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trooper

Iraq considers revaluation of national currency

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Trooper thanks for the post. I have never seen it before because I was not a member here in April so whether it has been posted before or not it is still helpful. :D. Thanks also for all the links. ;). I will take it as positive.

I agree-information regardless of content is good. Its up to the reader to decide its revelence. If one does'nt like the author/title/or possible content one should ignore. Thanks Trooper for your time and efforts

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Thanks Trooper..GREAT article.... but yet again people forget that one basic common sense item...

That The GOI or CBI "CANNOT" come right out and say we are going to increase the value of the dinar.

They CANNOT give a rate or a date. !! Period !!!

To do so would be pure stupidity.

An announcement of any sort of increase in value will come at a time we least expect it, and at a time most convienent for Iraq.

However...the Dinar is way undervalued...so an RV is going to happen at some point. Prolly many times over ( increments).

IMHO

The best things in life RV

:) yak

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Banks here don't even have to honor our dinar, so I am not sure how you mean Iraq would have to, except if we were to take them to Iraq...

Well in VIP Adams got that solved, CORRECT? I hope! He's got the banks up front and at a better rate.

There are and still will be somewhere, because to RV adds value, puts the money on the active international currency list,

and most of all, there will be money to be made in the transaction, and for the bank accounts that will be generated.

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Iraq considers revaluation of national currency

By Khalid al-Taie in Baghdad

For Mawtani.com

The Central Bank of Iraq is studying an idea to revalue the national currency as part of its strategic project for the next five years to reform the country's monetary system.

The revaluation would involve the deletion of three zeros from the current dinar.

"With the entry of oil investments, the Iraqi economy is about to see a major boom that will make it a major economic force in the Middle East," said Mazhar Mohammed Saleh, an adviser to the Central Bank of Iraq. "This boom will not be commensurate with a currency replete with zeros."

Saleh told Mawtani that the bank was studying aspects of the project to create an integrated vision, saying that once the project has been examined, it will be submitted to the Iraqi government which will in turn study and submit it to parliament for approval.

Saleh said inflation and receding economic growth in Iraq over the past three decades have had a negative impact on the Iraqi currency. He said there were no more than two billion dinars in circulation in 1979, but there is now more than 28 trillion dinars.

"This huge quantity of money made circulation at banks more complicated," he added. "Counting and sorting involve so many problems and difficulties due to the hugeness of financial dealings."

Saleh noted that the idea of revaluing the currency was devised to avoid these complications and to facilitate payments, especially those related to salaries. This is in addition to removing burdens on banks and citizens through dealing with banknotes that are easier to count, carry and circulate.

Saleh downplayed fears about revaluing the Iraqi currency, saying the measure "will not affect the local economy at all".

"The incomes and wealth of individuals and companies will remain intact," he said. "What is going to take place is a revaluation of the currency to be commensurate with the expected stage of boom and growth."

Saleh expected that the project will need a long period of time, perhaps more than one year, to see light, saying that it will be implemented on a gradual basis.

Haitham al-Jubouri, a member of the fiscal committee in parliament, confirmed his support for the project of dropping zeros.

"This project will help create stability for the national economy and prevent fluctuation of prices because of the large-number banknotes that are circulated in the local market," al-Jubouri told Mawtani. "This is in addition to its role in enhancing citizens' purchasing power."

Al-Jubouri stressed the need to conduct a comprehensive and in-depth study of the project to avoid any confusion that may take place as a result of launching new banknotes with the same monetary value as those of large-number banknotes that will be gradually withdrawn from the market.

"Revaluing the dinar will require us as lawmakers to later introduce some digital amendments to some laws and decisions that include, for example, the imposition of financial fines and granting of advances and loans in the current currency," al-Jubouri noted.

Economist Saad Jassim said the issue of dropping the three zeros will help lower the nominal value of the Iraqi dinar in commercial and non-commercial monetary dealings, but it will maintain its real value, and will enhance it in the future.

"Today, it has become necessary to review our monetary system and reform the national currency in a way commensurate with the investment openness policy that the state is currently adopting and also to support the Iraqi economy worldwide, specifically in regards to the International Monetary Fund," Jassim told Mawtani.

IS THERE A BACK UP PLAN, OR AN ALTERNATE, SIMILAR TO THE ONE THAT IS BEING PRESENTED? ;) NO LINK <_<

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found the following with same content but also has date of source..

