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The Chronological documented History of the Pending Revaluation of the IQD


Enorrste
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The documented History of the Pending Revaluation of the IQD

In an effort to allow us all to have the same information from which to arrive at our own conclusions regarding the pending RV of the IQD I thought it would be helpful to place here, in one place, all documentation regarding the RV in chronological order. In doing so we will be able to see how the

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5.

February 6, 2010

http://www.rferl.org/content/Iraq_Pl...n/1950504.html

“News / From Our Bureaus

Iraq Planning Currency Redenomination

”February 06, 2010

“BAGHDAD -- The Iraqi Central Bank is planning to redenominate the national currency in an effort to ease transactions and allow people to carry less paper money, RFE/RL's Radio Free Iraq (RFI) reports.

”Mudhhir Muhammad Salih, a member of a Central Bank advisory panel, told RFI that a plan has been made to remove three zeros from the currency and phase out the current banknotes late this year.

”Salih said by the end of 2010 the new banknotes will be fully introduced while the old banknotes will be gradually removed from circulation. He did not specify when the new notes would be issued.

”Both will be legal tender in Iraq until the old notes are completely withdrawn.

”Iraqi officials have had a long-running plan to redenominate the Iraqi dinar. In 2006, the Finance Ministry recommended to the Central Bank that it carry out such a plan.

”Salih 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. He said some 80 percent 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 current exchange rate is 1,167 Iraqi dinars to the U.S. dollar.”

6.

February 10, 2010

http://articlesofinterest-kelley.blogspot.com/2010/02/two-currencies-coexist-together-and.html

February 10, 2010

Two currencies coexist together and gradual replacement

Central Bank (time): Delete the zeros start end of the year

BAGHDAD - Ahmed Saleh Khyoun

CBI begins the end of the year and gradually replace the currency now in circulation a new currency which zeroes deleted within the strategy to reform the monetary system started in 2005.

Bank consultant and announced the appearance of Mohammed Saleh told (time) on that (the bank has completed 50 percent of a strategy switch in and out, delete the zeros of the nominal value of the new currency while retaining the cash value and purchasing power), said that (the replacement process will be gradually and spontaneously high and without fanfare, as will be There are two currencies to trade at the same time go hand in hand), but (that the purchasing power of the new currency will remain fixed).

Saleh said (there are multiple advantages of this strategy, including ease of trading between the citizens and facilitate the work of banks, counting, sorting, and stand on the counterfeit currency and to facilitate transactions of the citizens with the banks on the deposits and withdrawals in addition to facilitating the process of monetary reform after hitting a currency issued in circulation now 25 trillion dinars, while in 1990 was about 25 billion dinars and this in itself calls for the deletion of zeros).

In the answer to a question by (time) whether the Central Bank has set a deadline for the replacement of the currency said (we did not define this ceiling until now that the matter is still under study and the reality of work at that time will decide how long the replacement process).

Responding to another question about the Iraqi currency held abroad and how to replace it "(The right of a citizen is to remove the $ 200 thousand dinars and he could only replace it like any ordinary citizen here in Iraq, either from abroad, the banks in the States would be responsible to us of the assets of our currency), He pointed out that (a media campaign will precede and guide the process in order to raise public awareness of the importance of this and that our banks and our will all be ready to provide all facilities to the citizens and emphasize once again that the process does not affect absolute quiet in the market also note that many countries replaced their currency and benefit from their experiences in this area, including Turkey, Russia, Brazil and others).

7.

February 11, 2010

From Al-Iraq News.com

Conscious / Baghdad / G. E

11/2/2010 3:51 pm

Finance Minister Bayan Jabr said the lifting of the zeroes of the Iraqi currency will support the currency against the dollar.

Zubaidi, in remarks quoted by reporter (news agency, Iraqi Information / conscious) that this proposal by the Ministry of Finance to the Central Bank of Iraq was not affected increase or decrease but it is just delete the zeros vocation not only the case in many countries Noting that the Iraqi dinar would be offset dollar or slightly more than after the application of this proposal.

According to an official source at the ministry The proposal to raise three zeroes from the currency will be in accordance with the right monetary policy is not gradual, as happened in Turkey and this policy will raise the monetary value of the Iraqi currency and will of the Iraqi dinar Strength of cash against all currencies.

Summary

The following summarizes the seven articles above.

1. September 2005

but suggested that Mr. Governor of the Central Bank Dr. Sinan Shabibi need to raise the value of the Iraqi dinar and return to normal through the lifting of three zeroes.

the proposals to get the value of the Iraqi dinar equivalent of [to] the American dollar, this goal we will strive to achieve.

2. June 29, 2006

The Ministry of Finance together with the Central Bank are studying a proposal to raise the value of the Iraqi dinar in order to return it to previous levels where one Iraqi dinar was valued at 3.33 US dollars.

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.

3. January 21, 2007

Al Zubaidi emphasized that the Ministry of Finance and in consultation with the Central Bank seeks to identify the exchange rate of the dollar at 1260 dinar during the this year. It also laid down a plan to restore the Iraqi dinar to its former era during the coming three years expressing his hope to stabilize its exchange rate at 1000 dinar for the dollar during the coming period.

4. August 2008

Finance Ministry has prepared a plan to increase the value of the dinar against the dollar and then delete the three zeroes from the dinar's value to contribute to the advancement of the Iraqi economy during the coming period

On the other hand denied the authoritative source in the Iraqi Central Bank rumors making the dollar worth 1000 dinars, or a change denominations or raise zeros from the current currency

5. February 6, 2010

The Iraqi Central Bank is planning to redenominate the national currency in an effort to ease transactions and allow people to carry less paper money

that a plan has been made to remove three zeros from the currency and phase out the current banknotes late this year.

