raise zeros from dinar and currency exchange

[dinarck]

Right. What was meant by "equal" is the purchasing power of a 25K Dinar. IF a 25K Dinar buys a tank of gas (just for example) today, then it will be a 25 Dinar in the new bills which will buy such after the RD.

Correct. I think it is time we come to terms with what Iraq is threatening. This doesnt mean that it isnt smoke (which I believe is unlikely) or that they will go through with it (Sirius has provided articles from the past where they have decided against RD) but only that what they are threatening is in fact a basic redenomination such as Turkeys or Brazils. Time to deal with it and hope that it doesnt occur.

[estewart]

Correct. I think it is time we come to terms with what Iraq is threatening. This doesnt mean that it isnt smoke (which I believe is unlikely) or that they will go through with it (Sirius has provided articles from the past where they have decided against RD) but only that what they are threatening is in fact a basic redenomination such as Turkeys or Brazils. Time to deal with it and hope that it doesnt occur.

THE MAIN PROBLEM (for us), is that if an RD occurs (as being repeatedly talked about), it will place the 25 Dinar more or less on par with a 20 Dollar USD bill. And my guess is THAT is what they are after. And that's it!

[Darin]

If they RD, there won't be a 25,000 note; there won't be a need for one.

Yes, upon a R/D there would not really be a need for it.. But they would still exist, and people would need to understand the value they hold.

As they are spent, they would be removed.

[dacraigo]

Yes, upon a R/D there would not really be a need for it.. But they would still exist, and people would need to understand the value they hold.

As they are spent, they would be removed.

Why? I'm sorry people this is just an observation and in no way reflects the way I want this thing to turn out, but it has been done before. After a redenomination your currency is worth what it can be exchanged for. A bank isn't going to change the exchange rate for you based on the notes face value. It is the same as what happened in Mexico, turkey, Brazil and Yugoslavia, notes were exchanged for a rate of x/1.

Sorry no equals symbol on my phone

[estewart]

Yes, upon a R/D there would not really be a need for it.. But they would still exist, and people would need to understand the value they hold.

As they are spent, they would be removed.

They would exist, along side the new Dinars, either until they were pulled out of circulation (removed, like you said), or simply declared no longer valid, like with the Saddam Dinars.

Edited August 15, 2011 by estewart

[Darin]

Why? I'm sorry people this is just an observation and in no way reflects the way I want this thing to turn out, but it has been done before. After a redenomination your currency is worth what it can be exchanged for. A bank isn't going to change the exchange rate for you based on the notes face value. It is the same as what happened in Mexico, turkey, Brazil and Yugoslavia, notes were exchanged for a rate of x/1.

Sorry no equals symbol on my phone

I was simply making note that a lot of the R/D articles don't really focus or fully explain the value the old notes will hold. Their main focus is the new notes and how they will be used, valued, etc.

When we start seeing articles giving a limited window for exchange

A new currency symbol (i.e., IQD)

Articles speaking of two separate exchange rates

etc. etc. -

That type of information present clarity to the situation (IMO).

The small fine print details may likely only be released upon approval from parliament.

For now, we sit back and wait to see what unfolds from old versus new.

[estewart]

I was simply making note that a lot of the R/D articles don't really focus or fully explain the value the old notes will hold. Their main focus is the new notes and how they will be used, valued, etc.

When we start seeing articles giving a limited window for exchange

A new currency symbol (i.e., IQD)

Articles speaking of two separate exchange rates

etc. etc. -

That type of information present clarity to the situation (IMO).

The small fine print details may likely only be released upon approval from parliament.

For now, we sit back and wait to see what unfolds from old versus new.

No telling how long the RD will be tied up in Parliament.

[Darin]

No telling how long the RD will be tied up in Parliament.

No kidding..

This could be a prolonged scenario finding out what they decide.

But, they can only drag their feet for so long.

