Iraq Planning Currency Redenomination

[JayLee202]

Can someone tell me why some speculators on DV are saying that this isn't true?

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Both will be legal tender in Iraq until the old notes are completely withdrawn.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.

Link: http://www.rferl.org/content/Iraq_Planning_Currency_Redenomination/1950504.html

[unclegeek]

this looks an awful lot like a lobster article.

[thegente]

Check the "LOP Talk " section. yYu'll find all your answers there.

[hspotman]

Check the "LOP Talk " section. yYu'll find all your answers there.

This was also written in February, almost a year ago.

[BANE]

this looks an awful lot like a lobster article.

Those Iraqi LOBSTERS will get'cha every time!

[ShawnW]

Can someone tell me why some speculators on DV are saying that this isn't true?

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.

Link: http://www.rferl.org/content/Iraq_Planning_Currency_Redenomination/1950504.html

This statement is correct. It says both old and new will be in Circulation and they will phase the 000 notes. Nothing about lop here just that they are introducing smaller denoms.

But the question is why... unless they RV.

[jimctrane]

This post dates last February. But who now's huh man I'm really expecting this bad boy to hit all of our sources here on DV and outside of this site say this week or by end of year. My fingers are crossed and my toes. One thing I had to realize noooooo body knows really what to say or do as far as predicting a day or month. But I keep commingle back for more as we all do yep I injoy the pain.God bless USA and to all bro and sis on this ride I've been on this journey to 3years less than many here!

[dinarmoneyman__702]

a lop is going to happen... its a fact... dropping the 3 zeros.. 25000 is on 25 dinars.... we will take a little hit or break even or make a little.. but were not going to make enough to retire and live the good life.. thats a pipe dream.... here is the rest of it.. 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."..