Iraq Finance Committee: Announces the end of the first phase of the project to delete the zeros from the currency

[JWJW11]

Cause after the RV..........at 1-1........they can exchange their dollars in for dinar"

But they wouldn't be any better off then they were before.

Yes they would....their national currency will have real value....and when that happens the world will be open to them!

[Stryker365]

Cause after the RV..........at 1-1........they can exchange their dollars in for dinar"

But they wouldn't be any better off then they were before.

Oh yes in so many ways........income would go up, purchasing power for goods and services, infrastructure, new construction...etc.....etc....

[JWJW11]

They'll make money on the spread. But shouldn't you consider the trillions of dinar that they pulled out of circulation when it was 1186:1?

Exactly!

[Stryker365]

I quit the day my 2nd daughter was born. That is 17 years now. The first 3 weeks are a b i t c h, but after that it gets easier. I do know if I were to smoke a cigerette today, I would be smoking a pack by the end of the week. It is like any addiction. Kick fight scratch, do what ever you can to make it thru the 3 weeks, it will be well worth it, I assure you!

Three weeks.....damn I don't think my family can put up with me....can i come stay with you?....... .....just kidding...damn three weeks..

[Francie26]

"I think it was just last week that they were talking about withdrawing so much dinar from the streets and putting dollars out there to fill in for them."

This is what keeps confusing me. How does it benefit the Iraqi people to RV after convincing them to exchange their Dinar for USD? If most of the Dinar has been removed from the Iraqi streets, an RV does nothing for the people. The only people benefiting from an RV are those holding Dinar.

They had been hoarding dinars, but then they traded them in for US$'s because $'s were worth so much more. And after listening to their news, they were also afraid the dinar would be worthless. That's why they willingly gave up the dinars they had hidden in their mattresses. At least, that's how I remember that event. It only happened last week or the week before. So it was fairly recent. Remember how extravagant we thought it was when Selah at the Central Bank said they had sucked up, I think it was over a trillion dinar in one day, by substituting USD for dinar, and putting out the word on the streets that the dinar would be worth so much less, and thus, the people raced to the banks to exchange their hoarded dinars for USD.

I think BondLady even analysed an article about it. I remember how amazed she was at the huge amount they pulled in in only one day.

[lotsofdinar]

They had been hoarding dinars, but then they traded them in for US$'s because they were worth so much more. That's why they willingly gave up the dinars they had hidden in their mattresses."

O.K. But, after an RV, the Dinar I held onto will net me a $1000 USD. The dinar they gave up for a few pennies of USD will get them nothing. If the Iraqi government removed the dinar from the street by exchanging their dinar with USD at the current exchange rate, knowing a thousand times RV was coming, they deliberately screwed their own people out of a lot of money! I just don't understand why they would do that.

[uncirculd]

Hope that means they have recieved and installed the De La Rue machines.

Go R

That's what it sounds like and the visas & mastercards are there.

They had been hoarding dinars, but then they traded them in for US s because they were worth so much more. That's why they willingly gave up the dinars they had hidden in their mattresses."

O.K. But, after an RV, the Dinar I held onto will net me a $1000 USD. The dinar they gave up for a few pennies of USD will get them nothing. If the Iraqi government removed the dinar from the street by exchanging their dinar with USD at the current exchange rate, knowing a thousand times RV was coming, they deliberately screwed their own people out of a lot of money! I just don't understand why they would do that.

Depending on the money supply. They have to pull up the money supply. After this rv they will start getting their entitlements from the oil.

[E. 1999]

its a pure guess, but when they say equipment, i think they mean they have the smaller denoms, i would think since the dinar is there currency, and everyone is so crooked over there, they would of already had the delarue machines..........dont ya think...

it could also be atm's, the installation of the world banking system program to go tradeable, i do think the second step would be a rv, and the 3rd step would be sucking in all 3-0'ed notes, and distribution of small notes. i dont see the rv being the 3rd step. imo

i was thinking it could be the atms also if you think about atms are money counters in a sense and de la rue seems to me to be the best manufacturer of something that counts money but this is jmo

[lotsofdinar]

Depending on the money supply. They have to pull up the money supply."

