Central Bank: It is time to re-evaluate the currency, commensurate with the price changes and the wage in the economy

[touchedthesky]

Thank you kindly for sharing this information.

Isn't it resfreshing to find real world encouraging news that's free of 'pumpers'?

[dinarck]

You still beat around my question... Why should I care if they have billions instead of trillions? What does that do for anyone? Why not millions instead of trillions? Why not quadrillions instead of trillions? PURCHASING POWER DID NOT CHANGE!

OK now you have lost me. I guess that you don't realize that the trillions of IQD in circulation would become trillions of USD(or whatever currency) if they RV without a redenomination. That means Iraq would be trillions in debt post RV instead of billions if they simply redenom first. I don't care if you care or not. Iraq could come out at a rate of 2 or 3 to the USD but only after they redenom. There is your doubling and tripling of the purchasing power.

[Dogma]

This is another graduate of Pumper University.

ol'e P.U. alumni class of 86'

[taboo]

IMO this is another pumping post! News isnt always news as we will soon see again.

Sorry but i dont think we are close at all since we have seen many many exciting articles like this through the years, only to find out its a bunch of crap to sell dinars.

[pleasantvalleySunday]

Whatever the current situation, I don't think it can be stressed enough that the translations of these "news stories" is vague at best. Here is an "experts" opinion:

Hindrances in Arabic-English Intercultural Translation

by Adel Salem Bahameed, Ph.D.

Abstract

Translation as a paradigm of cultural contact is not as clear a concept as it might seem to be. In the last 30 years, the field has expanded considerably towards a macro-level, encompassing the cultural context as a whole. Most recent theories in social linguistics raise the question of intercultural translation; they mean hermeneutic issues rather than the problems of faithfulness. Contemporary cultural orientation deals with the relationship between knowledge production, in one culture, and the same information being transferred and interpreted in another. As a level of interaction, cultural translation takes place whenever an alien experience is internalized and rewritten in the culture where the experience is received. However, it is often found out by theorists that there is always a gap, a point that is difficult to be culturally transmitted into the target culture. This paper is concerned with the cultural hindrances in Arabic-English translation. Intercultural translation here can help people understand better the alien cultural elements as long as competent translators keep trying to overcome these hindrances, which are related to the field of translation.

Link to complete article/paper

I do believe that in most cases, the translations are from google - might be an interesting test, for anyone who has the time, to take one "significant" article and try using multiple translation programs, i.e. (list from wikipedia and it doesn't even include Babelfish which is one of my favorites) just to see if the influence is as great as I surmise it to be

There are now many software programs for translating natural language, several of them online, such as:

• Anusaaraka A free open source machine translation from English to Hindi based on Panini grammar and uses state of the art NLP tools. Can be used online and downloaded from [1]
• Apertium, a free and open source machine translation platform (WinXLator gives this a Windows GUI, but it is likely to be in violation of the Apertium GPL license)
• AppTek, which released a hybrid MT system in 2009.^[6]
• Arabic machine translation in multilingual framework.
• Asia Online[2] provides a custom machine translation engine building capability that they claim gives near-human quality compared to the "gist" based quality of free online engines. Asia Onlinealso provides tools to edit and create custom machine translation engines with their Language Studio suite of products.
• Bing_Translator [3] a free online translator from Microsoft.
• DocTranslator A web service which uses the Google Translate API to automatically translate and return Office document files (Word, Excel, PowerPoint, PDF) while preserving the original document layouts.
• Google Translate A free online translator from Google.
• Google Translator Toolkit A web service designed to allow translators to edit the translations that Google Translate automatically generates. With the Google Translator Toolkit, translators can organize their work and use shared translations, glossaries and translation memories.
• Hindi to Punjabi Machine Translation System[4], provides machine translation using a direct approach. It translates Hindi into Punjabi. It also features writing e-mail in the Hindi language and sending the same in Punjabi to the recipient.
• IdiomaX, which powers online translation services at idiomax.com
• localization tools, such and Alchemy CATALYST and Multilizer.
• LinguaSys [5] provides highly customized hybrid machine translation that can go from any language to any language.
• Lucy Software [6] Translates in several European languages.
• NeuroTran is a software translator that translates books, web pages, documents, e-mails, faxes, memos, manuals, reports, spreadsheets, correspondence, letters and more to and from many languages. For Windows and Macintosh.
• Power Translator
• Promt, which powers online translation services at Voila.fr and Orange.fr
• SDL ETS and SDL Language Weaver which power FreeTranslation.com (website)
• SiShiTra — A hybrid machine translation engine for Spanish-Catalan translation.
• SYSTRAN, which powers Yahoo! Babel Fish
• Ta with you [7] is specialized in customized machine translation solutions in any language. Their web-based user interface makes it easy for any Language Service Provider to generate any combination of domain and language pair to achieve the best quality. Their solution works with almost human quality for combinations from/to Spanish.
• Toggletext uses a transfer-based system (known as Kataku) to translate between English and Indonesian.
• Yandex [8] translates between English and Russian and Ukrainian.
• Worldlingo provides machine translation using both statistical based TE's and rule based TE's. Most recognizable as the MT partner in Microsoft Windows and Microsoft Mac Office.

