CBI GETTING READY

[Don Paul]

I watch the CBI website everyday -- mostly due to my unhealthy addiction, trying to WILL the RV to happen. However, this morning, the exchange rates on the website now have 3 decimal places. Normally they did not have any decimal places. Previously the IQD rate for 1 USD was 1170 on the sell side. Today it is 1170.000.

My Take: this is a change in the format of the numbers.

Why change the format?

Well you need to have the additional decimal places if they become needed. Remember, most of us are hoping for an exchange rate of 0.322 or thereabouts.!!

Just an FYI

www.cbi.iq

[DesertEagle]

Thanks for the 411

[dweave69]

happened yesterday but good find.

Go RV today.

[spotter]

Posted yesterday

[truckdriver]

Try 3.22 not .322.

[krmayo]

Sweet. As a group we have eyes everywhere, which is great. The only drawback is that some things get posted more than once. Better double posted than not posted at all !

[marknet73]

Looks like a good sign to me.

[leola]

May be they are getting ready to let iqd float,money exchange need to have the room for fractional accounting.(international trading)

[wmawhite]

Try 3.22 not .322.

Truckdriver...................the $3.22 you referred to will be displayed in the following manner after the RV (if in fact the rate is $3.22):

1 USD .3105 IQD

The CBI website wil show the rate per 1 USD......as it does presently.

Edited December 10, 2010 by wmawhite

[Traconesu02]

Thanks for the post Don Paul - Forex is also showing the decimal places. This is all Great News.

[sogoddess]

FOR A RATE OF $3.22, WE WOULD NEED TO SEE $1 - .311 IQD. (SORRY ABOUT ALL CAPS)

Oops. I see someone already posted that.

Edited December 10, 2010 by sogoddess

[sunshinelvr]

The CBI website is getting ready for their new format. The new currency will have FILs which is change for them like our coins are change for us. So the site is making room for the fils on their new currency exchange rates. In prep for the RV.

[Shylmysten]

Hi,

New member here, but I have been reading this forum for some time, just never posted. I am kind of bummed, about the three 000's thing and though I would finally add my thoughts on all this and let you all beat me up

I watch the CBI website everyday -- mostly due to my unhealthy addiction, trying to WILL the RV to happen. However, this morning, the exchange rates on the website now have 3 decimal places. Normally they did not have any decimal places. Previously the IQD rate for 1 USD was 1170 on the sell side. Today it is 1170.000.

My Take: this is a change in the format of the numbers.

Why change the format?

Well you need to have the additional decimal places if they become needed. Remember, most of us are hoping for an exchange rate of 0.322 or thereabouts.!!

Just an FYI

www.cbi.iq

We are seeing the three 000's here for a reason. They released a really good article the other day about Units of measure as in 2000 meters is not less in value to 2km. So they are trying to acclimatize you to the change. They are trying to explain themselves and giving examples of what they have in mind because they understand the "loss in translation". Currency is a unit of measure and thus they are telling you that Paper Money is just one way to measure those UNITS as is their coin. Are they going to Lop or Revalue is the question...a revaluation would bean 1 USD = .000855 IQD. Moving those decimals would be revaluation 1 USD = .855 IQD.

However, what they are proposing is redenominating and having those two units of measure exist together. Thus a 25k IQD note would equal the NEW 25 IQD. There is no loss as they were trying to explain in the 2km = 2 meters. They are just using different UNITS OF MEASURE in redenominating the currency. Eventually the 25k notes will be exchanged and destroyed and the new 25 IQD will replace it.

So what we are looking at IS a revaluation, with a redenomination, or a NEW UNIT OF MEASURE added to the currency in the new notes they are currently creating.

So what we are looking at is the lop that will be explained away as UNITS OF MEASURE.

EXAMPLE:

Remember we are speaking in UNITS OF MEASURE

Currently The UNIT OF MEASURE is as follows:

If you have 1,000,000 dinars in 25k notes, you would have 40 notes (Paper Money)

Thus, with the redenomination

1000 dinars in the NEW 25 Dinar notes would also be equal to 40 notes (Paper Money)

Think of the 25k note as a US penny and the new dinar note as a US Dollar. Both the Penny and the Dollar are Units of measure.

