Iraq to Replace its Currency

[dinaronmind/mindondinar]

bump

[jmw]

I don't see where it says they will print 30T dinar. It says, they will exchange 30T dinar.....for what, "to reduce the number of banknotes in circulation". The number of notes is not specified.

Correct...the 30 trillion dinar is their approximate amount of physical dinar...which has a value of $26bn US dollars...it will still be worth $26bn US dollars...but now there will only be 30bn dinar of physical currency.

[JWJW11]

Correct...the 30 trillion dinar is their approximate amount of physical dinar...which has a value of $26bn US dollars...it will still be worth $26bn US dollars...but now there will only be 30bn dinar of physical currency.

The article is BS....puke puke....thats what you do best!

Edited August 5, 2011 by Bumper64
Play Nice!! A little harsh!!!

[drlewis]

Maybe the plan is to print the exact same amount of dinar in the new lower bills... Oh wait, lop fans would be wrong if thats the case, so it has to be a misprint for sure..

Or they are printing 30 tril in lower notes so we can trade in a 25k note for 100, 250 notes. Then rv to $1.00

Why would GWB make it possible for americans to invest in Iraqi dinar, if ripping us all off was the plan.. Dont you think we have paid enough? I mean idk about you guys but our country is in turmoil because of all the money we spent to save the iraqi people.. When we buy dinar who gets the money?? Iraq? Our we all investors sending our hard earned money to iraq? In return our government is going to sit back and watch us all get F*****. I dont think so..

Edited August 5, 2011 by drlewis

[JWJW11]

Maybe the plan is to print the exact same amount of dinar in the new lower bills... Oh wait, lop fans would be wrong if thats the case, so it has to be a misprint for sure..

Or they are printing 30 tril in lower notes so we can trade in a 25k note for 100, 250 notes. Then rv to $1.00

Why would GWB make it possible for americans to invest in Iraqi dinar, if ripping us all off was the plan.. Dont you think we have paid enough? I mean idk about you guys but our country is in turmoil because of all the money we spent to save the iraqi people.. When we buy dinar who gets the money?? Iraq? Our we all investors sending our hard earned money to iraq? In return our government is going to sit back and watch us all get F*****. I dont think so..

Exactly....well said!

[Bumper64]

PLAY NICE!!!!!!!!!

[drlewis]

Another question I have is what is happening to all the dinar that iraq is buying by the trillions every day? Maybe the big notes are being destroyed? maybe it is just going in reserves? Either way it is getting out of circulation, right? So im not so sure the m1 and m2 debate is very acurate. The other big rv clue would be the fact that that they do not allow dinar to be taken out of the country? They sale $$ every day in exchange for dinar? Can someone please explain these questions with factual information as to why we cant take dinar out of Iraq, and why they sale dollars for dinar every day, and what happens to the dinars they take in?

[TFK]

Why would GWB make it possible for americans to invest in Iraqi dinar, if ripping us all off was the plan.. Dont you think we have paid enough? I mean idk about you guys but our country is in turmoil because of all the money we spent to save the iraqi people

I would agree with your first premise, that Iraq won't be able to rip "us" (investors around the world, not just US citizens) off with this investment. They would come out the big losers. Without investor confidence, Iraq will stay locked out of the world community and will amount to nothing good!

Your second point that America is in financial straits due to the Iraq war is total nonsense! No insult intended to the poster. America in in financial turmoil because of left wing politics, period!

Your mortgage fiasco started it all. The idea of home-ownership as a right, not a hard earned privilege, was the idea Barney Frank and co. spewed across America. And guess what? A majority of Americans swallowed it up, hook, line and sinker. Think I'm wrong? We'll more people voted for Obama after all this BS mortgage scandal with Fanny Mae and Freddy Mac was already well known. American's have gotten exactly what they asked for... Socialist Chaos. Welcome to the Euro-Way! Now Obama intends to save you all by spending your great, great grand-children's inheritance. And the real crime here is that he will probably get re-elected! How fracking marvelous!!!

As for the Iraq war costs, that is a very small fraction of the amount of money the US government has spent in the last few years. In total, the 10 year long Iraq war has cost about $900B. That's less than just one of the 2 stimulus plans released by Bush and Obama. http://www.foxnews.com/politics/2010/08/30/cbo-years-iraq-war-cost-stimulus-act/

Today may mark the beginning of another long recession because of Socialist spending in southern Europe. God help us all, because these godless socialist's are going to destroy our hard fought, Western way of life!!!!

Liberalism is a disease that is very hard to cure. I wish you all well. It took us 20 years in Canada to finally crush the Liberals and their form of Euro Socialism. It will take a lot of hard work to win back your country! American's!!! You must defeat this sitting president in the next year's election or face the end of American exceptionalism as we have come to know it!!!