[easyrider]

Iraq's media source cannot be trusted shabbibi pretty much confirmed that for me. Propaganda BS o where are tho?

[k98nights]

I ran this by Sonny1 today, and he ran the original Arabic text by his buddy in the ME. Dude said we are reading it correctly when we think one dinar will equal one dollar... he also stated that there was a sense of urgency to the article, as if this were going to happen very soon. Take this as you may, but I like it!!

[Dalite]

You still beat around my question... Why should I care if they have billions instead of trillions? What does that do for anyone? Why not millions instead of trillions? Why not quadrillions instead of trillions? PURCHASING POWER DID NOT CHANGE!

Liability is what changes.

CBI is responsible for paying the new exchange rate on every Dinar in circulation ..

I don't know if the combined printed monies of the world's top four economies could cover a re evaluation to PRE invasion rates, and involving dinars in the tens of trillions.

This is a testament to the predictability of mathematics.

There are many ways to partially mitigate these numbers, and Shabibi is very much aware of what has to be done.

In his presentation today, he confirmed the necessary removal of the 3 zeros, and even indicated it needed to be done soon.

I personally believe this will be done in Iraq, and followed with a re evaluation in excess of $1USD.

Then the exchange rate can rise to market driven numbers.

[Trimark]

This is a very interesting discussion.

Drox - as always I really appreciate your comments.

To my thinking, if a LOP happens it won't mean what we think it means. In fact, I'm leaning quite heavily to the fact that it won't for the reasons that AudiS4 brought up as well as a few others.

If I'm understanding AudiS4's argument correctly, he is saying that even with the LOP Iraq isn't in any better situation than they are now. I agree with that.

For example, if the 3 zeroes are removed and 25,000 becomes 25 dinar then assuming a 1 dinar = 1 dollar scenario there is no real benefit to Iraqi citizens except that it will make handling the bills and doing transactions a lot easier.

Everyone who holds IQD basically starts from ground zero and then whatever value it gains going forward they benefit from.

The issue I have is that doesn't really make sense for Iraq to just raise the 3 zeros without increasing the value dramatically which doesn't make sense to me either if they do that with the LOP.

If they do a LOP and do the 1 dinar = 1 dollar ratio, what a IQD holder had before the LOP will be worth the same after. As a country they will go from X trillion dinar (no one knows how much X is) to X billion dinar.

If we assume that it's 25 trillion dinar outstanding, then a LOP would drop the amount of the currency outstanding to 25 billion dinar with a value of $25 billion. That sounds great for Iraq except the fact that reports say that they have $500+ billion in frozen assets and DFI.

Assuming that's true - no one knows those numbers accurately either - then it would mean that at just a 1 to 1 ratio of dinar to assets Iraq would need to increase the value of their LOP'd currency to $10 or more. That is unheard of because most countries have a ratio of assets to value so even at a 2 to 1 ratio which is very low that would make the IQD valued at $20 ... and that doesn't even take into account the oil Iraq has in the ground or any of it's other natural assets!

