How can XE.com write this?

[djgabrielie]

Iraq, Dinar

The Iraqi Dinar is the currency of Iraq. The currency code for Dinars is IQD, and the currency symbol is د.ع . Below, you'll find Iraqi Dinar rates, a currency converter, Iraqi Dinar News and more. You can also subscribe to our currency newsletters with daily rates and analysis, or take IQD rates on the go with our XE Mobile apps for your iPhone, BlackBerry, or even your regular phone.

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."

XE Link ...

[amira08]

Iraq, Dinar

The Iraqi Dinar is the currency of Iraq. The currency code for Dinars is IQD, and the currency symbol is د.ع . Below, you'll find Iraqi Dinar rates, a currency converter, Iraqi Dinar News and more. You can also subscribe to our currency newsletters with daily rates and analysis, or take IQD rates on the go with our XE Mobile apps for your iPhone, BlackBerry, or even your regular phone.

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."

XE Link ...

exactly MY POINT!

[The Last Polar Bear]

Its a bunch of bull crap that they even put that on their site. Its a rumor and should be left at that. If they can put that up there, why not put up all the info that contradicts that little article? It is a fact website and any kind of rumor gibberish should not be allowed on there. Uneducated (in IQD) people who visit that website and see what they have posted, take it as a fact. Also...its the end of 2010...and they have not dropped 3 zeros. The people who put that up there should take it down now. I look at it as proof that it's a rumor. 3 zeros remain. (not to say they might drop them in the future, but as for now...that statement they posted is total bull and the calendar proves it.)

Edited December 31, 2010 by The Last Polar Bear

[inheritance]

Let’s use a conversion of 1 IQD equals .0009 USD. At this rate 1,000 IQD is worth .90 USD pre-redenomination and post-redenomination. When they introduce the lower denominations like the 1 dinar note it will be 1 IQD is worth .0009 USD. Both denominations will coexist and have the same value.

Your 1,000 will be worth 1,000 IQD x 1 IQD

It’s not really that hard to understand!

Edited December 31, 2010 by inheritance

[Basilthyme]

I don't see how it's speculation for XE to use as fact an unequivocal statement made by a member of the CBI, and reported by a reputable news source. On the page you referenced is the link http://www.rferl.org/content/Iraq_Planning_Currency_Redenomination/1950504.html

I'm not saying a lop will occur; most seem to think that there is a fair degree of misinformation being circulated. I'm merely saying that if XE does no research of its own, then it would be a logically defensible proposition to aggregate news from legitimate sources. That makes it not speculation. The claim may turn out to be wrong, but being wrong does not mean you were engaged in speculation, and being right doesn't mean you weren't.

I'm not defending the claim, but XE isn't making it. Obviously, the removal of the zeros did not take place this year, so indeed that bit of information should be removed upon arrival of the new year by whatever time zone XE finds itself in. However, if another Iraqi central banker tells them tomorrow that they will remove 3 zeros by the end of 2011, then, barring any rebuttal from legitimate media outlets, they would be completely justified in reposting it.

[Hooter]

Let’s use a conversion of 1 IQD equals .0009 USD. At this rate 1,000 IQD is worth .90 USD pre-redenomination and post-redenomination. When they introduce the lower denominations like the 1 dinar note it will be 1 IQD is worth .0009 USD. Both denominations will coexist and have the same value.

Your 1,000 will be worth 1,000 IQD x 1 IQD

It’s not really that hard to understand!

So this whole investment is a big waste of time ?

[pius]

•Group: Members

•Posts: 149

•Joined: 04-November 10

•LocationDALLAS TX

Posted Yesterday, 06:30 PM

POPULAR

I Just recieved this from a fellow investor and wanted to share with everyone.

If you are invested in the Iraqi Dinar (IQD) then you are a Currency Speculator.

What is a Currency Speculator? A currency Speculator is one who is gambling on a rate of a certain currency. Nearly all global currency values rise and lower in a continual ebb and flow dictated by the global economy. Generally speaking the values only rise and lower in the single digit percentages unless in rear cases a catastrophic event occurs such as war.