What they are talking about doing is taking Trillions of Dinar (unit of measure) out of circulation by removing the unit of measure and reducing it to Billions of Dinar (Unit of Measure).

1,000,000,000,000.00 = 1 Trillion dinars (Unit of Measure)

1,000,000,000.00 = 1 billion dinars (Unit of Measure)

This is called redenomination.

After they redenominate their currency by adding the NEW Units of Measure (25k dinar notes = NEW 25 dinar note), only THEN will they move that OTHER decimal we are all hoping for.

Currently

1 USD = 1170. 000 OR .00085470085470085470085470085470085 IQD = 1 USD

After Revaluation

1 USD = 1.17 IQD OR .85470085470085470085470085470085 IQD = 1 USD

The news stories have been very clear in the fact that their will be a GRADUAL revaluation, which means there will be several more RISES in the Dinar after the first.

Now I'm not saying they are going to revalue 1 USD to 1.17 IQD, That is just the example of moving the decimals IN a revaluation and the difference between a redenomination of the currency they are talking about and the revaluation of the currency we are all hoping for.

And that is my Understanding of what is about to take place from all the news and statements from the IQD and IMF.

Now let me put on my flack jacket before you start blasting me.

[FloridaChick]

I watch the CBI website everyday -- mostly due to my unhealthy addiction, trying to WILL the RV to happen. However, this morning, the exchange rates on the website now have 3 decimal places. Normally they did not have any decimal places. Previously the IQD rate for 1 USD was 1170 on the sell side. Today it is 1170.000.

My Take: this is a change in the format of the numbers.

Why change the format?

Well you need to have the additional decimal places if they become needed. Remember, most of us are hoping for an exchange rate of 0.322 or thereabouts.!!

Just an FYI

www.cbi.iq

Yay! Sounds good to me Don!!!

[Shylmysten]

I watch the CBI website everyday -- mostly due to my unhealthy addiction, trying to WILL the RV to happen. However, this morning, the exchange rates on the website now have 3 decimal places. Normally they did not have any decimal places. Previously the IQD rate for 1 USD was 1170 on the sell side. Today it is 1170.000.

My Take: this is a change in the format of the numbers.

Why change the format?

Well you need to have the additional decimal places if they become needed. Remember, most of us are hoping for an exchange rate of 0.322 or thereabouts.!!

Just an FYI

www.cbi.iq

Oops, forgot to add this

Moving those decimals to the LEFT[/b] would be revaluation 1 USD = .855 IQD. NOT THEY OTHER WAY AROUND!!! You dont move 000's to the right in revaluation when representing

1 USD = 1170.000 dinar.

Revaluation does not mean move the decimal to the right.

1 USD = 1170000.00 dinar

The decimal would move to the left

1 USD = 1.17 dinar

[MovieMaker]

Thank you for your work, time in explaining this to us & posting

[DC-Man]

OLD NEWS

[Banjolatusak]

Try 3.22 not .322.

Nooo...the rate is expressed in dinar, NOT dollars.

[Doc31]

Oops, forgot to add this

Moving those decimals to the LEFT[/b] would be revaluation 1 USD = .855 IQD. NOT THEY OTHER WAY AROUND!!! You dont move 000's to the right in revaluation when representing

1 USD = 1170.000 dinar.

Revaluation does not mean move the decimal to the right.

1 USD = 1170000.00 dinar

The decimal would move to the left

1 USD = 1.17 dinar

Nope ... 1170 is the RATE RATIO vs the usd (flip that around and it is 1:1170) ... the VALUE is $.0008547 (compared to the dollar) ... but the "NOMINAL RATE" is the FACE VALUE of something i.e. what it says on a bill (25,000 Iraqi Dinar note is 25,000 IQD nominal rate). In other words 1170 is not the face value and your decimal movement is misplaced. Not being disrespectful or a smarta$$ ... just sayin'. And no I'm NOT a lopster!

