Newbi here

[Speakn The Truth]

New Dinars for Old

Posted on 05 July 2011. Tags: iraqi dinar, ISX, Redenomination

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At the end of last month, a spokesman for the Central Bank of Iraq (CBI) told reporters that a plan to redenominate the Iraqi dinar will be presented to the Council of Ministers in the near future. (See here and here.) The Council is then expected to submit the relevant legislation to Parliament for a vote. If the lawmakers approve the project, all existing banknotes will be replaced with new currency at the rate of 1,000 old dinar for one new over some unspecified period of time.

Given Parliament’s current backlog, this change can hardly be imminent. Still, you might think they could get around to voting on the CBI’s proposal some time before the end of this year. In that case, the redenomination could presumably be completed by the end of 2012.

The process will necessarily involve both the exchange of new banknotes for old and the restatement of contractual obligations in terms of the new currency. Among other things, three zeros will have to be eliminated from the share capital of the ISX listed companies as well as from the number of shares each has outstanding. (This will keep the par value at one dinar.)

I’m told this should be a relatively straightforward change for the depository center to make. Trading should not have to be suspended for more than a few days and it may be possible to proceed in phases of a few names at a time so that the entire market does not have to shut down during the transition period.

Similarly, it seems reasonable to expect the CBI to exchange new dinars for US dollars at one thousandth the rate for old dinars. In other words, if the original rate were IQD 1170 = US$ 1, post-redenomination this would become IQD 1.170 = US$ 1.

All of this seems reasonably straightforward for anyone holding assets such as currency or shares inside the country. For those holding dinar cash outside Iraq, however, things may not be so simple. How and on what terms their old dinars will be convertible into the new currency remains an open question.

Dont know how to put the link on here.If you goto Iraq Buisness News.You will see a tab for investments click on it,scroll down to the 4th article its there.Sorry for not being able to provide a link.Dont know if this was posted also.

[Dinar Buddy]

NO LINK - NO GOOD

Go RV

[Speakn The Truth]

Thanx Dinar Buddy.But i provided the site and instructions to get to this article Once again Site name is IraqBuisnessNews.com....There is a tab that says Investment click on it.4th article down is this article i posted

www.iraq-businessnews.com/

Edited July 14, 2011 by Speakn The Truth

[Dinardarp]

New Dinars for Old

Posted on 05 July 2011. Tags: iraqi dinar, ISX, Redenomination

--------------------------------------------------------------------------------

At the end of last month, a spokesman for the Central Bank of Iraq (CBI) told reporters that a plan to redenominate the Iraqi dinar will be presented to the Council of Ministers in the near future. (See here and here.) The Council is then expected to submit the relevant legislation to Parliament for a vote. If the lawmakers approve the project, all existing banknotes will be replaced with new currency at the rate of 1,000 old dinar for one new over some unspecified period of time.

Given Parliament’s current backlog, this change can hardly be imminent. Still, you might think they could get around to voting on the CBI’s proposal some time before the end of this year. In that case, the redenomination could presumably be completed by the end of 2012.

The process will necessarily involve both the exchange of new banknotes for old and the restatement of contractual obligations in terms of the new currency. Among other things, three zeros will have to be eliminated from the share capital of the ISX listed companies as well as from the number of shares each has outstanding. (This will keep the par value at one dinar.)

I’m told this should be a relatively straightforward change for the depository center to make. Trading should not have to be suspended for more than a few days and it may be possible to proceed in phases of a few names at a time so that the entire market does not have to shut down during the transition period.

Similarly, it seems reasonable to expect the CBI to exchange new dinars for US dollars at one thousandth the rate for old dinars. In other words, if the original rate were IQD 1170 = US$ 1, post-redenomination this would become IQD 1.170 = US$ 1.

All of this seems reasonably straightforward for anyone holding assets such as currency or shares inside the country. For those holding dinar cash outside Iraq, however, things may not be so simple. How and on what terms their old dinars will be convertible into the new currency remains an open question.

