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misterodell
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Iraq's New Currency Will printed in Three Language

14/08/2011 - 1:45 p |

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Iraqi Central Bank announces the new currency that will delete zeros, also will be printed in three languages .

The central bank adviser Modihr Mohammed said in a statement that received by Forat TV Sunday that "the new currency will be dispensed gradually and it will be printed in Arabic, Kurdish and English. The old currency will not be canceled immediately after issuance of the new but will be dispensed gradually

"There is no difference in the new currency on the rights of exchange rate and acquisitions, because when we want to buy a dollar in 1200 dinar , we will buy it at one dinar and 200 fils" Mohammed pointed out

"Tthe project of deleting the zeros has approved by the Department of the Central Bank and has been forwarded to the Council of Ministers and Parliament , where the project will be implement as soon as it will be approved by the government " .

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http://www.alforattv.net/en/index.php?show=news&action=article&id=565

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Thats screaming LOP...... Let's hope not but GO RV :)

almost forgot thanks for the post my friend

"There is no difference in the new currency on the rights of exchange rate and acquisitions, because when we want to buy a dollar in 1200 dinar , we will buy it at one dinar and 200 fils" Mohammed pointed out

I don't read LOP from that. IMO no worries and no LOP.

Stay grounded, calm and be happy

Go RV/RI B)

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Would 1 dinar and 200 fils be around .86 on the dollar?

someone do the math! Lol

So 1 dinar = 1000 fils ......so..... um.... your turn

http://en.wikipedia.org/wiki/Fils_(currency)

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where the project will be implement as soon as it will be approved by the government " .

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http://www.alforattv.net/en/index.php?show=news&action=article&id=565

Haven't seen them quote that before I don't think. That's good. VOTE VOTE VOTE!

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Thats screaming LOP...... Let's hope not but GO RV :)

almost forgot thanks for the post my friend

No, no don't get your panties in a twist yet. If they were to RV they cannot announce that in a news article, we'd be selling the farm, our kids and our spouses to get more dinar. Have a great week ahead. Stay calm and you will be pleasantly surprised, just like the rest of us. NO vote for Cindy Lopper - Go RV!

I forgot to say VOTE!

GO RV!!!! We are so close to the finish line, this is longest part, yet all of us have come so far.

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"There is no difference in the new currency on the rights of exchange rate and acquisitions, because when we want to buy a dollar in 1200 dinar , we will buy it at one dinar and 200 fils" Mohammed pointed out

I don't read LOP from that. IMO no worries and no LOP.

Stay grounded, calm and be happy

Go RV/RI cool.gif

I totally agree with Richardk. If you are worried, diversify your investment. Open a Warka account and ride the market. By lower denoms, etc. There are several ways to protect yourself as best as you can. Just don't put all of your faith into one specific outcome. We'll all be fine.

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[There are several ways to protect yourself as best as you can. Just don't put all of your faith into one specific outcome. We'll all be fine.

we will be fine.

but........i would like to cash out and walk out of the bank with a bag of cash not a roll of quarters....lol :D

"There is no difference in the new currency on the rights of exchange rate and acquisitions, because when we want to buy a dollar in 1200 dinar , we will buy it at one dinar and 200 fils" Mohammed pointed out

I don't read LOP from that. IMO no worries and no LOP.

Stay grounded, calm and be happy

Go RV/RI B)

im grounded and calm.....but

i have been out of school for a while but IMO if 1200 dinar which is 1000 dinar note and 200 fils = 1 (new) dinar note and 200 fils. then that would be same amount of notes (2) at the same exchange rate (1162:1 right now) that IMO is considered a lop or redomination. they are removing 3 zeros off the 1000 dinar note to be the same rate as the 1 (new) dinar note..

which is another forum....sorry

no vote for me

we need an rv

Edited by ssgaldridge
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all the currency is going to be replaced .. not just the higher denominations .. its part of the erbil agreement .. the constitution of kurdistan in northern iraq says the currency has to include kurdish language on it.. so to complete implimentation of erbil agreement the currency had to be changed

[*Tenmillion] Article 4:

[*Tenmillion] First: The Arabic language and the Kurdish language are the two official languages of Iraq. The right of Iraqis to educate their children in their mother tongue, such as Turkmen, Syriac, and Armenian shall be guaranteed in government educational institutions in accordance with educational guidelines, or in any other language in private educational institutions.