[jg167]

We usually think of the RD as 1000:1, but RVs and RDs can come in any combination. So they could RV from 1176 to 1000 and RD 1000:1, or they could just RD at 1000:1 so 1 new dinar woudl be worth $0.86, or they could RV from 1176 to 100 IQD per dollar and then RD at 100:1 so in the last case a 25K IQD note would be worth $250 or 250 new dinars. The higher the RV the more it costs Iraq in foreign reserves so I can't see it going past 100 IQD per dollar. I think we will lucky to see that.

[starlight]

China put up a full page had saying they are not going to revalue their currency, but they did.

[seus]

China put up a full page had saying they are not going to revalue their currency, but they did.

I'd look up what you're talking about before you say it, you state it as if their revalue was of some huge financial gain. They revalued from 8.28 to 8.11...up 17 cents from its value. And don't forget, this is while China has an infrastructure built, and their economy is in rapid expansion. Their government is in working order and they can deal with things rather quickly. They have a military that can provide security, they don't have hyperinflation.

The problem with the China argument is that we're not dealing with a China scenario here. Sure Iraq could RV from 1170 to 1150, but it wouldn't do anybody, any good. We're looking at a straight up RD with both currencies existing together and we'll probably make 3x our money back. Not bad if you ask me, but not the pie in the sky scenario so many others have been touting.

[Dinarabot]

I would gladly take .17....

I'd look up what you're talking about before you say it, you state it as if their revalue was of some huge financial gain. They revalued from 8.28 to 8.11...up 17 cents from its value. And don't forget, this is while China has an infrastructure built, and their economy is in rapid expansion. Their government is in working order and they can deal with things rather quickly. They have a military that can provide security, they don't have hyperinflation.

The problem with the China argument is that we're not dealing with a China scenario here. Sure Iraq could RV from 1170 to 1150, but it wouldn't do anybody, any good. We're looking at a straight up RD with both currencies existing together and we'll probably make 3x our money back. Not bad if you ask me, but not the pie in the sky scenario so many others have been touting.

[Alex38]

Correct. I think it is time we come to terms with what Iraq is threatening. This doesnt mean that it isnt smoke (which I believe is unlikely) or that they will go through with it (Sirius has provided articles from the past where they have decided against RD) but only that what they are threatening is in fact a basic redenomination such as Turkeys or Brazils. Time to deal with it and hope that it doesnt occur.

It's going to RV. Watch.

[BlueOrchid919]

I was simply making note that a lot of the R/D articles don't really focus or fully explain the value the old notes will hold. Their main focus is the new notes and how they will be used, valued, etc.

When we start seeing articles giving a limited window for exchange

A new currency symbol (i.e., IQD)

Articles speaking of two separate exchange rates

etc. etc. -

That type of information present clarity to the situation (IMO).

The small fine print details may likely only be released upon approval from parliament.

For now, we sit back and wait to see what unfolds from old versus new.

The articles are very clear about the value of the old notes. 1000 of the old dinars will equal 1 of the new dinars. They even gave examples: 1000 dinar will be equal to 1 dinar, 25,000 dinars will be equal to 25 new dinars. They have even clearly stated that 25,000 old dinar will buy the exact same thing 25 new dinars will. Other examples they've given: 1000 old dinars will purchase the same the same thing a 1 new dinar will. Another example they've put out recently: 1200 old dinar will be equal to 1.20 new dinars.

They have clearly stated in NUMEROUS articles that the rate will not change, just the lifting of 3 zeros.

They have clearly stated 3 years to exchange the old currency for the new currency.

They have stated all of this is in the draft proposal they have (or will soon) submitted to Council for review.

Granted, this could change with amendments from Council and more amendments from Parliament once Council forwards their final approval to them.

There are literally DOZENS of articles out now about the changes coming for Iraq's currency. They ALL pretty much say the exact same thing.

[Alex38]

The articles are very clear about the value of the old notes. 1000 of the old dinars will equal 1 of the new dinars. They even gave examples: 1000 dinar will be equal to 1 dinar, 25,000 dinars will be equal to 25 new dinars. They have even clearly stated that 25,000 old dinar will buy the exact same thing 25 new dinars will. Other examples they've given: 1000 old dinars will purchase the same the same thing a 1 new dinar will. Another example they've put out recently: 1200 old dinar will be equal to 1.20 new dinars.

