Central Bank: the new currency will be issued to groups of small metal

[patriotic party girl]

Iraq) - Baghdad / center breaking news / follow-up

of the Iraqi Central Bank explained the details of the new Iraqi currency, which will be issued within three or four years to come, which will be in three languages, including the codification, including the categories of mineral dinars.

The adviser said the bank the appearance of Mohammed Saleh said in a statement that the idea of changing the currency began to mature gradually, although referred to the Economic Committee in the Federal Council of Ministers since (2007).

indicating that the existing currency will go through two stages; first: Delete the zeros. The second restructuring, and launch the new currency for trading in the markets during the three or four years. And the benefit: The new currency will be in three languages ​​(Arabic, Kurdish, English), as well as there are groups of small metal.

noting that the experience of changing the currency took place in many States and was successful, as in Turkey and in Germany and Russia. and delete the yellowing, said the central bank adviser: The category Iraqi monetary omit one of three zeros, ie, (1.000) «thousand dinars» become «one dinar« only, as well as other categories, as We will issue the currencies of large and small k (50) «fiftieth JD» or (100) «hundred dinars», equivalent to (50,000) «fifty thousand» or (100,000) «a hundred thousand dinars» At present, emphasizing changing the currency does not affect the commitments with the States, or deal with it internally.

http://www.sotaliraq.com/mobile-news.php?id=27768

[jpdinar]

this doesn't sound promising. I sure hope i am wrong.

[unirod]

Again this is rediculous garble. How can 1000K Dinar suddenly be worth only 1 Dinar? I guess the People of Iraq must be Moron's. Not likely!! this is nothing short of propoganda meant to steer investors or speculators away from owning the Dinar. Most of us should have insurance to any of this nonsense by owning electronic Dinar in Warka Bank. I do and if you don't, it's no wonder that articles like this can make you nervous.

[keepmwlknfny]

Again this is rediculous garble. How can 1000K Dinar suddenly be worth only 1 Dinar? I guess the People of Iraq must be Moron's. Not likely!! this is nothing short of propoganda meant to steer investors or speculators away from owning the Dinar. Most of us should have insurance to any of this nonsense by owning electronic Dinar in Warka Bank. I do and if you don't, it's no wonder that articles like this can make you nervous.

Thats what a redenomination does.....and in Iraqs case because of the 3 extra zeros they would exchange your old dinar at a ratio of 1000 to 1 for the new dinar....

Your electronic funds would be affected the same....no one, no where is safe from a redenomination....whether you have physical currency or electronic....

[Nani?]

Thanks for explaining what a rd is again keep

[xyzzy]

Again this is rediculous garble. How can 1000K Dinar suddenly be worth only 1 Dinar? I guess the People of Iraq must be Moron's. Not likely!! this is nothing short of propoganda meant to steer investors or speculators away from owning the Dinar. Most of us should have insurance to any of this nonsense by owning electronic Dinar in Warka Bank. I do and if you don't, it's no wonder that articles like this can make you nervous.

It didn't say 100,000 becomes 1, but that

1,000 becomes 1

50,000 becomes 50

100,000 becomes 100

Seems pretty clear and having funds in Warka Bank will not prevent this from happening to your dinars. The 3-4 years is longer than I have seen before, but hopefully they will do whatever small RV is planned before this as a small RV can be done anytime before, or even during an RD.

[keepmwlknfny]

Thanks for explaining what a rd is again keep

Your welcome....apparently that member wasent sure. Just wanted to clarify for them......

[uncirculd]

so buy a lot more and cause more inflation, keep auctioning them us dollars iraq

they are so twisted

Edited October 11, 2011 by uncirculd