Central Bank: the new currency will be printed in three languages ​​by the Constitution

[Nothing-Ventured]

Central Bank: the new currency will be printed in three languages ​​by the Constitution

On: Saturday 13/08/2011 10:32

Baghdad (news) .. The Central Bank of Iraq to the new currency that will be the deletion of zeros will be printed in three languages, Arabic, Kurdish, English, applied as indicated by the Constitution, pointing out that the old currency will be dispensed gradually.

The central bank adviser said the appearance of Mohammed Saleh In a statement to the Agency (news) on Saturday: the new currency will be printed in three languages: Arabic, Kurdish and English, the real opportunity to apply what was referring to the Iraqi constitution, stressing that the aunt of old will not be canceled immediately after issuance of the new, but will be dispensed gradually.

The benefit of : There is no difference in the currency's new on the rights at the exchange rate and the purchase, saying: When you want to buy the rotor b (1200) dinars, we will buy dinar and (200) fils.

He added that the project to delete the zeros approved by the Department of the Central Bank has been forwarded to the House of Ministers and MPs, if approved by the government it will work by hand.

The central bank adviser that the purpose of the project to delete the zeros of the three is to reduce the large numbers of objectionable transactions, which will reach trillions, as will be shortened blocks of cash without disparage and wealth or income, they all be fixed.

and that the project will be working gradually, and differs from the previous project, which began at the end of the year (2003) and continuing until the end (2004), and expected to take the project over time more and continues to years and thus we note that the old currency will gradually disappear. / Finished / 8. t. M

http://ikhnews.com/news_view_18144.html

[sportfisher]

http://translate.google.com/translate?js=n&prev=_t&hl=en&ie=UTF-8&layout=2&eotf=1&sl=auto&tl=en&u=http%3A%2F%2Fikhnews.com%2Fnews_view_18144.html&act=url

[LittleMissGrits]

This makes me a little nervous. Am I the only one?

[fnbplanet]

Central Bank: the new currency will be printed in three languages ​​by the Constitution

On: Saturday 13/08/2011 10:32

Baghdad (news) .. The Central Bank of Iraq to the new currency that will be the deletion of zeros will be printed in three languages, Arabic, Kurdish, English, applied as indicated by the Constitution, pointing out that the old currency will be dispensed gradually.

The central bank adviser said the appearance of Mohammed Saleh In a statement to the Agency (news) on Saturday: the new currency will be printed in three languages: Arabic, Kurdish and English, the real opportunity to apply what was referring to the Iraqi constitution, stressing that the aunt of old will not be canceled immediately after issuance of the new, but will be dispensed gradually.

(SO, THIS MEANS THAT THE TWO CURRENCIES DO EXIST TOGETHER)

The benefit of : There is no difference in the currency's new on the rights at the exchange rate and the purchase, saying: When you want to buy the rotor b (1200) dinars, we will buy dinar and (200) fils.

(AND THIS CONFIRMS THE RATE AT $.86 OR AT $1.17?)

He added that the project to delete the zeros approved by the Department of the Central Bank has been forwarded to the House of Ministers and MPs, if approved by the government it will work by hand.

The central bank adviser that the purpose of the project to delete the zeros of the three is to reduce the large numbers of objectionable transactions, which will reach trillions, as will be shortened blocks of cash without disparage and wealth or income, they all be fixed.

and that the project will be working gradually, and differs from the previous project, which began at the end of the year (2003) and continuing until the end (2004), and expected to take the project over time more and continues to years and thus we note that the old currency will gradually disappear. / Finished / 8. t. M

http://ikhnews.com/news_view_18144.html

[Nothing-Ventured]

Between October 15, 2003 and January 15, 2004, the Coalition Provisional Authority issued new Iraqi dinar coins and notes, with the notes printed by De La Rue using modern anti-forgery techniques, to "create a single unified currency that is used throughout all of Iraq and will also make money more convenient to use in people’s everyday lives."[3] Old banknotes were exchanged for new at a one-to-one rate, except for the Swiss dinars, which were exchanged at a rate of 150 new dinars for one Swiss dinar.

http://en.wikipedia.org/wiki/Iraqi_dinar

One thing I have been pondering is....back in 2003--2004, after the new notes were printed by De La Rue, wikipedia then says "In 2003, new banknotes were issued consisting of six denominations: 50, 250, 1,000, 5,000, 10,000, and 25,000 dinar". and, "A 500 dinars note was issued a year later, in October 2004. In the Kurdish regions of Iraq, the 50 dinar note is not in circulation."

According to this August 5, 2005 PDF document by the Center for International Private Enterprise

http://www.cipe.org/regional/mena/iraq/pdf/bttv_synopsis_ep6.pdf

It says that the "Printing of a series of 14 new Iraqi Dinar notes and coins" is a step that has already been taken.