”Salih said by the end of 2010 the new banknotes will be fully introduced while the old banknotes will be gradually removed from circulation.

Both will be legal tender in Iraq until the old notes are completely withdrawn.

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

6. February 10, 2010

CBI begins the end of the year and gradually replace the currency now in circulation a new currency which zeroes deleted within the strategy to reform the monetary system started in 2005.

7. February 11, 2010

this proposal by the Ministry of Finance to the Central Bank of Iraq was not affected increase or decrease but it is just delete the zeros vocation not only the case in many countries Noting that the Iraqi dinar would be offset dollar or slightly more than after the application of this proposal.

The proposal to raise three zeroes from the currency will be in accordance with the right monetary policy is not gradual, as happened in Turkey and this policy will raise the monetary value of the Iraqi currency and will of the Iraqi dinar Strength of cash against all currencies.

This short summary of actual quotes from reputable sources gives us a clear indication of the on-going plan of the CBI to revalue the IQD to at least $1.00 in the near future and then to removed gradually the larger denominated notes as they become unusable in the market place. This summary further totally eliminates any possible interpretation of a lopping of zeros such as happened in Venezuela.

Steve

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Sorry the last three lines should have been black, like this:

This short summary of actual quotes from reputable sources gives us a clear indication of the on-going plan of the CBI to revalue the IQD to at least $1.00 in the near future and then to removed gradually the larger denominated notes as they become unusable in the market place. This summary further totally eliminates any possible interpretation of a lopping of zeros such as happened in Venezuela.

SexyDinar - when the IQD revalues at, say $1.17 then your one million dinars will be worth $1,170,000. I would hardly call this a waste of time.

Steve

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sooner - I did not with respect to the 2007 or 2008 budget planning but I heard yesterday that they are now reducing salaries across the board for the 2010 budget and the upcoming raise in the value of the IQD. According to the latest rumor this will be over by March 1.

Steve

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Nobody, absolutely nobody does it like Enorrste. You haev tried and tried to put an end to the loppers. Will this do it? Looks like it to me. Now a question...

Responding to another question about the Iraqi currency held abroad and how to replace it "(The right of a citizen is to remove the $ 200 thousand dinars and he could only replace it like any ordinary citizen here in Iraq, either from abroad, the banks in the States would be responsible to us of the assets of our currency.....

What does the above mean? It appears to me to mean that we can cash in only 200,000 dinars. I'm not too good at knowing what they are really saying. Can you tell me? Thanks !

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OK...So this is a rumor site. What was just posted is a full blown research paper that delivers more than rumor.

Here is my question: Why ? That was above and beyond what the normal DINAR holder would ever produce on a rumor site. What's the motivation ?

He has way to much time on his hands........imo

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Steve, you are wrong on this one. If they remove 3 zero's from the IQd notes and the rate is 1.17 her million becomes 1000 and is worth 1170 us dollars. I'm sorry, but if I'm wrong then you'll have to prove this to me! no double talk here just the facts please.

John..... The 1.17 is taking 3 zero's off the rate .00086 = .86 so if.86 dinars= a dollar then 1dinar=1.17dollars x1million= what?

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OK...So this is a rumor site. What was just posted is a full blown research paper that delivers more than rumor.

Here is my question: Why ? That was above and beyond what the normal DINAR holder would ever produce on a rumor site. What's the motivation ?

It is up to Enorrste to address what is motivation is but what it means to me is that I have some money invested in the dinars. I'm sure you have read all or most of the posts. Every day, every minute, and almost every second are conflicting explanations of what is going on with this investment. When will it RV? What will be the amount of the RV? Will there even be an RV? Will there be a lop? will there not be a lop? It goes on and on and on. Ennorrste has been the only one that I have seen that consistently backs up what he says with facts and puts them out there for all to see and explains it in language that even I can understand. He spends an extraordinary amount of time to make his presentations. If you have spent any time in the chat room when he comes on, you will see that he garners a great deal of respect. Why, does he do it? In my opinion, he does it to help us set the record straight. When this RVs, we will all go on our way and Enorrste will turn his superior intellect onto another subject or project to master. Until then I, for one, will look forward to professor Enorrste's teachings.

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"(The right of a citizen is to remove the $ 200 thousand dinars and he could only replace it like any ordinary citizen here in Iraq, either from abroad, the banks in the States would be responsible to us of the assets of our currency.....

Enorrste...what is your assesment of the above quote please...Thank you in advance

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Remove three zeros from the currency and phase out the current banknotes late this year.

The above line from ENORRSTE’S post would be interpreted as: remove/drop three zero dinars from the currency (currency = what they call their monetary cache as a whole) and phase them out from circulation in 2010. Notice it does no say “Remove 3 zeros from the dinar”.

Remove 3 zeros does not mean to LOP the present dinar.

Just a small note: When I was in Iraq, the following could be a common discussion or question from the locals “how much currency do you have or how much currency do you make”? Meaning how many or how much dinar or USD do you have or are you carrying or do you make.

It is a play in words I know,,,, in western interpretation.

I have no link to this interpretation or my opinion.

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Thanks again Steve. I had to get a post in here to subscribe to this string. -anxious to get back to it but it will be a few days. I hope fir3yphoenix will jump back in this string as well. I was really benefiting from the exchange in the other (dealing with the Lop) string that prompted you to start this one. Thanks to both of you.

Kent

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Enorrste thank you for all of the hard work you do. I look forward to all of your posts and all posts that have documentation to help back up the speculation. The game of speculation is filled with hopes and dreams based upon ever changing information. Thanks again for your help in obtaining and guiding us through this information.

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