andy3978 Posted July 7, 2011 Report Share Posted July 7, 2011 All this talk lately coming from Iraq about raising/deleting the 3 zeros....this is basically a LOP, no? It seems folks are excited about all this news and such, but the way I understand it...whats so great about telling me that my 25,000 note is worth a 25 note? Or my 'super valuable' low domination 50 note is valued like a Nickel? We obviously arent going to be able to exchange out IQD for the new low denoms, so either we will be told our IQD is no longer valid or we will have to change them for what exactly? Anyone making sense of all this? How is this supposed to go down? Like I said, from what I am seeing, it looks like a break-even at best...so I'm not sure what all the excitement is all about. Link to comment Share on other sites More sharing options...
keepmwlknfny Posted July 7, 2011 Report Share Posted July 7, 2011 All this talk lately coming from Iraq about raising/deleting the 3 zeros....this is basically a LOP, no? It seems folks are excited about all this news and such, but the way I understand it...whats so great about telling me that my 25,000 note is worth a 25 note? Or my 'super valuable' low domination 50 note is valued like a Nickel? We obviously arent going to be able to exchange out IQD for the new low denoms, so either we will be told our IQD is no longer valid or we will have to change them for what exactly? Anyone making sense of all this? How is this supposed to go down? Like I said, from what I am seeing, it looks like a break-even at best...so I'm not sure what all the excitement is all about. Your on point with what your thinking.....but alot of people are too busy listening to the gurus twist the information to mean its still going to be a straight up RV instead of thinking for themselves and realizing what they are actually talking about...... If they do happen do RD, my biggest question is if we will have access to the smaller denoms to exchange with so we can hold on until the rate gets higher before they make our bigger bills worthless..... 2 Link to comment Share on other sites More sharing options...
R Veyron Posted July 7, 2011 Report Share Posted July 7, 2011 . If they do happen do RD, my biggest question is if we will have access to the smaller denoms to exchange with so we can hold on until the rate gets higher before they make our bigger bills worthless..... Yes, please let us know anything you hear if you find out about it. This is what I would like to know for sure. Link to comment Share on other sites More sharing options...
suntiger Posted July 7, 2011 Report Share Posted July 7, 2011 Your on point with what your thinking.....but alot of people are too busy listening to the gurus twist the information to mean its still going to be a straight up RV instead of thinking for themselves and realizing what they are actually talking about...... If they do happen do RD, my biggest question is if we will have access to the smaller denoms to exchange with so we can hold on until the rate gets higher before they make our bigger bills worthless..... Why would you assume you can do an exchange? What if they come out in the redenomination and say they will not exchange currency out of the country? It can happen! Link to comment Share on other sites More sharing options...
keepmwlknfny Posted July 7, 2011 Report Share Posted July 7, 2011 (edited) Why would you assume you can do an exchange? What if they come out in the redenomination and say they will not exchange currency out of the country? It can happen! If you re read my commment that's exactly what I was saying....that the biggest problem we would face is whether we would even have access to exchange our bills for smaller.....or if we would get stuck holding our bills and then they become worthless Edited July 7, 2011 by keepmwlknfny Link to comment Share on other sites More sharing options...
ha ha Posted July 7, 2011 Report Share Posted July 7, 2011 If you have an account in Warka, then you can escape the problems you pointed out. My Warka account is making 7% yield per year.I am not a Warka pumper but l am just saying. Link to comment Share on other sites More sharing options...
tommyboy Posted July 7, 2011 Report Share Posted July 7, 2011 (edited) OK ha ha, have a question about your Warka account. If the dinar RV's and you have 100 dinar in your account and the RV is 1 IQD = $1, do you now have $100? (Just used those numbers for simplification). Edited July 7, 2011 by tommyboy Link to comment Share on other sites More sharing options...
snakes251 Posted July 7, 2011 Report Share Posted July 7, 2011 What they mean is raising the zeroes from the current exchange rate against the dollar. Each IQD is .00086 against each USD. Multiply .00086 x 1170, and you get 1.0062, or $1. That is how the exchange rate is calculated currently. So, once the revalue goes into effect, and they raise these zeroes like they're talking about, this moves the DECIMAL point up three places, and you've got the IQD now valued at .86, or 1.17 now instead of 1170. Another way to look at it is 1 divided by 1.17, and you get. 86. Multiply 1.17 x .86, and you still come out with 1.0062, or 1 USD. See how that works? So if they take this route, you'll have roughly a 1-1 revaluation scenario. Not bad if you've been holding onto thousands or even millions of dinar. Now it's possible they could institute fractional banking, so maybe we'll get .38 cents on the dollar, or a little lower. I don't know. And, it's very possible over time the dinar will become worth more than the dollar, like $1.57 or (knock on wood) $2.80. But that probably won't happen for a few more years. This would seem to be the most likely scenario if they're going to stabilize their economy and give the people purchasing power. It's just a question of when. GO RV!!! Link to comment Share on other sites More sharing options...