A currency speculator looks at different economies and gambles on potential outcome that will cause an upward trend in a given currency. Once they make their decision based on their studies, they simple exchange their currency for the currency they are speculating, then watch the global foreign currency exchange market (like Forex) to know when to sell. This practice is very much the same as trading stocks and does carry risks. As with stock, one can minimize their rise by simple doing their homework. For instance, there are some currencies that are against the law to speculate, if you are not aware of this and exchange into that currency, you will not be able to get rid of that currency. There are also counterfeiters in all currencies and if you do not know what to look for in a given currency, you may be buying fancy colored paper instead of an actual currency with a value.

Another key point that you may or may not be aware of is that some currencies have national or international restrictions placed on them, not allowing the currency to be speculated. However a key point I want to make here about our investment. When the PLAN was being formed back in 2003 or before, the IQD was singled out and given a special consideration. A mandate was granted from the IMF (International Monetary Fund) and the US to allow the IQD to be speculated, thus giving us in the know an opportunity of a life time.

The PLAN we speak about was developed many years ago based on the world economy. You see, one would have to do a lot of studding of the global history to see but there is and has been pattern and a need to make global economic adjustments every decade or so based on where the economy is at a given time. When these occur, most of the global population is unaware of the adjustments and if you were paying attention, all you would notice is your governments local economy seems to start doing better. The last time this occurred was after Kuwait was liberated. There was a much smaller window but the fact remains that there were folks the speculated the Kuwait dinar and made millions. In this instance, the need for the global financial adjustment was slight.

As you know by listening and reading in the news, this financial crisis is wide spread and touches every world economy in a major way. The architects of the plan realized the depth and breadth of this serious economic crisis. So the design in this case is huge because it has to be, to jump start economies around the globe. Iraq became the natural target for the needed economic adjustment for many reasons. First and foremost was to oust Saddaam and try him for crimes agent Humanity. The second was when he took control of Iraq; he pulled all of Iraq’s currency and printed his own currency with his face on all of the notes. At this time the standard IQD was pulled off the international market and shelved. The IMF gave it a program rate of 1180 IQD to $1.00 USD (even as far back as this was, the insanely low rate could have been part of the PLAN). This was a major decline in the value which was $3.22 IQD to $1.00 USD.

What took place from that period until now, is as they say, the rest is history. So now we are at the present and there is a ton of people invested in the IQD (actually less than 8% of the total global population) wanting to know when and if Iraq is going to RI/RV their currency.

History and why we know Iraq will RI/RV?

First I want to point out the statement RI/RV. RI represents a Reinstatement of the IQD, which means Iraq would reinstate the Dinar back to per-Saddam value of $3.22 IQD to $1.00 USD. An RV represents a Revalue of the Dinar meaning that they will give their currency a higher value than it once had before the IMF gave them a program rate in the beginning of the Saddaam take over.

There are as many opinions on the topic of RI or RV as there are forums. Along with that only 8% of the global population is invested in IQD. By design, the entire global population cannot know about this and take part because Iraq could not cover that many people being involved. Nor do they have enough IQD for everyone to own some. Just as any country, Iraq knows exactly how much currency they have printed. So to curve speculators Iraq and other governments around the globe have put out false information and propaganda to steer the attention away from what is happening. However, for this to work for the global economy, Iraq and the IMF needed a certain amount of speculators, you and me to accomplish two things.

First Iraq needed us to hold the rate of the IQD stable once they got rid of the Saddaam currency and put their original IQD back out there. We made it stable buy purchasing it through currency exchanges. The daily auction Iraq has been having is to establish a rate and then show the IMF they can hold it stable. The IMF needs a certain amount of speculators; you and me, to boost the economies around the globe, by spending our new found wealth once all is done and Iraq adjust their currency. Just image the impact it is going to have on the us economy when over 1million new millionaires start spending their new found wealth on housing, cars, and goods. That is not to mention the relief the US government will realize from the estimated 7 trillion IQD they hold in the US Foreign Currency Reserves, as well as all of the taxes they will be collection from you and me and this is going to happen in every country on the globe. You start to understand the magnitude and the full breath of the PLAN…

Okay, what is in it for Iraq:

Well first and foremost, we removed a dictator that ran the country without regard to humanity amongst the Iraqi people. He kept them in poverty while he ran one of the most corrupt regimes on the planet. Murder, corruption, fear, and hunger were a way of life for many years.

Lead by the US, the UN and many counters from around the globe liberated Iraq from this dictator and brought him to Iraqi justice, you know the rest.

