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Dinar News Article from XE Forex

FMCC

By FMCC,
in Iraq & Dinar Related News

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ronscarpa Grand Master

ronscarpa

Posted
Posted
There is no news on the RV, All I see is news on the lop.I cant even find news about a RV.RV is a mith they had this planed all allong

Scoty1967, It sounds like you want out - so, do you want to sell me your IQD at the current rate of $855/million...??? RON :)

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ronscarpa Grand Master

ronscarpa

Posted
Posted
It should be noted that the actual value of the dinar will remain unchanged. That means that 1,000 IQD (pre-redenomination) and 1 dinar (post-redenomination) will both be worth the same amount in US Dollars.

Here is my take on this:

I paid $1064 for 1 Million IQD the actual rate was $860 for 1 million IQD

old=pre-redenom , new=post-redenom.

the new 1 IQD will = 1000 old IQD in value

which means 1 new IQD = $0.86 which will also = 1,000 old IQD

Next if they revalue the Dinar to $1.50 just for even numbers then:

1 new Dinar = 1000 old Dinar =$1.50

1,000 new Dinars = 1 million old Dinars =$1500

so now my $1064 investment = $1500 after the RV to $1.50

$1500 - 1064 = $436

if you go to Ali to cash in then $436 - $150 = $286

if you go to the bank @1% = $15 then $436 - 15 =$421

Which is not a bad return on my investment, but we all know

that was not what we got into this investment for.

IMO this is the worst case with the lop but it is still good.

I hope I am wrong and I have been wrong before...A lot.

allooh - you're so right....the "WORST" we can do is make a 29-42% return. I just wish more of our bretheren (boys & girls :) ) would keep this in mind, rather than focus on the negative perspectives. IMO

RON :)

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keylime Grand Master

keylime

Posted
Posted
Agreed, and I am one of the ones that thinks a lop is probable. This will either be a good investment, or an incredible, insanely once in a lifetime good investment. Either way...

Let it ride!

I don't think a LOP is going to happen, but it isn't going to blindside me if it does. That is why I appreciate learning all facets of this investment. Just think, if no one ever mentioned a LOP and no one brought out the possible ramifications of this happening, but that we all went on our merry way just knowing we were all going to make millions and it was as sure as the sun will rise tomorrow.

Then out of nowhere. Oh oh. A "lop" happened!

Whoooo Nellieeeee!!!!!

Talk about getting sacked from the blind side. You'd have people screaming and commiting hare kare right on this and all the other websites.

Fox News touts themselves as being fair and balanced. I think that is the only way to go. Fair and Balanced. Learn what a re-denomination is. Learn what a Lop is. Learn what other countries have done. Learn about the Iraqi situation and its climate right now. And if its situation can even be compared to previous countries that have re-denominated and or lopped. Then whatever happens you will not be caught with your pants down. If you've bought dinar. Your in. So be fair and balanced with yourself.

Again I do not believe a LOP will happen.

I think they will RV. And then we will have til the end of the year, to exchange our dinar for whatever they RV to. While we are exchanging our dinar over this same period, the Iraqi people will be educated and a stabilization program will be introduced so that the Iraqi people will understand the ramifications of the new denominations being introduced into circulation. And while they are getting their ducks in a row, the large denominations will slowly be taken out of circulation. By 2011 sometime, most large(3 zero notes) will have been replaced with the notes with out 3 zeros and the Iraqi people will continue with business, better than usual.

However, if it goes down RV/Redenomination/lop all at once, which I just can't see that happening, I will not be left with my mouth hanging open kicking and screaming on the floor in a fit crying "Why me Lord? Why me?"

Why?

Because I have been willing to educate myself on all possible ramifications of this investment, and am just as excited today as I was when I bought my first dinar.

Oh, and let me add that my trust is in God not man. So whatever happens,...I'ma gonna be alright.

God Bless.

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Texxas777 Newbie

Texxas777

Posted
Posted

keylime...that is about as "well said" as it can be "said." :) and I agree...we all want the amazing upside here...I am right there too! However we need to educate ourselves and then put our faith where it needs to be.

I remember reading somewhere that "fretting and worrying" don't really get you anywhere you want to go. That being said...I really hope this goes like we all hope!

Peace!

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Enorrste Newbie

Enorrste

Posted
Posted

Please go to the Rumors Section where I have posted under my own name the response to this article and the "final" statement on dispensing with L O P discussion. The post includes articles in which Zubaidi, the head of the Ministry of Finance, recommended to Shabbibi back in 2006 that the removal of large denom notes AND raising of the value of the IQD be undertaken. Then, in 2009 I have posted an article in which Salih himself of the CBI says that the "plan" under discussion will raise the value of the IQD. Therefore we have 3 people who are official and "in the know" who have revealed that Iraq will raise the value of the IQD in the near future and that this is a plan that has been in process for several years now. This should end this discussion once and for all.

