Luigi1 Posted August 5, 2011 Report Share Posted August 5, 2011 (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 August 5, 2011 by k98nights removed links to other dinar sites 2 2 Link to comment Share on other sites More sharing options...
The Machine Posted August 5, 2011 Report Share Posted August 5, 2011 (edited) this is old news .... I love your title btw .... "process has started , any day now" lol Edited August 5, 2011 by The Machine 3 1 Link to comment Share on other sites More sharing options...
FRUSTRATED Posted August 5, 2011 Report Share Posted August 5, 2011 The 500($0.43) and 1000 ($0.86) doesn't make me think there will be any kind of RV !!!!!!!!!!!!!!!!!!!!!!!! 3 1 Link to comment Share on other sites More sharing options...
bassthumper Posted August 5, 2011 Report Share Posted August 5, 2011 The information in your title is actually true, however, I take no comfort in it. The rv "process" started the day the value was artificially stifled. From day one there has been a process. 2 Link to comment Share on other sites More sharing options...
e8tmyshorts Posted August 5, 2011 Report Share Posted August 5, 2011 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.... Link to comment Share on other sites More sharing options...
Butifldrm Posted August 5, 2011 Report Share Posted August 5, 2011 I guess Iraq is trying to build their vending machine business with coins that are valued at 50 cents and a dollar, 1 1 Link to comment Share on other sites More sharing options...
ATHIM Posted August 5, 2011 Report Share Posted August 5, 2011 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 Link to comment Share on other sites More sharing options...
Spud Posted August 5, 2011 Report Share Posted August 5, 2011 I guess Iraq is trying to build their vending machine business with coins that are valued at 50 cents and a dollar, 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. Link to comment Share on other sites More sharing options...
andy3978 Posted August 5, 2011 Report Share Posted August 5, 2011 Why bother making 500 & 1k coins...they already have notes that size 1 Link to comment Share on other sites More sharing options...
jomans Posted August 5, 2011 Report Share Posted August 5, 2011 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. 1 Link to comment Share on other sites More sharing options...
Dalite Posted August 5, 2011 Report Share Posted August 5, 2011 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.. Link to comment Share on other sites More sharing options...
sheik Posted August 5, 2011 Report Share Posted August 5, 2011 As soon as you mentioned the words "any day now", you lost me . The odor of a PUMPER is somewhere. 1 1 Link to comment Share on other sites More sharing options...
BlueOrchid919 Posted August 5, 2011 Report Share Posted August 5, 2011 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. 2 Link to comment Share on other sites More sharing options...
RRSport Posted August 5, 2011 Report Share Posted August 5, 2011 (edited) yeah that seems plausible.... Edited August 5, 2011 by RRSport 1 Link to comment Share on other sites More sharing options...
Redwizard Posted August 5, 2011 Report Share Posted August 5, 2011 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? Link to comment Share on other sites More sharing options...
igotafew Posted August 5, 2011 Report Share Posted August 5, 2011 What am I missing here? The ability to ignore reality Link to comment Share on other sites More sharing options...
Priscilla Posted August 5, 2011 Report Share Posted August 5, 2011 this is why I just wait on the word from Adam....what to believe? 1 Link to comment Share on other sites More sharing options...
Redwizard Posted August 5, 2011 Report Share Posted August 5, 2011 Well I dont see anything about the coins on the CBI website. I hope they dont come out with them, doesnt sound good to me. Maybe I just had a heat stoke today and cant think. Link to comment Share on other sites More sharing options...
igotafew Posted August 5, 2011 Report Share Posted August 5, 2011 (edited) Just the 25 and 100 dinar coins are on cbi.iq http://iqd.me/l/mo Them 25'rs are smaller than they look in the picture, I got one from eBay, it was about the size of a U.S. penny. Edited August 5, 2011 by igotafew Link to comment Share on other sites More sharing options...
Deltori Posted August 5, 2011 Report Share Posted August 5, 2011 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!! Link to comment Share on other sites More sharing options...
blueskygal Posted August 6, 2011 Report Share Posted August 6, 2011 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 :-) Link to comment Share on other sites More sharing options...
Daywono Posted August 6, 2011 Report Share Posted August 6, 2011 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. They already use ATMs in Iraq. The current bills work just fine. Link to comment Share on other sites More sharing options...
jordan1 Posted August 6, 2011 Report Share Posted August 6, 2011 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 !!! 1 1 Link to comment Share on other sites More sharing options...
estewart Posted August 6, 2011 Report Share Posted August 6, 2011 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. Link to comment Share on other sites More sharing options...
BlueOrchid919 Posted August 6, 2011 Report Share Posted August 6, 2011 (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 August 6, 2011 by BlueOrchid919 Link to comment Share on other sites More sharing options...
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