photochick Posted September 14, 2010 Report Share Posted September 14, 2010 This from the XE site.... has it always been there? "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 Planning Currency Redenomination." 2 2 Link to comment Share on other sites More sharing options...
bigbucks Posted September 15, 2010 Report Share Posted September 15, 2010 I think it's been there about 6 months. Link to comment Share on other sites More sharing options...
unclegeek Posted September 15, 2010 Report Share Posted September 15, 2010 Don't believe everything you read. 2 Link to comment Share on other sites More sharing options...
photochick Posted September 15, 2010 Author Report Share Posted September 15, 2010 Thank you. That makes me feel bettah!! Link to comment Share on other sites More sharing options...
SexyDinar Posted September 15, 2010 Report Share Posted September 15, 2010 This from the XE site.... has it always been there? "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 Planning Currency Redenomination." I have just gone to the document they are referring to and it states the following:- Iraq Planning Currency Redenomination February 06, 2010 BAGHDAD -- The Iraqi Central Bank is planning to redenominate the national currency in an effort to ease transactions and allow people to carry less paper money, RFE/RL's Radio Free Iraq (RFI) reports. Mudhhir Muhammad Salih, a member of a Central Bank advisory panel, told RFI that a plan has been made to remove three zeros from the currency and phase out the current banknotes late this year. Salih said by the end of 2010 the new banknotes will be fully introduced while the old banknotes will be gradually removed from circulation. He did not specify when the new notes would be issued. Both will be legal tender in Iraq until the old notes are completely withdrawn. Iraqi officials have had a long-running plan to redenominate the Iraqi dinar. In 2006, the Finance Ministry recommended to the Central Bank that it carry out such a plan. Salih pointed out that banks are having a hard time accepting cash savings and deposits, but by dropping the zeros it will make it easier for both the banks to deal with their customers and for the general public to carry money. He said some 80 percent of Iraq's money supply is cash in circulation. Salih added that in 1990 the value of banknotes in circulation was about 25 billion Iraqi dinars but is currently some 25 trillion dinars. Economic analyst Hilal al-Tahhan told RFI that the bank's move is overdue. He said he expects the currency change to go smoothly because of the decision to allow both the old and new banknotes to coexist, leading to less turbulence in the economy. The current exchange rate is 1,167 Iraqi dinars to the U.S. dollar. No where does it state "That means that 1,000 IQD (pre-redenomination) and 1 dinar (post-redenomination) will both be worth the same amount in US Dollars" I think this is only XE.com stating this so don't worry. 1 Link to comment Share on other sites More sharing options...
Carmine Posted September 15, 2010 Report Share Posted September 15, 2010 $25B times 1,000 equals $25Trillion. Hence the article's notion.... 1 Link to comment Share on other sites More sharing options...
kittycat Posted September 15, 2010 Report Share Posted September 15, 2010 been there a VERY long time. Link to comment Share on other sites More sharing options...
Njbcgal Posted September 15, 2010 Report Share Posted September 15, 2010 Yes, that message has always been on XE.COM but.... originally it said WILL redenominate, now it says MAY!!!!! Link to comment Share on other sites More sharing options...
PAPATOM Posted September 15, 2010 Report Share Posted September 15, 2010 it's been there since jan. i think. or real close to jan. and i always took it to mean a re denomination.....which will surely happen immediately following the R.I. of the Dinar. Link to comment Share on other sites More sharing options...
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