The collaboration of forces set the stage for Iraq to become the great nation it once was. IT is Iraq’s desire and continual effort to become an upstanding member of the International community once again. They have made great strides as they have worked to get rid of the many atrocities and problems the former regime left in its’ wake. Iraq has worked methodically to eliminate the many road blocks that stand between them and regaining their once proud heritage as a member of the International community and in good standing.

1. There were many resolutions that needed attention

2. There were and still are some sanctions placed on them

3. They were in Chapter 7 protection

4. They had to rework their Constitution

5. There was considerable debt owed to the world governments

6. They had to grasp a full understanding of their financial books, after many years of corrupt book-keeping and the loss of billions of IQD.

The Culmination

There were agreements made with Iraq and the world, namely the UN and the IMF. The UN and IMF explained to the Iraqi leaders of the plan and their role. Iraq says how can w do this, we have nothing but the oil we have in the ground and no other commodity to allow us sell and get funds to rebuild our land to a point where we can start to produce oil to pay back all of the debt the previous regime has left us with.

The UN forces back by the US troops said we have a plan and here it is…

1. See there is a thing called the Paris Club, which is a group of 19 major governments from around the globe. All of which you, Iraq, owe a great deal of money too. In the billions in fact. Well we have put together an agreement that says we, the 19 world economies will forgive your debit as long as you allow each of us to hold your IQD in our Currency Reserves and allow us to eventually return the IQD we are holding for a revalued dinar rate. Furthermore we will not release our entire dinar holdings on you all at once. It will be a controlled return over a period of 24 month. (For this piece, which Iraqi agreed to, they have to RI/RV by Dec. 31st 2010 or the forgiven Debt will be due at once).

2. The IMF will grant you short term loans so you have funds to work with.

3. We will lift Chapter 7 only after you accomplish several things

a. Get your government seated and working

b. 2011 Budget worked out so we see you have included the RI/RV

c. Border disputes with Kuwait

d. Show that you have made great strides in getting the HCL completed.

4. Iraq if you do all of these things, we the UN/IMF will allow you to, at a minimum reinstate you currency at the $3.22 rate it once was at prior to the former regime destroying its value in the international market. We will also allow you to add 20% for cost of living increases that have taken place over the years that your IQD has been out of circulation.

5. As an added incentive, based on the quality and quantity of crude you have in the ground, we will allow you to revalue you currency instead of reinstating it to a value within reason. We are allowing this because based on our investigation of your oil fields… You Iraq will be one of the richest if not the richest countries on the globe. It is your choice as to where you want to revalue your IQD but our projections estimate you could withstand a rate as high as $16.00 IQD to as low as $1.00 USD. We would highly recommend to you that a rate that high will cause many problems and have inherent risk. With all of the news and knowledge regarding your economic potential it would be way to risky to come out with a rate lower then you previous value for $3.22 IQD to $1.00 USD because anyone with enough backing could come in and buy up all of your currency, there by controlling Iraq. It is our opinion that the rate needs to be such to curve further speculation but also be something manageable in the short and long term.

6. We feel a managed float over at least a 24 month period of time, with a controllable rate for now will accomplish what is in the best interest of all. It will allow sustained growth for the Iraqi economy, it will allow Iraq to become a member of the international community once again, and it will allow the IMF to boost the world economy. Also, it will keep someone from coming in and buying up your country…

Summarization:

Iraq has been given a choice,

1. The IMF is saying to Iraq, we are granting you the ability to reinstate your currency at the pre-Saddaam rate of $3.22 with a 20% increase for cost adjustment for the years it was out of circulation. Or because of the potential we see with your economy, we will also allow you to revalue your currency to a rate within reason. If you do this by December 31st 2010, we will agree to allow the Paris Club to forgive your debt and we will lift you from Chapter 7 sanctions. Thus allowing you to rejoin the international community with your currency and trade.

Sanctions that will be lifted:

a. Allows you to have an international recognized currency

i. Which allows you to trade on the Forex

ii. Allows Iraqi stock to be traded on the international market

iii. Allows all of the signed contracts for the oil fields, utilities reconstruction, road construction, building construction to begin

b. Allows you to receive global shipments from all of the ships that have been sitting in your ports.

c. Allows you to finally pay your government employees

d. Allow you to load the smart cards that will pay the Iraqi citizens living expenses for the short term, also pay the retired citizens. All of which have not been reviving anything for some time.