All of this doesn't even get to the LOP issue that would come up of new currency being needed since the 25,000 note would be the largest available.

People mention Turkey a lot but when Turkey LOP'd they came out with a new currency and the new currency was used side by side with the old currency for two years. That could happen with Iraq but if they do that it still puts them in a position where they need the value of their currency to be HUGE to reflect their asset base. That would make it the highest valued currency in the world by at least 3 times which I just don't think is reasonable or logical. Kuwait is one of the most expensive currencies now at $3.61 so the thought of IQD going to that very conservative $10 or $20 amount is not logical.

I can see it doing an RV then a natural LOP as a consequence of the RV but I just don't see how it can LOP or LOP then RV. I just can't wrap my head around it in such a way for that scenario to make sense to me.

One other thing that I haven't seen mentioned is that one of the goals of Iraq is to move their people from a cash based society to an electronic based society. A LOP won't accomplish that; however, an RV followed by a natural 'raising of the 3 zeros' will.

Since I'm going on anyway, there is another thing that comes up for me - if it was going to LOP which would mean basically very little profit for us why would the Treasury Department change the rules about currency exchange AND call Ali directly to tell him of the change? Why even make the change? If the change was made why not let it go through normal channels and be issued like a normal memo?

Personally, I think it will RV then do a natural raising of the zeros but it wouldn't surprise me at all if there were some type of 'twist' to it that we aren't even thinking about or aware of.

I have no idea what will happen with any of this. All I know is that I do believe we are close to the end, whatever that end may bring. Here's hoping good things for us all.

[Dalite]

I ran this by Sonny1 today, and he ran the original Arabic text by his buddy in the ME. Dude said we are reading it correctly when we think one dinar will equal one dollar... he also stated that there was a sense of urgency to the article, as if this were going to happen very soon. Take this as you may, but I like it!!

Shabibi as much as confirmed this today.

[k98nights]

Shabibi as much as confirmed this today.

Awesome

[hoosier1470]

Iraq is not going to lop....for.the hundreth time! They have no need to, and it would only hurt them as far as investment goes! They want to improve their country and economy...not hurt it! I thought this had been made clear many other times! This is just my opinion! Today in. DC, Shabs said that they want to increase they economy, investment, etc....and that this would happen "soon"....In now way did I think that he was going to anounce an RV in. front of the American public, but it will not suprise me at all for him to get back to Iraq tomorrow and announce it then! I mean....that would be "soon", so he would not have been lying! And when he does...he will "lift" the zeros...this wont be a lop...this will be good for us! Like I said, JMHO!

[dinarck]

For just joining yesterday, you are sure full of knowledge. thanks for your wisdom, or is maybe you were banned under another username, and are now trying to be an idiot? i think the latter

I have to agree with him. Just because you don't like it doesn't mean his opinion is valid.

[disciple7]

Even though I like this it seems a little suspect. If Shabbs said he couldn't say about RV in the meeting in DC why would there be a huge article about it?

[dinarck]

I have to agree with him. Just because you don't like it doesn't mean his opinion is valid.

Doesn't mean his opinion isn't valid. Sorry

[Dinar-Hustle]

the RV train is a comin'! choo-choo....all aboard!

[bluejay]

The lop of the zeros will 100% happen and before any revalue...If the currency went to $1.00 = $1.00US that would equal aprox 27 trillion in circulation LOL LOL LOL come on people there is no possible way.

THE ENTIRE GLOBAL YEARLY TRADE TOTALS ABOUT THAT NUMBER!!

The foreign assets also determine exchange rate...they have 50billion read the CBI asset totals. NOT 50 TRILLION

They will lop and bring the exchange rate to .85 and we will all have 23 bucks for our 25k banknotes

Then they will revalue after a period the people of Iraq lose nothing and makes there economy and business run smoother.

THE IMF STATED THAT THEY HAD TO MEET 3 REQUIREMENTS BEFORE BEING CONSIDERED FOR THE GLOBAL EXCHANGE AND NOT BEFORE!

