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Luigi1

By Luigi1,
in Dinar Rumors

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Luigi1 Grand Master

Luigi1

Posted
Posted (edited)

This from: Don't promote other dinar sites

Iraqi Central Bank has decided to begin the process of restructuring and the development of the local currency coins in cooperation with international organizations and economists of the world.

The deputy governor of the Central Bank of the appearance of Mohammed's "Baghdad Post" that "the central bank agreed with the Government to Almaasat financial restructuring of the currency, organization and development of coins."

He added that "the central bank decided to introduce the metal in the next three months, which will be the class of 1000 dinars and 500 dinars."

He noted that "the Central Bank of Iraq conduct extensive contacts to coordinate with international organizations and experts from the world to take this decision his way."

The main tasks of the Central Bank of Iraq to maintain price stability, monetary policy , including exchange rate policies, and management of reserves, currency foreign, and the issuance and management of the currency, in addition to regulate the banking sector.

We are on the last screach. We're almost home.

Edited by k98nights
removed links to other dinar sites
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e8tmyshorts Newbie

e8tmyshorts

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He added that "the central bank decided to introduce the metal in the next three months, which will be the class of 1000 dinars and 500 dinars."

If this is the actual value of these new coins, then am I to think that the coins being worth that many dinar, we WONT see a removal of Zeros? It wouldn't make sense to create coins worth that much if they were going to remove zeros would it? Just askin....

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ATHIM Apprentice

ATHIM

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If this is the actual value of these new coins, then am I to think that the coins being worth that many dinar, we WONT see a removal of Zeros? It wouldn't make sense to create coins worth that much if they were going to remove zeros would it? Just askin....

Makes sense to me also that the decimal point shift will leave the coins at 1 dinar and half a dinar. This could be a good INDICATOR OF RATE.

1,000 Dinar coin valued at $0.86 - Remove the zero's its 1 Dinar=$0.86

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Spud Newbie

Spud

Posted
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I guess Iraq is trying to build their vending machine business with coins that are valued at 50 cents and a dollar, :D

Invest in Iraqi vending machines? ATM's too, they have mentioned printing the new currency all in one size so they can use ATM machines.

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jomans Newbie

jomans

Posted
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He added that "the central bank decided to introduce the metal in the next three months, which will be the class of 1000 dinars and 500 dinars."

This part, originally in Arabic, is the tricky part. Some translators actually translate this to mean that coins will be introduced to replace the 500 and 1000 dinar value bills. The value of coins is not known but may be equivalent to $1, $5, $25 USD etc.

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Dalite Newbie

Dalite

Posted
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Invest in Iraqi vending machines? ATM's too, they have mentioned printing the new currency all in one size so they can use ATM machines.

Make sure they are either battery operated, or battery backed.

It is hard to create trust and confidence in automated banking in the absence of a stability power grid.

It will eventually be restored and stable again, but it is uber important that these new electronic banking ideas are met with trust and build confidence..

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BlueOrchid919 Newbie

BlueOrchid919

Posted
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This part, originally in Arabic, is the tricky part. Some translators actually translate this to mean that coins will be introduced to replace the 500 and 1000 dinar value bills. The value of coins is not known but may be equivalent to $1, $5, $25 USD etc.

The value of the coins IS known. The CBI has already stated they will introduce a NEW currency - including coins for the very small denominations - at a replacement of 1000 old dinars to 1 new dinar. So... if 1000 old dinar = 1 new dinar, then 500 old dinar = 1/2 of 1 new dinar, and 250 old dinar = 1/4 new dinar. They will introduce coinage for those denominations EQUAL to and UNDER 1 new dinar. They have stated they will have (future tense) coins for those values of 500 and 1000 CURRENT dinar. Super simple. 1000 old dinars for 1 new dinar. Both existing at the same time until all the old dinars are removed from circulation. Makes pricing things VERY easy for all Iraqis to understand and SUPER easy for vendors.

Just like our USD coins:.... 1 dollar, 50 cents, 25 cents, 10 cents, 5 cents, 1 penny

Small denominations in all countries are always used more than larger denoms. Their lifespan is approx 12-15 months, unlike the larger denoms at 18 months or so. So coins for the small change makes a lot of sense and is why they've decided to include those in the NEW currency they are creating to replace the old currency.

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Redwizard Newbie

Redwizard

Posted
Posted

The 500($0.43) and 1000 ($0.86) doesn't make me think there will be any kind of RV !!!!!!!!!!!!!!!!!!!!!!!!

That is what it sounds like to me. If you have 4 coins in your pocket, lets say 500's, and lets say that it does RV at 1:1, now each coin is worth $500? So you now have $2,000 in your pocket? What am I missing here?

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Deltori Newbie

Deltori

Posted
Posted

This part, originally in Arabic, is the tricky part. Some translators actually translate this to mean that coins will be introduced to replace the 500 and 1000 dinar value bills. The value of coins is not known but may be equivalent to $1, $5, $25 USD etc.

I agree with you. This makes perfect sense...Thats good news for the RV!!

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blueskygal Newbie

blueskygal

Posted
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The value of the coins IS known. The CBI has already stated they will introduce a NEW currency - including coins for the very small denominations - at a replacement of 1000 old dinars to 1 new dinar. So... if 1000 old dinar = 1 new dinar, then 500 old dinar = 1/2 of 1 new dinar, and 250 old dinar = 1/4 new dinar. They will introduce coinage for those denominations EQUAL to and UNDER 1 new dinar. They have stated they will have (future tense) coins for those values of 500 and 1000 CURRENT dinar. Super simple. 1000 old dinars for 1 new dinar. Both existing at the same time until all the old dinars are removed from circulation. Makes pricing things VERY easy for all Iraqis to understand and SUPER easy for vendors.

Just like our USD coins:.... 1 dollar, 50 cents, 25 cents, 10 cents, 5 cents, 1 penny

Small denominations in all countries are always used more than larger denoms. Their lifespan is approx 12-15 months, unlike the larger denoms at 18 months or so. So coins for the small change makes a lot of sense and is why they've decided to include those in the NEW currency they are creating to replace the old currency.

excellent summary :-)

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jordan1 Newbie

jordan1

Posted
Posted

The 500($0.43) and 1000 ($0.86) doesn't make me think there will be any kind of RV !!!!!!!!!!!!!!!!!!!!!!!!

bingo every article out there leans to a lop . If you were going to rv you would certainly not make coins with such a high value.... ok guru's give me all of the spin that you do to explain to me how iraq will not lop.. oh and by the way can you back it up with a news article ... probably not !!!

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BlueOrchid919 Newbie

BlueOrchid919

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Posted (edited)

It's a little confusing.

They're going to take all bills with three zerors out of circulation but add a coin with three zeros.

Why do all that?

Makes no sense to me.

There has been nothing said about creating coins with 3 zeros. The NEW currency will have coins for the values of 1 dinar and lower.

1000 of our current dinars will be equal to 1 of the new dinars. The NEW dinar will be broken down into smaller denominations by means of coinage since it is more durable (will be used a lot and will last longer).

No 3 zero coinage. The new coins will be similar to our $1, 50 cent, 25 cent, 10 cent, 5 cent and 1 penny coins for our USD.

This will make it super easy for the people to understand and the merchants to price in old currency as well as new currency, while both currencies co-exist until the old currency is totally removed. According to the latest news articles, they expect the transition to take approx 3 years.

A loaf of bread priced at 1000 current dinars will also be sold for 1 new dinar. Very simple. Very easy.

So there it is....

Edited by BlueOrchid919
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