[Darin]

Ok, no worries. I simply based my opinion on the many other 'removal of zeros' (redenomination) that have taken place in other countries all over the world. I guess Iraq will be different and not do theirs like that (even though Shabibi himself has said they will). I do understand. The IQD will increase in value 375,000%. I get it. Yep, 375,000% percent.... I get it. Duh....silly me!

Hey..... Now your getting the picture.. Where is my Thumbs Up Smiley?

The people who spew negative remarks on any thing substantially positive use the basis of what is seen on the surface.

Anyone can look at a financial spreadsheet, look at the Monetary Base figures and calculate it against their foreign cash reserves and go... "Uhhh I don't see how this is possible....."

Pretty sure if it was easy to understand, and was screaming "It is entirely under-valued...!" It would be known world-wide.

Has anyone looked to see how much cash the US has in their foreign cash reserves? $150 billiion.....

And pretty sure when you add up U.S. Government Debt, Consumer Debt, Liabilities, Medicare, Social Security, and add in both QE1 & QE2.... Those figures are incredibly higher than 50-60 trillion.

Wow - if everyone cashed out their USD for some other currency, the US Govt only has 150 billion to back it all.... Weird how loppers are arguing something that is not possible that the US seems to pull off fine.

Okay, so you'll argue it is based upon the faith of the dollar and the demand of the dollar as it is backed by the petrodollar & also foreign reserves. I would respond, I will give you that on the reserves.. But the dollar is slowly losing value... I can't remember the years - But in like 1927 or some year near that, what went for $1.50-$2.00 now takes $20...

But, will the dollar be what crude is sold in past 2013?? 40 years ago, an agreement was made to sell crude on the market in US dollars. Therefore, the US Petrodollar was created. The idea was that not only do oil producing & exporting nations sell in U.S. dollars, but to also buy U.S. debt in the form of bonds. If we lose that, I would imagine our value would drop rather quickly by anywhere from 20-30%.... And the domino effect after that, would likely mean less desire to hold it in reserves.

Scary when you start digging, huh??

[edbeach]

drlewis

I believe one of the articles that came out had stated they have in Banks or CBI 95% return of the large bills. Just thought I would throw this out . They were talking out the currency in Iraq. Does anyone else remember reading this??

[matthew6:19-21]

Can anyone answer this. If you have 40 25k notes 1,000,000 dinar and it rvs 1:1 will it be worth 1,000 or 1,000,000 us dollars? Thanks I am confused.

[estewart]

I believe Iraq only intends to release new bills which do not include any having three zeros. The bills having three zeros, like the 25K bills we have, will remain good and unchanged until the Bank of Iraq can pull them from circulation.

Iraq's current main stance is to experience Currency Stability, so it will be doing nothing that affects a major change in the economy or value of the Dinar.

Bottom line.

There appears to be nothing on the agenda apart from the above stated situation.

[George Hayduke]

Your mortgage fiasco started it all. The idea of home-ownership as a right, not a hard earned privilege, was the idea Barney Frank and co. spewed across America. And guess what? A majority of Americans swallowed it up, hook, line and sinker. Think I'm wrong? We'll more people voted for Obama after all this BS mortgage scandal with Fanny Mae and Freddy Mac was already well known. American's have gotten exactly what they asked for... Socialist Chaos. Welcome to the Euro-Way! Now Obama intends to save you all by spending your great, great grand-children's inheritance. And the real crime here is that he will probably get re-elected! How fracking marvelous!!!

Today may mark the beginning of another long recession because of Socialist spending in southern Europe. God help us all, because these godless socialist's are going to destroy our hard fought, Western way of life!!!!

Liberalism is a disease that is very hard to cure. I wish you all well. It took us 20 years in Canada to finally crush the Liberals and their form of Euro Socialism. It will take a lot of hard work to win back your country! American's!!! You must defeat this sitting president in the next year's election or face the end of American exceptionalism as we have come to know it!!!

O' CANADA! +1 for the truth.

Sad part about American home ownership is people have forgotten the connection to the 4th Ammendment; our homes are our

'Sovereign Castle' and the Kings Men better bring 'papers' to enter. However, most people are only concerned about qualifying for a home loan than they are about personal liberty. Everyday more and more Americans give up personal liberty to any Federalist/state uniformed, badge flashing toady just as long as they can watch American Idol on the new financed flat screen. Yes, it is true everyone in America can live in fantasy as a Rock Star, Gangster, or the more common, 'victim' role.

Hard work, personal sacrifice, honor, dignity, moderation and comittment? Words that are becoming less used as descriptions of a persons character and more like 'high lofty' words of a bygone era...

George

[estewart]

ALL THAT is because, for the most part, the population has been educated to think that way by the government controlled schools and organized religion's controlled schools.

