Exchanging old dinar for new dinar

[wang]

Haven't seen any info on this, if there is then sorry. Say the cbi lops 3 zeros and re-issues new currency like news articles are saying.How do we exchange our old 25k notes for the new 25 notes? Say there is an expiration date to the old notes(6 months, 1year, 10 years I don't know) like some people say there could be and let's say banks are still not recognizing the Iraq dinar as an exchangable currency. I would imagine that leaves us in a precarious position. Do we send them back to ALi at DinarTrade and he will send us the new currency? There is enough debate to the LOP so let's not go down the road of if it is or is not gonna happen. Just want to have my ducks in a row for all scenarios. It seems there could be a situation we could be stuck w worthless currency unless they allow both old and new currency to be in circulation simultaneously forever. Just a thought bc I can't imagine DinarTrade, DinarBanker, or anyother wholesaler or bank would want to buy expiring currency. If I'm way off please explain. Thx.

Edited November 23, 2011 by wang

[goblue522]

I was under the impression that when they talked about deleting the 3 zero's that it was off the rate. Which is something like .0008??? making it eighty something cents on the dollar. If I have it wrong, my apologies and would someone please clarify for me too. Thanks so much and have a fantastic holiday!!

GO LIONS!!!!!

[teedoffed]

This has been addressed in many previous posts. In a nutshell, when this occurs, they will co-exist for an as yet un-announced time. I think it has been statetd by Shabibi this will all occur in a 2 year timeframe. Welcome to you both... and Happy Thanksgiving to all DV family.... +1 to you blue... in spite of the lions plug

Edited November 24, 2011 by teedoffed

[dtard]

After R/V you go to your bank and either open a Dinar digital account or a USD digital account.No worries,you wont NEED Physical Dinar then because it will be officially traded.

[Roscoboy007]

If it is a LOP then you will take in the 25,000 nte and exchange it for a 25 note (or a 20 and a 5 ). The that 25 IQD will be against the new rate. (As in the Turkish Lira in 2005) That is how a LOP works and a LOP is NOT in our favor. If it does happen this way then your 1M IQD at a rate of 1 to 1 (lets say) will be worth $1000, @ 3 to 1 then $3000.

[Blu Collar Guru]

After R/V you go to your bank and either open a Dinar digital account or a USD digital account.No worries,you wont NEED Physical Dinar then because it will be officially traded.

HUH?! DIGITAL ACCOUNT?! PLEASE EXPLAIN IN DETAIL HOW THAT WORKS. THANK YOU!

[keepmwlknfny]

Haven't seen any info on this, if there is then sorry. Say the cbi lops 3 zeros and re-issues new currency like news articles are saying.How do we exchange our old 25k notes for the new 25 notes? Say there is an expiration date to the old notes(6 months, 1year, 10 years I don't know) like some people say there could be and let's say banks are still not recognizing the Iraq dinar as an exchangable currency. I would imagine that leaves us in a precarious position. Do we send them back to ALi at DinarTrade and he will send us the new currency? There is enough debate to the LOP so let's not go down the road of if it is or is not gonna happen. Just want to have my ducks in a row for all scenarios. It seems there could be a situation we could be stuck w worthless currency unless they allow both old and new currency to be in circulation simultaneously forever. Just a thought bc I can't imagine DinarTrade, DinarBanker, or anyother wholesaler or bank would want to buy expiring currency. If I'm way off please explain. Thx.

This is a issue not talked about by many simply because this is where it could turn out pretty crappy for us......

Iraq and the CBI will be making the rules on this.....there could be a two year window like they have mentioned and we could possibly get access to the newer bills through dealers and just exchange for them (for a fee of course) and hold on to them until they rise in value more.

The downside to this? Iraq could completely shut down its borders to outsiders trying to exchange old currency for new and not allow anyone access to the newer bills except for the people in country. Now you might say "no way!" they could never do that but the fact is that they have done this before....Iraq has in fact closed its borders before when exchanging or removing bills from circulation.....and the fact is that most countries close their borders to outsiders and currency speculators when they lop......central banks HATE currency speculators....they could give a rats arse about them/us. And they have little regard to who could be holding their currency even if they do business with Iraq on a daily basis....this is why tons of people/businesses from Jordan, Kuwait and other local ME countries lost A LOT of money with Iraq in 1993 I believe it was.....they were getting rid of the 25 dinar note and were requiring people to exchange them but they shut down the borders to everyone.....they also did this in 2003 when exchanging for the new dinar.....so its very possible that this could happen....this would really be the worst case scenerio and there would be nothing we could do about it....

This is where a Warka account would be great and come into play because you wouldnt have to worry about any of this......

[kivy]

This is a issue not talked about by many simply because this is where it could turn out pretty crappy for us......

Iraq and the CBI will be making the rules on this.....there could be a two year window like they have mentioned and we could possibly get access to the newer bills through dealers and just exchange for them (for a fee of course) and hold on to them until they rise in value more.

The downside to this? Iraq could completely shut down its borders to outsiders trying to exchange old currency for new and not allow anyone access to the newer bills except for the people in country. Now you might say "no way!" they could never do that but the fact is that they have done this before....Iraq has in fact closed its borders before when exchanging or removing bills from circulation.....and the fact is that most countries close their borders to outsiders and currency speculators when they lop......central banks HATE currency speculators....they could give a rats arse about them/us. And they have little regard to who could be holding their currency even if they do business with Iraq on a daily basis....this is why tons of people/businesses from Jordan, Kuwait and other local ME countries lost A LOT of money with Iraq in 1993 I believe it was.....they were getting rid of the 25 dinar note and were requiring people to exchange them but they shut down the borders to everyone.....they also did this in 2003 when exchanging for the new dinar.....so its very possible that this could happen....this would really be the worst case scenerio and there would be nothing we could do about it....

This is where a Warka account would be great and come into play because you wouldnt have to worry about any of this......

Do you think that is what this is about?

from 11/28/2011 Interior Ministry enhances border protection

Link:

http://www.zawya.com/story.cfm/sidZAWYA20111129060640/Iraqi_Interior_Ministry_enhances_border_protection