This post was posted yesterday by Chapcl

The CBI website is getting ready for their new format. The new currency will have FILs which is change for them like our coins are change for us. So the site is making room for the fils on their new currency exchange rates. In prep for the RV.

Darlin' ... you are one of my favorites but I'm going to disagree with you here. Fils ARE there fractions of IQD ... coinage ... "change" as you said. Now I'm not saying that we won't see it displayed that way for a very short time (testing) but I don't believe that this is it's purpose. Normally traded currency is listed to the last digit called a PIP ... in our case it is 1/10,000 of a dollar. Now ask yourself ... does a currency whose value starts in the ten thousandths NEED 3 more decimals? Yes, I know that they are listing the backside of the ratio ... the only reason would be to tighten the spread ... something that Mohammed Salih has said is the reason that they are loosening "cash sales" ... now you know I couldn't care less what this guy says but it is counter-intuitive because the current spread is .17% ! I'm just tickled that we can now SEE the spread! That to me is a huge plus. If I'm wrong you can say ... "I told you so!" ... LOL

Peace

Doc31

[30 at 50]

Hi Shy,I completely agree with you.perfect explanation.I also feel that a graduated or gradual increase in value is best for the economy of Iraq because of the simple fact that it entices international investors to invest anticipating further gains in currency terms as well as their gains in the stocks or other investment vehicles.This is exactly what I do,when I invest internationally,I was investing in Canada when the loonie was .65 on the USD because I knew it was poised to rise,same thing I do when I see the NZ dollar down in the .55 cent range

This makes business sense for Iraq.New investors will flood in the ISX so get in before the masses and turn you $$ into a fortune.You will also make money on the currency appreciation as the stocks explode to the upside.

Blessings

[Doc31]

Sunshinelvr ... I forgot to say that fils are totally useless without an RI/RV ... after all the smartcards loaded with 250 Dinar are presently worth only about $.21

In other words to pay with fils wouldn't take a wheel barrow load but a pickup truck load! ... lol ... still subject to an "I told you so"!

Peace

Doc31

[quadraph0nic]

Doc,

Bare with me, how do you see a 17% spread? If your excited, I'm excited but I want to understand.

Thanks!

[Blue-Duck]

I'm with you Doc, on your explanation, alone with the fact that Shabs explained the low & high denoms would run together in circulation for a smooth removal of the high denoms and that's what put me on the anti-lop side. Of course I do have to add that phrase "In my humble opinion" because it has not happened yet and I certainly can not read the stars!

Cheers to all!

[bogale]

I have one question, if I was iraq and had euros, how would they give change in accordance with their new "format"

Nope ... 1170 is the RATE RATIO vs the usd (flip that around and it is 1:1170) ... the VALUE is $.0008547 (compared to the dollar) ... but the "NOMINAL RATE" is the FACE VALUE of something i.e. what it says on a bill (25,000 Iraqi Dinar note is 25,000 IQD nominal rate). In other words 1170 is not the face value and your decimal movement is misplaced. Not being disrespectful or a smarta$$ ... just sayin'. And no I'm NOT a lopster!

This post was posted yesterday by Chapcl

Darlin' ... you are one of my favorites but I'm going to disagree with you here. Fils ARE there fractions of IQD ... coinage ... "change" as you said. Now I'm not saying that we won't see it displayed that way for a very short time (testing) but I don't believe that this is it's purpose. Normally traded currency is listed to the last digit called a PIP ... in our case it is 1/10,000 of a dollar. Now ask yourself ... does a currency whose value starts in the ten thousandths NEED 3 more decimals? Yes, I know that they are listing the backside of the ratio ... the only reason would be to tighten the spread ... something that Mohammed Salih has said is the reason that they are loosening "cash sales" ... now you know I couldn't care less what this guy says but it is counter-intuitive because the current spread is .17% ! I'm just tickled that we can now SEE the spread! That to me is a huge plus. If I'm wrong you can say ... "I told you so!" ... LOL

Peace

Doc31

[rick_jb]

Thanks for the info.