At this point, Iraq has agreed to everything and we are now in the last phases of this plan. We are waiting for Iraq to finally pull the trigger and release the RI/RV between now and Dec. 31st.

I believe the World community and the UN/IMF are not really leaving Iraq a choice and they are tired of Iraq dragging their feet... But, if for some reason they don’t pull the trigger by Dec. 31st, this coming Friday... According to the PLAN this was to happen in 2009... Not sure of all that would come down on them but it certainly would be the end of the current GOI…

The latest Intel we have received is that the message that came out yesterday that the GOI will be breaking for two weeks starting tomorrow is false.

PD claims that they have proof that the GOI is meeting right now and will be all this week.

They are still expecting the RV to happen before Friday and the very bottom rate, the lowest it could be is $3.22.

SO we wait and watch…

Read more: Now this was posted a while ago and maybe you didnt see it so here it is agan, there is not going to be a lop. just read and read and read.;

[bigdaddydave]

I have done a lot of research the last few days on RV's, and the only countries that have RV without some kind of reduction where Germany after WW II and Kuwait which still had the same amout of currency and was basically just reinstated. The problem in Iraq is the huge amout of Currency out there. Take for instance Venezuela there Bolivar was at one point 1 usd = 2,150 Bolivar, Now it is worth 1 Bolivar = 2.15 usd, They had large bills just like Iraq has now, when they revalued they only gave you 1 new Bolivar per 1000 old Bolivars cant you see this falling in line with that. This is the way they do a lop with out it making the guy with a 25 dinar note have the same amount as the guy with a 25,000 dinar note. With the non exsitance of the lower dinar denominations this is playing out just like Venezuela. I hope this is not true and I dont have any amazing contacts but if this is what happens remeber I was the one who told you about it and was right. Remeber also Venezuela is a huge Oil exporter and they still had to RV the way they did.

BigDaddyDave

[MooCow]

Pius, thank you for that post. There is a lot of good information in there especially for some newbies.

[djgabrielie]

Let’s use a conversion of 1 IQD equals .0009 USD. At this rate 1,000 IQD is worth .90 USD pre-redenomination and post-redenomination. When they introduce the lower denominations like the 1 dinar note it will be 1 IQD is worth .0009 USD. Both denominations will coexist and have the same value.

Your 1,000 will be worth 1,000 IQD x 1 IQD

It’s not really that hard to understand!

When you put it that way, yes but that is not the way it is worded... I understand the whole LOP/NoLOP scenario but my real question is how can a FOREX site post this kind of misleading information and not be speculating. Even the para before this is speculation.

Read more:

[MooCow]

Did they have half of the world trying to direct and guide them. Bailing them out giving them breaks...etc...for them to revalue their currency and bail half the world out of economic disaster? I am sure everything lifted can be smacked right back on their backsides if they screw around too much. I think this is a little different situation.

[deenar]

I have done a lot of research the last few days on RV's, and the only countries that have RV without some kind of reduction where Germany after WW II and Kuwait which still had the same amout of currency and was basically just reinstated. The problem in Iraq is the huge amout of Currency out there. Take for instance Venezuela there Bolivar was at one point 1 usd = 2,150 Bolivar, Now it is worth 1 Bolivar = 2.15 usd, They had large bills just like Iraq has now, when they revalued they only gave you 1 new Bolivar per 1000 old Bolivars cant you see this falling in line with that. This is the way they do a lop with out it making the guy with a 25 dinar note have the same amount as the guy with a 25,000 dinar note. With the non exsitance of the lower dinar denominations this is playing out just like Venezuela. I hope this is not true and I dont have any amazing contacts but if this is what happens remeber I was the one who told you about it and was right. Remeber also Venezuela is a huge Oil exporter and they still had to RV the way they did.

BigDaddyDave

Did Venezuela sell their currency at auction to the world? If so, were dealers registered with the US Treasury Dept. like IQD is? Was Venezuela a democracy or under communist dictatorship? They do export alot of oil but it needs to be refined 5 times(very expensive). Iraq's oil only needs to be refined once.

