Dinar News Iraq plans currency redenomination - Sat February 13, 2010 5:38 pm

[XXX]

Not sure if this is this the same article as last weekend but written differently?

Source: BI-ME and agencies , Author: BI-ME staff

Posted: Sat February 13, 2010 5:38 pm

Iraq plans currency redenomination

IRAQ. Iraq expects to redenominate its dinar currency by knocking three zeros off the nominal value of bank notes to facilitate currency transactions, reported Reuters, citing a central bank official.

Emerging from years of war and sanctions, Iraq is trying to revamp its economy and boost oil production with a raft of crude deals that may vault it to one of the world's top oil producers.

"The goal is to improve the payment and receiving system in the country and consequently to reform cash management," Mudher Kasim, a senior advisor at the central bank, told Reuters.

Kasim said that the central bank expected to start rolling out new notes by the end of the year or the beginning of 2011.

An Iraqi cabinet committee ordered the change in 2007, but the central bank did not think it appropriate until recently, Kasim said. The dinar's value will remain unchanged, he said.

Speaking to Radio Free Iraq (RFI) Mudhhir Muhammad Salih, a member of a Central Bank advisory panel, pointed out that banks are having a hard time accepting cash savings and deposits, but by dropping the zeros it will make it easier for both the banks to deal with their customers and for the general public to carry money.

Salih said some 80% of Iraq's money supply is cash in circulation.

Salih added that in 1990 the value of banknotes in circulation was about 25 billion Iraqi dinars but is currently some 25 trillion dinars.

Economic analyst Hilal al-Tahhan told RFI that the bank's move is overdue. He said he expects the currency change to go smoothly because of the decision to allow both the old and new banknotes to coexist, leading to less turbulence in the economy.

The local unit is managed through foreign exchange auctions, and trades around 1,170 per dollar.

http://www.bi-me.com/main.php?id=44269&t=1&c=35&cg=4&mset=1011

[joeintt]

I call that a lop

[fabby521]

I call that a Diversion technique, how can they possibly remove the zeros and not change the dinar value.

[ALAN EDWARDS]

No lop ???????????????????????? Not till the high notes are all back in the bank by dec 31st 2010

[allIneedisonemillionusd]

Same article just written different. They even reference Radio Free Iraq, these guys had the first lop report. Smoke and mirrors, can't wait to see what really happens!

[jackdavis1364]

I have seen this before

[phoenixdeam]

I have seen this before also.

[jocko129]

Old news, about a week old

[BMO]

I think this is is a BS article no where in any of the iraqi news papers is there a mention of a lop. Dont you thinks the people would want to know. Reuters does not even has it on there site.

[rfreedom]

ok...this lop crap is driving me insane..I know i am new in here but here is my 2 cents..They can not get there act together..someone leaked a little out that the RV was soon & sales of IQD went through the roof..so they send out this news about a lop ( about a million times) to get us not to buy more as it will not be worth it. If you believe it then sell & take your loss...but i do not!!!!JMO I say hold firm, buy more if you can afford it..it will happen..God Bless

[mrref]

Here we go again with this LOP CRAP, dont you understand that Iraq wants a RV not a DV period.

[BMO]

there are doing the same thing over and over it is a pattern. get you to buy and then get you to sell. That way they are making money on both ends and it keeps it going they know what they are doing. Just hold on to what you have do not spend more than you can afford. Do not believe untill you have some solid facts.

this has been going on since i got into it. In Oct. Every week

[greebs]

The article is genuine. A person from a different forum sent a email to the author, the author confirmed the article was real. The article is in the paid subscription area of Reuters. Be warned, you know the intentions of the CBI, there will be a lop of the currency.

[SkyKnight]

ONCE AGAIN!!..............this is not a lop, it is a redomination!!

[BMO]

Then why dont any of the other Iraqi newspapers have it. I would think this would be a big deal to the people. What are you talking about the paid part. Still BS

[Traconesu02]

There is not going to a LOP. JMO. But if there was going to be do you think your worring about it is going to affect anything but drive you nuts. You have no control over what is going to happen to Iraqi Dinar. So STOP worrying about it.

Same OLD Story -- Just a different date on it. Of course if that is what brings you joy worrying about something that you have no control over, by all means Go Right Ahead and Worry.

[Serenity]

I looked up the word NOMINAL...Means Face Value....They are definitely talking about removing the three zero notes...That means ease of transactions...Which means replacement with smaller denominations...WHICH FINALLY MEANS REVALUE...IMHO But it also means that they are not talking about the REAL value of the dinar (which will be the new RV rate)....That part is a secret. And all this FINALLY, finally, means NO LOP.....

[spruills]

really? this? AGAIN!?!?!? wow, we need some new news.

[tf8252]

"The dinar's value will remain unchanged, he said." - that's pretty clear to me.

[Dinardeb]

Smoke and Mirrors. Let's wait until the 17th.

[quadraph0nic]

the subject of this thread kinda got me psyched...this was like the last 2 or 3 stories...ehh no more lopsters please...

[gunner]

i call that an old article

[mrref]

Man this is OLD NEWS, I wish people would stop printing this article!!!!!!!!!!!!!GOSH

[gman51]

We must have a "weekday" croud, and a "weekend" croud because this is about the 7th time this has been posted in 7 days.