I said that to say this...When they changed the currency in 2003, it only took 4 months to do so, not a year. When De La Rue Printed the new money, they only Issued certain denoms...heck, they printed the 500 dinar note in 2003, but Issued it a whole year later!

The 2 words that speak to me are Printed, and Issued, as they are different. I think that once the House of Ministers aproves this, it won't take very long at all to be accomplished. Just my 2 cents!!

[despain]

This certainly doesn't sound good. I guess we shall see...

I mean, they are not going to come out and say to the world "we are going to revalue," but if the above is true, we wasted a lot of time on this. Who knows?

[Midx1]

Think something got lost in the translation

Maybe meant to say it item cost 1,200 dinars it will now cost 1 Dinar and 200 pils..

Meaning you can use either currency to purchase until the old money is out of circulation.

I agree if true this is very bad news for us.

[fnbplanet]

I'm sorry, but I can't see the worrisome part about this. This article says that the two currencies will coexist, and that the rate (I think) is $1.17. It goes on to say that the CBI has already sent it to the House of Ministers and MPs for approval. I read that we're just waiting for the votes.

[the wolf]

They seem to put out a new redenomination article every day. At least now they are talking about the currencies co-existing for an extended period of time.

[cottn68]

I don't think this is bad news, IMO its what they've been saying all along. I STILL "think" your 1mil in 3 zero notes will = 1mil in lower denoms after whatever happens, happens. Just sayin, I can't see the sense in introducing new lower denom notes, new coins, with a worthless value. Too many countries and companys ready to stick a straw in that sucka...IMO

[magicchris]

They seem to put out a new redenomination article every day. At least now they are talking about the currencies co-existing for an extended period of time.

I agree, If they are putting a re-denomination right in front of our faces,(which we all hope is not the case and it is the "smoke and mirrors") the only good thing to come from it is that, at least it appears with the extended exchange period we will more likely then not, not have to go to iraq to exchange. That to me is the best of a worst case scenario.

[easyrider]

guys did you go back and listen to delta on franks call monday CC recording he explains what they are talking about Delta advocates they will indeed R/D at some point he says the need for two crruencies to co exist is vital and goes into depth explaining it pleaselisten toit stop worrying.

The translations are horrible here he also went into depth about that as well.

Edited August 13, 2011 by easyrider

[swartzkaulf]

Let me understand this, If there saying that the rate will be at 1.17 does that mean 1 dinar is worth $1.17 USD on the trade in value?

If that is the case then if you bought 1 million dinar it would be worth $1,170,000.00 USD. On a $1,100.00 investment that seems to me great news.

If I am wrong on my math, please can someone educate me?

[easyrider]

Everyone listen to this CC recording:

https://app.freeconferencecallhd.com/playback.html?n=114-17-65-67-17-65-67-17-65-672013-17-65-67118-17-65-6718-17-65-6789107-17-65-6763126;0OTc3NDYwNjg=0

fast forward to about the 80:00 minute mark where delta starts to speak he explains alot of what we are trying to figure out.

[easyrider]

Sounds like they are going to print up new currency, and probably do away with what we got, thereby screwing us.

nope you are wrong they will implemnet the 500 and 100 dinar coin within the time fram of the next three months and coexist the new currency and old how is that screwing us and the only way they can introduce new lower denoms is to increase the value of the dinar. We are NOT screwed.

this will be a gradual process for the coins they are in no rush these translation are insane sometimes.

Edited August 13, 2011 by easyrider

[cbisinger]

One thing I have learned is to understand

the meaning of, Lost in translation.

It is a well known fact that the currency has been

printed quite some time ago, and can be verified

as stated above by another poster. Therefore, we are

left trying to guess what the cbi is really saying.

Call me an optimist but I would like to think that Saturday

is when they would be dispersing the new notes.

Yes I know it's a leap of faith, but again experience has

shown me that with this investment anything is possible.

Maybe some saturday in Sept, its certainly not today!

[misty969]

who cares if they create a new currency, as long as they both co-exsist, a 25,000 dinar is what it says as face value. they have to honor the zero's on that bill. I sure don't want lower denomination cause they will only be what they say as face value. In the case of a revalue you want gain anything for having the smaller dinar bill. I feel in the process, they have to give you what the values says on the bill. So, 25000 dinar would be 25,000 dollars if revalue at 1.00. 25 dinar would be 25 dollars. This is my view of the process and having them both present is probably their way of keeping there inflation stable or getting it lower.

[easyrider]

nope you are wrong they will implemnet the 500 and 100 dinar coin within the time fram of the next three months and coexist the new currency and old how is that screwing us and the only way they can introduce new lower denoms is to increase the value of the dinar. We are NOT screwed.

this will be a gradual process for the coins they are in no rush these translation are insane sometimes.