1) REMOVE THE 3 ZEROS (IN PROCESS)

2) BECOME SOLVENT (DONE)

3) HAVE ELECTRONIC TRANSACTION ABILITY (DONE)

WE WILL NOT BE GETTING RICH ON THIS TRANSACTION SORRY PEEPS

What I don't understand is if someone know's this 100% why would they hold on to currency, I'm not being a smart a$$, I don't understand..

[dinarck]

Iraq is not going to lop....for.the hundreth time! They have no need to, and it would only hurt them as far as investment goes! They want to improve their country and economy...not hurt it! I thought this had been made clear many other times! This is just my opinion! Today in. DC, Shabs said that they want to increase they economy, investment, etc....and that this would happen "soon"....In now way did I think that he was going to anounce an RV in. front of the American public, but it will not suprise me at all for him to get back to Iraq tomorrow and announce it then! I mean....that would be "soon", so he would not have been lying! And when he does...he will "lift" the zeros...this wont be a lop...this will be good for us! Like I said, JMHO!

Maybe they won't but the numerous recent articles say the will. IMO

[bladowzanow]

I ran this by Sonny1 today, and he ran the original Arabic text by his buddy in the ME. Dude said we are reading it correctly when we think one dinar will equal one dollar... he also stated that there was a sense of urgency to the article, as if this were going to happen very soon. Take this as you may, but I like it!!

Thanks for keeping us in the loop Woody. It's a big loss not having Sonny around. Always nice to get some feedback from the guys who have been around for a while like you, Sonny, Adam, and a few others.

Take care.

[dinarck]

What I don't understand is if someone know's this 100% why would they hold on to currency, I'm not being a smart a$$, I don't understand..

Because we have an opportinity to double or triple our original investment if they bring the exchange rate to 2 or 3.

[Doctor Smith]

I ran this by Sonny1 today, and he ran the original Arabic text by his buddy in the ME. Dude said we are reading it correctly when we think one dinar will equal one dollar... he also stated that there was a sense of urgency to the article, as if this were going to happen very soon. Take this as you may, but I like it!!

That sounds good. But will they lop it before valuing to 1 dollar? That's the question.

If they lop off 3 zero's they are removing any chance of any significant RV.

[DinarMillionaire]

IS THIS HARD TO BELIEVE?

One way to introduce the 25 IQD... and have them "co-exist with the 25,000 IQD" (as has been said.)

Iraq wants to make it so the Iraqi citizen won't have to carry so much cash for daily purchases and to make it easier for banking transactions.

Now- the exchange rate is 0.0008547 (or 1170 IQD to 1 USD)

Now- the 25,000 IQD is worth $21.37 USD [ 25,000 x 0.0008547 = $21.37 ]

Now- 1,000,000 IQD cost $854.70 ($1,220.00+/- from dealer) [ 1,000,000 x 0.0008547 = $854.70 ] +$365.30 dealer

[ 25,000 x 40 = 1,000,000 ] [ 21.37 x 40 = $854.80 (per million)] (spread not incl)

SCENARIO: LOP 3 zeros (get rid of the high denomination currency) Transform trillions to billions

If they were to lop three zeros from the currency to replace the 25,000 IQD with the 25 IQD, and /or "co-exist together", they could also simultaneously remove the three zeros from the exchange rate of 0.0008547 making it 0.8547 this would mean even steven (less the spread). keep reading.

They can afford to re-value the Dinar above that because of the oil and other assets.

After removing zeros from both the currency and the rate...

The exchange rate would be 0.8547 ( or 1.17 IQD to 1 USD)

The 25 IQD would be worth $21.37 (same as the 25K note) [ 25 x 0.8547 = $21.37 ]

[25,000 x 40 = 1,000,000 ] becomes [ 25 x 40 = 1,000 ] [ 21.37 x 40 = 854.80 ] (spread not incl) same value as the million.

1,000,000 IQD would become 1,000 IQD after lop, but remember, both still worth $854.70. ($1,220.00+/- from dealer)

-------------------------

Rate needs to be at least $1.22 to break even with what is now 1,000 IQD costing $1,220.00 USD from dealer.

