1 Dinar = 1 USD after 3 Zero Delete

[harveyc]

CBI: Deleting the zeros law will strengthen value; Economist says Dinar to equal one USD

Posted: October 10, 2011 Dinar/Politics
Tags: Central bank, Central Bank Iraq, Currency, Deputy Governor, Iraq, iraqi, Iraqi dinar, Revaluation, Saleh
Dinar is equal to the dollar
Deputy Governor of the Central Bank of the appearance of Mohammed Saleh: that the bill included proposals for a new currency and the groups that carried and details of technical and economic.
Saleh pointed out during the permit media to switch the currency and the deletion of zeros decision taken by the executive branch and approved by the legislature, and that the project will not be implemented hastily, but will be taken among other factors to consider before you start to implement it, including the date of the financial year and the strength of the national economy, among other indicators in the favor of the view that
This law, if approved, will have a positive impact on the Iraqi currency in several aspects of the need during the next phase, which will strengthen the value of the Iraqi currency.
He described the favor of a system of cash payments of the current Iraqi regime miserable, noting that the largest denomination in which value does not exceed twenty dollars, stressing that the deletion of zeros will enhance the value of the Iraqi currency, and reduces the cost of handling cash, currency should its current estimated size of today Petrlionat dinars, making the process of dealing monetary cost is high.
And the concerns of rigging the new currency in the event made or it will affect negatively on the economic situation, responded in favor of: that it reflects the look bleak, do not forget that there are other countries in deciding to switch its currency and dropped them zeros, such as Turkey, Romania and Brazil, without being of its economy to shocks and thus Iraq is not engaged in unknown waters or walking on the road did not knock him one before is likely to include the new currency for the population of the coin by the paper.
The increased zeroes on the Iraqi dinar to the days of inflation, which came on the value of the Iraqi currency as a result of previous wars and the subsequent economic blockade was over, the currency of Iraq to the paper was printing the former regime, issued in large quantities without the cover, while the Iraqi dinar until the mid-eighties equivalent of more than three U.S. dollars.
But the adviser to Iraqi Prime Minister for Economic Affairs Abdullah Hussein Al-Anbuge said in a press statement: that corruption is rampant in state institutions and the low level of efficiency and economic situation in general at this time not in favor of lifting of the zeroes.
He pointed to what he said that he was pitfalls will change the currency, and the deletion of zeros, including the risk of fraud and increasing the demand for goods for reasons of fake due to payment of dinars instead of a thousand dinars, as now, explaining that the re-printing of new currency will have the costs of expensive, stressing that attempts will be made to convince the bank Central plans to slow down in this regard.
Previously, the President of the Iraqi Securities Commission confirmed that, earlier, that the deletion of zeros from the Iraqi currency will not affect trading in the Iraqi Stock Exchange and its shares
The director of a money transfer companies externally Sami Rashid: I think that lifting the zeros from the currency will increase confidence in the currency, and will lead to increased purchasing power of citizens, and the phenomenon of trading blocs will drop large cash used by Iraqis since the nineties.
He believed economic analyst Talal Jassim said the switch of the Iraqi currency a necessary but pointed to the need to provide the conditions necessary for its implementation, particularly the security and political stability, adding that the relative stability of the Iraqi currency after the issuance of currency recently, and the result of the return link Iraq to the global economy and the availability of reserves of foreign currency due to oil exports , encouraged the Central Bank to consider the deletion of zeros.
Jassim (economist) added that the lifting of the zeroes of the three will lead to an exchange rate of one dollar per dinar to Jasim, who called to the need to follow the policies of peaceful citizens and to persuade them to get used for a period not exceeding two years.

[Hope Full]

Hmm... Very interesting.

[ayesha]

How many more articles like this one are we going to read before it actually does RV!! Don't you wish the GOI would just do it and get it over with one way or the other....lol

[dinarluvme]

Shabibi said he wants the strongest currency in the mid east, comparable to the 70's and early 80's, who "wears the pants," this guy or Shabs? $1 vs KWD, which is apparently over $4.

[lazyasL]

harvey some of my thoughts

Pre-war the dinar traded $3.22 for 1 dinar. The value of the dinar deteriorated due to the war causing chaos, corruption, goods & services to be interruped and raids on the countries currency reserves by its dictator SO-DAMN-INSANE.

Before the war 25 dinar banknote was equal to $80± USD. With inflation, lack of security and other factors the dinar lost its value making it almost worthless. The United States of America along with a few other countries pitched in to help shore up the CBI (later with cash, gold stolen by SO-DAMN-INSANE and frozen assets).