Darin Posted July 7, 2011 Report Share Posted July 7, 2011 The other night, I was reading up on a particular currency from another country (Singapore). Their rate is roughly 1.27 (Similar to the 1170 we see) or roughly $0.787 (Similar to the $0.00086 we see) Their denominations run from a small as "1" note to as high as a "10,000" note. Not only that, they have roughly 4 series of notes that all have the same denominations. Now, this country also is similar to Iraq as they do a lot of bartering & exchanging. Therefore, they rely a lot on hard currency to do daily transactions. But, what I find interesting, their highest note in circulation is roughly valued at $7,800 USD. This is likely used for "larger" purchases... So, in my opinioin, consuming up 000 notes would come with ease as they would eventually make their way to banks. (From personal deposits or business depositss). Makes one wonder, do they really need to get the 000s off the street even after a R/V? Or could they still be used? See - a lot of the larger notes may easily be destroyed and put into electronic form. Banks are becoming more and more advanced w/ their technology. So, with all the banking "reform", education campaigning, executing of the plan, IMF articles, DFI releases, soveirgnity (sorry, I know that is not spelled right), backlog of foreign investors, laws pending to be passed, laws being passed, and the final details.... We may only speculate what will happen.. IMO, there is a hold-up, and it is a significant one. What the hold up is? Anyone's guess... But, once that hold-up is no longer a hold-up, we would see a flooding of the market..... If it is a bank reform? Well, than we see that large amounts of USD exchanged for IQD to conduct business.... Would it make sense to increase the rate prior to that? If it is a law issue: I.e., HCL - they are losing money on potential contracts signed the longer they delay Ch. 7 issue: They're progressing on that.... And I believe the last two resolutions are something that may take time and are not necessarily "big issues" Education campaign? I think we have all seen enough lifting of the 3 zeros to believe they should all know.. Here is a theory....... Lets say they have a rate in mind, but, they need to hit a target amount of foreign investors to balance that rate out. There by, what is cashed out is equally met by those that buy-in at the new rate. Could that be it? It would make sense..... But it is just a theory and nothing more. All we can do is sit back, speculate, and hope for the best outcome. Link to comment Share on other sites More sharing options...
dinarck Posted July 7, 2011 Report Share Posted July 7, 2011 Your on point with what your thinking.....but alot of people are too busy listening to the gurus twist the information to mean its still going to be a straight up RV instead of thinking for themselves and realizing what they are actually talking about...... If they do happen do RD, my biggest question is if we will have access to the smaller denoms to exchange with so we can hold on until the rate gets higher before they make our bigger bills worthless..... Hey Keep, My hopes are that the 000 notes will retain their current value of around 21.00 USD for the 25,000 note indefinately and increase in value with any future RVs post RD. What are your thoughts that this is a possibility? Link to comment Share on other sites More sharing options...
keepmwlknfny Posted July 8, 2011 Report Share Posted July 8, 2011 Hey Keep, My hopes are that the 000 notes will retain their current value of around 21.00 USD for the 25,000 note indefinately and increase in value with any future RVs post RD. What are your thoughts that this is a possibility? To be honest, I think that if it does RD, that once that process is done, all the bills we have now will be invalid as currency...... Link to comment Share on other sites More sharing options...
radar12354 Posted July 8, 2011 Report Share Posted July 8, 2011 (edited) To be honest, I think that if it does RD, that once that process is done, all the bills we have now will be invalid as currency...... Won't happen, a UST stock pile of bills.....they can afford to hold them.......small bills will be hard to come by.........just saying......you can get them now on ebay Edited July 8, 2011 by radar12354 Link to comment Share on other sites More sharing options...
keepmwlknfny Posted July 8, 2011 Report Share Posted July 8, 2011 Won't happen, a UST stock pile of bills.....they can afford to hold them.......small bills will be hard to come by.........just saying......you can get them now on ebay Ahhh yes, the unsubstantiated theory of the US holding massive amounts of dinar...... But if your speaking about a RD not happening, well thats all we can hope for even though thats what they have been talking about for years now.... If your speaking about the bills not becoming worthless after a RD if it were to happen, well thats exactly what happens and how RD works.... Link to comment Share on other sites More sharing options...
