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He said that because so many Iraqis still deal mainly in cash, it is cumbersome to carry bags full of money to pay for expensive items like cars. The inconvenience leads people making such purchases -- as well as many entrepreneurs -- to use dollars for those kinds of transactions instead of dinars, something the government wants to end.

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Saleh said there are currently some 29 trillion dinars in circulation in Iraq, represented by some 6 trillion banknotes of various denominations, most of them quite small.

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Again...29 trillion in 6 trillion notes means that the average note is less than 5 dinars. Maybe that helps you understand that 000's are not quite as prevalent as they were. It also says that a straight rd will make the majority of their currency in circulation worthless because "most of them quite small". A 5 dinar note becomes .0005. Even if they add a 1 to 1 rv with the rd, that note is worth 1/2 of one-tenth of a cent. They would basically destroy their currency, their economy and their markets not to mention the effect on the citizenship.

29 trillion is not prevelant? Not sure what he meant by 6 trill bank notes. Could have been a typo or translation or maybe he mis-spoke but whatever the case I can guarantee you that Iraqis are not walking around with piles of 50s and 250s. In fact we have peope in Iraq who say that isn't the case. 000 notes are prevelant. Time to admit that you are being told what you want to hear and believing every word of it.

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Something you said made me think of something.

The articles that are coming out say that three zeros were "added" to circulation when the economy was faltering and inflation was rampant. Adding zeros meant the addition of large notes (25K, 10K, etc) in to circulation.

Now, that being the case, why would anyone interpret "removing" three zeros to mean anything other than the exact opposite of what they meant by adding three zeros? It's the removal of the large notes!

Exactly............................. B)

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Going Global Headline News for June 24, 2011 ~ Testing 1-2 3 ...

Note ~ NOT A LOP ~ The following statements mentioned in the following articles are indirectly saying that all Iraqi Dinars with 3 0's will be Removed from Circulation. That would mean that the 25,000, 10,000, 5,000 and 1,000 dinar notes will, over time (gradually), be taken out of circulation. This is Not a lop. Time will be given to trade in the higher notes for smaller notes and eventually the higher notes will no longer be used and will be Phased out Completly. (kel) Links - Iraq's Currency and Monetary Policy - "Remove Zeros" Chapter 1 ...

***Iraq’s Central Bank plans to delete zeroes of Iraqi currency ...

biggrin.gif

Read more: http://dinarvets.com/forums/index.php?/topic/71961-news-out-today/#ixzz1QKDaN5bh

That last post is compliments of biker

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Going Global Headline News for June 24, 2011 ~ Testing 1-2 3 ...

Note ~ NOT A LOP ~ The following statements mentioned in the following articles are indirectly saying that all Iraqi Dinars with 3 0's will be Removed from Circulation. That would mean that the 25,000, 10,000, 5,000 and 1,000 dinar notes will, over time (gradually), be taken out of circulation. This is Not a lop. Time will be given to trade in the higher notes for smaller notes and eventually the higher notes will no longer be used and will be Phased out Completly. (kel) Links - Iraq's Currency and Monetary Policy - "Remove Zeros" Chapter 1 ...

***Iraq’s Central Bank plans to delete zeroes of Iraqi currency ...

biggrin.gif

Read more: http://dinarvets.com/forums/index.php?/topic/71961-news-out-today/#ixzz1QKDaN5bh

That last post is compliments of biker

So Iraq is increasing its cash block? Great. Should be intresting to see Iraqis with backpacks full of lower denoms. Its not a lop. NOTE its not a LOP. Haha

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As are you, my friend, and claiming typos for the parts you don't want to believe.

Where did you go boots? Still waiting on a reply.

Here is what he said.....................................Saleh said there are currently some 29 trillion dinars in circulation in Iraq, represented by some 6 trillion banknotes of various denominations, most of them quite small

He says that there are CURRENTLY 29 trillion in circulation. Please explain how that can be. If their lowest denom currently is 50 then his statement is obviously a typo or he mis-spoke. I don't believe his statement because it is impossible not because I don't want to believe it. Trust me. I want to believe it but it isn't so.

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Or they can give no oil and RD like they are saying. Don't mean to sound condesinding. Just saying. Guess anything is possible but just going off what CBI is saying.

But you don't seem to understand 2 concepts.

1. Their is more Dinar by far in Iraq than any where else. When they revalue their money will be worth much more. They will benefit more than anyone.

2. When Iraq excepts Dinar for the oil they won't be giving the oil away. They will be trading it for the new valued currency that they can buy anything they want with. They could then buy gold for example.

