saying this article is talking about deleting the three zeroes are wrong. The article gives a hypothetical example of why the zeroes should not be deleted.

Yes but again whether it is for or against deleting the three zeros they are in Fact still talking about deleting the three zeros it doesn’t matter if it’s for or against!!! This economist is obviously talking against it for a reason because someone else must be talking for it or why would this idiot be talking against it correct!!! Even his own example is stupid since it would give the Iraqi citizens much greater purchasing power and raise the dinar value to .66c in the guys own scenario so he’s an idiot obviously!!

Edited June 26, 2021 by Dinarrock

[danielchu]

These articles are intended for Iraq consumption local not us ... keeping that in mind might help!

[danielchu]

Worrying about our notes is not what these articles are detailing .changing there currency is key and what WE need !Iraqi have less inflation and smaller notes  is best for us!!

[rvmydinar]

16 hours ago, 3n1 said:

 

no worries LTL , patience is a great virtue , i don't know anyone personally on this dinar site to know peoples thoughts but like many here i have been sadly holding iqd for far to long and have seen every kind of flow chart , graph , hypothesis , opinions , economist forecast , guru know it alls  breakdowns and scenarios on what does and will take place concerning the iqd wasn't trying to be a killjoy so until the cbi makes a move to reinstate or whatever they intend to do we're all just passing time and living life ..... cheers 

I wish there is someone important ( high rank official ) in iraq who can push and force the cbi to rv the iqd s#$n at least between 10 cents to a buck or above a buck would be a bonus?

[DoD]

1 hour ago, rvmydinar said:

I wish there is someone important ( high rank official ) in iraq who can push and force the cbi to rv the iqd s#$n at least between 10 cents to a buck or above a buck would be a bonus?

That’s a pretty good wish but my wish would be I owned around 150 Bitcoins…

[rvmydinar]

24 minutes ago, DoD said:

That’s a pretty good wish but my wish would be I owned around 150 Bitcoins…

Thanks. And you had a pretty good wish, too. I wish to buy as many bitcoins as possible after the iqd rv as higher rate as possible.

[SONIA1]

 

Mark this post nothing will happen this year also...   IRAQI politician FULL of corruption  they will try to delay it as much as they can...

 

 

 

I did not see no one high lighting this one...

 

 

 

“The implementation of this idea is difficult today because there is corruption"

 

 

 

[rvmydinar]

2 hours ago, SONIA1 said:

 

Mark this post nothing will happen this year also...   IRAQI politician FULL of corruption  they will try to delay it as much as they can...

 

 

 

I did not see no one high lighting this one...

 

 

 

“The implementation of this idea is difficult today because there is corruption"

 

 

 

May be they think corruption is the easiest way to make easy money and make them very wealthy without revaluing the iqd.