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Phoenix Update: October 3rd 2010


Phoenix
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Phoenix,

I wonder if you could clarify your opinion in this statement:

At the same time the New Currency is launched the older higher denominations will be called in and retired...this will be done with a time limit to allow people ample time to exchange the old higher denominations with the new lower denominations.

You are not saying that the average dinar holder will need to cash in his 25,000 dinar note for much smaller denominations to be cashed in at a later date are you? Or are you merely saying that the $25,000 note could be electronically changed into foreign currency and still not upset the balance of those who are changing the bigger denoms into smaller ones.

Could you let me and others know your opinion on this.

Thanks!

UR

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Thanks for the post Phoenix. Now I would like to ask, your target rate of $2.20 ... is it still valid? And how does this lop/RV affect that rate if at all?

As far as I know yes it is.

BUT!

As we all know too well...the date and rate are classified and we will know when we know but the Ministry of Planning has been writing contracts as per their own admission at a rate of 1 IQD = $1.17 with a reminder to all Iraqi government agencies that the offical rate of the Iraqi Dinar is $3.22.

Not my words...not speculation but 100% factual information as per the Ministry of Planning of Iraq as posted on their website.

Best of luck to all.

Phoenix

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Thanks for the post Phoenix. Now I would like to ask, your target rate of $2.20 ... is it still valid? And how does this lop/RV affect that rate if at all?

i was thinking the same thing rich...phoenix, how is a lop/rv good news?....i said thats what i think would happen and i got bashed for it but you are getting praised for it....wouldnt a lop not be what we wanted...sure we may double or triple or even break even but a lop/rv is not what we want. right?

Edited by kingcamera82
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Phoenix,

I wonder if you could clarify your opinion in this statement:

At the same time the New Currency is launched the older higher denominations will be called in and retired...this will be done with a time limit to allow people ample time to exchange the old higher denominations with the new lower denominations.

You are not saying that the average dinar holder will need to cash in his 25,000 dinar note for much smaller denominations to be cashed in at a later date are you? Or are you merely saying that the $25,000 note could be electronically changed into foreign currency and still not upset the balance of those who are changing the bigger denoms into smaller ones.

Could you let me and others know your opinion on this.

Thanks!

UR

No I am saying that the RV will happen at the same time the lower denominations are issued.

So for us it is the revaluation....and we will head to the banks.

For Iraqi's it is the revaluation AND a reissue of new currency.

So this "novel event" is the revaluation.

But know that after the set time to exchange the old higher denoms for new, the currency we all now hold now may be deemed worthless as of that end date......just as the old Saddam Dinars were deemed worthless after the 90 day exchange period had expired.

So in effect we will have a time limit to exchange and after that time limit has expired the dinar we now hold if not exchanged / cashed in will be deemed worthless.

Phoenix

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i was thinking the same thing rich...phoenix, how is a lop/rv good news?....i said thats what i think would happen and i got bashed for it but you are getting praised for it....wouldnt a lop not be what we wanted...sure we may double or triple or even break even but a lop/rv is not what we want. right?

Here is how it works.

When they do this...they revalue the Dinar at the same time as the reissue.

So as an example if it they set the exchange rate of the Iraqi Dinar at 1 IQD = $1 then your 25,000 dinar notes will be worth $25,000 each at that time.

So that is the revaluation.

Now IF you were in Iraq you would EXCHANGE that 25,000 dinar note for the lower denominations and if you were to get a stack of 1 Dinar notes for that 25,000 dinar note each one of those 1 dinar notes would be worth $1

Phoenix

Edited by Phoenix
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Good post!! i'm trying to follow all of this. So if we have a time limit to cash in, will our US banks excepted it? what if they wont. will we be stuck with worthless dinar? or i guess would we sell back to the dinar dealers. if the banks wouldnt still except it.? sorry if i sound dumb just curious

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Here is how it works.

When they do this...they revalue the Dinar at the same time as the reissue.

So as an example if it they set the exchange rate of the Iraqi Dinar at 1 IQD = $1 then your 25,000 dinar notes will be worth $25,000 each at that time.

So that is the revaluation.

Now IF you were in Iraq you would EXCHANGE that 25,000 dinar note for the lower denominations and if you were to get a stack of 1 Dinar notes for that 25,000 dinar note each one of those 1 dinar notes would be worth $1

Phoenix

i understand your response but as far as you saying lop in the first post it doesnt make sense...thats not how a lop (redenomination) works i thought....everyone here always knew or thought lop is very bad news.

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Good post!! i'm trying to follow all of this. So if we have a time limit to cash in, will our US banks excepted it? what if they wont. will we be stuck with worthless dinar? or i guess would we sell back to the dinar dealers. if the banks wouldnt still except it.? sorry if i sound dumb just curious

Yes all major banks will accept the IQD after the revaluation.

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