You know, I understand that. But, they can't pull it from us, or world governments, or whoever actually holds Dinar outside Iraq, so they can only pull it from their own people. The only way I can see any fairness in that is to RV without contracting the money supply in country, so their own people benefit as much as we do.

[Patriotic_mess]

They had been hoarding dinars, but then they traded them in for US$'s because they were worth so much more. That's why they willingly gave up the dinars they had hidden in their mattresses."

O.K. But, after an RV, the Dinar I held onto will net me a $1000 USD. The dinar they gave up for a few pennies of USD will get them nothing. If the Iraqi government removed the dinar from the street by exchanging their dinar with USD at the current exchange rate, knowing a thousand times RV was coming, they deliberately screwed their own people out of a lot of money! I just don't understand why they would do that.

From what I hear the people prefer the US Dollar over the IQD, they gladly gave it up. I'm sure there are a few smart ones who have been following what's going on and have some saved away.

[lotsofdinar]

Patriotic, you are effectively saying that the Iraqi government is trying to stiff their own people.

[Francie26]

Francie, if you lived in Iraqi and they RV'ed, which would you rather have, Dinar or USD? The only people who would benefit from an RV would be those holding dinar. Why would they have taken the Dinar from the people before RV'ing?

Remember how extravagant we thought it was when Selah at the Central Bank said they had sucked up, I think it was over a trillion dinar in one day, by substituting USD for dinar, and putting out the word on the streets that the dinar would be worth so much less, and thus, the people raced to the banks to exchange their hoarded dinars for USD. Once the value changes, their dinar will be worth more, but their dollars are worth more now. And when they cash in their dollars, they will get the new Iraqi bills instead of the old ones. And the new ones will be worth so much more.

I think BondLady even analysed an article about it. I remember how amazed she was at the huge amount they pulled in in only one day.

And this will benefit the Iraqi people because their new dinar will have 3 x's the value of the old dinar, plus it will give them a tradable currency on the world stage, allowing all kinds of new industry and business to come into their country and provide jobs for their people. And don't forget, men who can find work to provide for their families are not the same men as those who have nothing to do all day long but to blow up something.

[easyrider]

its a pure guess, but when they say equipment, i think they mean they have the smaller denoms, i would think since the dinar is there currency, and everyone is so crooked over there, they would of already had the delarue machines..........dont ya think...

it could also be atm's, the installation of the world banking system program to go tradeable, i do think the second step would be a rv, and the 3rd step would be sucking in all 3-0'ed notes, and distribution of small notes. i dont see the rv being the 3rd step. imo

regardles when they implement the budget which i have read they are about to soon. You would think they wouldnt want to use a programmed war rate to have put in their budget. This is why the exchange rate must change and the dinar must revalue at some magnitude and very soon imho. I agree sonny it seems they have been sucking in the 3 zeroes and it is indeed a process and could take another year or so to do so but that doesnt mean they will wait to raise the value. I have read in past articles the project will be completed by 2013 to me that means sucking in all those big denoms but the time is now to distribute the lower denoms that they have in the banks and start the process to let them start to make their way into the market place and circulate between the citizens and of course also to give it more value

P.s rememebr everyone this is their biggest budget in Iraq's history lets start being honest with ourselves here we are looking at an RV and soon. Also their largest reserves in their history. See where i am going with this? lol

Edited January 7, 2012 by easyrider

[keepmwlknfny]

Edited January 7, 2012 by k98nights

[mrref]

I just love all of these OPINONS

[easyrider]

its gonnna be alright bro. its gonna be alright.

[Francie26]

From what I hear the people prefer the US Dollar over the IQD, they gladly gave it up. I'm sure there are a few smart ones who have been following what's going on and have some saved away.

They didn't screw their own people. Not at all. This is a two stage process. They want to get the old dinars in from the streets, and from being hoarded in their mattresses, so they substitute USD for it. Then later, they begin to use their own NEW bills, which have a much higher value than the old ones did, so they are allowing the Iraqi people to trade in their old currency in a way that will give them a huge boost in spending power. This whole plan is brilliant!!

