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Bookmark this thread: There will be NO RV!


WayCoolJr
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Consequently, nothing can happen to the value of the currency without government sanction, but the “rumor” has spread due to previous government announcements. One popular currency website summarizes the government’s position as follows:

“In 2010, the Central Bank of Iraq announced their plans to redenominate the Iraqi Dinar to ease cash transactions. The intention would be to drop three zeros from the nominal value of bank notes; but the actual value of the dinar would remain unchanged. That would mean that 1,000 IQD (pre-redenomination) and 1 dinar (post-redenomination) would both be worth the same amount in US Dollars. Although the announcement stated that the change would take place by the end of 2010, there has been no redenomination as of January 2011.”

The government actually announced this “Drop Three Zeroes” project back in 2007, and at the time, the study was given the name of “Iraqi Currency Revaluation”. Therein lies the source of the confusion, perhaps from translation or from a loose usage of forex vernacular. A “redenomination” is not a “revaluation” under the strictest of interpretations of the terms. The former term implies that “two” currencies will exist with a “peg” between them, but the old currency will expire over a given time period and must be exchanged for the new currency.

The “Dinar story” sounds so plausible because much of it is based on fact. The Iraqi people and their government have made great strides in resurrecting a burgeoning economy, based to a large degree on a revitalized oil industry. The potential size of Iraqi oil and gas reserves has yet to be accurately determined, but most agree that the potential is enormous. There have been similar occurrences in other countries that suggest a few history lessons might provide clues to the future. Examples can be found in Venezuela, Iran, and Russia, but in each case, as oil exports increased, so did the need for imports of other goods and services. Currencies did appreciate, but slowly and in a measured way over decades

http://www.iraq-busi...e2%80%99s-fame/

Under a “redenomination” scenario, there is no “get rich quick” opportunity. However, when something as complex as foreign exchange rates are involved, the situation is ripe for a fraudster’s scheme. Con artists wasted no time devising clever “Dinar” deception scams that have been perpetrated as far away as Japan. Recently, over 200 unsuspecting Japanese investors, hoping for an immediate revaluation by the Iraqi Central Bank, bought millions of Dinars at inflated exchange rates. The sellers quickly disappeared.

Good Morning DV'ers,

Tche, Tche..Waycool you really need to stop reading to anti government activity promoters. Try reading a thread that brings you the facts. Better yet listen to Dr. Shabbi himself. You will find the link on this thread.

http://dinarvets.com...%20US%20Chamber

GOD BLESS AMERICA! B)GOD BLESS AMERICA!

Edited by Jac
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I find it offensive when this investment is referred to as a "get rich quick scheme." I have been waiting over 6 years for this investment to move, I hardly consider that something "quick."

I dont know about you but if I turned a few thousand into a million overnight that would be quick.....just how long it would take for that day to ever happen was always in question

Edited by MPG350
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I find it offensive when this investment is referred to as a "get rich quick scheme." I have been waiting over 6 years for this investment to move, I hardly consider that something "quick."

But the only reason you bought dinar is because you thought, at the time, that it WAS a get-rich quick scheme. That's not how it's being marketed. That's the whole hook to buying the dinar. I'll bet when you bought the dinar, you believed it was going to revalue very quickly and you were going to get rich. I bought in the last year and that's exactly what I was led to believe. In fact, when I bought, I could put just 10% down and didn't have to send in the rest for 30 days. And, by that time, it would surely revalue and it really would cost nothing. That makes it a get rich quick scheme. IT'S A SCHEME! That's the only reason anyone buys. I'll bet you never imagined you would still be holding 7 years later. If you knew you had a long window, you would've waited to buy. That's not what the dealers want. That doesn't motivate anyone to buy.

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It's not a "get rich quick" scheme. This has always been known as a long term investment.

BS. Very, very few people bought this thinking it was a long term investment. Nearly everybody believed it was going to revalue soon and the window was closing quickly. Why do states hold daily and weekly lotteries? Because if they had a monthly or annual lottery people would not buy as many tickets and they would wait to the last minute to buy them. I actually asked the folks at DinarBanker when they thought it would RV. They said nobody would know for sure but that it could be several months or a few days. What would that answer lead you to believe? They wanted me to think it would be very soon even if they didn't say it. Why would anybody spend money on color pieces of paper if they didn't think they were going to sell them back right away? Don't try to fool yourself.

