NOOOO. I hope this Does not really mean an RD

[josh772]

K both of these articles are pointing to an RD not and RV. I hope beyond hope that its not true. But more and more things seems to be pointing that way.

ARRRRGGgghh .

News / From Our Bureaus

Iraq Planning Currency Redenomination

Iraqi dinars are stacked at a teller's window in a Najaf bank.

February 06, 2010

BAGHDAD -- The Iraqi Central Bank is planning to redenominate the national currency in an effort to ease transactions and allow people to carry less paper money, RFE/RL's Radio Free Iraq (RFI) reports.

Mudhhir Muhammad Salih, a member of a Central Bank advisory panel, told RFI that a plan has been made to remove three zeros from the currency and phase out the current banknotes late this year.

Salih said by the end of 2010 the new banknotes will be fully introduced while the old banknotes will be gradually removed from circulation. He did not specify when the new notes would be issued.

Both will be legal tender in Iraq until the old notes are completely withdrawn.

Iraqi officials have had a long-running plan to redenominate the Iraqi dinar. In 2006, the Finance Ministry recommended to the Central Bank that it carry out such a plan.

Salih pointed out that banks are having a hard time accepting cash savings and deposits, but by dropping the zeros it will make it easier for both the banks to deal with their customers and for the general public to carry money. He said some 80 percent of Iraq's money supply is cash in circulation.

Salih added that in 1990 the value of banknotes in circulation was about 25 billion Iraqi dinars but is currently some 25 trillion dinars.

Economic analyst Hilal al-Tahhan told RFI that the bank's move is overdue. He said he expects the currency change to go smoothly because of the decision to allow both the old and new banknotes to coexist, leading to less turbulence in the economy.

The current exchange rate is 1,167 Iraqi dinars to the U.S. dollar

IQD - Iraqi DinarMore currencies

Iraq, Dinar

The Iraqi Dinar is the currency of Iraq. The currency code for Dinars is IQD, and the currency symbol is د.ع . Below, you'll find Iraqi Dinar rates, a currency converter, Iraqi Dinar News and more. You can also subscribe to our currency newsletters with daily rates and analysis, or take IQD rates on the go with our XE Mobile apps for your iPhone, BlackBerry, or even your regular phone.

Notice: IQD may be redenominated:

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 and no further announcements have been made. As stated by the Central Bank of Iraq, their mandate is to "ensure domestic price stability and foster a stable competitive market based financial system." For more information about the redenomination, read "Iraq Planning Currency Redenomination."

http://www.rferl.org/content/Iraq_Planning_Currency_Redenomination/1950504.html

http://www.xe.com/currency/iqd-iraqi-dinar

YES I REALIZE THEY ARE OLDER, BUT JUST SO MANY OF THEM NOW I NEED A PICK ME UP!

[webup]

Was the fairytale ending ever a reality?

[redsand]

Articles are too old to be considered their objective view of what they want to do with their currency. It looks more like an opinion piece...and you get enough of opinions from people here anyway!

[mrref]

AHHHH PICK YOU UP, NOW YOU FEEL BETTER..

[cooked]

So old they're not worth the toilet paper they're printed on.

[nettie]

Read Bondlady's post in the Chat section! that's a pick me up!

[WowLewi]

[quote name='josh772'

YES I REALIZE THEY ARE OLDER, BUT JUST SO MANY OF THEM NOW I NEED A PICK ME UP!

Josh772 - Look at it this way...

1). If they are going to LOP they must educate their people.... If this is going to happen they are being very sloppy about it with all these articles.

2). If they RV they might put out a mess of LOP articles to get as much currency back as possible, prevent people from buying more and NOT tip their hand to what they are doing.

I choose #2 (The Optimistic View)

[josh772]

Josh772 - Look at it this way...

1). If they are going to LOP they must educate their people.... If this is going to happen they are being very sloppy about it with all these articles.

2). If they RV they might put out a mess of LOP articles to get as much currency back as possible, prevent people from buying more and NOT tip their hand to what they are doing.