For those who still like to talk L O P, I would appeal to you to bring to the surface ANY documentation to support your case. Otherwise, let's let the government and CBI officials speak for themselves on this matter, OK?

Steve

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Kent Newbie

Kent

Posted
Posted
Please go to the Rumors Section where I have posted under my own name the response to this article and the "final" statement on dispensing with L O P discussion. The post includes articles in which Zubaidi, the head of the Ministry of Finance, recommended to Shabbibi back in 2006 that the removal of large denom notes AND raising of the value of the IQD be undertaken. Then, in 2009 I have posted an article in which Salih himself of the CBI says that the "plan" under discussion will raise the value of the IQD. Therefore we have 3 people who are official and "in the know" who have revealed that Iraq will raise the value of the IQD in the near future and that this is a plan that has been in process for several years now. This should end this discussion once and for all.

For those who still like to talk L O P, I would appeal to you to bring to the surface ANY documentation to support your case. Otherwise, let's let the government and CBI officials speak for themselves on this matter, OK?

Steve

For the benefit of all, I believe Steve's string is: http://dinarvets.com/forums/showthread.php?11100-Putting-the-LOP-to-bed-once-and-for-all!

Steve, you have well earned "rock star" status on this forum and are going to be amazed at this, but what I see in all of that is that the Ministry of Finance and the CBI have publicly disagreed on a lop. Although a lop has no direct or immediate change in the exchange rate by itself, it is believed that the process increases confidence in the currency and has a favorable impact on the value over time - thus the frequent reassuring statements that it will have a favorable impact on the value.

IMO the most conclusive thing you put in that article was this quote from 2006:

http://edinarfinancial.net/news/?nn=320

And here is the statement:

“A statement by B.J. AL Zubaidi, the Minister of Finance, in which he said that he had suggested to the Chairman of the Central Bank, Dr. Sinan AL Shibibi, that three zeros be taken from the Iraqi Dinar in order to raise its value so that one Dinar be equal to a Dollar. He explained that the financial authorities were set on holding a meeting next month to discuss the matter. The meeting is to be attended by experts and specialists from the Ministry of Finance, the Iraqi Central Bank and the Commercial Bank.”

, but candidly, the link doesn't work and I am personally more inclined to put confidence in more recent statements from the CBI since I believe (and I thought you do too) that the CBI is the one controlling the decision.

Now about the XE statement. You quote their article, but neglect to mention that they have a hyperlink in their own article that refers to a Reuters article. Admittedly, it appears that XE is doing some interpretation of the statements in the article and using their own language, but I personally give some credence to their interpretation of statements since they are in the currency trading business. They clearly interpret a lop.

Finally, you mention Phoenix documentation of currency in circulation well below 9 Trillion dinar. Personally I am dumbfounded that people try so hard to ignore the plain facts provided by the CBI. All links and a rebuttal are in this post:

http://dinarvets.com/forums/showthread.php?10890-TidBit-from-Phonex-on-Dinar-in-Circulation/page2

I am not trying to pick a fight, but just thought a different angle on even your own conclusive "no lop" statements would interest you. I sincerely appreciate all your work and have learned a lot from your posts.

Kent

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FMCC Newbie

FMCC

Posted
  • Author
Posted

Hi Steve, I just got this article from the xe site a couple days ago. At first I thought good, they are talking about the value of the dinar. Then I see that it seems that they see the new denomonations are taking the place of the old ones. I just don't understand why it looks like the old 1000 dinar and the new 1 dinar is the same value. Is a trusted company like XE wrong in this article? I value your opinion. You seem to know what you are doing. I seem to have gotten a lot of response with this article. I was looking for an explaination.

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john1025 Newbie

john1025

Posted
Posted

Forex is a pretty credible source of information. Unless they have the new dinar in circulation before they take off the zero's it won't work. But if they start releasing the new smaller notes, so people can excange large for small it can work. They will just set their prices accordingly. imo

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Kent Newbie

Kent

Posted
Posted
Kent,

I did put a link at the top. That is all I saw in the article. Here is the link again.

http://www.xe.com/currency/iqd-iraqi-dinar

Absolutely, I saw that (and thanks for your post). What I was referring to in my post was Enorrset's treatment of the same XE stuff that he referred everyone to. If you read his post, he is going into some detail about source information for the quotes, but he doesn't mention that the last phrase in the article you posted is a hyperlink that takes you to this Reuters article: http://www.xe.com/news/2010/02/11/951385.htm

Again, my point is that, even if XE is interpreting the news, that has significance since they are in the currency trading business.

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  • 3 weeks later...
Teresa82 Newbie

Teresa82

Posted
Posted

Live rates at 2010.03.12 19:18:03 UTC

Notice: IQD will be redenominated by the end of 2010. More on the Iraqi Dinar

1.00 IQD

=

0.000857229 USD

Iraq Dinars United States Dollars

1 IQD = 0.000857229 USD 1 USD = 1,166.55 IQD

Trade Currencies. Click here!!

I was looking at the converter, and it said this -what does that mean?

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