Iraq considers revaluation of national currency

(24/4/11) -- By Khalid al-Taie in Baghdad

For Mawtani.com

The Central Bank of Iraq is studying an idea to revalue the national currency as part of its strategic project for the next five years to reform the country's monetary system.

The revaluation would involve the deletion of three zeros from the current dinar.

"With the entry of oil investments, the Iraqi economy is about to see a major boom that will make it a major economic force in the Middle East," said Mazhar Mohammed Saleh, an adviser to the Central Bank of Iraq. "This boom will not be commensurate with a currency replete with zeros."

Saleh told Mawtani that the bank was studying aspects of the project to create an integrated vision, saying that once the project has been examined, it will be submitted to the Iraqi government which will in turn study and submit it to parliament for approval.

Saleh said inflation and receding economic growth in Iraq over the past three decades have had a negative impact on the Iraqi currency. He said there were no more than two billion dinars in circulation in 1979, but there is now more than 28 trillion dinars.

"This huge quantity of money made circulation at banks more complicated," he added. "Counting and sorting involve so many problems and difficulties due to the hugeness of financial dealings."

Saleh noted that the idea of revaluing the currency was devised to avoid these complications and to facilitate payments, especially those related to salaries. This is in addition to removing burdens on banks and citizens through dealing with banknotes that are easier to count, carry and circulate.

Saleh downplayed fears about revaluing the Iraqi currency, saying the measure "will not affect the local economy at all".

"The incomes and wealth of individuals and companies will remain intact," he said. "What is going to take place is a revaluation of the currency to be commensurate with the expected stage of boom and growth."

Saleh expected that the project will need a long period of time, perhaps more than one year, to see light, saying that it will be implemented on a gradual basis.

Haitham al-Jubouri, a member of the fiscal committee in parliament, confirmed his support for the project of dropping zeros.

"This project will help create stability for the national economy and prevent fluctuation of prices because of the large-number banknotes that are circulated in the local market," al-Jubouri told Mawtani. "This is in addition to its role in enhancing citizens' purchasing power."

Al-Jubouri stressed the need to conduct a comprehensive and in-depth study of the project to avoid any confusion that may take place as a result of launching new banknotes with the same monetary value as those of large-number banknotes that will be gradually withdrawn from the market.

"Revaluing the dinar will require us as lawmakers to later introduce some digital amendments to some laws and decisions that include, for example, the imposition of financial fines and granting of advances and loans in the current currency," al-Jubouri noted.

Economist Saad Jassim said the issue of dropping the three zeros will help lower the nominal value of the Iraqi dinar in commercial and non-commercial monetary dealings, but it will maintain its real value, and will enhance it in the future.

"Today, it has become necessary to review our monetary system and reform the national currency in a way commensurate with the investment openness policy that the state is currently adopting and also to support the Iraqi economy worldwide, specifically in regards to the International Monetary Fund," Jassim told Mawtani.

URL is

http://translate.google.com/translate?sl=ar&tl=en&js=n&prev=_t&hl=en&ie=UTF-8&layout=2&eotf=1&u=http%3A%2F%2Fwww.mawtani.com%2F

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This is little more than a rehash of the previous articles relating to the RD. Anyone who thinks this means the RV is about to happen should re-read this line'

Saleh downplayed fears about revaluing the Iraqi currency, saying the measure "will not affect the local economy at all".

This is quite plainly a reference to the RD of removing the three zeros which he clearly mentions, the re-value would be the new value of the new notes. This can be good because it could mean they intend to RV the new notes fairly rapidly after they have gone through the RD and exchange period. There is nothing there that indicates they intend to RV the notes we now hold.

Wow! Thanks for the upbeat opinion on that, Doug. Ha!!!!

Edited by bamjack75

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this is old, they could of changed plans 98 times since april, this iraq government needs to grow a pair

Bawahahahahaha!!!!!! Totally agree.

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Old news. Yup. Great eyes Bball and rgsmiths. I firmly believe that articles having ANYTHING to do with currency dealings are regurgitated and reworded at best, especially from the currency newshound. And weren't we supposed to put CNewshound posts in the rumor section?

No offense to the original poster, but could you pay attention to dates before your post? I understand the excitability factor, and the wanting to share good news, so long as it's NEW good news! Thanks for the effort.

No link to original article? Did I miss that??? I was just curious as to how this recycled article from the Currency Rumorhound was titled.

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I did read that...that is "a" link not the link....