Dont know how to put the link on here.If you goto Iraq Buisness News.You will see a tab for investments click on it,scroll down to the 4th article its there.Sorry for not being able to provide a link.Dont know if this was posted also.

http://www.iraq-businessnews.com/category/investment/

[dinardarius]

Thank you for your post, I have had a thought come to my mind a few days ago about the most common sence way to revalue the iraqi Dinar and include the new lower denominations of Dinars...... bring the Dinars in at the value of the United States Dollar, that is it.

Iraqies use the USD now so just bring them in at the same and let them run up on the open market

Sorry for the misspellings and gramer I'm highly uneducated

[horns]

Thank you for your post, I have had a thought come to my mind a few days ago about the most common sence way to revalue the iraqi Dinar and include the new lower denominations of Dinars...... bring the Dinars in at the value of the United States Dollar, that is it.

Iraqies use the USD now so just bring them in at the same and let them run up on the open market

Sorry for the misspellings and gramer I'm highly uneducated

Are you drunk?

[Texas1]

Are you drunk?

A comment like this is really uncalled for......this person is clearly on meth

[dinardarius]

Hey texas1, sorry about your loss, part of the greving process is to strike out, feel better, Dinardarius

Hey horns, let me guess the devil made you do it

So for thoes of you not understanding - the amount of the RV IMO is $1.00 - when hopfully soon

Edited July 14, 2011 by dinardarius

[Texas1]

Hey texas1, sorry about your loss, part of the greving process is to strike out, feel better, Dinardarius

Hey horns, let me guess the devil made you do it

So for thoes of you not understanding - the amount of the RV IMO is $1.00 - when hopfully soon

Was just having fun with horns post.....did not even read yours, so no harm intended whatsoever...

[keepmwlknfny]

New Dinars for Old

Posted on 05 July 2011. Tags: iraqi dinar, ISX, Redenomination

--------------------------------------------------------------------------------

At the end of last month, a spokesman for the Central Bank of Iraq (CBI) told reporters that a plan to redenominate the Iraqi dinar will be presented to the Council of Ministers in the near future. (See here and here.) The Council is then expected to submit the relevant legislation to Parliament for a vote. If the lawmakers approve the project, all existing banknotes will be replaced with new currency at the rate of 1,000 old dinar for one new over some unspecified period of time.

Given Parliament’s current backlog, this change can hardly be imminent. Still, you might think they could get around to voting on the CBI’s proposal some time before the end of this year. In that case, the redenomination could presumably be completed by the end of 2012.

The process will necessarily involve both the exchange of new banknotes for old and the restatement of contractual obligations in terms of the new currency. Among other things, three zeros will have to be eliminated from the share capital of the ISX listed companies as well as from the number of shares each has outstanding. (This will keep the par value at one dinar.)

I’m told this should be a relatively straightforward change for the depository center to make. Trading should not have to be suspended for more than a few days and it may be possible to proceed in phases of a few names at a time so that the entire market does not have to shut down during the transition period.

Similarly, it seems reasonable to expect the CBI to exchange new dinars for US dollars at one thousandth the rate for old dinars. In other words, if the original rate were IQD 1170 = US$ 1, post-redenomination this would become IQD 1.170 = US$ 1.

All of this seems reasonably straightforward for anyone holding assets such as currency or shares inside the country. For those holding dinar cash outside Iraq, however, things may not be so simple. How and on what terms their old dinars will be convertible into the new currency remains an open question.

Dont know how to put the link on here.If you goto Iraq Buisness News.You will see a tab for investments click on it,scroll down to the 4th article its there.Sorry for not being able to provide a link.Dont know if this was posted also.

This is the plan to delete the zeros they have been talking about.......its definately what we DONT want.....And I agree, we could run into some issues on our end of trying to exchange for the lower denoms to hold out until the rate gets high enough to make a little profit....

[dinardarius]

After everything I've read, In my opinion $1.00 USD = 1 IQD - that is what the RV will come out at .