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Im gonna have to respectfully disagree with what your saying.....during the redenomination IF it happens the exchange rate might not change, but once its complete the value will def go up....so to say there will not be an RV is far from the reality....even if it does go up slow, its still a revalue.....

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Ok... so this is ONE article with someone's opinion. Truth be told, there are dozens of other articles from Shabs himself saying how they are going to raise the value of the dinar. I'm not worried. My God will provide for me some way. But thanks for sharing anyway. :)

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Hello my friend! I am an atheist too! Don't forget Jesus was MYTHICAL!! There are dozens of gods around that area like Mithras, Horus, Jesus, Tammuz, Hercules, Dionysis, Osiris, Isis, etc. So they're ALL real right? LMAO!!

When people go to church or read the bible you simply read the STORY of a god NOT the evidence of a god! Don't forget there are stories of HUNDREDS of gods on earth. Has nothing to do with them being real.

I'm SORRY for the digression! I just got turned on when I saw Atheist! :D

I will NOT bring it up again! Back on topic!

If you would have read the books in school, instead of eating them. Then you would know all the people your talking about are based on real people except Jesus they found his grave in Israel 4 years ago real man.along with the rest of his family but did not tell the world because of the ramification it would cause .

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BS. Very, very few people bought this thinking it was a long term investment. Nearly everybody believed it was going to revalue soon and the window was closing quickly. Why do states hold daily and weekly lotteries? Because if they had a monthly or annual lottery people would not buy as many tickets and they would wait to the last minute to buy them. I actually asked the folks at DinarBanker when they thought it would RV. They said nobody would know for sure but that it could be several months or a few days. What would that answer lead you to believe? They wanted me to think it would be very soon even if they didn't say it. Why would anybody spend money on color pieces of paper if they didn't think they were going to sell them back right away? Don't try to fool yourself.

Thanks for the comment. I should have worded my post better by saying "Going into this, "I" knew it would be a long term investment." I bought mine back in 04, in country, with the thought that it would take a minimum of 10 years for it to yield any kind of return. Anyone who thought this was a get rich quick deal obviously did no research what so ever.

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Has anyone noticed all the "newbies" or members who have never posted before are coming out of the woodwork? Maybe they are government employees who are just doing there job to discourage investors. I wonder how many investors have sold all of their dinar because of this? I've never seen so much negativity about this investment. imo, we are getting very close. just saying.

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If you believe this why are you even here, decades for a value, then IF you have dinar I'll give you $250 per million an you can come out ahead :D

It appears he is trying to start a logical debate It appears you are here to be lied to and be spoon fed garbage by people not qualified to give any kind of opinion on forex trading. Think about it. You are listening to people that were selling MLM juice 6 months ago. Open your eyes. All of these "gurus" feed on unsofisticated, gullible, desperate poor people and use religion to help build trust.

These forums need more truth and less blind faith in people who hide behind screen names.

90% of the members here are in for a HUGE let down.

Has anyone noticed all the "newbies" or members who have never posted before are coming out of the woodwork? Maybe they are government employees who are just doing there job to discourage investors. I wonder how many investors have sold all of their dinar because of this? I've never seen so much negativity about this investment. imo, we are getting very close. just saying.

that is the dumbest thing I have ever heard.

Edited by tmcgraw
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Consequently, nothing can happen to the value of the currency without government sanction, but the “rumor” has spread due to previous government announcements. One popular currency website summarizes the government’s position as follows:

“In 2010, the Central Bank of Iraq announced their plans to redenominate the Iraqi Dinar to ease cash transactions. The intention would be to drop three zeros from the nominal value of bank notes; but the actual value of the dinar would remain unchanged. That would mean that 1,000 IQD (pre-redenomination) and 1 dinar (post-redenomination) would both be worth the same amount in US Dollars. Although the announcement stated that the change would take place by the end of 2010, there has been no redenomination as of January 2011.”

The government actually announced this “Drop Three Zeroes” project back in 2007, and at the time, the study was given the name of “Iraqi Currency Revaluation”. Therein lies the source of the confusion, perhaps from translation or from a loose usage of forex vernacular. A “redenomination” is not a “revaluation” under the strictest of interpretations of the terms. The former term implies that “two” currencies will exist with a “peg” between them, but the old currency will expire over a given time period and must be exchanged for the new currency.