The ancient Greek schools focused on teaching students to think and reason. Modern US schoools and colleges only teach students to BELIEVE this or that and to memorize lists. And the tests they take test for these ability, alone.

[Gaet028]

Thanks for the post

Cheers

[tacson]

Ok, no worries. I simply based my opinion on the many other 'removal of zeros' (redenomination) that have taken place in other countries all over the world. I guess Iraq will be different and not do theirs like that (even though Shabibi himself has said they will). I do understand. The IQD will increase in value 375,000%. I get it. Yep, 375,000% percent.... I get it. Duh....silly me!

Yes Silly you. I have seen that they are going to RD the currency, Yes absolutely, it is all over the internet. What i have a huge problem with is, NOWHERE does it say that 25000 will equal 25 after RD. So WHERE IS THE PROOF. YEP 375,000% here we come. Like i said give me your 25000 ID note and I will be more than happy to give you a 25 ID note. I mean if you are so SURE that is it going down like this. I mean really back your claim.

[BlueOrchid919]

Yes Silly you. I have seen that they are going to RD the currency, Yes absolutely, it is all over the internet. What i have a huge problem with is, NOWHERE does it say that 25000 will equal 25 after RD. So WHERE IS THE PROOF. YEP 375,000% here we come. Like i said give me your 25000 ID note and I will be more than happy to give you a 25 ID note. I mean if you are so SURE that is it going down like this. I mean really back your claim.

Not my claim....the CBI's. They are doing a good job of explaining their plans.

Right here it says a 25,000 dinar banknote after redenomination dropping 3 zeros will become a 25 dinar banknote:

http://www.rferl.org/content/iraq_said_planning_currency_overhaul_redenomination/24245867.html

It's not me. I'm just starting to see things more clearly. The guru smoke is clearing....

Am I happy? Nope. Not at all. Quite disillusioned in fact.

[tacson]

Not my claim....the CBI's. They are doing a good job of explaining their plans.

Right here it says a 25,000 dinar banknote after redenomination dropping 3 zeros will become a 25 dinar banknote:

http://www.rferl.org/content/iraq_said_planning_currency_overhaul_redenomination/24245867.html

It's not me. I'm just starting to see things more clearly. The guru smoke is clearing....

Am I happy? Nope. Not at all. Quite disillusioned in fact.

Ok (an) article 1 article. Reposted on many sites. My point. When the currency was devalued they did not add 000 to the currency to replace the former currency, prices just went up up up. So when a 25 dinar item got inflated, hyper inflated, the price of the item just went up. So when they deflated the currency or revalue the currency it will go through deflation which means the money is worth more and you can purchase more with the dinar. So question, if they did not add 000 to the devalued currency and just printed higher currency notes, then why why why will they take 000 off of the revalued currency. Just does not make any flipping sense. I am going to tell you numbers are numbers and governments are governments, you cant trust the government and numbers can be manipulated to equal anything you want if you know how to use them. So point is no RD period. No matter what, who, when, what or why says. If they do RD, well get ready because there will be alot of pissed off people looking for the heads of government personal making those decisions. Just like that WW4 will start. This is just one of the factors, there are many others.

[HopefulTxn]

Ok (an) article 1 article. Reposted on many sites. My point. When the currency was devalued they did not add 000 to the currency to replace the former currency, prices just went up up up. So when a 25 dinar item got inflated, hyper inflated, the price of the item just went up. So when they deflated the currency or revalue the currency it will go through deflation which means the money is worth more and you can purchase more with the dinar. So question, if they did not add 000 to the devalued currency and just printed higher currency notes, then why why why will they take 000 off of the revalued currency. Just does not make any flipping sense. I am going to tell you numbers are numbers and governments are governments, you cant trust the government and numbers can be manipulated to equal anything you want if you know how to use them. So point is no RD period. No matter what, who, when, what or why says. If they do RD, well get ready because there will be alot of pissed off people looking for the heads of government personal making those decisions. Just like that WW4 will start. This is just one of the factors, there are many others.

Unfortunately it is not just '(an) article 1 article' as you state. There are articles going back a few years stating that it is their intention to redenominate. It is also described in the 2002 Future of Iraq Project from the US State Department, which was written even before the removal of Saddam in 2003. They have stated many, many times that their intention is to reduce their physical monetary base from the trillions that it resides at now to the billions that existed in the 70's and 80's by means of redenomination.

Not sure what you are referring to on the 'when the currency was devalued' statement. Saddam devalued the currency by spending their foreign currency reserves on the war with Iran and replacing it with debt to area countries, as well as going on a printing spree of currency, which is what drove the dinar in circulation into the trillions to begin with.