I choose #2 (The Optimistic View)

+1

[Darren77th]

There are more current articals, the last one being in June if I remember correctly that specifically states that there will be an R/D. This straight from the CBI's mouth so to speak. There is just way to much currency in circulation right now with more being actioned routinely. There really was no chance of becoming a millionaire of this investiment. We can however hold out hope that we can make a couple of grand. Any money made no matter how slight is a good thing. There is no smoke and mirrors as others have tried to say. Its just facts are facts. Facts and commen sense can be very inconvenient truths (sorry couldn't resist).

[tyron]

Come on guys. Even my dog knows its RV and not RD... or worse come to come RD and then RV woof.

[josh772]

There are more current articals, the last one being in June if I remember correctly that specifically states that there will be an R/D. This straight from the CBI's mouth so to speak. There is just way to much currency in circulation right now with more being actioned routinely. There really was no chance of becoming a millionaire of this investiment. We can however hold out hope that we can make a couple of grand. Any money made no matter how slight is a good thing. There is no smoke and mirrors as others have tried to say. Its just facts are facts. Facts and commen sense can be very inconvenient truths (sorry couldn't resist).

this is an opposite of a pick me up sir! sad day

[Darren77th]

I know I have been in a foul mood for couple of months now. I don't want to lose any money on this but I have trying to prpare myself. I don't want to be a downer but I think we should all try and prepare for the worst and if ends going good then we will have a wonderfull surprised in store.

[librapeace]

this is an opposite of a pick me up sir! sad day

Think of it this way... nobody knows what will occur with this currency. Question: would you rather have tried and failed, or failed to try? Your in the game...hang in there and see what this brings. In the meantime enjoy life...

[Papster]

I know I have been in a foul mood for couple of months now. I don't want to lose any money on this but I have trying to prpare myself. I don't want to be a downer but I think we should all try and prepare for the worst and if ends going good then we will have a wonderfull surprised in store.

I know if you are a glass half empty kind of guy.....thats the way you would want to look at it..........but thank god i am not that way.......GO DINAR

[estewart]

Think of it as a bet with a POSSIBLE (however much nebulous) high gain, and one with an exceedingly low risk. You can get your money back minus the transfer fee and spread. Can't lose everything like in sports betting.

That's my kind of bet. And they are rare.

[Serenity]

You know what the best give away is if you''re worried about a lop....COINS!!! The only reason to have coins is to make change, right? This could only mean a much higher value to make change for..... Seen all articles mentioning coins, lately?

Edited August 2, 2011 by Serenity

[keepmwlknfny]

Regardless of how old these articles are they have been repeating these statements for years now and we can't ignore them.....it is unfortunately a possibility and we should be thinkin of how to prepare for the worst case scenerio with a RD which of course would be followed by a RV so there is a chance to make some money but even that depends on if we can even get acccess to the lower denoms because a lot of countries close their borders during the time of exchanging so as unlikely as it might sound it could happen.....

You know what the best give away is if you''re worried about a lop....COINS!!! The only reason to have coins is to make change, right? This could only mean a much higher value to make change for..... Seen all articles mentioning coins, lately?

Tghey will still need coins if they lop....after the lop the value of the dinar would be close to the USD so they would still need coins to make change just like we do.....

[Legolas]

Regardless of how old these articles are they have been repeating these statements for years now and we can't ignore them.....it is unfortunately a possibility and we should be thinkin of how to prepare for the worst case scenerio with a RD which of course would be followed by a RV so there is a chance to make some money but even that depends on if we can even get acccess to the lower denoms because a lot of countries close their borders during the time of exchanging so as unlikely as it might sound it could happen.....

They will still need coins if they lop....after the lop the value of the dinar would be close to the USD so they would still need coins to make change just like we do.....