[*Tenmillion] Here is where the constitution requires the Kurdish language to be printed on the dinar notes….

[*Tenmillion] Article 4

[*Tenmillion] Second: The scope of the term “official language” and the means of applying the provisions of this article shall be defined by a law and shall include:

[*Tenmillion] E. Use of both languages in any matter enjoined by the principle of equality such as bank notes, passports, and stamps.

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There is no difference in the new currency on the rights of exchange rate and acquisitions, because when we want to buy a dollar in 1200 dinar , we will buy it at one dinar and 200 fils" Mohammed pointed out
I don't see how you can read that as other than an RD. One dollar is 1200 (current) dinars or (we WILL buy it at) 1 new dinar as 200 fils (1000ths of a dinar).. That in the same sentence talking about new currency is clearly describing a 1000:1 RD. Its not what we want but I don't see how you can say that is not what they are going to do.
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Ok, I want an RV and I'm not bashing or being a pessemist (sp).

But I am wondering if the want / need for an RV by folks on here makes them believe this isnt a LOP?

That's a legitimate question and not meant to bash. I haven't understood how the dropping of zero's

isn't devalueing our 25000 dinar notes. I haven't read anything that says when an Iraqi citizen cashes

in a 25000 dinar note that they will get 25000 dinar worth of 25 dinar notes. I have only read that they

will be worth the same. I don't want that to be true but I haven't read anything other than rumor that

this isn't the case. I really don't want this to be true. Please educate me on how this isn't a devalue

so I can explain it to others too.

Thanks!

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Would 1 dinar and 200 fils be around .86 on the dollar?

someone do the math! Lol

Not sure what a file is for sure.. but at 1200 dinar is $ .83. I am good with that. There is no way this spells LOP.....Iraq has no means or visions of loping....it would defeet there whole purpose of what they have been working for.. not only that, the World bank and IMF would not stand for it... Not to mention the Countries holding notes...As for everyone running out buy dinar if they anounced it..not going to happen... they have ways of controling what curenrcy go's out.... Thanks for the post and ooooh yeaaaa....GO RV!!!~~~

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Quazz,

A RD of three zeros means every thing is divided by 1000

This increases the exchange rate by the same amount of decimal places

1000 dinar / 1000 = 1 dinar

1170 /1000 = 1.17 dinar: dollar

$.00086 becomes $.86

So old 1000 dinar at 1170 dinar per dollar = 1 new dinar at 1.17 dinar per dollar.

This is not a devaluation. It raises the value of the new currency by a factor of 1000, to give it the same value as the older note .

Less than 1000 notes get the same treatment, only moving decimal point 3 places.

500 becomes .50

250 becomes .25

50 becomes .05

No value is lost, as the new lower notes have the same buying power as the older larger notes.

The purpose of a RD is to remove traces of past hyperinflation from the money, while reducing the liability of having to back the larger amount with reserves.

In this case, the 59 trillion that Iraq is liable for becomes around 59 billion.

The production of Iraq can support the lower figure.

Here are a few links that will explain it in detail

Fundamentals of RD

Research paper on Dropping Zeros

Ok, I want an RV and I'm not bashing or being a pessemist (sp).

But I am wondering if the want / need for an RV by folks on here makes them believe this isnt a LOP?

That's a legitimate question and not meant to bash. I haven't understood how the dropping of zero's

isn't devalueing our 25000 dinar notes. I haven't read anything that says when an Iraqi citizen cashes

in a 25000 dinar note that they will get 25000 dinar worth of 25 dinar notes. I have only read that they

will be worth the same. I don't want that to be true but I haven't read anything other than rumor that

this isn't the case. I really don't want this to be true. Please educate me on how this isn't a devalue

so I can explain it to others too.

Thanks!

Not sure what a file is for sure.. but at 1200 dinar is $ .83. I am good with that. There is no way this spells LOP.....Iraq has no means or visions of loping....it would defeet there whole purpose of what they have been working for.. not only that, the World bank and IMF would not stand for it... Not to mention the Countries holding notes...As for everyone running out buy dinar if they anounced it..not going to happen... they have ways of controling what curenrcy go's out.... Thanks for the post and ooooh yeaaaa....GO RV!!!~~~

Actually, the IMF has no problems with the plan to RD that was established around 2007.

Iraq will definitely not LOP, as that is not a financial procedure; it is pumper jizz.

However, they have definitely telegraphed their intentions to RD; the plan to do so is awaiting approval.

