Iraqi News News from Reuters......What do ya'll make of this one?

[Kimwil2]

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

Iraq plans to slice three zeros off currency notes

Reuters - Friday, February 12SendIM StoryPrint.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)

[allIneedisonemillionusd]

I think its a different report from the same news source.

[Riverman]

Quite honestly, I don't understand the need for smaller denoms if the rate is kept at the same exchange.. If they revalue, then the need will be for smaller bills.

[Dandy1]

This has been posted in at least two other threads.

[k98nights]

Sounds like the same stuff we've been hearing for a week or so. NO LOP!!

[Kimwil2]

This has been posted in at least two other threads.

I've read it in the other threads, but was wondering since its Reuter's, does it make a difference, the wording is different as well.

[Kimwil2]

Quite honestly, I don't understand the need for smaller denoms if the rate is kept at the same exchange.. If they revalue, then the need will be for smaller bills.

It makes sense to go to smaller denoms when they rv. (speaking from the U.S. point of view) I would hate to just have 100.00 bills all the time, it makes it easier to use during everyday activities.

[ShannonLMT]

that doesn't make sense. to slice off three 0's but not revalue. that doesn't make it easier that makes it harder to revamp the economy, as they say.

[Kimwil2]

that doesn't make sense. to slice off three 0's but not revalue. that doesn't make it easier that makes it harder to revamp the economy, as they say.

It does seem kinda azz backwards.....

[wusObie]

that doesn't make sense. to slice off three 0's but not revalue. that doesn't make it easier that makes it harder to revamp the economy, as they say.

I totally agree with you. Makes no sense at all. Adam did say that there would be false news out there prior to the RV. This is likely an example of that.

[Rolaene12]

These articles talking about the removal of three zeros are confusing to me. If Iraq were to lop 3 zeros the result is value neutral. The 25k dinar note = the 25 dinar note = appx. $0.000086 usd. Note that the = sign means nothing changed other than the fact that your Coca Cola now costs 2 dinar, but you still paid for it with two old 2k notes. This makes me think there is more to the news than just a lop. I can understand the redenomination if the IQD will be exchanged for $0.50 usd because it would be impossible to transact business when the lowest denomination is the equivalent of $25 usd. In the absence of an increase in the IQD's value, I just don't see the point of a denomination other than to make the math easier for some.

[waitingondinar]

Why can't the banks work with the large denoms. People will cash in their large denoms for US dollars. All of this will be wired into their individual accounts.

then the large denoms can be removed from circulation.

[waitingondinar]

looks familiar...........

[touch]

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

Iraq plans to slice three zeros off currency notes

Reuters - Friday, February 12SendIM StoryPrint.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)

How come Reuters doesn't have anything in reference to dinars on their own website; at least not recently. Makes me want to know why?

[Serenity]

Quite honestly, I don't understand the need for smaller denoms if the rate is kept at the same exchange.. If they revalue, then the need will be for smaller bills.

Exactly!!!!!!! Those articles are doing their jobs...They are designed to confuse us....Smaller denoms are a telltale sign of a RV....IMHO

[mrref]

THis is old news.......................

[Barbann]

It is an editorial training exercise in that somebody wants to know how many ways you can say the same thing in different places !

[ajax]

You can make a hat.....or a broach.............or a terradactile bird!!! (as for anything else...these types of propoganda aren't worth the paper they're printed on...RI coming within 3 days to 2 weeks and will be between $2.30 and $3.27...Maliki and the gang haven't been going back n forth with da UN over toilet paper choices...They need a higher rate to be readying themselves for GCC and the IMF wants to see consistency maintained...which they have!!! Higher RI helps ALL...period...now let the CBI work their logistical magic and forget all the rest of this obvious BS)

[JerryC]

maybe its a smoke screen..I hope so. Or maybe a play on words . Or maybe a mistake with the dates. Maybe maybe maybe

Thanks for the post

[krmayo]

You can make a hat.....or a broach.............or a terradactile bird!!! (as for anything else...these types of propoganda aren't worth the paper they're printed on...RI coming within 3 days to 2 weeks and will be between $2.30 and $3.27...Maliki and the gang haven't been going back n forth with da UN over toilet paper choices...They need a higher rate to be readying themselves for GCC and the IMF wants to see consistency maintained...which they have!!! Higher RI helps ALL...period...now let the CBI work their logistical magic and forget all the rest of this obvious BS)

From what I've read, the GCC isn't coming out with their currency for several years...no source for that other than this forum, and I believe Adam has said as much also. I don't see where ajax gets 2.30 to 3.27 from.

[Traconesu02]

It sound like the same old stuff that we have been hearing. Sure wish everyone that posts these LOP articles would read the other posts prior to posting these. They are all repeats and most of us know there will be no LOP. It has been talked about and is old news. NO LOP is going to happen. The closest that could possibly happen with any zeros would be as has also been extensively discussed would be the lopping of zeros in the value of iraq currency making a dinar worth .86 instead of .00086. That would be it.

Again you do not take a note that says 25000 dinar and make it a 25 dinar note when you already have a coin in circulation with a 25 dinar value.

Hey! I don't even know why I am typing all this. Apparently nobody reads these posts or they would not continually post the same ones over and over again.

This LOP thing is really getting OLD. Read my lips NO LOP........

[Kimwil2]

It sound like the same old stuff that we have been hearing. Sure wish everyone that posts these LOP articles would read the other posts prior to posting these. They are all repeats and most of us know there will be no LOP. It has been talked about and is old news. NO LOP is going to happen. The closest that could possibly happen with any zeros would be as has also been extensively discussed would be the lopping of zeros in the value of iraq currency making a dinar worth .86 instead of .00086. That would be it.

Again you do not take a note that says 25000 dinar and make it a 25 dinar note when you already have a coin in circulation with a 25 dinar value.

Hey! I don't even know why I am typing all this. Apparently nobody reads these posts or they would not continually post the same ones over and over again.

This LOP thing is really getting OLD. Read my lips NO LOP........

I think you are talking about the very thing that you are fussing about, it was posted earlier that I understand that this was posted earlier, but the difference is NOW Reuter's is reporting it. My concern was since they are reporting it, does it hold more validity than any other post that was posted this earlier. I've researched Reuter's since I've invested and this is the FIRST time I've ever seen them give a flying axx about the dinar. And that my friend was the reasoning behind the post.

[yothor]

it makes perfect sense. why would they put out an article that reads, iraq will chop three zeros and revalue at 3.22. so hurry and buy it.

[ronscarpa]

Rumors, Reports, Opinions, Arguments, Interpretations, and More...We need to be considerate of each other - Let's just wait and see what will actually happen. Praying for blessing might help...!

RON

[jocko129]

It seems that we are going in the Mary go around this same news keep on appearing over and over!!!!