Any Comment On xe.com Article That Clearly States LOP?

[Riverdawg]

As stated in the title, if this has already been discussed, I apologize for bringing it up again. But the article clearly says they are re-denominating, dropping the zeros and L.O.P.ing... any comments?

Notice: IQD may be redenominated:

In 2010, the Central Bank of Iraq announced their plans to redenominate the Iraqi Dinar to ease cash transactions. The intention would be to drop three zeros from the nominal value of bank notes; but the actual value of the dinar would remain unchanged. That would mean that 1,000 IQD (pre-redenomination) and 1 dinar (post-redenomination) would both be worth the same amount in US Dollars. Although the announcement stated that the change would take place by the end of 2010, there has been no redenomination as of January 2011 and no further announcements have been made. As stated by the Central Bank of Iraq, their mandate is to "ensure domestic price stability and foster a stable competitive market based financial system." For more information about the redenomination, read "Iraq Planning Currency Redenomination."

xe.com article

rd

[DRV1804]

Old news....

[Alex38]

real old news.

[bamagirl]

It doesn't say it will lop, it says it MAY be redenominated.

[Riverdawg]

Old news....

Thank you for letting me know.

So am I to take away from this that since the article clearly say L.O.P., the general feeling is that it is wrong????

rd

[Alex38]

Thank you for letting me know.

So am I to take away from this that since the article clearly say L.O.P., the general feeling is that it is wrong????

rd

To some it's wrong. To others it's rite on. I guess we make up our own minds and wait to see what REALLY will happen

[Sirius]

What article will you believe? There are so many, here is one from the same time period in 2010.

Zeros Will Not be Removed from Iraqi Currency

Posted on 24 August 2010.

There has been much speculation in recent months that the Iraqi dinar would be re-based, knocking off the last three zeros.

The latest news is that Iraq will not in fact remove the zeros from its currency, because it will not resolve inflation and will create opportunities for corruption, reports AKnews, citing a senior source in Iraq’s ministry of finance and economics.

The Iraqi dinar was largely devalued after Iraq’s invasion of Kuwait in 1991 and the imposition of international sanctions on the country.

While before 1991, one Iraqi Dinar was equal to around $3, now $1 is worth roughly 1170 Dinars, according to Iraqi Central Bank’s exchange rates.

Some experts have suggested that removing the zeros will enhance the country’s currency and allow it to better tackle inflation.

“The Central Bank wanted to remove the zeros three years ago, we alleged that it was impossible. They wanted to do it again last year and we rejected the proposal again. The issue is currently brought up once again, but the Ministry of Finance and Economics insists that Zeros will remain,” said Fazil Nabi, the deputy minister of finance and economics.

Nabi said removing the zeros will not reduce the inflation rates as Iraq’s inflation has been stable and remained low for quite some time.

“Besides, it will create problems for many citizens because it takes time for them to learn to use the new currency,” he said.

Nabi also stated that certain people will be harmed by removing the zeros because their salaries will decrease while it is unlikely that the price of goods in the markets would decrease. It is not clear to IBN how the minister came to this conclusion.

Edited August 10, 2011 by Sirius