“Jerry” Bremer who was in charge of Iraq after 2003 intervention as the Coalition Provisional Authority exchanged the old dinar banknotes and replaced them with what is referred to as Bremer banknotes. Three zeros where added to the banknotes. Between Oct. 2003 and Jan. 2004 the exchange took place. An old 25 dinar banknote are now a 25,000 dinar banknote. Today after adding the 3 zeros to the 25 dinar banknote, a 25,000 dinar banknote is equal to $21± USD (using 1170 IQD/1 USD).

In June of 2004 Bremer formally transferred limited souverignty to Iraq’s Interim Government. The CBI operating as an independent entity headed by Dr. Sinan Al-Shabibi (the Banking Law was issued Sept. 2003). Dr. Shabibi was charged with, Maintaining price stability, Manage foreign reserves, Issuing and managing the Iraqi currency among other things. Hence daily auctions.

As inflation and security conditions got a little better the CBI started toying with the Idea of increasing the value of the IQD. It was stated that when the rate of exchange reaches 1,000 IQD/1 USD, the IQD would be made par to the USD (at that time the rate was 1,450 IQD /1 USD) and eventually in due time would be going back to pre-war value.
In June 2006 talk was to remove 3 zeros from 1,000 IQD so as to equal 1 USD. Wow great, so if the exchange rate is 1 IQD/ 1 USD that’s $1,000,000 USD for my 1,000,000 IQD. (wishful thinking).

As time goes on more information and details start to be released making things a little more clear but still foggy. Reasons for removing the 3 zeros are twofold:
1) inflation has caused prices to skyrocket. Something that cost $4 USD pre-war was 1 and ¼ IQD where as today not counting inflation would be 4,680 IQD. Something costing $250 USD would be 292,500 IQD again not counting inflation. Meaning you need to carry suitcase with you to keep your money in to go shopping. This has been one of the reasons stated by the CBI. Reduce piles of IQD being carried around. This is why the coins where pulled out of circulation, can you imagine carrying around 100,000 IQD in coins (about $85.50± USD) in you pockets. That’s 1,000 one hundred dinar coins or 4,000 twentyfive dinar coins. The fifty dinar coins where stolen or lost somehow. No coins are in circulation.
2) As stated earlier (2007) by the CBI to increase the value of the IQD to be par with the USD, by moving the decimal point 3 places (old timers should remember this). 1 USD divided by 1,000 IQD equals 0.001. Moving the decimal point 3 places 0.001 IQD is now 001.0 IQD exchange rate would be 1 IQD/1 USD. Then move decimal point 3 places on the currency, 1,000,000.00 IQD, the 3 decimals from the currency would be 1,000.00 IQD*.

Also a second way to reach the same results are, their example not mine is 1,000,000 IQD after lifting the 3 zeros currency would be 1,000 IQD. The zeros are removed from the currency and not the value, and then the exchange rate made par 1 IQD/1 USD**. Same results either way.

* $1 USD divided by 1,000 IQD = $0.001 USD; 1 IQD X $001.0 USD = $1 USD, 1,000,000 IQD – 000 = 1,000 IQD X $001.0 USD = $1,000 USD

** 1,000,000 IQD – 000 = 1,000 IQD X $1 USD (par) = $1,000 USD

$1.00 USD/ 1 IQD and later gradually growing back to $3.22 USD / 1 IQD as stated by the CBI (again in 2007) and maybe even higher as oil production improves…….

Depends on when and who you bought your dinar and how long you continue to hold your dinar as to what your profit will be in the end…… using the above examples 1,000 IQD (or 1 million minus 3 zeros) X $3.22 USD could return you $3,220 or more per million purchased.

I purchased my first dinar in 2004 (Nov. will be 7 years), and I will admit to the millionaire pie in the sky hook, line and sinker. But at this point with all the research from newspapers (middle east and european), having a muslim friend translate, videos, news bulletins from the CBI in pdf form (ones you can’t copy and paste to a language translator) and other documents. This is the reason for my thoughts as to what is going to happen in the future, and that future is still a year or two away…….

[harveyc]

lazyast, you know a lot more than I do...My thoughts are they will first delete 3 zeros, and adjust rate so new donoms will equal 1 Dinar = 1 USD...Then put Dinar on Forex and let Countries deternine value on floating rate. (If floating) value of Dinar will be determined by bidding countries,,( If Fixed), Dinar could be parilyzed for long term.. I just get tired of Pumpers telling us we will become millionaires off a thousand dollar investment...I agree for sure with Your last sentence. 1-3 years away...Best Wishes

[GIBBO]

Deleting three zero's will make IQD25000 dinar worth US25. rounding here people.