They have clearly stated in NUMEROUS articles that the rate will not change, just the lifting of 3 zeros.

They have clearly stated 3 years to exchange the old currency for the new currency.

They have stated all of this is in the draft proposal they have (or will soon) submitted to Council for review.

Granted, this could change with amendments from Council and more amendments from Parliament once Council forwards their final approval to them.

There are literally DOZENS of articles out now about the changes coming for Iraq's currency. They ALL pretty much say the exact same thing.

The rates going to change. Soon. Watch.

[BlueOrchid919]

China put up a full page had saying they are not going to revalue their currency, but they did.

Most countries do not consider a currency adjustment of 1% or so a revaluation. China controls - with an iron fist - the tiny adjustments to their currency when they feel it is appropriate. They made numerous news statements to dispel the crazy speculation that they were going to revalue the renminbi to dollar parity - as the US was demanding they do. That would have represented a revalue of well over 600%. Their news articles clearly stated they would NOT revalue but that they WOULD adjust their currency in small controlled increments as their economy saw the need.

I have searched all over the Internet for the alleged 'f'ull-page ad' and cannot find it. If someone has a link to it, I'd be most grateful. I've always thought that 'ad' was hearsay and so far that appears to be a reasonably accurate assessment. Hearsay. If we can all see that ad via a direct link, we can see the wording in it rather than rely on 3rd party 'intel' about it. Does such 'ad' exist??? Enquiring minds want to know.

What China did is NOT a revalue.

The rates going to change. Soon. Watch.

From your keyboard to God's ears...!

You'll become my newest bestest friend!

Edited August 15, 2011 by BlueOrchid919

[Dalite]

The rates going to change. Soon. Watch.

That's a safe bet..

If a RD is officially announced and put into play,the rate will change from $.00086 to $.86 ( possibly as high as $1.00)

But that is still likely to be four months away..

[dinarck]

It's going to RV. Watch.

Well if it does it would be to .01 or .03. I am open to any possibilites on how .86 to 1.00 is possible but I have yet to see how it is.

[Darin]

The articles are very clear about the value of the old notes. 1000 of the old dinars will equal 1 of the new dinars. They even gave examples: 1000 dinar will be equal to 1 dinar, 25,000 dinars will be equal to 25 new dinars. They have even clearly stated that 25,000 old dinar will buy the exact same thing 25 new dinars will. Other examples they've given: 1000 old dinars will purchase the same the same thing a 1 new dinar will. Another example they've put out recently: 1200 old dinar will be equal to 1.20 new dinars.

They have clearly stated in NUMEROUS articles that the rate will not change, just the lifting of 3 zeros.

They have clearly stated 3 years to exchange the old currency for the new currency.

They have stated all of this is in the draft proposal they have (or will soon) submitted to Council for review.

Granted, this could change with amendments from Council and more amendments from Parliament once Council forwards their final approval to them.

There are literally DOZENS of articles out now about the changes coming for Iraq's currency. They ALL pretty much say the exact same thing.

Care to expand on why they would be introducing 500 & 1,000 Dinar coins? They have posted articles like that. Most articles are opinions pieces.

So, they've clearly stated they're removing 000 notes, but not adjusting the rate. Okay, so they'll only leave 500, 250, 50 notes @ $0.00086... Wow, cash transactions would be rather difficult.

I would like to see the article that says 3 years.. They've spoken on a 5-year plan to implement a process from start to finish.. But no deadlines, or exchange periods have been clearly given.

Do you have a copy of the draft proposal, I am sure we would all love to read the fine details..

Dozens of articles exist, but each one is not exactly the same... Minor changes occur with each article.

Some of them have spoken removing 000s from the nominal value, just to continue the confusion.

[Realdinar]

The articles are very clear about the value of the old notes. 1000 of the old dinars will equal 1 of the new dinars. They even gave examples: 1000 dinar will be equal to 1 dinar, 25,000 dinars will be equal to 25 new dinars. They have even clearly stated that 25,000 old dinar will buy the exact same thing 25 new dinars will. Other examples they've given: 1000 old dinars will purchase the same the same thing a 1 new dinar will. Another example they've put out recently: 1200 old dinar will be equal to 1.20 new dinars.