The “Dinar story” sounds so plausible because much of it is based on fact. The Iraqi people and their government have made great strides in resurrecting a burgeoning economy, based to a large degree on a revitalized oil industry. The potential size of Iraqi oil and gas reserves has yet to be accurately determined, but most agree that the potential is enormous. There have been similar occurrences in other countries that suggest a few history lessons might provide clues to the future. Examples can be found in Venezuela, Iran, and Russia, but in each case, as oil exports increased, so did the need for imports of other goods and services. Currencies did appreciate, but slowly and in a measured way over decades

Get lost . You Gotta love the Wannabes who need the attention so BAD. If you don't believe in this, then HIT THE ROAD!!!!!!!!

http://www.iraq-businessnews.com/2011/03/29/iraqi-dinar-revaluation-enthusiasts-are-unaware-of-bernie-madoff%e2%80%99s-fame/

Under a “redenomination” scenario, there is no “get rich quick” opportunity. However, when something as complex as foreign exchange rates are involved, the situation is ripe for a fraudster’s scheme. Con artists wasted no time devising clever “Dinar” deception scams that have been perpetrated as far away as Japan. Recently, over 200 unsuspecting Japanese investors, hoping for an immediate revaluation by the Iraqi Central Bank, bought millions of Dinars at inflated exchange rates. The sellers quickly disappeared.

Edited by lacky
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Come on my friend. I'm only trying to help you. The dinar sellers are just using the RV scam to lure unsuspecting people out of their money. There is NO get rich quick scheme and that is why you and so many others are in it. The LEGIT part of the dinar investment is seeing a slow and gradual appreciation over 5 to 20 years. Only the very rich would be interested in that and I'm taking a 5% to 50% increase in value over 1 to 2 decades!

There is NO precedent for this get rick quick RV anywhere in the history of the world. The entire Kuwaiti dinar RV is a scam that NEVER happened!

The comparison used is WRONG. Yes the Kuwaiti Dinar crashed as a result of the 1990 Iraqi invasion, but this ONLY applies to notes in circulation at that time. After the Kuwaiti Government was restored, they issued a new series of banknotes with the same US Dollar exchange rate that the Kuwaiti Dinar had been fixed at before the war. Kuwaitis with old notes had to hand them in to be swapped for the new money. When the notes were being handed in, they were checked against the known serial numbers of notes in stockpiles at the Central Bank of Kuwait which had been stolen during the Iraqi occupation.

Stolen notes would not be exchanged - point blank. Other notes could only be exchanged by Kuwaiti residents during a very short period of time, after which all previous banknote issues were declared worthless. And in this case worthless means WORTHLESS. Current 20 Kuwaiti Dinar notes have a face value of about 75.00USD at the exchange booth. Older ones sell on ebay for about 10.00USD to collectors - and that's for one without any folds.

http://www.iraqi-dinar.org/iraqi-dinar-currency

Funny how you left off the following when copying and pasting from another article......The Kuwait dinar increased in value to be worth $3.40 USD in a period of ten years. Had an investor had the foresight to invest $1,000.00 USD in 1991 they would have $3.3 million USD today. The Iraqi dinar DOES NOT have similar potential.

The part of the Iraqi Dinar having similar potential can be argued and has been several times, that's why we are here. However the Kuwait Dinar did RV as you can see from the info. you left off above. Although you did include the link, which does show what I am talking about. So why would you say that the Kuwait Dinar RV was a scam when it clearly states you could have made a significant profit. It's all real money, therefor can not be a scam!

Edited by hoopdog
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IMHObiggrin.gif

There are only 2 ways to improve the lifestyle of the people in Iraq who are suffering from unemployment or are employed, but make low wages in comparison the US workers.

1. Pay them a lot more Dinar, and issue those 50,000 and 100,000 Dinar notes so if they are paid 500,000 IQD a week ($500 Dollars), they can carry only 5 large 100k bills, or 10 smaller 50k bills. They can then exchange a 100k dinar for a 100 dollar bill, but if they lose money in fees, that does not make sense, since the "goal" is to De-Dollarize Iraq, and function with just ONE National and Internationally accepted currency.

2. Simply increase the value of the existing Dinar and issue smaller bills, taking out the 3 zero bills as they arrive for exchange.