[aliveandcare]

Iraq, Dinar

The Iraqi Dinar is the currency of Iraq. The currency code for Dinars is IQD, and the currency symbol is د.ع . Below, you'll find Iraqi Dinar rates, a currency converter, Iraqi Dinar News and more. You can also subscribe to our currency newsletters with daily rates and analysis, or take IQD rates on the go with our XE Mobile apps for your iPhone, BlackBerry, or even your regular phone.

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."

XE Link ...

That message has been there for many months now.

[MooCow]

I know they are just saying that it is ridiculous that they can put it there like it is a fact.

[FOUNDIT]

Try not to compare Iraq to any other situation. No two countries are alike when it comes to the factors that puts value on their currency. Bottom line IRAQ is IMO the riches country in the world with little debt and tons of GDP. The basic criteria used by the IMF to determine the value of currency relies heavily on those factors. Just relax and remember one thing.......The RV will make IRAQ far more richer than the small amount we will make.

[CaptainJack]

As disappointing as it may seem, they may be correct ... after all, there aren't any statements by the GOI, Shabs, Maliki or anyone else that says "the dinar will revalue at $3.00" (or any of the other figures that have been rumored. It's quite easy to understand it may lop ... get back to being traded internationally ... and then increase in value based on a world market. In that scenario, your 1million dinar would be equal to (based on the figure of .00086) $860.00. Now you can either cash in and lose money, or ride it out in the hopes of its value increasing up to $3.00 (or any other figure). Granted, none of us got into this speculation to only triple our money, but you have to accept that it may happen. Let's hope not though.

[bigdaddydave]

There Currency was avalible to be purchased and speculators did do the same as they are doing with Iraq but not on as big of a scale. I am a dinar holder and I want this as bad as any one else but I did just get tired of us only seeing the positive and not the negative so we could be aware of the other possibilities. The reason I even started looking into this was because the state of Utah posted it as one of the biggest scams of 2010 and so I just looked back in World History and Venezuela was the closet to Iraq in weath and oil. Many other contries have also followed this same plan, like Turkey, Azebijan, and a few others. I am on your side and hope this is not how it plays out but I am worried.

Big Daddy Dave

[tevye02]

I too am worried about a LOP but not convinced it will happen. Either way with the resouces Iraq has we should still all make money. It is really a matter of how much. I like many bought in hoping to get "rich". If it doesn't happen I am still very confident it will return more than I would have in a savings account at my local bank or any stock I could have picked.. Isn't that the nature of speculation? We have an investment with a solid return potential, and a lottery type wild card thrown in, Is that all that bad? Besides if I had the money I spent on Dinar I would have probably bought something I really didnt need. At this point I still have something that can make me at least some return. Just my 23.4 dinar

[xxxgator]

By the way the cbi has never said that the denominations ill be equal .A clown named selah is quoted all the time as an advisor but Shabibbi came out with a statement that this concept was ridiculas{his quote not mine].You canot make two denominations of currancy valued at the same rate and be equal .It's mathmatically impossible! If 1d inar is worth 1 US. pennie and 25,000 dinar is worth 25,000 pennies and you make the values equal; then you either made the people holding the singal dinar 24,999 Us. pennies richer or you made the guy holding the 25,000 dinar note 24,999 US. pennies poorer.The math won,t work ! A lopp will not happen.The answer is Fx. com posted a statement from a very confusing poorly translated google article just like we see all the time on dv. So don't sweat it. Smoke started by selah.For all those convinced the above scenario of 2 denominations going to be equal in value; well i'll give you the perfect opportunity to get out of this investment with some clothing still left on your person.I'll by a million dinar for 300 USD. as much as you can send. At least you won't have to wait ! i'M OFFERING YOU 30% FOR WHAT YOU HAVE. NO? Well then why would you think the iraqi citezen's or pollitition's would take 24,999% less for the 25,000 dinar denomination ? I't may not revalue at some of the higher rates some predict but i guarantee they don't plan on going backwards!

Peace

[Wino]

I still believe that the comment of dleteing the zero's refers to removing the larger notes from circulation not actually devaluing the larger notes. Iraq would be cutting their own heads off if they screwed the world like that. They would be also screwing the IMF, WTO, ect. and then they would never get their money revalued very high and everything the need in life has to be imported. Think what that wouyld cost them after that. Just saying... IMO.