"Raise three zeros" What could that mean?

[dinarck]

Lets not forget that the Iraqi dinar is backed by oil. there is an estimated 200-300 billion barrels of largely untapped oil under their feet. 200,000,000,000 Barrels @ 100 each thats 20 to 30 trillion dollars worth of oil. Recent science has discovered that oil wells refill over time, so there could be even more oil. Can they support 24 trillion dinar at 1 to 1? You bet! and thats just the oil, what about when their economy starts climbing on that? I think that is where you get the $3 rates. IMO

The Iraqi dinar that is worth .00085 USD is backed by oil? Not yet.

Here is an example for you.

Additional - what is the meaning of Redenomination?

A recent example of redenomination is the introduction of the European euro. Likewise in 1985, Argentina moved from the peso argentine to the austral. An austral is worth 1,000 old pesos. With inflation, everyday purchases could cost hundreds of thousands of pesos. With the increase in prices, old currencies like the Argentinean peso would require hundreds of thousands of pesos for one purchase. In 1992, the current Argentina peso replaced the austral at a rate of 1 peso = 10,000 australes.

I am just taking examples from history

The Redenomination was the first step from the Osama currency by printing the new currency. Now they need to complete the revaluation. I am not positive, but I think that the Redom. comes before the Reval.

Like I said...Just my opinion.

Again. Nice try. Iraq has told us that they will use Turkey as a model for their redenomination. Take a look at how that went down. Also of course a new currency will be introduced after redenomination. The 000 notes will no longer be needed so they will be replaced by a new currency ie. lower denoms.

You are correct. A RD does come before a RV. Problem is the RD will knock the 000 off our notes whether you believe it or not.

I believe that "raising three zeroes" means lifting the dinar notes with 3 zeroes on them out of the money supply, then replacing them with lower denominations which will be given a higher value.

Your not the only one who believes that. Problem is it is impossible to remove the majority of a money supply from a country, especially one like Iraq where less than 1/5th of people have bank accounts. Don't believe the hype. Just a way for the pumpers to keep the pump going.

[Don & Rocio]

Those that bought the lower denoms will be ok. Glad I bought a bunch of 250 dinar notes.

[BobD]

Is it not correct that ownin one million Iraqi Dinar today, will only be worth one thousand IQD when the 3 zeroes are removed for revaluation. Therefore, when exchanged to US dollars the cash-out will become one thousand times not one million times the new rate of exchange -- which may be .85, 1.00, or 3.00 per dollar.