Dinar News IQD Update on XE.COM

[travellin man]

FYI

http://www.xe.com/ucc/convert.cgi?Amount=1&From=IQD&To=USD&image.x=67&image.y=11

Just saw in chat where Beancounter8 had it posted there...not trying to take credit for his post.

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

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Iraq, Dinar

The Iraqi Dinar is the currency of Iraq. The currency code for Dinars is IQD, and the currency symbol is د.ع . Below, you'll find Iraqi Dinar rates, a currency converter, Iraqi Dinar News and more. You can also subscribe to our currency newsletters with daily rates and analysis, or take IQD rates on the go with our XE Mobile apps for your iPhone, BlackBerry, or even your regular phone.

The Central Bank of Iraq has announced their plans to redenominate the Iraqi Dinar to ease cash transactions. By the end of 2010, they intend to drop three zeros from the nominal value of bank notes. 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. As stated by the Central Bank of Iraq, their mandate is to "ensure domestic price stability and foster a stable competitive market based financial system." For more information about the redenomination, read "Iraq plans to slice three zeros off currency notes."

[ALAN EDWARDS]

Hi,....yes thats new, well spoted.....................good luck to all

[johnnie]

1.00 IQD = 0.000857339 USD

Iraq Dinars United States Dollars

1 IQD = 0.000857339 USD 1 USD = 1,166.40 IQD

Still about the same.....

[johnnie]

Warning: IQD will be redenominated by the end of 2010

I see. Missed that.

[wilecoyote]

Live rates at 2010.02.22 14:10:54 UTC

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

1.00 IQD = 0.000857339 USD

Iraq Dinars United States Dollars

1 IQD = 0.000857339 USD 1 USD = 1,166.40 IQD

[Sunglass]

Well, there ya go, and i vote travellin man keeps his post!!!!!

Ty travellin man

[jackdavis1364]

Am I missing something? This article has bee around for a while. I see nothing new.

[DgreenFSU66]

The "By the end of 2010" is from the article where they stated that the removal of the large "3 zero" currency would be done by the end of 2010. I wouldnt read to much into it... i think we can all argee that it will RV in 2010.

[thermocouple]

The "By the end of 2010" is from the article where they stated that the removal of the large "3 zero" currency would be done by the end of 2010. I wouldnt read to much into it... i think we can all argee that it will RV in 2010.

It also states: 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.

[bobstick]

ZZZZZZZZZZZZZZZZZZZZZZZZZZZZZZZZZZZZZZZZZZZZZZZZZZZZ. Did I sleep through anything good ??

[ALAN EDWARDS]

When it rv,s ??? Its there to tell you to return all the large notes before the end of dec 2010

[dweave69]

On this exchange site the recent trend changed about 05 Feb and then today it shot up which I think means the value went down slightly. Anyway the trend is a changin'.

http://www.oanda.com/currency/converter/

[dlmoore]

The XEtrade site that says:

NOTICE: IQD will be redenominated by the end of 2010"

This isn't new...but interesting...maybe it is closer than I think...sure hope so! Good luck to all!

[kdegennaro]

Some one explain to me what the info in RED means? I assume that if the RV happens before the 3 zero's are 'sliced off' then our Dinar is fine, but if what this says means they do not intend to revalue, then our Dinar is almost worhtless... I'm new to all this, please help!

The link to read more:

http://www.xe.com/news/2010/02/11/951385.htm

2010-02-11 13:11 (UTC)

BAGHDAD, Feb 11 (Reuters) - Iraq expects to redenominate its dinar currency by knocking three zeros off the nominal value of bank notes to facilitate currency transactions, a central bank official said on Thursday.

Emerging from years of war and sanctions, Iraq is trying to revamp its economy and boost oil production with a raft of crude deals that may vault it to one of the world's top oil producers.

'The goal is to improve the payment and receiving system in the country and consequently to reform cash management,' said Mudher Kasim, a senior advisor at the central bank.

Iraqi payment systems rely almost exclusively on cash.

Kasim said that the central bank expected to start rolling out new notes by the end of the year or the beginning of 2011. Iraq has 25 trillion dinars in circulation, officials say.

An Iraqi cabinet committee ordered the change in 2007, but the central bank did not think it appropriate until recently, Kasim said. The dinar's value will remain unchanged, he said.

The local unit is managed through foreign exchange auctions, and traded hands at 1,170 per dollar at the last sale.

(Reporting by Aseel Kami; Editing by Jack Kimball and Toby Chopra) Keywords: IRAQ CURRENCY/

(jack.kimball@thomsonreuters.com; +964 7901 917 033; Reuters Messaging: jack.kimball.reuters.com@reuters.com)

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[tadams]

are we dreaming here for it to work in our favor are we about to get screwed?

[mikecoy]

Warning: IQD will be redenominated by the end of 2010

I see. Missed that.

Johnnie,

There is a "period" between the word transactions and the word by. "...redenominate the Iraqi Dinar to ease cash transactions. By the end of 2010..." I am by no means an English major but I do know that a "period" goes at the end of a sentence then you begin your next sentence.

Just adding my 2 cents.

Have a great day,

[NotReallyTex]

Kdegennaro go read some of Enorreste's post, they are great and he explains it so we can understand.

[NotReallyTex]

Kdegennaro go read Enorrste's post. They explain it really well.

Edited February 23, 2010 by NoOneReally
spelling

[greebs]

I did not know that Enorrste advises the CBI on monetary policy?.

[DgreenFSU66]

This XE site has paraphrased several articles and lumped them into one.... THEY ARE NOT THE OFFICAL ORIGINATING SOURCE TO RELEASE POLICY STATEMENTS.. so take what they say with a grain of salt.