For example I'll use 3.22 IQD per 1 USD, then our profit would be...

1,000 x $3.22 = $3,220.00 less orig. $1,220 = $2,000.00 profit per million, minus the spread.

Sorry, but this seems logical to me. JMO

Edited April 20, 2011 by DinarMillionaire

[Bull Dog]

The lop of the zeros will 100% happen and before any revalue...If the currency went to $1.00 = $1.00US that would equal aprox 27 trillion in circulation LOL LOL LOL come on people there is no possible way.

THE ENTIRE GLOBAL YEARLY TRADE TOTALS ABOUT THAT NUMBER!!

The foreign assets also determine exchange rate...they have 50billion read the CBI asset totals. NOT 50 TRILLION

They will lop and bring the exchange rate to .85 and we will all have 23 bucks for our 25k banknotes

Then they will revalue after a period the people of Iraq lose nothing and makes there economy and business run smoother.

THE IMF STATED THAT THEY HAD TO MEET 3 REQUIREMENTS BEFORE BEING CONSIDERED FOR THE GLOBAL EXCHANGE AND NOT BEFORE!

1) REMOVE THE 3 ZEROS (IN PROCESS)

2) BECOME SOLVENT (DONE)

3) HAVE ELECTRONIC TRANSACTION ABILITY (DONE)

WE WILL NOT BE GETTING RICH ON THIS TRANSACTION SORRY PEEPS

I think someone needs to get their head examined. .85 * 25,000.00 = 21250.00

[MSgt of Marines]

I think someone needs to get their head examined. .85 * 25,000.00 = 21250.00

You are correct a head exam is required for that person

[Doctor Smith]

IS THIS HARD TO BELIEVE?

One way to introduce the 25 IQD... and have them "co-exist with the 25,000 IQD" (as has been said.)

Iraq wants to make it so the Iraqi citizen won't have to carry so much cash for daily purchases and to make it easier for banking transactions.

Now- the exchange rate is 0.0008547 (or 1170 IQD to 1 USD)

Now- the 25,000 IQD is worth $21.37 USD [ 25,000 x 0.0008547 = $21.37 ]

Now- 1,000,000 IQD cost $854.70 ($1,220.00+/- from dealer) [ 1,000,000 x 0.0008547 = $854.70 ] +$365.30 dealer

[ 25,000 x 40 = 1,000,000 ] [ 21.37 x 40 = $854.80 (per million)] (spread not incl)

SCENARIO: LOP 3 zeros (get rid of the high denomination currency) Transform trillions to billions

If they were to lop three zeros from the currency to replace the 25,000 IQD with the 25 IQD, and /or "co-exist together", they could also simultaneously remove the three zeros from the exchange rate of 0.0008547 making it 0.8547 this would mean even steven (less the spread). keep reading.

They can afford to re-value the Dinar above that because of the oil and other assets.

After removing zeros from both the currency and the rate...

The exchange rate would be 0.8547 ( or 1.17 IQD to 1 USD)

The 25 IQD would be worth $21.37 (same as the 25K note) [ 25 x 0.8547 = $21.37 ]

[25,000 x 40 = 1,000,000 ] becomes [ 25 x 40 = 1,000 ] [ 21.37 x 40 = 854.80 ] (spread not incl) same value as the million.

1,000,000 IQD would become 1,000 IQD after lop, but remember, both still worth $854.70. ($1,220.00+/- from dealer)

-------------------------

Rate needs to be at least $1.22 to break even with what is now 1,000 IQD costing $1,220.00 USD from dealer.

For example I'll use 3.22 IQD per 1 USD, then our profit would be...

1,000 x $3.22 = $3,220.00 less orig. $1,220 = $2,000.00 profit per million, minus the spread.

Sorry, but this seems logical to me. JMO

The final touch in ripping off the Iraqi people and the investors. They could at least slowly revalue the money with the oil instead of lopping. I'm sure any Iraqi with any intelligence wouldn't want any form of lop.

If they were going to lop they should have did it in 2003 when the new currency was put into circulation. Of course leaders are never competent just confident.