CBI 'raising' three zeros from currency

[keepmwlknfny]

Good People,

Please understand this once and for all; we own legal tender in the form of the Iraqi Dinar. If there is a plan to introduce new currency into their system, then they are required and compelled to take back the old currency and replace it with an equivalent value of the new. To do otherwise would be to defraud us, and those large investors and governments who also hold the same large denominations as we do. Such an offence shall be subject to massive and major law suits; not what a country coming out of UN sanctions would want to do in my opinion.

NO LOP WILL EVER OCCUR, PERIOD!

No sir, unfortunately they very well can redenominate and they don't have to exchange our bills for an even trade.....it has happened many times in the past and COULD happen with Iraq regardless of what people may think.....the dinar is seriously inflated, and the zeros need to be dealt with somehow, someway.....

Tell me this (Wes Parsons) how do they lop zero's off money in the bank??? If I have a million 1.000.000. dinar in the bank how do they know if it is in 25,000's, 10,000's 5,000's notes or 1,000.000 coins???

Wise up and stop trying to scare people.

Everything is affected.....your bank account is simply dividedd by 1000......doesn't matter if its electronic or not, no one is safe from a redenomination......

WesPars.....best thing we can do is pray the plan is shot down in parliment....if they do pass it, then the next best thing would be to hope they don't require an immediate exchange and maybe we could hold on long enough to see a 2 or 3 dollar rate and triple our investment.....

[dinarck]

Good People,

Please understand this once and for all; we own legal tender in the form of the Iraqi Dinar. If there is a plan to introduce new currency into their system, then they are required and compelled to take back the old currency and replace it with an equivalent value of the new. To do otherwise would be to defraud us, and those large investors and governments who also hold the same large denominations as we do. Such an offence shall be subject to massive and major law suits; not what a country coming out of UN sanctions would want to do in my opinion.

NO LOP WILL EVER OCCUR, PERIOD!

What are you talking about? The 25,000 IQD note is only worth 25 USD. So they are going to give you 25 USD worth of the new currency after redenomination. Duh. Remember the zeros would come off. That means the 25,000 note becomes 25 note which is excactly what you would get. If you really think they are going to ship you 1000 25 notes or even a 100 250 notes for each of your 25,000 notes then you have another thing coming. If they RV which we all hope there will be no need for exchange. If they RD then we get notes minus three zeros for our three zero notes or our 25,000 notes are just 25. Period.

[cdoak1fordinar]

if i understand this right and my 25000 notes turns into 25 usd why in the world would you invest at all?

[dinarck]

if i understand this right and my 25000 notes turns into 25 usd why in the world would you invest at all?

Thats all part of the gamble. This investment isn't a sure thing like the gurus want you to believe. Anything can happen and a redenomination is not only possible but likely in my opinion and if they do then yes your 25,000 note becomes 25.

[wiineedmore]

Thats all part of the gamble. This investment isn't a sure thing like the gurus want you to believe. Anything can happen and a redenomination is not only possible but likely in my opinion and if they do then yes your 25,000 note becomes 25.

Agreed but, worth the gamble. lol

[Dalite]

Agreed but, worth the gamble. lol

Agreed, but IS the gamble.

Non- lol

[SPRAYERDUDE]

It's becoming more and more likely that we'll see a LOP....

so do we have options? Is there a best plan scenario in place? Any thoughts on how this changes things.

if I have 1,000,000 dinar and they delete 3 zeros

that leaves me with 1000 dinar

if that rv's at 1.00 USD

I'll have 1000 dollars .....which is a little less then what I paid (especially when you factor in bank charges and transaction fees).

not a best case scenario but it could be worse....

1st off read up on the fictitious LOP 2nd There is a section for LOP TALK this posting doesn't even belong here

[zul]

It's becoming more and more likely that we'll see a LOP....

so do we have options? Is there a best plan scenario in place? Any thoughts on how this changes things.

if I have 1,000,000 dinar and they delete 3 zeros

that leaves me with 1000 dinar

if that rv's at 1.00 USD

I'll have 1000 dollars .....which is a little less then what I paid (especially when you factor in bank charges and transaction fees).

not a best case scenario but it could be worse....

In the same news...they also mentioned this :

Mohammed Saleh, said in an interview earlier the bank's readiness to delete the zeros of the Iraqi currency, pointing out that those zeros that are added to the Iraqi currency during the last period formed a cluster of large cash amounted to 27 trillion Iraqi dinars.

how do you add zeros to the currency then ?? Did they add '000 to the 1,000 note to make it a 1,000,000.?

[cashman54]

billio0, God BLESS YOU! CAN U BE KING OF THE LOP and JUST SMASH LOP?!?! WOOHOO!

[keepmwlknfny]

In the same news...they also mentioned this :

Mohammed Saleh, said in an interview earlier the bank's readiness to delete the zeros of the Iraqi currency, pointing out that those zeros that are added to the Iraqi currency during the last period formed a cluster of large cash amounted to 27 trillion Iraqi dinars.

how do you add zeros to the currency then ?? Did they add '000 to the 1,000 note to make it a 1,000,000.?