1000 dinar coin i meant sorry.

[4aprofit]

On another note folks, think about this....if they were gonna just LOP or FLOP...lol.....why would they be spending soooo much time TALKING about it...DELIBERATING about it....STUDYING it.....TAKING SO LONG..to do it....from what I understand...any country that has had a NEGATIVE EVENT with their currency....lop it, flop it.... or whatever you wanna call it...FIRST OFF...YOU DO THIS IN COUNTRIES THAT HAVE THE OPPOSITE ECONOMIC FACTORS THAT IRAQ HAS...PERIOD!!!...If this were not going to be a POSITIVE EVENT...there would not need to be any studying, deliberating, waiting, talking, blah, blah, blah...IN MOST CASES.... "B A D" THINGS JUST HAPPEN...AND USUALLY WITH NO WARNING....Folks, they are actually giving us a WARNING that they are about to UNLEASH this thing...I cant say how much or a date...and I cant see how it could end up being a negative event...but IMO....with the entire world moving into Iraq to do business...does anyone think that if a value of a currency is what drives a country's markets and it's economy...and with world record breaking strides that Iraq is making daily...that they should come out in the crapper with their currency, as per going before the world, while literally bursting at the seams...IT WOULD BE NOT ONLY RETARDED...BUT INSANE...ENOUGH SAID...for what it's worth.....

[zigmeister]

I feel their deliberating for so long has to do with the nature of the US and Europes down hill slide. I think they are looking at a stronger currency to peg the dinar with, or a basket of currencies.

[BlueOrchid919]

Let me understand this, If there saying that the rate will be at 1.17 does that mean 1 dinar is worth $1.17 USD on the trade in value?

If that is the case then if you bought 1 million dinar it would be worth $1,170,000.00 USD. On a $1,100.00 investment that seems to me great news.

If I am wrong on my math, please can someone educate me?

The current rate now is IQD 1 = USD 0.00086. They state the new currency rate will be 1 new dinar = USD 0.86.

The reverse of that is:

Current rate IQD 1170 = $1 USD. New currency will be 1.17 new dinar = $1 USD.

Every new dinar will be = to 1000 old dinars.

There is nothing lost in translation. It is very clearly stated.

Their Strategic Plan 2010-2014 states this transition period will take 5 years from start to finish. They are already 1 year into the process. They have given Turkey and Brazil as examples they intend to follow. Read up on both those. They were very successful, yet they took several years to complete.

Edited August 13, 2011 by BlueOrchid919

[easyrider]

I feel their deliberating for so long has to do with the nature of the US and Europes down hill slide. I think they are looking at a stronger currency to peg the dinar with, or a basket of currencies.

I've contemplated them pegging it at a different currency as well. For instance the Great Brritain Pound seems its holding strong. The only thing from this idea coming into effect is that the U.S dollar is used through Iraq as of TODAY they have two prices in the shops of Iraq one for U.S dollars one for Iraq Dinar. The people know how to use the U.s dollar and are used to it. I think if they pegged it at another currency it would cause confusion and i think thats the last thing they want for their people. This revaluation needs to be simple for the people to undertsand. So i stand corrected they more than likely WILL NOT pegg it to another currency.

[Kooper]

here's a scenario.....purely speculative and for example purpopses only.

Say for example....the current 25,000 dinar note is equal in value to the "NEW" (yet printed or uncirculated) 25 dinar note. They both have the same purchasing power. Now if Irag then revalues the "NEW" dinar to say $3.20 US Dollar per 1 Dinar. That would mean 1,000,000 current dinar are worth $3,200. Not the millionaire result we were all hoping for...but we would make a few dollars of our investment. I still hope we all become millionaires and billionaires...but I think we will at least make a few bucks. Just my opinion....no facts to back this up at all.

Again....we just have to wait and see.....

(Note: It seems BlueOrchid and I were on the same thought. It just took me longer to post.)

Edited August 13, 2011 by Kooper

[ashtray]

here's a scenario.....purely speculative and for example purpopses only.

Say for example....the current 25,000 dinar note is equal in value to the "NEW" (yet printed or uncirculated) 25 dinar note. They both have the same purchasing power. Now if Irag then revalues the "NEW" dinar to say $3.20 US Dollar per 1 Dinar. That would mean 1,000,000 current dinar are worth $3,200. Not the millionaire result we were all hoping for...but we would make a few dollars of our investment. I still hope we all become millionaires and billionaires...but I think we will at least make a few bucks. Just my opinion....no facts to back this up at all.

Again....we just have to wait and see.....

