Iraqi News Don't Kill The Messenger!

[hoodlion1]

Recently posted in rumorville! Yet again it is news.

2010-02-11 13:11 (UTC)

BAGHDAD, Feb 11 (Reuters) - 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) Keywords: IRAQ CURRENCY/:rolleyes:

[Traconesu02]

Not killing the messenger, but if you would like less criticizm in the future always provide a link to you article. This helps other verify where the info came from. JMO

Also IMO There is not going to be any lOP. Not to worry. RV -- Exchange your dinar - Then possibly they will stop circulating the larger 3 zero notes.

[ajax]

Just another in a long line of attempts to confuse over the fact that smaller denominations (without the 3 zeros) are being introduced into their economic system...AND THIS IS GREAT, EXPECTED NEWS....can't we all just stop drinking the Koolaid for 3 Days to a couple of weeks and let the CBI work their logistical magic....RI forthcoming...

[krmayo]

I totally agree with Traconesu02...Back up what you quote with links!

[JerryC]

I just read that in another post ..... What do ya think of this

thanks anyways

[Traconesu02]

We have pretty much banned this LOP talk in the chat room. I wish we could avoid posts like this one or at least have them put it in the title of the post that they are again referencing the LOP so we could just not open them. This is very old news and has been discussed to no end. There will be no LOP. These types of articles only cause Distention in our group.

Lets please not post any more of these types of articles about LOP's , This is not productive news.

[Stewsday]

The link would be in Arabic so good luck translating that. Could the problems be in the translation? Currency has an international value. O's cannot be taken off a foreign currency.

[rv1]

Sorry, not new!

[armondtoth]

Before you post why don't you look at the reuters web page, there is no such article

[muydinar]

This article is not negative, it just depends on how you interpret it!

[Banjolatusak]

Once and for all, let's do the math...25000IQD times .0008547USD equals 21.3675USD. 25IQD times .8547 equals... suprize suprize!... 21.3675USD.

My suggestion...Keep your Dinars, monitor the exchange rate, when it gets to a level you're happy with, sell them. It's that simple.

[Traconesu02]

Once and for all, let's do the math...25000IQD times .0008547USD equals 21.3675USD. 25IQD times .8547 equals... suprize suprize!... 21.3675USD.

My suggestion...Keep your Dinars, monitor the exchange rate, when it gets to a level you're happy with, sell them. It's that simple.

I agree with just wait for a rate and sell them however I do not agree with taking zeros off of the value that is printed on the notes.

That would make a 25000 dinar note worth the same as iraq 25 dinar coin that is already in circulation.

I think it is possible for them to drop the zeros from the actual value of a dinar making a dinar worth $.86 instead of $.00086. JMO

But this has been talked to death already so lets just RV and deal with the rate when the RV happens.

[hoodlion1]

The link is posted in the other forum under rumors, sorry I forgot to post it in this one.

Not killing the messenger, but if you would like less criticizm in the future always provide a link to you article. This helps other verify where the info came from. JMO

Also IMO There is not going to be any lOP. Not to worry. RV -- Exchange your dinar - Then possibly they will stop circulating the larger 3 zero notes.

[joeintt]

We have pretty much banned this LOP talk in the chat room. I wish we could avoid posts like this one or at least have them put it in the title of the post that they are again referencing the LOP so we could just not open them. This is very old news and has been discussed to no end. There will be no LOP. These types of articles only cause Distention in our group.

Lets please not post any more of these types of articles about LOP's , This is not productive news.

It may not be productive news to you.....BUT....it may be the truth.

We must remain open to ALL possibilities....regardless to the way we would LIKE TO SEE IT HAPPEN.

Peace and Love all

[rand]

thanks for the post. yes do your home work first as to avoid faulty posts. I speak from experience, I have posted faulty info and already posted info my self, so as I said I know from my own experiences. keep up the searching of good info and post the good stuff. thanks

[dinarded]

ARTICLE IS BOGUS!

I just received this response from Reuters!

Your message cannot be delivered to the following recipients:

Recipient address: jack.kimball.reuters.com@reuters.com

Reason: Not found in directory

This email was sent to you by Thomson Reuters, the global news and information company.

Any views expressed in this message are those of the individual sender, except where the sender specifically states them to be the views of Thomson Reuters.

Action: failed

Status: 5.1.1 (Not found in directory)

Original-recipient: rfc822;jack.kimball.reuters.com@reuters.com

Final-recipient: rfc822;jack.kimball.reuters.com@reuters.com

He was supposedly the author or publisher of the article

(Reporting by Aseel Kami; Editing by Jack Kimball and Toby Chopra) Keywords: IRAQ CURRENCY/

(jack.kimball@thomsonreuters.com; +964 7901 917 033; Reuters Messaging: jack.kimball.reuters.com@reuters.com)

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The copying, republication or redistribution of Reuters News Content, including by framing or similar means, is expressly prohibited without the prior written consent of Thomson Reuters.

[Ekfugo]

This is very interesting...