They just meant they had to add zeros to the dinar because of the rising inflation......the 10 became 10k, the 1 became 1k and so on.....the inflation problem and excessive currency started with Saddam....

[zul]

They just meant they had to add zeros to the dinar because of the rising inflation......the 10 became 10k, the 1 became 1k and so on.....the inflation problem and excessive currency started with Saddam....

WHich means they ADD in the 1k, 5k, 10 and 25k notes into circulation ( formed a cluster of large cash amounted to 27 trillion Iraqi dinars.) And now they are DELETING (removing) these currency out of the circulation.

This could still mean it could go either way...not necessarily RD or LOP.

[Dalite]

WHich means they ADD in the 1k, 5k, 10 and 25k notes into circulation ( formed a cluster of large cash amounted to 27 trillion Iraqi dinars.) And now they are DELETING (removing) these currency out of the circulation.

This could still mean it could go either way...not necessarily RD or LOP.

Actually, it means they had to increase the size of the currency to give it any purchasing power, due to very high inflation levels.

The inflation drove up prices, and larger bills had to be created to make it easier to carry enough money to purchase every day needed items.

It is a textbook response to high inflation levels, and has been used throughout history to offset the higher prices hyper inflation causes.

I have a few 100 Trillion Dollar notes from Zimbawbe that are current. They have a whole bunch of zeros added.

I believe if you would research the effect hyper inflation has on currency, you would be better able to understand the discussion of the subject being discussed.

[zul]

Actually, it means they had to increase the size of the currency to give it any purchasing power, due to very high inflation levels.

The inflation drove up prices, and larger bills had to be created to make it easier to carry enough money to purchase every day needed items.

It is a textbook response to high inflation levels, and has been used throughout history to offset the higher prices hyper inflation causes.

I have a few 100 Trillion Dollar notes from Zimbawbe that are current. They have a whole bunch of zeros added.

I believe if you would research the effect hyper inflation has on currency, you would be better able to understand the discussion of the subject being discussed.

TQ Dalite..

Actually my response is more towards the latest articles by CBI ~ what do they really mean by raising the 3 zeros from the currency (since they have also mentioned the word 'add' zeros to the currency . It looks like when they add zeros to the currency, they are actually adding physically the 1k, 5k, 10k and 25k notes to the circulation, and if that is the case could they also mean deleting/raising the 3 zeros as in physically removing the phsical currencies with 3 zeros.

Edited June 21, 2011 by zul

[Short Circuit]

Man do I love common sense!!! Sometimes these lopsters just annoy me to no end.

What happens to a "Lobster" (lopster) when we get a hold of one?

[jlopez]

Our "Legal Tender" isn't currently recognized anywhere in the world outside of Iraq, if you don't believe me go over to 7/11 and buy a big gulp with your dinar and see what you get for change.

secondly, our 'legal tender' isn't all that old, prior to this version there was the ones with saddam hussains face on it. That was legal tender for many years, and what's that stuff worth today?

Says who? When the EU introduced the Euro they didn't collect all the existing French Franc's and swap them out for Euro's, you can still get a British Pound. What they did was place an exchange rate on the old currency in comparison to the new currency. This is what we 'COULD' be seeing here too.

It doesn't take a genius to realize they can't continue with their currency at it's current denominations. There are dozens of posts on the topic of the new lower denominations. What are they going to do, go to the store and buy a loaf of bread with a 25,000.00 dinar note? And how do you make change for that? C'mon use some common sense.

Large investors and government don't hold actual dinars, they hold credits.....Do you think there is a room somewhere at the white house with 4 trillion dinars in it? we have electronic banking now, and so do they, this is the year 2011 we don't all stuff money under our mattress.

"NO LOP WILL EVER OCCUR, PERIOD! "

That's a very very bold statement..one you can not back up.

WOW.. you read my mind on all your replys... I hold dinars and I hope for a great RV.. But since I'm currently in the Prov of Anbar and my unit deals with some of the Iraq Military as well with some of the iraq's that work side by side with the GOI.. what they have told us that the works has been in place for a removal of 3 zero's and then to RV at 1/1.. but they said anything can happen.. but thats what they have been telling us since last month.. But i DO HOPE THEY ARE LYING 2 US... I would lose money with a LOP...

Best wishes to all and GO RV (I HOPE)

[Froto]

WHich means they ADD in the 1k, 5k, 10 and 25k notes into circulation ( formed a cluster of large cash amounted to 27 trillion Iraqi dinars.) And now they are DELETING (removing) these currency out of the circulation.

This could still mean it could go either way...not necessarily RD or LOP.

Not quite. The reason they had to start introducing the larger denominations is because a couple of decades of extreme inflation gradually made the purchasing power of the smaller notes nil. Inflation is the reason you cannot buy a new house for the same price as your grandfather could when he was your age. The effects of inflation cannot be wiped out by magic. The IQD is what it is.

And as a quick primer to all, it is a little misleading to say there will be an RV at the same time as an RD. In all of the redenominations that have happened, the value of each new currency is changed in exact proportion to the exchange ratio. As an example, the dreaded three zero drop (1000:1), you will have 1000 times less IQD, and they will each be worth 1000 times more. Your 1,000,000 IQD worth $0.00086 each will be exchanged for 1,000 newIQD worth $0.86 each. There has never been a change in total value.

