Iraq in hyperinflation; currency to be revalued

[Ridewithme38]

iraq isn't in hyperinflation.. and if you're getting excited about thinking they are..? that just doesn't make sense.. the reason countries "LOP" their currency is to get out of hyperinflation.. so you shouldn't be getting excited about that.

Thats incorrect...Well actually, its ineffective...the countries that RD their currency EFFECTIVELY, are those not trying to 'get out of hyperinflation' its those that have solved their hyperinflation problems and are trying to deal with the AFTER EFFECTS of hyper-inflation....if you are still dealing with hyper-inflation itself, and you RD, that doesn't solve your problem and you'll find eventually you have to RD again...This has happened in a few countries, where they had to RD several times over a few short years, because they never solved their problem of hyper-inflation

This is the PERFECT time for Iraq to RD, they have their inflation (mostly)under control and now need to find a way to deal with the large denomination notes that were created because of it

Edited September 9, 2011 by Ridewithme38

[armondtoth]

If you think 6 or 7% is hyper-inflation you need to put the crack pipe down.

[MrDinarman]

I'm sorry but if you're walking around with 25,000 notes worth $20 thats hyperinflation... if thats not i dont know what is! And if a little country has 27 TRILLION dinars in circulation that my friends is hyperinflation and they most like will LOP. Turkey is a prime example and they claimed not to suffer from hyperinflation either.

Think about this... if they were to RV at $3, that means Iraq would have over 75 TRILLION DOLLARS worth of dinar!! The world times ten doesnt have that kind of money.

[armondtoth]

I'm sorry but if you're walking around with 25,000 notes worth $20 thats hyperinflation... if thats not i dont know what is! And if a little country has 27 TRILLION dinars in circulation that my friends is hyperinflation and they most like will LOP. Turkey is a prime example and they claimed not to suffer from hyperinflation either.

Think about this... if they were to RV at $3, that means Iraq would have over 75 TRILLION DOLLARS worth of dinar!! The world times ten doesnt have that kind of money.

Ok take the 3 zeros off the currency now you have a 25k dinar not worth the same as a 25 dinar note.

[Ridewithme38]

If you think 6 or 7% is hyper-inflation you need to put the crack pipe down.

Thank god! Because if they still were in Hyper-inflation there would be absolutly NO way they should RD! We'd be worried about seeing bigger notes....Good thing they finally got it under control, now they can return their notes back to the Pre-Hyperinflated denomination!

[Raleighwood]

I wasn't talking about printing new notes to replace old ones I was talking about printing new larger denominations.

You can bet they are printing new ones period....check out the CBI financial indicators...the amount in circulation just keeps climbing so they are definately printing more then just ones to replace old notes....

[Ridewithme38]

You can bet they are printing new ones period....check out the CBI financial indicators...the amount in circulation just keeps climbing so they are definately printing more then just ones to replace old notes....

I'm praying that most of those are 'spectators' that will just cash in when the RD happens and NOT exchange for the New Dinar...drop that darn number

[zigmeister]

I'm sorry but if you're walking around with 25,000 notes worth $20 thats hyperinflation... if thats not i dont know what is! And if a little country has 27 TRILLION dinars in circulation that my friends is hyperinflation and they most like will LOP. Turkey is a prime example and they claimed not to suffer from hyperinflation either.

Think about this... if they were to RV at $3, that means Iraq would have over 75 TRILLION DOLLARS worth of dinar!! The world times ten doesnt have that kind of money.

Wow what a good investment doncha think?

[Lorren]

I did a lot of reading about Weimar Germany about a year ago... this is not the same kind of situation. Towards the end, I think that you could trade a trillion marks for one dollar. With Iraq, it's approximately 1000. It's been that way for quite a while.

About a decade ago, I was a millionaire in Ecuadorian dollars, for about a day. It was worth about $100 USD. It takes about $1000 USD to be an Iraqi millionaire. At the time, Ecuador wasn't in hyperinflation either.

