Re-Valuation And New Iraqi Currency

[Patrick88]

Lets assume the Re-Valuation occurs at .50 to $1.00 US dollar.

That means to buy a bottle of coca cola ($1.50) you will need, for example 3 Iraqi Dinar.

Now if all you have is a 25,000 Iraqi Dinar note you will need to get 24,997 Dinar in change.

To make that happen, Iraq will have to print 1, 2, 5, 10, 20, 50, 100. This is therefore a POSSIBLE REASON why we all hear about new currency every time we they discuss the RV.

[00castle]

There are already 50's and 100's printed. The others have been printed and are waiting to be released post RV. Once the RV occurs the larger bills will be destroyed.

Edited September 20, 2010 by 00castle

[Patrick88]

There are already 50's and 100's printed. The others have been printed and are waiting to be released post RV. Once the RV occurs the larger bills will be destroyed.

When you say "destroyed" do you mean exchanged?

So if I have a 25,000 iraqi dinar, I will get for example 250 100 notes (dinars)?

[bluejay]

I have only seen the 50, I have never seen 100. Has anyone ever seen a 100.

Go RV Go RV for You & Me

[00castle]

I am thinking all the big bills will have to be cashed in or exchanged. The bigger bills will eventually be destroyed because the CBI already has currency canceling machines. I think it will RV and you will have a certain time period to either exchange or cash in after that is when the LOP will occur. So any big bills that didn't get turned back in will be worth the face value minus the 3 zero's. Example a 25000 note will be worth 25.

I have only seen the 50, I have never seen 100. Has anyone ever seen a 100.

Go RV Go RV for You & Me

Sorry not 100 notes the 100 is a coin. Sorry.

Edited September 20, 2010 by 00castle

[Patrick88]

I am thinking all the big bills will have to be cashed in or exchanged. The bigger bills will eventually be destroyed because the CBI already has currency canceling machines. I think it will RV and you will have a certain time period to either exchange or cash in after that is when the LOP will occur. So any big bills that didn't get turned back in will be worth the face value minus the 3 zero's. Example a 25000 note will be worth 25.

So if I QUICKLY exchange my 25,000 dinar for 250 new 100 dinar notes Im ok. If I hold then my 25,000 dinar ends up only with 25 new dinar?

Is this correct?

[00castle]

So if I QUICKLY exchange my 25,000 dinar for 250 new 100 dinar notes Im ok. If I hold then my 25,000 dinar ends up only with 25 new dinar?

Is this correct?

I think so, providing the smaller notes make it over here. The 100 dinar is a coin not a note. Sorry for the confusion.

[Patrick88]

I think so, providing the smaller notes make it over here. The 100 dinar is a coin not a note. Sorry for the confusion.

Based on your scenario, its time for me to take my Dinar and put them in a Warka account. That way I dont have to worry about missing the RV.

[00castle]

Based on your scenario, its time for me to take my Dinar and put them in a Warka account. That way I dont have to worry about missing the RV.

Believe me you wont "MISS" the RV. I think the time frame on cashing the big bills in will be several months.

[RICK C]

It's a simple cure to a big problem, You don't send the wife or kids to the store for a gallon of milk with a 25,000 Dinar notr, Instead you EXCHANGE that for 50 dinar notes of the SAME VALUE, Then the merchant gives back upirsmaller notes and Coins

[hspotman]

Believe me you wont "MISS" the RV. I think the time frame on cashing the big bills in will be several months.

I'm wondering, since all I have are 375,000 worth of 25k notes, when the RV comes and the bills decrease in size, I wonder if I can just take it to my bank and exchange it all for US $$ instead of getting the smaller bills first. That is, of course, depending on if my bank deals in IQD at the time...

[00castle]

I'm wondering, since all I have are 375,000 worth of 25k notes, when the RV comes and the bills decrease in size, I wonder if I can just take it to my bank and exchange it all for US $$ instead of getting the smaller bills first. That is, of course, depending on if my bank deals in IQD at the time...

After the RV happens every bank around will deal in IQD, all I have is the 25k notes and my bank said "No Problem"

[Who_Dat_Gurl]

WHAT?

Edited September 20, 2010 by Who_Dat_Gurl

[letsroll]

I'm wondering, since all I have are 375,000 worth of 25k notes, when the RV comes and the bills decrease in size, I wonder if I can just take it to my bank and exchange it all for US $$ instead of getting the smaller bills first. That is, of course, depending on if my bank deals in IQD at the time...

why do you want smaller Iraq notes I want to exchange to us currency ... do you live in Iraq ?

[hspotman]

why do you want smaller Iraq notes I want to exchange to us currency ... do you live in Iraq ?

Haha, that's exactly what I was wondering when reading all the posts about the denomination resizing here. Because I'm sure most of these people are exchanging for US $$ when the RV hits. I was just wanting to know if I could exchange my 25k notes when the redenomination occurs, that's all....and according to 00castle, I can given "my" bank deals with IQD.

[hspotman]

After the RV happens every bank around will deal in IQD, all I have is the 25k notes and my bank said "No Problem"

00castle, who's your bank? I called Bank of America and Chase so far, and they both said they don't deal with Iraqi dinar.

[00castle]

00castle, who's your bank? I called Bank of America and Chase so far, and they both said they don't deal with Iraqi dinar.

I have been dealing with 5/3rd Bank.

[kjwayne]

So if I QUICKLY exchange my 25,000 dinar for 250 new 100 dinar notes Im ok. If I hold then my 25,000 dinar ends up only with 25 new dinar?

Is this correct?

NO, You will have a time frame to cash in or exchange your 25K notes at the new rate, period.

[hspotman]

I have been dealing with 5/3rd Bank.

I have never heard of 5/3rd Bank, where is that? Are you in the US?

[00castle]

I have never heard of 5/3rd Bank, where is that? Are you in the US?

Yes I am. I live in North Carolina.

[WHATTHE]

Haha, that's exactly what I was wondering when reading all the posts about the denomination resizing here. Because I'm sure most of these people are exchanging for US $$ when the RV hits. I was just wanting to know if I could exchange my 25k notes when the redenomination occurs, that's all....and according to 00castle, I can given "my" bank deals with IQD.

i think they are saying if there is an exchange first (with no revalue), then you'd need to exchange the large bills for the smaller ones to make sure you don't get "lopped"...

[hspotman]

Yes I am. I live in North Carolina.

Interesting, I assume 5/3rd Bank is not a major US bank, correct? That being said, it's interesting why a smaller bank would deal with Iraqi Dinar since most major US banks don't....yet? I'm wondering if once Iraq gets a government, if these banks "will" trade with IQD?

[Don Paul]

Not sure you want to deal with Warka. Have you seen the latest on Warka. Looks like they are not doing good.

[letsroll]

i think they are saying if there is an exchange first (with no revalue), then you'd need to exchange the large bills for the smaller ones to make sure you don't get "lopped"...

Ok got it ... so is that why investors/ speculators are getting Warka accounts ? guess that makes some sense the major countries that hold Dinar probably have Iraq banking accounts ... man that would be bad ...