Why There Won't Be A Zero Lop

[MR32SLIM]

After reading the news release stating that the dinar will undergo a currency change, I've come to the conclusion that what the reporter misunderstood the news we read a few days ago. The "1 new dinar will be worth 1000 old" merely reflects the three-decimal place movement in the exchange rate, from .00068 to .68.

The next statement he said is that it would bring it closer to parity with the US Dollar. Well, that's exactly what happened here. And as for the new currency waiting to be printed, how can you eliminate the possibility that he's referring to smaller denomination notes, as they plan on removing the larger bills from circulation?

Obviously if Iraq was going to revalue their currency, they wouldn't publicize it until after it happened otherwise there would be a run on speculation. Can you imagine reading this in a newspaper: "On Wed, August 5th Iraq will increase its currency to .50. A 25,000 note will be worth $12,500 on August 5th." I assure you that you'll never read that anywhere,

This seems like it is some major news. I'd certainly expect it to be in all the other major news sources. MSNBC doesn't tend to always report on current events. It's far more likely they were just informed of the Prime Minister's week old anouncement and are just now crafting a story based on how they interpreted it.

[BBbucks]

After reading the news release stating that the dinar will undergo a currency change, I've come to the conclusion that what the reporter misunderstood the news we read a few days ago. The "1 new dinar will be worth 1000 old" merely reflects the three-decimal place movement in the exchange rate, from .00068 to .68.

The next statement he said is that it would bring it closer to parity with the US Dollar. Well, that's exactly what happened here. And as for the new currency waiting to be printed, how can you eliminate the possibility that he's referring to smaller denomination notes, as they plan on removing the larger bills from circulation?

Obviously if Iraq was going to revalue their currency, they wouldn't publicize it until after it happened otherwise there would be a run on speculation. Can you imagine reading this in a newspaper: "On Wed, August 5th Iraq will increase its currency to .50. A 25,000 note will be worth $12,500 on August 5th." I assure you that you'll never read that anywhere,

This seems like it is some major news. I'd certainly expect it to be in all the other major news sources. MSNBC doesn't tend to always report on current events. It's far more likely they were just informed of the Prime Minister's week old anouncement and are just now crafting a story based on how they interpreted it.

I agree 110%

[mydinardream]

I am not sure about a RV coming to be honest like many here. That being said I will agreee that to me I think this is just late news refering to a story of last week . Of course who interpeted that story of 3 Zero's to drop and or how is a complete different story :lmao:

[MR32SLIM]

Here's another way to interpret the MSNBC article:

"Iraq is considering REVALUING the dinar, releasing NEW BANKNOTES to reflect a three decimal shift in the exchange rate, the Finance Minister said on Thursday. Senior goverment and central bank officials have told Reuters that the PROPOSAL has been under consideration for some time to make one newly revalued dinar worth 1000 current dinars, a move that would bring the dinar closer to parity with the US dollar..."

If Iraq has printed smaller bank notes already, but no one knows about them (in 1, 5, 10, 20, etc...), then it would appear to the every day person that they printed new notes. When the new $10 USD came out a few months ago, we all assume that it was just printed recently. But it's possible that those have been around for a few years, but were just recently released. Yet we still consider them to be "new."

There's nothing in this article that should cause panic. Take a step back from the words, which can easily be manipulated, and look at the situation. Issuing a new currency would create far more problems than it would solve, from limiting Iraq's economic growth potential by capping it at 32%, the safety issue to redeeming the dinar, world confidence...it's far easier to just take the large bills out of circulation. The average Iraqi doesn't have millions of dinar in savings, either, so the argument that everyone will be a millionaire goes out the window. Sure, their purchasing power will increase, but isn't that the point?

[Hot Sauce 080]

BRAVO.......Well put....:lmao: :lmao:

[shotgunsusie]

al sabaah newspaper:

...It is noteworthy that a number of speculators in the market tried to exploit the period of preparation for the elections to achieve profits through speculation in foreign currencies and the strengthening of the Iraqi dinar at its expense, which analysed economists that would negatively affect the market circulation commodity which is called the Central Bank of Iraq to invite citizens sell their surplus foreign exchange to banks

sell my $5,000 usd for $5,000 worth of dinar THEN take my zeros off
think the iraqis would be happy campers AFTER they were told to get rid of usd?

[ski bum]

Yee hawwwww!!!! I'm in this camp Most of the people on this forum have way too much time on there hands! Come on people this is a gamble! And it just may be the best one any of us ever made! Quit WHINING!!!!!!!!!

[ski bum]

Oh and I'll buy your stash on the cheap also, and throw in some lift tickets, and a free ski lesson!

[DinarAg]

Well, I'm not a naysayer because I feel it will RV (at what? I don't know) but it sure seems that some of you would even deny the possibility of a zero lop if the finance minister came out and said "The value of a 25,000 dinar note will go from $17 USD to $25 USD after we raise three zeros from the note."

[bahmaboy]

Here's another way to interpret the MSNBC article:

"Iraq is considering REVALUING the dinar, releasing NEW BANKNOTES to reflect a three decimal shift in the exchange rate, the Finance Minister said on Thursday. Senior goverment and central bank officials have told Reuters that the PROPOSAL has been under consideration for some time to make one newly revalued dinar worth 1000 current dinars, a move that would bring the dinar closer to parity with the US dollar..."

If Iraq has printed smaller bank notes already, but no one knows about them (in 1, 5, 10, 20, etc...), then it would appear to the every day person that they printed new notes. When the new $10 USD came out a few months ago, we all assume that it was just printed recently. But it's possible that those have been around for a few years, but were just recently released. Yet we still consider them to be "new."

There's nothing in this article that should cause panic. Take a step back from the words, which can easily be manipulated, and look at the situation. Issuing a new currency would create far more problems than it would solve, from limiting Iraq's economic growth potential by capping it at 32%, the safety issue to redeeming the dinar, world confidence...it's far easier to just take the large bills out of circulation. The average Iraqi doesn't have millions of dinar in savings, either, so the argument that everyone will be a millionaire goes out the window. Sure, their purchasing power will increase, but isn't that the point?

you are correct, new notes or versions of notes arent printed months before their release but at least 2 yrs. the same can be said about cars, music, movies etc. they are designed, made, created years before their release but as soon as they are released we consider them to be new.