[zul]

Not quite. The reason they had to start introducing the larger denominations is because a couple of decades of extreme inflation gradually made the purchasing power of the smaller notes nil. Inflation is the reason you cannot buy a new house for the same price as your grandfather could when he was your age. The effects of inflation cannot be wiped out by magic. The IQD is what it is.

And as a quick primer to all, it is a little misleading to say there will be an RV at the same time as an RD. In all of the redenominations that have happened, the value of each new currency is changed in exact proportion to the exchange ratio. As an example, the dreaded three zero drop (1000:1), you will have 1000 times less IQD, and they will each be worth 1000 times more. Your 1,000,000 IQD worth $0.00086 each will be exchanged for 1,000 newIQD worth $0.86 each. There has never been a change in total value.

TQ Froto

[magawatt]

It's becoming more and more likely that we'll see a LOP....

...is like saying it's turtles all the way down.

[rvb4jan1]

No LOP talk here. Adam and Mods, what is going on?

Everybody has an opinion. Opinions don't pay the rent. If we are in the last days of the RV, rejoice!! However, if you don't have proof of what you speak, be silent or talk about the weather. Advanced, Senior and VIP DV members should know this.

[hoopdog]

Our "Legal Tender" isn't currently recognized anywhere in the world outside of Iraq, if you don't believe me go over to 7/11 and buy a big gulp with your dinar and see what you get for change.

secondly, our 'legal tender' isn't all that old, prior to this version there was the ones with saddam hussains face on it. That was legal tender for many years, and what's that stuff worth today?

Says who? When the EU introduced the Euro they didn't collect all the existing French Franc's and swap them out for Euro's, you can still get a British Pound. What they did was place an exchange rate on the old currency in comparison to the new currency. This is what we 'COULD' be seeing here too.

It doesn't take a genius to realize they can't continue with their currency at it's current denominations. There are dozens of posts on the topic of the new lower denominations. What are they going to do, go to the store and buy a loaf of bread with a 25,000.00 dinar note? And how do you make change for that? C'mon use some common sense.

Large investors and government don't hold actual dinars, they hold credits.....Do you think there is a room somewhere at the white house with 4 trillion dinars in it? we have electronic banking now, and so do they, this is the year 2011 we don't all stuff money under our mattress.

"NO LOP WILL EVER OCCUR, PERIOD! "

That's a very very bold statement..one you can not back up.

If you are so sure it is going to LOP, then you deal with that when it happens and don't be asking questions that you don't want to hear the answers for. Sounds like you are looking to argue, go find your spouse.

[64jaguar]

I'm fairly new here but why are you debating this LOP theory in this thread? Move it down the page so all the LOP fans can discuss their imminent demise. I don't even read the LOP thread anymore and would rather remain upbeat, thank you.

64Jaguar

[Joost]

so, its mean that one milioen dinar = 1000 dollar?

Is that theyr talking about raising the 3 zero's?

where can i find it?

kindly regards

[jaykay]

you r annoying

[Dalite]

TQ Dalite..

Actually my response is more towards the latest articles by CBI ~ what do they really mean by raising the 3 zeros from the currency (since they have also mentioned the word 'add' zeros to the currency . It looks like when they add zeros to the currency, they are actually adding physically the 1k, 5k, 10k and 25k notes to the circulation, and if that is the case could they also mean deleting/raising the 3 zeros as in physically removing the phsical currencies with 3 zeros.

It has been my observation that the most common of translation engines takes the Arabic equivalent of the concept move, reschedule, change.. And spits out the word "raise".

When they "added" the 3zero notes, they also "removed" the need for their pre- inflation equivalents.

When it took 25000 dinar to purchase what 25 dinar bought before, there was no need to continue 25 dinar notes in circulation.

This is the path taken throughout history to combat an exponential rise in inflation. Iraq is not the exception or the rule; just another in the long list of countries, that in the course of history, have taken this route to be able to cope.

To reverse this action requires to get and keep hyperinflation under control. That has been achieved. The next step is to remove the remnants of past inflation by a ReDenomination, which involves the process of making the currency regain it's purchasing power. If you remove the 3 zeros, you will also have to shift the decimal point an equal number of places on the currency that does not have 3 zeros. A 500 dinar note becomes .5 Dinar. You restore the purchasing power by moving the decimal point on the exchange rate the same number of places. 10,000 dinar at 1170 Dinar per Dollar becomes 1000 Dinar at 1.17 Dinar per Dollar. It is considered revenue neutral. The major cost is the logistics. Smaller bills can be reintroduced and loaned/spent into the economy.

Prices, wages, contracts, loans... All have to be treated the same; as well as bank accounts. The public has to be informed and prepared for the change. It is not an easy, smooth or appealing process; but it is what history, and the CBI releases suggest as a possible outcome.

The other

[mrmcwhipit]

I want it to straight up RV like all of us but I have to admit it does seem like it would be too good to be true so I will hope for the best but just wait and see.