The CBI has operated with a "fixed" rate of exchange between the IQD and USD in-country, making daily profits on the exchange between currencies for several years of 1170 IQD to 1 USD, give or take.....

There has been no "free float" of their currency, No FOREX adjustments based on supply and demand, or the rising oil production, or the discovery of new oil fields and gold mines.

If the CBI and Shabibi pushes the button tomorrow, and a Dinar worth $1.17 USD, and it is sanctioned and approved by the IMF and acceptable to the WTO, their welfare people are suddenly very well off, and the government has huge buying power to rebuild their economy, and they will have huge incentives to drill for more oil, mine more gold, etc.

That figure would actually be way below the average of the surrounding oil producing countries, and experts have estimated their oil reserves at up to 300 Trillion Barrels of oil. They produce over 22 million BPD now, so imagine when they reach 100 million BPD, times 30, or 3,000 million barrels a month!

Do you think their currency could become the most valuable in the Middle East?

Do you think the IMF, or The World Bank, will let a couple tribal leaders fighting for power control this kind of asset ever again?

The people of Iraq will have increasing freedom and prosperity, but they will never be free from international control and interference, they simply have too much oil that the rest of the world wants and needs!

I still believe it is not a matter of IF the Dinar revalues, but When and for How Much.

God Bless America.....America, Bless God!

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WaycoolJr, I have a question to ask you. What is the purpose for the redenomination?

1. We pretty much know I raq is going to release lower denominations (raise the three zeros)

2. The denominations should come out in 1's 5's 10's up to 100's

3. So by what you are insinuating when the average Iraqi goes to market to buy a loaf of bread which cost 3.00 USD with the newly released 1.00 IQD's he will have to take

3,510 IQD in 1.00 denominations to market to buy a loaf of bread, at the present rate of 1170 IQD per 1 USD.

the whole idea for the redenomination is to ease such transactions. IMO, there will have to be a rate increase for these new denominations to be of any value.

They buy food using cards provided to them each month no money used

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Well first the Kuwait dinar never revalued, it stayed at its current value throughout the "Occupation".

What happened was boots on the ground bought dinar from the kuwaitis who thought there money would be worth jack, for cents on the dinar or what have you.

Then the occuapation ended and kuwait basically reinstated there dinar to the prior value.

People made millions in a day.

NOW, can that happen in Iraq, for Iraq? Easily.

People can talk all they want about all these banks, governments etc turning in there dinar for cash, but that WILL NOT HAPPEN.

They will hold onto it as reserves, for use against oil trade later.

The small set of people who will exchange immediately its basically us, the dinar sellers and maybe some smaller banks.

Now what really annoys me is poeple comparing the Turkey RD to Iraq.

Just look up the economy of Turkey and understand there not in the same league as Iraq.

Can a RD happen and we all lose out? Sure.

Will it? I dunno. No one does till it happens.

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Funny how you left off the following when copying and pasting from another article......The Kuwait dinar increased in value to be worth $3.40 USD in a period of ten years. Had an investor had the foresight to invest $1,000.00 USD in 1991 they would have $3.3 million USD today. The Iraqi dinar DOES NOT have similar potential.

The part of the Iraqi Dinar having similar potential can be argued and has been several times, that's why we are here. However the Kuwait Dinar did RV as you can see from the info. you left off above. Although you did include the link, which does show what I am talking about. So why would you say that the Kuwait Dinar RV was a scam when it clearly states you could have made a significant profit. It's all real money, therefor can not be a scam!

I don't know where you got these facts about the Kuwaiti Dinar, but they are all wrong. And your math makes no since at all.

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Butifldrm, on 27 June 2011 - 08:00 AM, said:

WaycoolJr, I have a question to ask you. What is the purpose for the redenomination?

1. We pretty much know I raq is going to release lower denominations (raise the three zeros)

2. The denominations should come out in 1's 5's 10's up to 100's

3. So by what you are insinuating when the average Iraqi goes to market to buy a loaf of bread which cost 3.00 USD with the newly released 1.00 IQD's he will have to take

3,510 IQD in 1.00 denominations to market to buy a loaf of bread, at the present rate of 1170 IQD per 1 USD.

the whole idea for the redenomination is to ease such transactions. IMO, there will have to be a rate increase for these new denominations to be of any value.