[dinar 4 2]

http://cbi.iq/index.php?pid=History

"...and in late 1995, US$1 was valued at 3,000 dinars."

"Between October 15, 2003 and January 15, 2004, the Coalition Provisional Authority issued new Iraqi dinar coins and notes, with the notes printed using modern anti-forgery techniques, to "create a single unified currency that is used throughout all of Iraq and will also make money more convenient to use in people’s everyday lives. Old banknotes were exchanged for new at a one-to-one rate, except for the Swiss dinars, which were exchanged at a rate of 150 new dinars for one Swiss dinar.

The Central Bank of Iraq (Arabic: البنك المركزي العراقي) was established as Iraq's independent central bank by the Central Bank of Iraq Law of March 6, 2004"

For daily exchange auctions beginning January 1, 2004 and updated each day see PDF file accessed from
http://cbi.iq/index.php?pid=CurrencyAuctions
choose 'Exchange rates' link and see CBI_FOREIGN_EXCHANGE_AUCTIONS.pdf which shows

1/1/2004 1,695 Market Price
1/14/2004 1,170 Market Price
1/15/2004 1,340 Market Price
3/6/2004 1,433 Market Price

[Hue Mi]

.
Dinar was equal to the dollar!



Palm - Deputy Governor of the Central Bank of the appearance of Mohammed Saleh: that the bill included proposals for a new currency and the groups that carried and details of technical and economic.

Saleh pointed out during the permit media changing the currency and delete zeros decision taken by the executive and approved by the legislature, and that the project will not be implemented hastily, but will be taken a number of factors to consider before you start to implement it, including the date of the financial year and the strength of the national economy, among other indicators in the favor of the view that This law, if approved, will have a positive impact on the Iraqi currency in several aspects you need during the next phase, which will strengthen the value of the Iraqi currency.

He described the favor of a system of cash payments of the current Iraqi regime miserable, noting that the largest denomination in which value does not exceed twenty dollars, stressing that the deletion of zeros will enhance the value of the Iraqi currency, and reduces the cost of handling cash, currency should its current estimated size of today Petrlionat dinars, making the process of dealing monetary cost is high.

And the concerns of rigging the new currency in the event made or it will affect negatively on the economic situation, responded in favor of: that it reflects the look bleak, do not forget that there are other countries in deciding to switch its currency and dropped them zeros, such as Turkey, Romania and Brazil, without being of its economy to shocks and thus Iraq is not engaged in unknown waters or walking on the road did not knock him one before is likely to include the new currency for the population of the coin by the paper.

The increased zeros on the Iraqi dinar to the days of inflation, which came on the value of the Iraqi currency as a result of previous wars and the subsequent economic blockade was over, the currency of Iraq to the paper was printing the former regime, issued in large quantities without a cover, while the Iraqi dinar until the mid-eighties equivalent of more than three U.S. dollars.

But the adviser to Iraqi Prime Minister for Economic Affairs Abdullah Al-Hussein Anbuge said in a press statement: that the rampant corruption in state institutions and the low level of efficiency and economic situation in general in this time is not in favor of lifting the zeros.

He pointed to what he said that he was pitfalls will change the currency, and the deletion of zeros, including the risk of fraud and increasing the demand for goods for reasons of fake due to payment of dinars instead of a thousand dinars, as now, explaining that the re-printing of new currency will have the costs of expensive, stressing that attempts will be made to convince the bank Central plans to slow down in this regard.

Previously, the President of the Iraqi Securities Commission confirmed that, earlier, that the deletion of zeros from the Iraqi currency will not affect trading in the Iraqi Stock Exchange and its shares

The director of a money transfer companies externally Sami Rashid: I think that lifting the zeros from the currency will increase confidence in the currency, and will lead to increased purchasing power of citizens, and the phenomenon of trading blocs will drop large cash used by Iraqis since the nineties.

He believed economic analyst Talal Jassim said the switch of the Iraqi currency a necessary but pointed to the need to provide the conditions necessary for its implementation, particularly the security and political stability, adding that the relative stability of the Iraqi currency after the issuance of currency recently, and the result of the return link Iraq to the global economy and the availability of reserves of foreign currency due to oil exports , encouraged the Central Bank to consider the deletion of zeros.