(Note: It seems BlueOrchid and I were on the same thought. It just took me longer to post.)

well kooper .. you seem to have the ability necessary to read ... .. and i agree to that ..

id like to see 5.25 .. myself ..

but ... we still dont know if this is what they are going to do .. or if its plain bull

but i agree what seleh has been saying is .. the same value for existing 1000 note as new 1 dinar note .. he doesnt say each dinar will have the same value old and new

so if you cash in a 25k note at the bank you will get 25 dollars today.. and if you cash in a new 25 dinar note you will also get 25 dollars .. so the value is the same

i get it .. and some others get it .. but others try to say .. like for instance >>>>> i know what hes trying to say .>>>or this is what he means >>>>.. and they try to kid themselves ..maybe because they talked so many people into buying the dinar that they dont want to admit theres a chance this could be rue .. we could see that redonomination .. lop what ever ya call it ..

they wouldnt have to do any thing but print up new smaller notes .. if they were not going to lop ..and change the value ..

and your right as far as getting screwed .. or this being bad news ... its just news .. we wont lose any value if it lops .. it will stay the same value at around 1000 dollars for a million dinars ..

now if they rv on top of that .. then we make money ... if it comes in at 5.25 .. we made 500% profit .. and uncle sam will be standing there with his hand out grabbing more than he deserves .. as usual ...

some think they will make 350,000% profit >>>>> i guess we will have to let them thnk that .. they will argue and gang up on ya if you dare to mention anything other than that .. then again their are some level headed people that do agree .. this could be a lop .....

i dont see how iraq will survive with 30 billion dinars worth a dollar each .. thats forsure ,,

im hoping they lied and only delete one zero .. leaving a 2500 note inplace of the 25k note ... and on down the line ..i think 2.5 trillion dinars is more suitable for that countrys economy ... 25 trillion is to much .. ..

deleting 2 zeros leaves 250 bilion dinars .. which would be ok at 5 .25 rate ... leaving a 250 note inplace of the 25k note

i still think there are options out there they are not discussing with the public

im hoping for huge increase ,, i look every day for the news... the bigger the better

but they could lop to..either way .. theres not much we can do about it .. we will have time to turn in our notes .. so we dont have to monitor this constantly like a stock that might drop off .. once the new rate is out ... its out .. we will have months or even years to exchange our notes ..

[DayTrader]

well kooper .. you seem to have the ability necessary to read ... .. and i agree to that ..

id like to see 5.25 .. myself ..

but ... we still dont know if this is what they are going to do .. or if its plain bull

but i agree what seleh has been saying is .. the same value for existing 1000 note as new 1 dinar note .. he doesnt say each dinar will have the same value old and new

so if you cash in a 25k note at the bank you will get 25 dollars today.. and if you cash in a new 25 dinar note you will also get 25 dollars .. so the value is the same

i get it .. and some others get it .. but others try to say .. like for instance >>>>> i know what hes trying to say .>>>or this is what he means >>>>.. and they try to kid themselves ..maybe because they talked so many people into buying the dinar that they dont want to admit theres a chance this could be rue .. we could see that redonomination .. lop what ever ya call it ..

they wouldnt have to do any thing but print up new smaller notes .. if they were not going to lop ..and change the value ..

and your right as far as getting screwed .. or this being bad news ... its just news .. we wont lose any value if it lops .. it will stay the same value at around 1000 dollars for a million dinars ..

now if they rv on top of that .. then we make money ... if it comes in at 5.25 .. we made 500% profit .. and uncle sam will be standing there with his hand out grabbing more than he deserves .. as usual ...

some think they will make 350,000% profit >>>>> i guess we will have to let them thnk that .. they will argue and gang up on ya if you dare to mention anything other than that .. then again their are some level headed people that do agree .. this could be a lop .....

i dont see how iraq will survive with 30 billion dinars worth a dollar each .. thats forsure ,,

im hoping they lied and only delete one zero .. leaving a 2500 note inplace of the 25k note ... and on down the line ..i think 2.5 trillion dinars is more suitable for that countrys economy ... 25 trillion is to much .. ..

deleting 2 zeros leaves 250 bilion dinars .. which would be ok at 5 .25 rate ... leaving a 250 note inplace of the 25k note

i still think there are options out there they are not discussing with the public

im hoping for huge increase ,, i look every day for the news... the bigger the better

but they could lop to..either way .. theres not much we can do about it .. we will have time to turn in our notes .. so we dont have to monitor this constantly like a stock that might drop off .. once the new rate is out ... its out .. we will have months or even years to exchange our notes ..

WOW! Sure are a lot of experts sitting at computers lately. Man I'm totally blown away. I kinda figured real currency experts would be at the summer house on the beach today?????....So says DayTrader