tamiflyer Posted July 8, 2011 Report Share Posted July 8, 2011 To be honest, I think that if it does RD, that once that process is done, all the bills we have now will be invalid as currency...... Yes. However, they might choose to keep some for TB transactions between them and the CBI or even smaller banks. Who nows. Good post. GLTA and Go RV. Link to comment Share on other sites More sharing options...
dinarck Posted July 8, 2011 Report Share Posted July 8, 2011 To be honest, I think that if it does RD, that once that process is done, all the bills we have now will be invalid as currency...... That would suck. I guess I never thought that much into it but it is something to think about. I mean who is going to exchange our "bad" dinar for "good" dinar? Maybe the CBI but I would really hate to fly to Iraq. Maybe Warka is the way to go but talk about shady. Great. One more thing to worry about. Link to comment Share on other sites More sharing options...
dinarck Posted July 8, 2011 Report Share Posted July 8, 2011 The other night, I was reading up on a particular currency from another country (Singapore). Their rate is roughly 1.27 (Similar to the 1170 we see) or roughly $0.787 (Similar to the $0.00086 we see) Their denominations run from a small as "1" note to as high as a "10,000" note. Not only that, they have roughly 4 series of notes that all have the same denominations. Now, this country also is similar to Iraq as they do a lot of bartering & exchanging. Therefore, they rely a lot on hard currency to do daily transactions. But, what I find interesting, their highest note in circulation is roughly valued at $7,800 USD. This is likely used for "larger" purchases... So, in my opinioin, consuming up 000 notes would come with ease as they would eventually make their way to banks. (From personal deposits or business depositss). Makes one wonder, do they really need to get the 000s off the street even after a R/V? Or could they still be used? See - a lot of the larger notes may easily be destroyed and put into electronic form. Banks are becoming more and more advanced w/ their technology. So, with all the banking "reform", education campaigning, executing of the plan, IMF articles, DFI releases, soveirgnity (sorry, I know that is not spelled right), backlog of foreign investors, laws pending to be passed, laws being passed, and the final details.... We may only speculate what will happen.. IMO, there is a hold-up, and it is a significant one. What the hold up is? Anyone's guess... But, once that hold-up is no longer a hold-up, we would see a flooding of the market..... If it is a bank reform? Well, than we see that large amounts of USD exchanged for IQD to conduct business.... Would it make sense to increase the rate prior to that? If it is a law issue: I.e., HCL - they are losing money on potential contracts signed the longer they delay Ch. 7 issue: They're progressing on that.... And I believe the last two resolutions are something that may take time and are not necessarily "big issues" Education campaign? I think we have all seen enough lifting of the 3 zeros to believe they should all know.. Here is a theory....... Lets say they have a rate in mind, but, they need to hit a target amount of foreign investors to balance that rate out. There by, what is cashed out is equally met by those that buy-in at the new rate. Could that be it? It would make sense..... But it is just a theory and nothing more. All we can do is sit back, speculate, and hope for the best outcome. Hey Darin, good to see your post again. I have to admit that you always keep me thinking. Agreed that banks are becoming more and more advanced but Iraq is in sore shape. They need electricity to be prevelant before any type of electronic banking could even begin to take shape within the public. I think an electronic banking system in Iraq that is similar to the US would solve alot of the issues that I have with a RV being imminet and I would like nothing more than to see it happen. I am willing to wait ten more years if I have to. The one problem that I believe is standing in the way (other than infrastructure) is the trust that Iraqis have in the banks. Hopefully they can overcome that and join the 21st century but like you said, we wait and see. Link to comment Share on other sites More sharing options...
keepmwlknfny Posted July 8, 2011 Report Share Posted July 8, 2011 That would suck. I guess I never thought that much into it but it is something to think about. I mean who is going to exchange our "bad" dinar for "good" dinar? Maybe the CBI but I would really hate to fly to Iraq. Maybe Warka is the way to go but talk about shady. Great. One more thing to worry about. Yea I know.....I think I might go for the warka account myself.....they are guaranteed by the CBI (equivilant to our FDIC).....plus we will have access to the ISX....dont think its too bad of a deal..... Link to comment Share on other sites More sharing options...
greenarrow Posted July 8, 2011 Report Share Posted July 8, 2011 then I guess the whole point of having dinar, and belonging to this website is moot then........ Link to comment Share on other sites More sharing options...
dinarck Posted July 8, 2011 Report Share Posted July 8, 2011 Yea I know.....I think I might go for the warka account myself.....they are guaranteed by the CBI (equivilant to our FDIC).....plus we will have access to the ISX....dont think its too bad of a deal..... This maybe a stupid question but how do you get your dinar to them? Do they have a representative in the US or do you FED EX it or what? Hahaha. With my luck it would get lost in transit or something. Link to comment Share on other sites More sharing options...