Jassim added that the lifting of the zeroes of the three will lead to an exchange rate of one dollar per dinar to Jasim, who called to the need to follow the policies of peaceful citizens and to persuade them to get used for a period not exceeding two years.

[WayCoolJr]

Deleting three zero's will make IQD25000 dinar worth US25. rounding here people.

And you actually end up losing money after fees since you can't exchange dinar in the U.S.

Now you know why Ali kept raising his buyback rates and eventually shut down. He knew the dinar wasn't going anywhere in a hurry.

[K305]

And what about people with dinar in bank accounts? Say you have a 1,000,000 balance, does it suddenly become 1,000?

[WayCoolJr]

And what about people with dinar in bank accounts? Say you have a 1,000,000 balance, does it suddenly become 1,000?

Exactly. Your RV dreams have gone up in smoke. We've known for a long time now it's a scam.

Back in March someone posted an article here entitled "Dinar investors are unaware of Bernie Madoff's fame". When that was posted people were saying "we've been had". Just like they said nothing has happened with the dinar and there has been no RV over a half a year later.

The $1000 you paid for 1 million dinar are only a 1000 dinar after the lop and you lose 10% to 20% on buyback fees so you actually lose $100 to $200 on a $1000 investment.

[I AM]

We've known for a long time now it's a scam.

Why do you call it a scam? I, along with dozens here, have been saying for years there will never be this huge RV. It has been said over and over that you should look at opening a CD or investing the the ISX.

While I have only doubled my money since investing in the IQD via CD's and the ISX. Others have quadrupled their investment.

All of my increases have been in the CD's. I started at 17% and I still have CD's at 10.5%

I don't consider it a scam.

[WayCoolJr]

Why do you call it a scam? I, along with dozens here, have been saying for years there will never be this huge RV. It has been said over and over that you should look at opening a CD or investing the the ISX.

While I have only doubled my money since investing in the IQD via CD's and the ISX. Others have quadrupled their investment.

All of my increases have been in the CD's. I started at 17% and I still have CD's at 10.5%

I don't consider it a scam.

Come on dude. You know EXACTLY what I mean. Look up "Iraqi dinar scam" and you get hundreds of thousands of hits! The scammers/pumpers have been selling the get rich quick RV lie for almost a DECADE now! They are blatantly making up a false "this will RV overnight" story which is impossible. That's not how Forex currencies work under the IMF. They can only change in value by trading activity on the Forex market. The scammers also lie about the Kuwaiti dinar RVing. It NEVER did. There were notes stolen after Saddam invaded then after he left they issued new notes but you had to turn in the new one to get the old ones!

[Screaming Eagle]

Why do you call it a scam? I, along with dozens here, have been saying for years there will never be this huge RV. It has been said over and over that you should look at opening a CD or investing the the ISX.

While I have only doubled my money since investing in the IQD via CD's and the ISX. Others have quadrupled their investment.

All of my increases have been in the CD's. I started at 17% and I still have CD's at 10.5%

I don't consider it a scam.

You are not holding dinar and your investment is in CD's or stocks, neither of which is a dinar investment. How much have you made just holding cash dinar. If you look around you will find that some Brazilian Banks are also paying 10% or more. Holding cash dinar based on RV predictions is a scam.

[john j]

Exactly. Your RV dreams have gone up in smoke. We've known for a long time now it's a scam.

Back in March someone posted an article here entitled "Dinar investors are unaware of Bernie Madoff's fame". When that was posted people were saying "we've been had". Just like they said nothing has happened with the dinar and there has been no RV over a half a year later.

The $1000 you paid for 1 million dinar are only a 1000 dinar after the lop and you lose 10% to 20% on buyback fees so you actually lose $100 to $200 on a $1000 investment.

maybe some correct reading of dropping the zeros would help .. they say adding small notes dropping the zeros which means getting rid of the large notes ! no lop

[Ringworm]

Yes, your dinars will still be worthless.

[Screaming Eagle]

maybe some correct reading of dropping the zeros would help .. they say adding small notes dropping the zeros which means getting rid of the large notes ! no lop

Yes it would, try again.

[GIBBO]

And what about people with dinar in bank accounts? Say you have a 1,000,000 balance, does it suddenly become 1,000?

Is it not worth that today??? If you think it is suddenly going to be worth $1,000,000 you are dreaming ... LOL. If this RV is true and $1 for IQD$1 - what do you think is going to happen???