Thread: Iraq/Dinar News. 09/05 to 01/14/07

Originally Posted by pipshurricane

Mudhir Salih, an expert with the Central Bank of Iraq, said that the Iraqi dinar is stable and there is no need at this point to print more money.

BINGO,

That should make someone's husband feel better. (g) And it was more official than I could have made explanation earlier. LOL

Good luck to all, Mike

Originally Posted by Offshore-Wealth.com

BINGO,

That should make someone's husband feel better. (g) And it was more official than I could have made explanation earlier. LOL

Good luck to all, Mike

Yes Mike i think its the best news of the day :)))

Originally Posted by Offshore-Wealth.com

BINGO,

That should make someone's husband feel better. (g) And it was more official than I could have made explanation earlier. LOL

Good luck to all, Mike

ABSOLUTELY! YOU GUYS ARE JUST WONDERFUL! CAN'T WAIT TO MEET YOU AND THANK YOU IN PERSON, HOPEFULLY SOMEWHERE WARM AND EXOTIC. FIRST ROUND IS ON ME! (My husband thanks you too!)

With much gratitude,

Monica

Originally Posted by Treater

I ran all the information I could think of from the news by someone who is much older and wiser than I am, a seasoned investor, and used to live in the middle east and europe. I asked a few questions just to see what this person's insite would be. Here is the responses I got to a few questions I asked. It's not word for word, but it's pretty close, and the basic ideas are there.

Q: Do you think that they will RV the dinar before they allow FI?
A: They have to.

Q: Do you think they will be straightforward with the reval, or try to lop zeros, and do any kind of reprint or anything funny?
A: It will be straightfoward, they will make it like the dollar or the euro.

Q:Have you ever seen a currency reval so high?
A: I have seen it before but this will be so high because they have the petrol.

we went on to talk about a lot of issues in Iraq, and I was told that Iraq will burn a lot of investors on down the road, but that as far as the RV is concerned that it will play out in a very straightforward manner. I seriously doubt that this person has any stake in the RV, and it was more or less the opinions of a lifetime of observing economics. It struck me as odd that while I was expecting that I would get a lot of "I don't know, or I can't say"
type of answers that when we discussed the RV it was more of a matter of fact, or of course thats the way it's gonna be type of answers.

It is always a treat(no pun intended) to have likeminded people join us here in DinarLand. I am glad that you found us. Thanks for your excellent posts.

Monica

Tweater had a good post and the no more money to print one kinda gets me. What does this mean? That there is enough to support the revalue? or does it mean the oil will back the rest and there is no need in putting the country futher in debt also. Just a undecided therory here on my part.

For me, too, it's a joy to be part of this Group .....Good People, intelligent,witty, with an excellent sense of humor and a generous helping spirit who also are contributing to my economic/financial education......Thank you Mike,Adster, Gals, all.....I do have lots of plans when this hits it hard......I'm thinking of the lady I love and all the things I want to get her and also other things, of course ( charities,etc.)......I do look forward to meeting you all sometime soon.....

Updated: 1:36 p.m. ET July 6, 2006
BAGHDAD - Iraq is considering redenominating the dinar, printing new banknotes to remove inflation-generated zeros from its currency, the finance minister said on Thursday.

Senior government and central bank officials have told Reuters the proposal has been under consideration for some time to make one new dinar equal to 1,000 current dinars, a move that would bring the currency closer to parity with the U.S. dollar.
http://www.msnbc.msn.com/id/13738902/

dinar1000=1 dinar
oh nooooooooooooooo
party is over

Does this posting indicate lopping again? or does it mean that there will printing more notes of a lower denomination and that the current notes still hold their value and that over a period of time they will call the old notes in.
What do our experts say i.e. Adster, Raditz and OSW.

Originally Posted by abbey56

Does this posting indicate lopping again? or does it mean that there will printing more notes of a lower denomination and that the current notes still hold their value and that over a period of time they will call the old notes in.
What do our experts say i.e. Adster, Raditz and OSW.

Yes I agree with you abbey56, I do believe we have disussed this senario before. But we do need the experts here for this one. It is in a article that I can not berak down its authenic.

Originally Posted by keegle

Updated: 1:36 p.m. ET July 6, 2006
BAGHDAD - Iraq is considering redenominating the dinar, printing new banknotes to remove inflation-generated zeros from its currency, the finance minister said on Thursday.

Senior government and central bank officials have told Reuters the proposal has been under consideration for some time to make one new dinar equal to 1,000 current dinars, a move that would bring the currency closer to parity with the U.S. dollar.
http://www.msnbc.msn.com/id/13738902/

dinar1000=1 dinar
oh nooooooooooooooo
party is over

Loops,

This is the same language we have seen reported in all mediums, but MSNBC chose to use a new phrase, "knocking off". Now we have all been through this before, lopping is a specific term relevent to changing value of actual currency. The terms lifting, and/or knocking off zeros are not the same and are midleading to say the least, but this is the problem when you have writers who are clueless about translations. LOL

BAGHDAD - Iraq is considering redenominating the dinar, printing new banknotes to remove inflation-generated zeros from its currency, the finance minister said on Thursday.
Senior government and central bank officials have told Reuters the proposal has been under consideration for some time to make one new dinar equal to 1,000 current dinars, a move that would bring the currency closer to parity with the U.S. dollar.
Story continues below ↓

No matter how butchered the title of this article is, they finish up with a statement which says it all, to bring currency closer to parity with the U.S. dollar. They are obviously going to introduce smaller denominations, this we already read several places, in fact, they are already to be released. And yes, ultimately we will not see so many zeros on bills in circulation, as in less zeros, as in, 25,000, 10,000, and 5,000. notes being phased out, not replaced, just phased out. As you can see, the zeros will be gone, and this has nothing to do with value of notes.

When you reread the above highlighted paragraph referencing new dinar equal to 1,000. current dinars, this clearly indicates a new note at under a US dollar, or equal to chump change as we would call it in U.S. (g) Or better stated, about .67 as in current 1,000 dinar value.

Good luck to all, Mike
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Asked about such a suggestion in an interview on Arabiya television, Finance Minister Bayan Jabor said: "This is the ministry's suggestion to the central bank. We think in the long term it will be for the benefit of Iraq."
Jabor said surveys indicated popular support for the move. The oil-rich nation's currency was once worth more than $3, he recalled, before the ruinous wars and international sanctions during the rule of Saddam Hussein.
There are currently about 1,450 dinars to the dollar, a rate that has been relatively stable since shortly after the U.S. invasion in 2003. At that time new banknotes were issued by the U.S. occupiers to remove Saddam's image.
Other nations that have been through rampant inflation have followed a similar course, notably Russia in the 1990s. Until the 1980s, many prices in Iraq commonly also used the fils. One dinar equals 1,000 fils. The smallest denomination note today is 250 dinars.