[Striker1]

They had been hoarding dinars, but then they traded them in for US$'s because they were worth so much more. That's why they willingly gave up the dinars they had hidden in their mattresses."

O.K. But, after an RV, the Dinar I held onto will net me a $1000 USD. The dinar they gave up for a few pennies of USD will get them nothing. If the Iraqi government removed the dinar from the street by exchanging their dinar with USD at the current exchange rate, knowing a thousand times RV was coming, they deliberately screwed their own people out of a lot of money! I just don't understand why they would do that.

It's not for every citizen to get rich. They are at the beginning of building their country as an international powerhouse. They can't wipe out their middle class as that is the work force needed to build. We must keep in mind that we are a very few who are invested in the grand scheme of things. Most Iraqi's don't even know what is really going on as this is their day to day lives, just like here in America. Most people have no Idea how economics or investments work as they work a day to day. Hell I didn't even know about investing in anything until I learned about this, and now I have educated myself as to how the rich get rich and stay rich. People only really know their day to day and what the mainstream media or their government wants them to know, and I promise you the government does not want anyone but them to have the wealth. It is much easier to control someone with nothing than someone with plenty.

[lotsofdinar]

Francie, when they traded in those Dinar for USD, they took a 1000x haircut. It's gone. New currency will never bring it back.

[sonny1]

F*&K!!!!!!!!!!

what are you talking about? this is good news........

you might want to do a u-turn out of negative town......

this doesnt mean lop

"Iraq is working on a project to delete the zeros from the currency to facilitate financial transactions in the country with the country’s openness to international markets and try to attract capital and investors to contribute to government efforts to rebuild the crumbling infrastructure as a result of decades of war and siege"

a lop doesnt attract capital and investment..... all this means is smaller denoms. great article, very positive

[Markinsa]

I remember a few months ago, they bought a large number of De La Rue machines, and we all speculated about what they were going to do with them. Do you think they have already been printing the new currency (with the Kurdish language on them) with those machines? I'm just wondering if they already have the new currency printed and ready to put into the marketplace. I am encouraged by your comment that the RV would not be the third step, but rather one coming any time, as in now.

They probably outsourced the Printing. The machines I think they bought were the DLR 7000 which is a high speed sorter. You just put a stack of money in the sorter, it determines if it is counterfeit and still good for circulation, and if not, it has the ability to shred the bills right then and there. It also scans each bill and more than likely keeps a record of the serial numbers it scans/destroys....

DLR 7000

-

[keepmwlknfny]

what are you talking about? this is good news........

you might want to do a u-turn out of negative town......

Good news?? Good news that they apparently approved this plan by Shabibi?? There wasent even any mentioning of it being voted on and officially passed....they are just going ahead with the process like Maliki and his crew cant do anything about it.....

You know as well as I do that we dont want them to "delete the zeros"......

Im still holding on hoping this is all BS but I would rather them not redenominate....

Sorry Knights for swearing

[Carrello]

It does make it clear that whatever they are doing is not going to happen in the next week. Hope the "Gurus" read this.

NOT going to happen next week? I don't know where that came from.

Gurus? Who needs a guru. We need people that have intellect, reasoning and curiosity, and we have plenty of them here. A bonus is that we have a few that have contacts in Iraq.

[sonny1]

Good news?? Good news that they apparently approved this plan by Shabibi?? There wasent even any mentioning of it being voted on and officially passed....they are just going ahead with the process like Maliki and his crew cant do anything about it.....

You know as well as I do that we dont want them to "delete the zeros"......

Im still holding on hoping this is all BS but I would rather them not redenominate....

Sorry Knights for swearing

its called smaller denoms, which we need for a rv......

[Patriotic_mess]

Patriotic, you are effectively saying that the Iraqi government is trying to stiff their own people.

Nope, they're getting a fair trade with todays value.

Is that because you think your theory is right or wrong?

Edited January 7, 2012 by Patriotic_mess