Read more: http://dinarvets.com/forums/index.php?app=forums&module=post&section=post&do=reply_post&f=41&t=72237&qpid=544861#ixzz1QVIOX8XY

They buy food using cards provided to them each month no money used

Voltar, this article gives a different description.

Iraq to bring banks to the masses – by mobile

By Jacques Clement

Agence France-Presse

First Posted 11:32:00 05/15/2011

Filed Under: Banking, mobile phones, Computing & Information Technology

BAGHDAD – Just a fifth of Iraqis have bank accounts, but 70 percent have mobile phones, so Baghdad is hoping to close the gap by getting people to open accounts, make payments and transfer cash – all via mobile.

In a country that is one of the most corrupt and violent in the world, the initiative is aimed at securing Iraqis' funds, and strengthening the banking sector as higher revenues resulting from a greater number of transactions boost profits.

"It's a very important project" in terms of "increasing the capacities of private banking," Sinan al-Shabibi, the governor of the Central Bank of Iraq, told reporters at a conference on the initiative organized by the bank and USAID.

Shabibi said he hoped the project would be ready "in the coming year".

Only about 20 percent of Iraqis hold a bank account, according to experts. That figure is markedly lower than the average for developing countries, which a World Bank report released last year pegged at 28 percent among adults.

By contrast, 81 percent of adults in developed countries held bank accounts, the "Doing Business 2011" report said.

While much of Iraq's low bank account penetration has to do with a lack of confidence among Iraqis in banks, other factors are also at play.

"It can... be attributed to long period the country was at war, international sanctions, isolation from the outside world, prevailing security situations, coverage of banks in remote areas," said Indrajit Roy Choudhury, a banking expert working as a consultant for the state-owned Trade Bank of Iraq.

Choudhury added that a lack of modern banking facilities and poor financial literacy among Iraqis' was also to blame.

In addition, most Iraqis are paid in cash, with many avoiding the tedious procedures of dealing with the country's bank branches, where queues are long and customers often spend a great deal of time simply in order to deposit funds that they often end up spending within a month.

Others who receive their salaries in cheques typically withdraw the full amount in cash and eschew making deposits or opening an account.

"This situation is changing," Choudhury noted, pointing out that several banks were opening branches in more of Iraq's provinces, networking those branches, and coming out with more "customer-oriented products".

Iraq is hoping to use the relative popularity of mobile telephones here, with market penetration estimated at 70 percent, to accelerate the development of the banking sector.

A 2009 report by India's National Bank for Agriculture and Rural Development notes that "lack of access to finance for...weaker sections of the society has been recognised as a serious threat to economic progress, especially in developing countries."

It added: "Moreover, prolonged and persistent deprivation of banking services to a large segment of the population leads to a decline in investment and has the potential to fuel social tensions causing social exclusion."

According to Carl Rosenquist, an expert who is working on the Iraqi project, it is likely that younger Iraqis will be the system's guinea pigs.

"Experience shows that the take up of mobile financial services attracts initially the young and subsequently the take-up will increase up the age ladder," said Rosenquist, who has worked on similar initiatives in the Philippines, Mongolia, Jamaica and Kenya.

If the project is fully realized, all it would take for an individual to open a bank account would be a phone call.

Iraqis would be able to make transfers, pay bills, or withdraw funds from non-banking agents such as general stores, who would receive a commission in return.

It is all part of a larger project, estimated to cost between $15-20 million, to unify Iraq's banking system.

"The biggest obstacle is regulation ... The law is far behind," said Rosenquist, who complained that Iraqi banks are not required to be linked to a central payment system.

"We have a system and they are not all members. ... If they (regulators) don't mandate the use of it, then it's useless."

Discussions are also ongoing between certain banks and mobile phone operators to develop mobile banking, with the chief executive of Kuwaiti firm Zain's Iraqi arm acknowledging that his own company was in talks with two Iraqi banks.

"We're working with a couple banks here in Iraq," Emad Makiya said in an interview with AFP, adding that he could not name which banks as a result of a non-disclosure agreement.

"We're just studying this right now. ... We should strike something by the end of this year. We will help them out with their mobile banking."

http://newsinfo.inquirer.net/breakingnews/infotech/view/20110515-336636/Iraq-to-bring-banks-to-the-masses--by-mobile

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