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There is no LOP. Smoke and Mirrors and misinformation. IMF reports on this site say revalue the currency. Stay with official docs and not the bs news of contradictions etc. Shabibi and the CBI and the FOREX are the only thing that matter. These change and as POSSUM says..Party Time!

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One more reply to Dinarck before the lights go out........please take the time to read the attached information. You will find out that the amount of currency in circulation has NEVER been used as a reason to redenominate/lop. You will also learn, if you are capable of comprehensive reading, that Iraq's inflation doesn't even come close to other countries that have lopped. You may also learn that due to the volatlity of the Iraqi economy, based on their being on the brink of exploding economically (oil exports) that the last thing they want to do is lop. Their image as an international power is paramount in the treatment of their currency. I sincerely hope you will read this document with an open mind and relieve the tension I read in your posts. By the way, I apologize for insinuating that you were acting like a condescending jerk earlier, and appreciate your acknowledging that you may have been acting as such. We all get a little frazzled now and then.

http://www.unc.edu/~...APSA%202005.pdf

In case you dont see the other response, the amount of currency in circulation is directly proportionate to high inflation and a inflated money supply......think about it, Iraq now has 3 zeros on the bills because of high inflation......now think about Turkey who had 6 zeros on their bills.....your talking about using a million dollar bill just to buy a coke.....and you dont think they had a diluted money supply just to be able to keep up?? Granted Turkey had more of a electronic banking system then Iraq but the money supply will still be inflated.....they needed more money just to purchase the same items so of course the money supply/currency in circulation was high.....

I dont mean to call you out but it seems you didnt read that article carefully enough......countries that redenominate successfully, dont do it during their periods of hyperinflation.....they wait sometimes even a decade for when inflation levels are brought under control.....(same situation Iraq is in now unfortunately) While Iraqs inflation might not have reached the same levels at one point during their hyperinflation as some of the other countries (which explains why they only have 3 zeros behind the currency and not 6) they still suffered from very high inflation, resulting in inflated prices in the market place, and an inflated money supply to keep up with it.....

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IMO, there will be a cash in window. In the RD which we will see clearly, which the large bills will be used for large transaction(gov.,banks) the value will be transferred to the smaller bills. Remember this proposal is for Iraq only they are not collecting our bills, we still have them. With that said, a deletion or removal of large bills as the article says is completed. What remains is the distribution of the new currency, the 100's, 50's, 20's, 10's, 5's, 1's. the question is what amount will our government give us, will it be the same as the RD? or the old rate? IMO it will be the new rate. Oh yes some of the large bills will be destroyed in Iraq but most will sit in the gov's reserve around the world for business.................insurance.......just saying

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$ 28 trillion and 500 billion Iraqi dinars, or nearly 5 trillion banknote

I do not understand M0. M1 or M2 when it comes to economics, but with the statement above, if it is true , is this saying that they only had 5 trillion printed in physical currency or does it literally mean 5 trillion banknotes. If it means the 5 trillion banknotes, my guess would be there are alot of lower denoms in there somewhere 1, 5, 10, etc.

These articles can get so confusing sometimes.

IMO, I think they mean 5-6 tillons printed = 29 tillions in circulation..........just saying

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this is just an oppinion so dont beat me up, but what if everyone is right. assuming that both of these articals are correct, i get the impression that in the short term,

1. a larger unseen 100,000 bill will be introduced, along with what the artical sais are smaller denominations. up to this point everyone assumed the remaining unreleased bills are lower denoms, but many of them could have been even higher denoms.

2 . releasing the smaller denoms in the short term phase indicates the value will be raised to an undetermand point, and possably graduly.

3. as the months, or years pass, and the economy stablizes, the 100k,25k and other larger bills will be used less and less as the smaller bills take root.

4. eventualy in the long term, as the artical states a new currency will be printed with the kurds language on it and eventualy replaces the current bills, more than likely

a few bills at a time like we did with our bills

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Doc Smith

1. yes there is more dinar in country then out of country but that just gives them greater control. Their ability to change most of the currency at one time (either increase or decrease) is a good thing for them. It doesn't mean anything in regards to an RV vs RD debate though.

Bootsonoroff

Iraq's inflation doesn't even come close to other countries that have lopped. You may also learn that due to the volatlity of the Iraqi economy, based on their being on the brink of exploding economically (oil exports) that the last thing they want to do is lop. Their image as an international power is paramount in the treatment of their currency.

Why is it everyone seems to think that Iraq is going to jump out of obscurity and all of a sudden become the richest most powerful nation in the world...and apparently they're going to do it over night? There are no indicators that this is going to happen...it's much more likely that the rest of the world will continue to rape their natural resources and leave them all sitting in the sandbox. They are not an international power and have no image as such.

I think I'll start a new thread...I think we need to do a history lesson

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