[jerseyboy]

does this mean we get 1 25 for every25000 we have? If thats the case someone is saving alot df money after the rv, or am i tto simple to understand the whole process.PLEASE ENLIGHTEN!!!!!!!!!!!!!!!!!!

[Dalite]

does this mean we get 1 25 for every25000 we have? If thats the case someone is saving alot df money after the rv, or am i tto simple to understand the whole process.PLEASE ENLIGHTEN!!!!!!!!!!!!!!!!!!

The CBI is describing their plans to ReDenominate the Iraqi Dinar.

They have been announcing their intentions to RD for some time now.

You are correct that a 25,000 Dinar note would be exchanged for a 25 Dinar note.

They both would have the same value; approximately $21.50 at the current exchange rate.

Everything is divided by 3 by 1000 in a 3 zero RD.

This has been anticipated by the currency exchange market for some time now, and the CBI will probably continue these articles weekly; if not daily as part of the education plan for Iraqi citizens and expats.

It hasn't happened yet. It is possible they will be further delayed by Maliki.

It is what it is, and nobody knows what it is until the CBI shows what it is.

You asked for an answer, which I have tried to provide.

Telling the truth around here is referred to as being negative.

[bigdaddydn]

The CBI is describing their plans to ReDenominate the Iraqi Dinar.

They have been announcing their intentions to RD for some time now.

You are correct that a 25,000 Dinar note would be exchanged for a 25 Dinar note.

They both would have the same value; approximately $21.50 at the current exchange rate.

Everything is divided by 3 by 1000 in a 3 zero RD.

This has been anticipated by the currency exchange market for some time now, and the CBI will probably continue these articles weekly; if not daily as part of the education plan for Iraqi citizens and expats.

It hasn't happened yet. It is possible they will be further delayed by Maliki.

It is what it is, and nobody knows what it is until the CBI shows what it is.

You asked for an answer, which I have tried to provide.

Telling the truth around here is referred to as being negative.

if you truly belive that to be true than I will trade you a 250 IQD for only 9 / 25,000 IQD noats & you would make $ off of me

[YourIntelSux]

The CBI is describing their plans to ReDenominate the Iraqi Dinar.

They have been announcing their intentions to RD for some time now.

You are correct that a 25,000 Dinar note would be exchanged for a 25 Dinar note.

They both would have the same value; approximately $21.50 at the current exchange rate.

Everything is divided by 3 by 1000 in a 3 zero RD.

This has been anticipated by the currency exchange market for some time now, and the CBI will probably continue these articles weekly; if not daily as part of the education plan for Iraqi citizens and expats.

It hasn't happened yet. It is possible they will be further delayed by Maliki.

It is what it is, and nobody knows what it is until the CBI shows what it is.

You asked for an answer, which I have tried to provide.

Telling the truth around here is referred to as being negative.

Dalite, much respect for your posts, but the problem nobody knows the truth. That goes for the "negative" or "positive" comments. So we can't assume the negative solutions to this fiasco are the absolute truth as well as the positive.

[BlueOrchid919]

The CBI is describing their plans to ReDenominate the Iraqi Dinar.

They have been announcing their intentions to RD for some time now.

You are correct that a 25,000 Dinar note would be exchanged for a 25 Dinar note.

They both would have the same value; approximately $21.50 at the current exchange rate.

Everything is divided by 3 by 1000 in a 3 zero RD.

This has been anticipated by the currency exchange market for some time now, and the CBI will probably continue these articles weekly; if not daily as part of the education plan for Iraqi citizens and expats.

It hasn't happened yet. It is possible they will be further delayed by Maliki.

It is what it is, and nobody knows what it is until the CBI shows what it is.

You asked for an answer, which I have tried to provide.

Telling the truth around here is referred to as being negative.

Well done my friend! The only problem is, we're just candles in the wind....

With the CBI being so clear in their intent, coming out with frequent articles to further clarify their redenomination, it is just a matter of time before all will finally understand. We should know a LOT more by year's end.

I hope we will have a chance to exchange our old dinars for the new ones. Only time will tell how that will occur.

Happy Sunday to you!

...and everyone else too!...

[YourIntelSux]

The truth is, even the people that believe the LOP will happen have a little hope deep down that it will rv or we wouldn't see each other here so much. Why would anyone spend so much time here to triple our investment? I know everyone says 300% is great when it comes to return, but it's really not that substantial when most of us probably own 1-10k USD in dinar. And 300% sounds all fine and dandy but it's not that great for the people that have been waiting 7+years. Point is, why do people leaning toward the LOP only point out the negatives when deep down they have a little hope of an RV? I personally think it can go either way and what's in the future we do not know. Countries have rv'd and lopped. So how do we really know the "truth" until it happens? Because the articles says turkey that makes it truth? We all know they can't say "RV tomorrow" so really as of now, there is no solid "truth"