The dinar's value will remain unchanged, he said.

[Dandy1]

BAGHDAD, Feb 11 - Iraq expects to redenominate its dinar currency by knocking three zeros off the nominal value of bank notes to facilitate currency transactions, a central bank official said on Thursday.

Emerging from years of war and sanctions, Iraq is trying to revamp its economy and boost oil production with a raft of crude deals that may vault it to one of the world's top oil producers. "The goal is to improve the payment and receiving system in the country and consequently to reform cash management," said Mudher Kasim, a senior advisor at the central bank.

Iraqi payment systems rely almost exclusively on cash.

Kasim said that the central bank expected to start rolling out new notes by the end of the year or the beginning of 2011. Iraq has 25 trillion dinars in circulation, officials say.

An Iraqi cabinet committee ordered the change in 2007, but the central bank did not think it appropriate until recently, Kasim said. The dinar's value will remain unchanged, he said.

The local unit is managed through foreign exchange auctions, and traded hands at 1,170 per dollar at the last sale. (Reporting by Aseel Kami; Editing by Jack Kimball and Toby Chopra)

http://ph.news.yahoo.com/rtrs/20100211/tbs-iraq-currency-955c2a1.html

http://www.iii.co.uk/news/?type=afxnews&articleid=7747130&subject=economic&action=article

[ayaimmortal]

So your saying that the value will NOT go up?

[jxjordan]

How is this possible to take off three zeros and the currency to stay the same?

[armondtoth]

How many time do we have to see this article, The Minister of Finance has already said they are not removing the 3 zero's from the value of the currency.

[Bumper64]

Talk about smoking mirrors!! wow

[madd44]

The bunny is dead.....repeat after me....the bunny is dead!!!!!!

[k98nights]

Talk about smoking mirrors!! wow

I get the feeling it's a smokescreen or disinformation designed to get insecure investors to give up their dinar before the RV. I'm no expert though... I just don't see how they can't RV without destroying their country and ruining international agreements and relationships.

[shogun06]

An Iraqi cabinet committee ordered the change in 2007, but the central bank did not think it appropriate until recently, Kasim said. The dinar's value will remain unchanged, he said. was that statement pertaining to 2007?

[caddieman]

I get the feeling it's a smokescreen or disinformation designed to get insecure investors to give up their dinar before the RV. I'm no expert though... I just don't see how they can't RV without destroying their country and ruining international agreements and relationships.

Here is the smokescreen again LMAO. You people kill me.........."OMG that can't be right I know its a Smokescreen! lol

[Scooter39]

We were all warned that these news articles would be coming out. Stay focused, stay on the path and have faith.

[Torey0112]

So we are to believe that real articles are fake and the rumors are real??? Hmmm.. How much koolaid do I need to keep drinking??

[tlar]

it just makes you want to sell you dinars before the rv doesn't it? They might as well do the rv. I'm sure even the Iraqi's find these kinds of statements funny. So far this makes article #6 from the cbi/finance minstry with 6 different ways to discourage future investors. Sounds like their getting ready to rv very shortly to me. What we do know is the lower denoms are there and ready, the cbi has accumulated 3x's the value of the currency in the streets and there is to be a monetary change in iraq. we also know that their budget is horribly underfunded for 2010 as the revenue streams are difficiant by 27% for what they plan to spend this year. I believe China lied right up to the day they said we are NOT GOING TO RAISE THE VALUE OF OU CURRENCY. Then they raised the value the next day.

[dinarded]

How is this possible to take off three zeros and the currency to stay the same?

Well, if you take 3 zeros off of the currency you also have to take 3 zeros off of the exchange rate.

25,000 Dinar becomes 25

.00086 becomes .86

The value of your Dinar remains the same, in terms of dollars, as it was before knocking the three zeros off.

[gottarock]

...so lets see...they will need a dumptruck of dinar to buy grocerys....please!!

[oogie]

caddieman yeah i know it's funny how they think we need to sell our dinar... ha ha!!!!!!!!!!

[Quart]

The statement about the value of the dinar remaining the same is either a mistake or a cruel joke on the Iraqi people. Henceforth, the currency they carted around in wheelbarrows will now require a truck. "Here is a brick of dinar. May I have a Coke?"

[Serenity]

How many time do we have to see this article, The Minister of Finance has already said they are not removing the 3 zero's from the value of the currency.

That's right!! Three zeros off the notes, not the value....The everloving Lop-eared bunny is dead...

[financeminister]

Up up up

down down down

[caddieman]

So we are to believe that real articles are fake and the rumors are real??? Hmmm.. How much koolaid do I need to keep drinking??

Thats not just funny.............. thats hilarious!!! Good one

[thecure81]

How many time do we have to see this article, The Minister of Finance has already said they are not removing the 3 zero's from the value of the currency.

armondtoth...link?

[dinarded]

Well, if you take 3 zeros off of the currency you also have to take 3 zeros off of the exchange rate.

25,000 Dinar becomes 25

.00086 becomes .86

The value of your Dinar remains the same, in terms of dollars, as it was before knocking the three zeros off.

Look guys, it's really quite simple.....Look up and read.

[caddieman]

The statement about the value of the dinar remaining the same is either a mistake or a cruel joke on the Iraqi people. Henceforth, the currency they carted around in wheelbarrows will now require a truck. "Here is a brick of dinar. May I have a Coke?"

I don't under stand what people don't get about remain the same. They are dropping three zeros, and THEN Rving to .86. Your 25000 note will have the same buying power as a 25 dinar note. As people use their 25000 note the and they come into the bank they will destroy them. They will go from 25+ trillion in Cir to 25+ billion in cir. Many people have said that 25+ trillion in cir was a huge problem. And like an ostrich people have stuck their heads in the sand. Well its now time to come up and take in a dose of reality and see where we can go from here

[Kent]

armondtoth...link?

I believe he is referring to this one posted by sprullis:

http://translate.google.com/translate?hl=en&ie=UTF-8&sl=ar&tl=en&u=http://www.aknews.com/ar/aknews/2/112476&prev=_t&rurl=translate.google.com&twu=1

Most see this as "the nail in the bunny coffin". Frankly, I just see it as a public conflict between the Ministry of Finance (top of article) and the CBI (bottom of article and all those others). The next question you have to ask is which one controlls the decision. I think most would say that is in the hands of the CBI, not the MoF.

[dreadyboy]

We were all warned that these news articles would be coming out. Stay focused, stay on the path and have faith.

Thats what dreams are made of!

[ringer1]

I don't know what to believe now.

I have read the articles dropping the zero's and phasing out the current form of currency. But this is the first time I have seen anything saying they were not going to leave the currency alone. Does anyone have any current articles backing up the currency will remain the same?