It still amazes me that so many people, even many of the frequent, and otherwise knowledgeable posters are unable to understand the concept of the RD/RV, no matter how many times it's carefully explained. It has to be a simple mental block, or the fact that the gurus have done such a great job of twisting reality for so many years now. When the decimal point is moved three positions to the left, (removing the zeros) the value of the individual Dinar obviously INCREASES in value. One Dinar will increase from .00086 to .86 - nearly equivalent to the U.S. Dollar. There is NO LOSS in value, and clearly there would be a need for much smaller denominations as a result, and NO NEED to carry truckloads of Dinars to make purchases. The purpose of the RD is specifically to eliminate that need, and to simplify commerce and banking.

Concurrent with the RD, they could very well elect to RV, increasing the value even further, which at this point, based on the massively available evidence is what we have to hope will happen. It's so incredibly simple, yet so many refuse to see it. It seems clear that they would be able to "afford" to do so, either simultaneously or gradually over a period of a few years. They would have to be absolute morons to be talking about this so incredibly often if the intent was to RV and THEN RD. That scenario is completely illogical. Add to that the fact that there are 25-30 TRILLION Dinars now in circulation, and the reality has to hit like a hammer. Even if the numbers were many times lower, it just wouldn't make sense. Believe me, I wish it weren't so clear. Let's hope for a large RV to go with the RD. This needs to be over.

[hafizul]

just wait and see what will happened...

GO RV !!!!

[hunz]

It still amazes me that so many people, even many of the frequent, and otherwise knowledgeable posters are unable to understand the concept of the RD/RV, no matter how many times it's carefully explained. It has to be a simple mental block, or the fact that the gurus have done such a great job of twisting reality for so many years now. When the decimal point is moved three positions to the left, (removing the zeros) the value of the individual Dinar obviously INCREASES in value. One Dinar will increase from .00086 to .86 - nearly equivalent to the U.S. Dollar. There is NO LOSS in value, and clearly there would be a need for much smaller denominations as a result, and NO NEED to carry truckloads of Dinars to make purchases. The purpose of the RD is specifically to eliminate that need, and to simplify commerce and banking.

Concurrent with the RD, they could very well elect to RV, increasing the value even further, which at this point, based on the massively available evidence is what we have to hope will happen. It's so incredibly simple, yet so many refuse to see it. It seems clear that they would be able to "afford" to do so, either simultaneously or gradually over a period of a few years. They would have to be absolute morons to be talking about this so incredibly often if the intent was to RV and THEN RD. That scenario is completely illogical. Add to that the fact that there are 25-30 TRILLION Dinars now in circulation, and the reality has to hit like a hammer. Even if the numbers were many times lower, it just wouldn't make sense. Believe me, I wish it weren't so clear. Let's hope for a large RV to go with the RD. This needs to be over.

This is the best post I have read on this site. Everyone needs to realize that this is the most logical scenario.

[theadicts]

It still amazes me that so many people, even many of the frequent, and otherwise knowledgeable posters are unable to understand the concept of the RD/RV, no matter how many times it's carefully explained. It has to be a simple mental block, or the fact that the gurus have done such a great job of twisting reality for so many years now. When the decimal point is moved three positions to the left, (removing the zeros) the value of the individual Dinar obviously INCREASES in value. One Dinar will increase from .00086 to .86 - nearly equivalent to the U.S. Dollar. There is NO LOSS in value, and clearly there would be a need for much smaller denominations as a result, and NO NEED to carry truckloads of Dinars to make purchases. The purpose of the RD is specifically to eliminate that need, and to simplify commerce and banking.

Concurrent with the RD, they could very well elect to RV, increasing the value even further, which at this point, based on the massively available evidence is what we have to hope will happen. It's so incredibly simple, yet so many refuse to see it. It seems clear that they would be able to "afford" to do so, either simultaneously or gradually over a period of a few years. They would have to be absolute morons to be talking about this so incredibly often if the intent was to RV and THEN RD. That scenario is completely illogical. Add to that the fact that there are 25-30 TRILLION Dinars now in circulation, and the reality has to hit like a hammer. Even if the numbers were many times lower, it just wouldn't make sense. Believe me, I wish it weren't so clear. Let's hope for a large RV to go with the RD. This needs to be over.