If you don't feel confident in okie then why are you filling the chat log forum with his nonsense?

ie. http://dinarvets.com...es-ago-in-iraq/

So okie tells lies and says I'm not responsible I'm just repeating what I'm told, then you post that trash here and say I'm not responsible I'm just repeating what they said... How are you any different?

Wow, this is the second time I have seen you get the minus sign, Seems odd to see a Mod get those, maybe a little tact would help in your response, I understood a little, the first one I saw, the language was out of line, but the poking was evident, However, Okie nonsense has been on these boards forever, and taken with a grain of salt. I guess it's just odd to see the ( Bite your head off approach) sorry it's just MHO. Remember we are all waiting for the same thing, some just use a different method while they bide their time... Take care.............

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Banks here don't even have to honor our dinar, so I am not sure how you mean Iraq would have to, except if we were to take them to Iraq...

HopelessTxn......he is referring to once it becomes internationally traded. Stop trying to twist every single little thing you can find. Everyone gets you dont believe anything you read which is good.....cause it shows you think for yourself. Everyone should you just happen to be a victim of the pumpers over the years. Its all good though theres alot smarter people than you and me who are making this extrodinary deal happen.....just not sure what your exact agenda is....you sure spend alot of time around here for being so hopeless. No worries its gettin ready to be all better....

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Bash away. This is an old article. typical pumper style with no link. I have been invested for years. NEWBIES don't buy more dinar!!!!! It is sad pumpers are still coming out sounding legit. People please read between the lines. I personnaly am to old to be stupid. Yes I believe it will RV someday. No date no value will be real when it RV's. everything else is pure BS or speculation.

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RV is iminent. Go RV.

within 5 years!!!!

should we just go on vacation and forget about this for awhile? I thought it was tommorrow, next week, in two weeks, next month or early next year. Clear as mud to me.

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HopelessTxn......he is referring to once it becomes internationally traded. Stop trying to twist every single little thing you can find. Everyone gets you dont believe anything you read which is good.....cause it shows you think for yourself. Everyone should you just happen to be a victim of the pumpers over the years. Its all good though theres alot smarter people than you and me who are making this extrodinary deal happen.....just not sure what your exact agenda is....you sure spend alot of time around here for being so hopeless. No worries its gettin ready to be all better....

Correct. Once they add value, it will show. Then, funny enough, you cash out. Or in. However you want to say it.

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Correct. Once they add value, it will show. Then, funny enough, you cash out. Or in. However you want to say it.

LOL

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HopelessTxn......he is referring to once it becomes internationally traded. Stop trying to twist every single little thing you can find. Everyone gets you dont believe anything you read which is good.....cause it shows you think for yourself. Everyone should you just happen to be a victim of the pumpers over the years. Its all good though theres alot smarter people than you and me who are making this extrodinary deal happen.....just not sure what your exact agenda is....you sure spend alot of time around here for being so hopeless. No worries its gettin ready to be all better....

How exactly did I 'twist' his words around?

His assertion was that Iraq could treat their currency differently inside their country than they do outside, so I commented on it. Which btw, his post never mentioned 'internationally traded', so where are you getting that from? Also, what do you even mean by internationally traded? We know it is exchangeable internationally at the present time. If you mean forex, they are already an exotic - if you think they are going to move into being an actively traded currency the likes of the USD, GBP, EUR, etc you might want to rethink that idea. :lol:

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This article to me sounds like they are doing an rd (redenomination) then revalueing after as i said before i was afraid was going to happen now if they do this they loose no money in my opinoin and also get to revalue close to the dollar without having to payout we dont make $$$$$ this way , this is my opinoin but to me its common sense again im not a lopper but this sounds pretty realistic, if there were 28 trillion in circulation like they say why would they revalue first?????? they would have to payout a jillion kabillion dollars lol those numbers arent real or are they??? with the amount they would have to pay out maybe there at that number! am i missing somthing, i want a rv first but why would they want to do that when this sounds soo good for them?????????

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How exactly did I 'twist' his words around?

His assertion was that Iraq could treat their currency differently inside their country than they do outside, so I commented on it. Which btw, his post never mentioned 'internationally traded', so where are you getting that from? Also, what do you even mean by internationally traded? We know it is exchangeable internationally at the present time. If you mean forex, they are already an exotic - if you think they are going to move into being an actively traded currency the likes of the USD, GBP, EUR, etc you might want to rethink that idea. :lol:

Man you are somethin else with rhetoric! LMFAOOO

It really must suck to be you.....keep up fight Hopeless!

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