It hasn't been approved yet, and may not get approval.

But, the plan is to RD. Not acknowledging it is nothing more than denial on your part.

Try not to lead others astray with your lack of understanding..

Again, it may not pass parliament or get GOI approval, but to not accept the possibility that the CBI plans to do what it has been planning for nearly five years is not going to win you any awards.

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No, no don't get your panties in a twist yet. If they were to RV they cannot announce that in a news article, we'd be selling the farm, our kids and our spouses to get more dinar. Have a great week ahead. Stay calm and you will be pleasantly surprised, just like the rest of us. NO vote for Cindy Lopper - Go RV!

I forgot to say VOTE!

GO RV!!!! We are so close to the finish line, this is longest part, yet all of us have come so far.

Very well put! biggrin.gif

Not sure what a file is for sure.. but at 1200 dinar is $ .83. I am good with that. There is no way this spells LOP.....Iraq has no means or visions of loping....it would defeet there whole purpose of what they have been working for.. not only that, the World bank and IMF would not stand for it... Not to mention the Countries holding notes...As for everyone running out buy dinar if they anounced it..not going to happen... they have ways of controling what curenrcy go's out.... Thanks for the post and ooooh yeaaaa....GO RV!!!~~~

Again, well put! biggrin.gif

There is no doubt the three 000's will come off in time, to me the question is what the rate will be at that time. I read an RI/RV before that happens, and we just will not know what that amount is until it has happened. Any notice (even a couple of hours) would be pure chaos. - IMHO

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There is no doubt the three 000's will come off in time, to me the question is what the rate will be at that time. I read an RI/RV before that happens, and we just will not know what that amount is until it has happened. Any notice (even a couple of hours) would be pure chaos. - IMHO

I like your opinion. +1

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No matter what they do, the fact remains that Shabbi himself that he intends on making the dinar POWERFUL and Valuable! End of story...and "lopping, or devalueing goes totally against what he has stated over and over! God Bless!

A lop doesn't devalue the currency at all. It is value neutral. In fact a lop is the only way the currency will ever become valuable, there's simply too much in circulation to get it up to 1-3 dollars any other way.

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I

"There is no difference in the new currency on the rights of exchange rate and acquisitions, because when we want(expect) to buy a dollar in 1200 dinar , we will(infact) buy it at one dinar and 200 fils" Mohammed pointed out

Edited by estephan
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Iraq quoted that they want a currency on par with the U.S. dollar. We read that Iraqi citizens are spending and saving U.S. dollars. This is only my interpretation. THERE IS NOT MUCH IRAQI CURRENCY IN THE HANDS OF THE CITIZENS,(this is what we like to hear). The bank is selling u.s. dollars for dinar, GOOD. IMO, most dinar is being held by other governments and speculators like ourselves, meaning the more that can be 'reeled in' by the almost complete GOI, the more value can be added to it. I scream oil and GDP backing the dinar, but now after seeing the Saudi exchange rate, i've put myself in a reality check. I think that Adams low outcome prediction is more feasible than i once thought. I'm still a dreamer, like the most of us here, but for the betterment of iraq, and a "more desired worldwide currency" as quoted by Shabs,(i think), spells low RV and gradual growth. Plan accordingly for whatever the outcome.

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FILs - think of it as filling in the gaps. Fils, from my understanding are normally coins. It means the ability to make change.

They're normally referenced in 1,000.

So, 500 FILs would be 1/2 of a dinar, 250 FILs would be 1/4 of a dinar, and even 1,000 FILs would equal the same as 1 dinar.

The articles remain to be seen quite vague, IMO.

In reference to the idea that a 25 note would be equal to a 25,000 note, it is often explained in terms of purchasing power.

What if what they were trying to say is (While yet still being left vague):

"A new 25-note will buy what a 25,000 note used to buy."

That would be, still quite vague, but not so negative. Leaves a lot out to speculate upon.

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A lop doesn't devalue the currency at all. It is value neutral. In fact a lop is the only way the currency will ever become valuable, there's simply too much in circulation to get it up to 1-3 dollars any other way.

How do you know they have too much in circulation?

Interesting enough... The amount the US is liable against is way higher than 50-60 trillion.

The initially printed 6.38 Trillion - so to reach even 30 trillion, it took them printing 3 trillion a year.

But what about exchanging damaged currency? Surely cash-notes would need to be printed to replace old notes. Heavily used currency becomes damaged and nearly useless.

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