People will slowly come to the conclusion and it will be like a hangover from hell feeling once the realization sets in for some. I am all for keeping high spirits but when it comes to investments, we must look for every possible outcome. I believe we are looking at a RD/RV scenario as explained from legolas. Folks we can still make money.

[Serenity]

It still amazes me that so many people, even many of the frequent, and otherwise knowledgeable posters are unable to understand the concept of the RD/RV, no matter how many times it's carefully explained. It has to be a simple mental block, or the fact that the gurus have done such a great job of twisting reality for so many years now. When the decimal point is moved three positions to the left, (removing the zeros) the value of the individual Dinar obviously INCREASES in value. One Dinar will increase from .00086 to .86 - nearly equivalent to the U.S. Dollar. There is NO LOSS in value, and clearly there would be a need for much smaller denominations as a result, and NO NEED to carry truckloads of Dinars to make purchases. The purpose of the RD is specifically to eliminate that need, and to simplify commerce and banking.

Concurrent with the RD, they could very well elect to RV, increasing the value even further, which at this point, based on the massively available evidence is what we have to hope will happen. It's so incredibly simple, yet so many refuse to see it. It seems clear that they would be able to "afford" to do so, either simultaneously or gradually over a period of a few years. They would have to be absolute morons to be talking about this so incredibly often if the intent was to RV and THEN RD. That scenario is completely illogical. Add to that the fact that there are 25-30 TRILLION Dinars now in circulation, and the reality has to hit like a hammer. Even if the numbers were many times lower, it just wouldn't make sense. Believe me, I wish it weren't so clear. Let's hope for a large RV to go with the RD. This needs to be over.

[webup]

I know if you are a glass half empty kind of guy.....thats the way you would want to look at it..........but thank god i am not that way.......GO DINAR

Yeah I lay in bed every night thinking positively that when I wake in the morning I might be 6 foot 3.

Never seems to happen.

I'm beginning to wonder if being positive should really stick to the things its designed for i.e living a happy life,being kind and hopeful etc and NOT speculative investments and dreams of growing overnight.

[redsand]

Regardless of how old these articles are they have been repeating these statements for years now and we can't ignore them.....it is unfortunately a possibility and we should be thinkin of how to prepare for the worst case scenerio with a RD which of course would be followed by a RV so there is a chance to make some money but even that depends on if we can even get acccess to the lower denoms because a lot of countries close their borders during the time of exchanging so as unlikely as it might sound it could happen.....

Tghey will still need coins if they lop....after the lop the value of the dinar would be close to the USD so they would still need coins to make change just like we do.....

Keep, without getting into points as well because I don't wan't to be redundant, I can say the same thing about straight up RV. There are plenty of articles (old and new) that favor that. So, we'll see!

[gabster]

It still amazes me that so many people, even many of the frequent, and otherwise knowledgeable posters are unable to understand the concept of the RD/RV, no matter how many times it's carefully explained. It has to be a simple mental block, or the fact that the gurus have done such a great job of twisting reality for so many years now. When the decimal point is moved three positions to the left, (removing the zeros) the value of the individual Dinar obviously INCREASES in value. One Dinar will increase from .00086 to .86 - nearly equivalent to the U.S. Dollar. There is NO LOSS in value, and clearly there would be a need for much smaller denominations as a result, and NO NEED to carry truckloads of Dinars to make purchases. The purpose of the RD is specifically to eliminate that need, and to simplify commerce and banking.

Concurrent with the RD, they could very well elect to RV, increasing the value even further, which at this point, based on the massively available evidence is what we have to hope will happen. It's so incredibly simple, yet so many refuse to see it. It seems clear that they would be able to "afford" to do so, either simultaneously or gradually over a period of a few years. They would have to be absolute morons to be talking about this so incredibly often if the intent was to RV and THEN RD. That scenario is completely illogical. Add to that the fact that there are 25-30 TRILLION Dinars now in circulation, and the reality has to hit like a hammer. Even if the numbers were many times lower, it just wouldn't make sense. Believe me, I wish it weren't so clear. Let's hope for a large RV to go with the RD. This needs to be over.