They have clearly stated in NUMEROUS articles that the rate will not change, just the lifting of 3 zeros.

They have clearly stated 3 years to exchange the old currency for the new currency.

They have stated all of this is in the draft proposal they have (or will soon) submitted to Council for review.

Granted, this could change with amendments from Council and more amendments from Parliament once Council forwards their final approval to them.

There are literally DOZENS of articles out now about the changes coming for Iraq's currency. They ALL pretty much say the exact same thing.

Changes are coming....been hearing that for a while now. how could they state their rate will change without an rd? Everybody who got wind of it would buy the dinar like mad. I am skepical the rd or rv will even take place anytime soon. Dozens and numerous articles. Over and over. Im curious if Iraq simply isnt ready, and I foresee another mysterious setback.

[Alex38]

Changes are coming....been hearing that for a while now. how could they state their rate will change without an rd? Everybody who got wind of it would buy the dinar like mad. I am skepical the rd or rv will even take place anytime soon. Dozens and numerous articles. Over and over. Im curious if Iraq simply isnt ready, and I foresee another mysterious setback.

There are still a few things that need tending to. I agree. But IMO they can do these things quickly - if agreed upon - key word - AGREED- they seem to have trouble doing that... but IMO we are not too far away.

[jg167]

That's a safe bet..

If a RD is officially announced and put into play,the rate will change from $.00086 to $.86 ( possibly as high as $1.00)

That (.86) would be the rate for the new (yet to be issued) dinar, the rate for the dinars we hold would be unchanged (at .00086). Edited August 15, 2011 by jg167

[BlueOrchid919]

Care to expand on why they would be introducing 500 & 1,000 Dinar coins? They have posted articles like that. Most articles are opinions pieces.

So, they've clearly stated they're removing 000 notes, but not adjusting the rate. Okay, so they'll only leave 500, 250, 50 notes @ $0.00086... Wow, cash transactions would be rather difficult.

I would like to see the article that says 3 years.. They've spoken on a 5-year plan to implement a process from start to finish.. But no deadlines, or exchange periods have been clearly given.

Do you have a copy of the draft proposal, I am sure we would all love to read the fine details..

Dozens of articles exist, but each one is not exactly the same... Minor changes occur with each article.

Some of them have spoken removing 000s from the nominal value, just to continue the confusion.

They stated they will be introducing coins EQUIVALENT to the 500 and 1000 current dinars. By removing 3 zeros, the new coins will be 1 new dinar (=1000 old) and lower: .50 (=500 old), .25, .10, etc.

They are not leaving ANY old notes. They will ALL be replaced with new currency and coins at an exchange of 1000:1.

Most articles are direct statements from the CBI given to the media.

If you search this board, you will see several articles stating the 3 year time frame.

The draft proposal has not been released for public viewing. They have stated it is ready to submit to Council for review and approval. We will learn more in the weeks to come.

"....pretty much...." usually means close to but not identical. If I had meant to say exactly, I would have stated my comment in that manner.

Most recent articles DO say pretty much the same thing. Don't read into them more than is there.

Edited August 15, 2011 by BlueOrchid919

[Dalite]

That (.86) would be the rate for the new (yet to be issued) dinar, the rate for the dinars we hold would be unchanged (at .00086).

That is correct.

Current currency would retain the $.00086 rate and new currency (when printed and put into circulation) Would have a rate of $.86.

The other side of the equation would be a change in rate from 1170 to 1.17.

People are going to believe what they want to believe.

Unfortunately some are viewing these figures as a RV of $.86 ranging to $1.17; and still consider that to be Smoke and Mirrors because it isn't $3.22 ( or higher).

It will be whatever it will be, and to some; very surprising..

Edited August 15, 2011 by Dalite

[sportfisher]

We've been lopped. At least we're not as dumb as those poor fools who follow Okie Oil man (on another site) whe think this is still a "golden ticket". If you get a minor RV after the lop, perhaps you can still make a few bucks.

Your statement implies that a LOP/Redenomination has officially happened, has it?