20MillionDinar Posted July 8, 2011 Report Share Posted July 8, 2011 Your on point with what your thinking.....but alot of people are too busy listening to the gurus twist the information to mean its still going to be a straight up RV instead of thinking for themselves and realizing what they are actually talking about...... If they do happen do RD, my biggest question is if we will have access to the smaller denoms to exchange with so we can hold on until the rate gets higher before they make our bigger bills worthless..... That is really my ONLY concern with the entire Dinar speculation. The return OF my investment vs. the return on investment. If Iraq decides to introduce the smaller denoms I hope we will be able to exchange what we have now for the new currency... That is really my only fear. Also with most of the banks as well as a few major dealers no longer buying back the IQD anymore, it kind of makes me wonder how I am going to be able to make my exchange. This maybe a stupid question but how do you get your dinar to them? Do they have a representative in the US or do you FED EX it or what? Hahaha. With my luck it would get lost in transit or something. Good question. I have a Warka account but I haven't funded it. Not sure if I would mail my Dinars out there to Iraq, kind of risky... I'm probably going to fund the Warka account with 1 million dinar then just wait and see what happens. I haven't purchased any dinars for a few years and wasn't planning on it, however, I think I might fund the Warka account with a small amount just in case... Yes. However, they might choose to keep some for TB transactions between them and the CBI or even smaller banks. Who nows. Good post. GLTA and Go RV. They will probably be valid for 1 year after the new currency is introduced. JMO Link to comment Share on other sites More sharing options...
keepmwlknfny Posted July 8, 2011 Report Share Posted July 8, 2011 This maybe a stupid question but how do you get your dinar to them? Do they have a representative in the US or do you FED EX it or what? Hahaha. With my luck it would get lost in transit or something. What we have to do is exchange our dinar back to USD here in the states, get the account started with warka, and then have our personal banks here wire the USD to our new warka account where a minimum is kept in USD (I think 150) and then you can tell them to transfer the rest into IDQ to be held.... They stopped accepting physical dinar awhile ago and they will now confiscate any attempt to send dinar through the mail LOL.....so much for the easy way!! Hahaha Link to comment Share on other sites More sharing options...
dinarck Posted July 8, 2011 Report Share Posted July 8, 2011 What we have to do is exchange our dinar back to USD here in the states, get the account started with warka, and then have our personal banks here wire the USD to our new warka account where a minimum is kept in USD (I think 150) and then you can tell them to transfer the rest into IDQ to be held.... They stopped accepting physical dinar awhile ago and they will now confiscate any attempt to send dinar through the mail LOL.....so much for the easy way!! Hahaha Yeah. There goes the dealer mark up. Figured I would lose that. Any thoughts on which banks would wire to warka or are any capable? Link to comment Share on other sites More sharing options...
keepmwlknfny Posted July 8, 2011 Report Share Posted July 8, 2011 That is really my ONLY concern with the entire Dinar speculation. The return OF my investment vs. the return on investment. If Iraq decides to introduce the smaller denoms I hope we will be able to exchange what we have now for the new currency... That is really my only fear. Also with most of the banks as well as a few major dealers no longer buying back the IQD anymore, it kind of makes me wonder how I am going to be able to make my exchange. No kidding!! Seems all the dealers are heading for the hills!! Maybe they are taking what Iraq is saying seriously and are getting out of the picture asap?? Yeah. There goes the dealer mark up. Figured I would lose that. Any thoughts on which banks would wire to warka or are any capable? I would think since Warka has their swift codes active now, I dont see why any bank couldnt wire them the money....I could be wrong but I dont see why they couldnt.....can any warka holders chime in? LOL The only other thing I can think of is that you might have to go through Citi bank since they are partnered with them..... Link to comment Share on other sites More sharing options...
dinarck Posted July 8, 2011 Report Share Posted July 8, 2011 No kidding!! Seems all the dealers are heading for the hills!! Maybe they are taking what Iraq is saying seriously and are getting out of the picture asap?? I would think since Warka has their swift codes active now, I dont see why any bank couldnt wire them the money....I could be wrong but I dont see why they couldnt.....can any warka holders chime in? LOL The only other thing I can think of is that you might have to go through Citi bank since they are partnered with them..... Thanks Keepem, Looks like I might just "sell my dinar" like all the bashers have been telling me to do. Link to comment Share on other sites More sharing options...
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