When I was a kid, I took a Russian class. That was shortly after the Soviet Union collapsed. Every day we would compare the value of the Ruble to the dollar. It was falling like a rock. That again, is not the situation in Iraq.

I guess people will believe anything if someone "official" says it. I'm not saying that people here are buying it, but I'm sure that some people are.

[Realdinar]

I did a lot of reading about Weimar Germany about a year ago... this is not the same kind of situation. Towards the end, I think that you could trade a trillion marks for one dollar. With Iraq, it's approximately 1000. It's been that way for quite a while.

About a decade ago, I was a millionaire in Ecuadorian dollars, for about a day. It was worth about $100 USD. It takes about $1000 USD to be an Iraqi millionaire. At the time, Ecuador wasn't in hyperinflation either.

When I was a kid, I took a Russian class. That was shortly after the Soviet Union collapsed. Every day we would compare the value of the Ruble to the dollar. It was falling like a rock. That again, is not the situation in Iraq.

I guess people will believe anything if someone "official" says it. I'm not saying that people here are buying it, but I'm sure that some people are.

some people have to be right so bad, even if it appears illogical they are even invested in the iqd.

[Ridewithme38]

some people have to be right so bad, even if it appears illogical they are even invested in the iqd.

Stuffing stolen/illegally gotten notes in a shoe box or under your pillow, is NOT investing in Iraq, it's barely even Currency SPECULATION...what it is is shameful and makes ALL the TRUE Iraqi investors look like quacks

[dacraigo]

You can bet they are printing new ones period....check out the CBI financial indicators...the amount in circulation just keeps climbing so they are definately printing more then just ones to replace old notes....

Okay I do have to spell this out for you I am saying they are NOT creating a larger denomination frequently I am not talking about replacing or printing more notes then their reserves can handle. I.E. they are not creating 50k, 100k, 200k etc. etc. What I said really isn't that hard to understand I have said printing new denominations numerous times, not replacing warn notes not printing more, k got that? I sure hope so. Your arguing a point that is not their.

[kennyc]

Smoke and mirrors newbie, Iraq hasn't printed new notes from this series since its inception. Countries in hyper-inflation create larger denominations very often almost on a monthly rate, germany, Zimbabwe, Brazil, Argentina Mexico, Greece. Those countries were in hyper-inflation Iraq is not.

Saw a video this morning that said Iraqi is in hyper- inflation & thats the reason for the forth coming RV

[Realdinar]

Stuffing stolen/illegally gotten notes in a shoe box or under your pillow, is NOT investing in Iraq, it's barely even Currency SPECULATION...what it is is shameful and makes ALL the TRUE Iraqi investors look like quacks

Not following you. Explain.

[Raleighwood]

Okay I do have to spell this out for you I am saying they are NOT creating a larger denomination frequently I am not talking about replacing or printing more notes then their reserves can handle. I.E. they are not creating 50k, 100k, 200k etc. etc. What I said really isn't that hard to understand I have said printing new denominations numerous times, not replacing warn notes not printing more, k got that? I sure hope so. Your arguing a point that is not their.

Then be specific....its obvious they aren't printing anything more then a 25k note lol....but anything with 3 zeros is a larger denomination when we are talking about Iraq! But you also stated that they weren't printing other then replacing notes so who was to know that you were speaking about bills not even in existence....are you ok? No need to get upset because you had to back track or recant cause you weren't sure what you were saying

Edited September 9, 2011 by Raleighwood

[dacraigo]

Then be specific....its obvious they aren't printing anything more then a 25k note lol....but anything with 3 zeros is a larger denomination when we are talking about Iraq! But you also stated that they weren't printing other then replacing notes so who was to know that you were speaking about bills not even in existence....are you ok? No need to get upset because you had to back track or recant cause you weren't sure what you were saying

Oh wow, I didn't back track anything and I did specify? All of my posts clearly say denominations I don't know how you read it as they weren't printing notes period I never once stated they weren't printing notes period. I clearly stated they were not printing a totally different denomination, I was pretty specific. So you want to let this one go or do I need to order you hooked on phonics so you can read? I want this thing to RV just like everyone else, why some people on this site want to argue and bicker is beyond me isn't a forum like this created so we can all share info?

[Sanssouci]

The powers that be, known as the Rothschilds who own the CBI and hundreds of other central banks are pumping out misinformation daily so people will remain confused and in doubt, and maybe go cash in what they have, and surely not buy more.

And the Rothschilds have a long history of devaluing things only to come in and buy them for pennies on the dollars, or, in this case, fils on the dinar. The Rothschilds did not get to where they are on a misunderstanding of how the process works. I honestly don't think knowledge of this situation with the dinar it was intended for us ordinary folk. But the cat is out of the bag, and the "powers that be" are now executing damage control.

[unirod]

Please someone correct me if I'm wrong. But doesn't the 7% inflation rate include the cost of fuel and food in Iraq? Here in the USA we all know the inflation rate does not include what we buy most fuel and food!!

[Raleighwood]

Oh wow, I didn't back track anything and I did specify? All of my posts clearly say denominations I don't know how you read it as they weren't printing notes period I never once stated they weren't printing notes period. I clearly stated they were not printing a totally different denomination, I was pretty specific. So you want to let this one go or do I need to order you hooked on phonics so you can read? I want this thing to RV just like everyone else, why some people on this site want to argue and bicker is beyond me isn't a forum like this created so we can all share info?

I thought we were all here waiting for the Weds special at McDonalds?? Did I join the wrong forum???

[dacraigo]

I thought we were all here waiting for the Weds special at McDonalds?? Did I join the wrong forum???

ha ha ha ya I think you would be on the wrong forum, and two days late

[uncirculd]

While many Asian nations battle stubbornly rising prices, Iraq offers an example of the extreme - hyperinflation, that is - inflation that has spiraled out of control.

It occurs when there is an unchecked increase in the money supply. Iraq's central bank is planning to solve the issue by completely re-valuing its Dinar.

In countries experiencing hyperinflation, the central banks often falls into a vicious cycle - printing money in larger and larger denominations as smaller denomination notes become worthless. One way to avoid the use of large numbers is by declaring a new unit of currency.

Mudher Kasim, Vice President of Iraq Central Bank said, "Over the past 30 years, inflation and economic intervention has caused the denomination of the Dinar to continue to rise. But the exchange rate is so low that the highest denomination is worth less than 25 dollars. Therefore, we need to carry out currency reform."

While many Asian nations battle stubbornly rising prices, Iraq offers an example of the extreme - hyperinflation, that is - inflation that has spiraled out of control.

It occurs when there is an unchecked increase in the money supply. Iraq's central bank is planning to solve the issue by completely re-valuing its Dinar.

In countries experiencing hyperinflation, the central banks often falls into a vicious cycle - printing money in larger and larger denominations as smaller denomination notes become worthless. One way to avoid the use of large numbers is by declaring a new unit of currency.

Mudher Kasim, Vice President of Iraq Central Bank said, "Over the past 30 years, inflation and economic intervention has caused the denomination of the Dinar to continue to rise. But the exchange rate is so low that the highest denomination is worth less than 25 dollars. Therefore, we need to carry out currency reform."

http://english.cntv.cn/program/bizasia/20110908/104781.shtml

Wow! Excellent find. So they plan to reign in the large notes as they stated.

this si the stupidest article ever....it says iraq is in hyperinflation????? WTF

thats a LIE right off the bat, this should be a red flag for everyone to stay away from this article

Who cares why they revalue, if they lie to do it. I wouldn't care would you? lol

Iraq is still printing notes....learn how to check the date on your bills and you might be surprised.....alot of folks here had 2009 and 2010 issue banknotes....

I have a 50 dinar denomination uncirculated. So the $250 is bull.