Iraq Central Bank Takes Steps to Rebase its Dinar

[mailman17]

I want to agree with all your arguments but why would they want to pay speculators trillions if they can avoid that. They could care less about the west especially since you need their oil and are well becoming the richest nation in the world.

but is the west (u.S.) as forgiving?

[BILLYG]

This was the plan since day one...IMHO

WOW!!! A blast from the past!!! How u doing ISX?

[Mr. McNutterbean]

There seems to be some confusion.Take 3 zeros off the dinar,making 25,00 only 25. Then in the next sentence,they say 1 dollar=1.2 dinars,whic is TOTALLY different.one is a lop,the other is what we have been waiting for-a reval-.83.However I believe this is an old article,we have heard before.

You're looking at this a little bit wrong. I am in no way a lopster, but if they lop 3 zeros, making the 25,000IQD 25IQD, that in essence makes the dinar 1:1 because currently your 25,000IQD is worth about $25, so if they take off those 3 zeros, now your 25,000 becomes 25IQD and equals it out to $25 which is a 1:1 ratio, just not in the way we hoped.

[deepwater]

http://www.zawya.com/Story.cfm/sidZW...D00D0B74A0D7C/

The Central Bank of IraqCentral Bank of Iraq Central Bank of IraqCBI Iraq | Financial Services News | Profile | Officers » Research
has taken steps to rebase the Iraqi dinar and issue new banknotes, a senior official at the bank said Tuesday.
"We have reached a conclusion that we should take off three zeroes from the current Iraqi dinar banknotes," Mudher Qasim, the bank's senior advisor, told Dow Jones Newswires in an exclusive interview.
"The process is progressing and we have taken some steps," Qasim said. "We will issue a decision in due time."
Qasim didn't give a timeframe when that decision would be taken, but said printing new banknotes and fully replacing old notes would take two years from the time the decision is taken.
Iraqi Finance Minister Bayan Jabor said his ministry had suggested to the central bank to take off three zeroes from the current Iraqi dinar banknotes. "The Central Bank Governor (Sinan Al-Shabibi) has informed me that the bank is in the process of taking that decision," Jabor told the state-run al-Iraqia Satellite Channel Monday.
"The Central Bank of IraqCentral Bank of Iraq Central Bank of IraqCBI Iraq | Financial Services News | Profile | Officers » Research
supports what the finance minister was saying," Qasim said.
If the rebase decision is taken, it means a current 25,000 Iraqi dinar banknote will become IQD25, for example.
Tuesday, the Iraqi dinar traded at IQD1,200 against the dollar, according to a trader in Baghdad. When three zeroes are knocked off the Iraqi dinar, a dollar will equal only 1.20 dinars.
Currency rebasings are usually monetarily neutral and are introduced to make commercial calculations and cash dealing easier and cheaper. Turkey knocked six zeroes off its lira currency Jan 1, 2005, for example. Russia did the same for its currency.
"In a country like Iraq where cash consists 80% of money dealing, we need smaller bank notes," Qasim said, adding that current Iraqi banknotes were difficult to store and need strict security measures when moving money from one place to another.
There are now some 20 trillion Iraqi dinar banknotes in use in the market, which is a very big amount and if Iraq knocked 3 zeroes it would become IQD20 billion which is a reasonable amount, he said.
Qasim also said one of the reasons for rebasing the Iraqi dinar is because the bank has managed to reduce the country's high rates of inflation. The inflation rate fell to 14.7% in May this year from a record high of 60% in late 2006.
In July 2004, the now dissolved U.S. civilian authority in Iraq decided to print the current Iraqi banknotes replacing those used to bear the picture of the former Iraqi leader Saddam Hussein. Iraqis then had three months to swap their old dinars with the new ones.
"This time we aren't in hurry, if it takes two years to swap the new currency with the old one, then let it so," Qasim said.
The current banknotes were printed by Britain's De La Rue Plc (DLAR.L), the world's biggest commercial printer of bank notes.
Jabor said in November last year that the central bank would rebase the dinar in early 2008.
-By Hassan Hafidh; Dow Jones Newswires; + 962 799 831 831; hassan.hafidh@dowjones.com
(END) Dow Jones Newswires
19-08-08 0720GMT

Hum! Anyone feel like emailing and asking more questions? hassan.hafidh@dowjones.com

[Screaming Eagle]

If the rebase decision is taken, it means a current 25,000 Iraqi dinar banknote will become IQD25.

This is very important, it means they are going to take the dinar to 1000-1 first.

[BILLYG]

They may LOP like they said THEN reval to maybe $3 and change. We would triple our money in that scenario, not the get rich quick but a good profit, especially when other places like the stock market are losing money on investments. If they get the 20 trillion dinars doen to 20 billion with a 3 zero LOP, then the dinar will have to go up from the .80 per dinar. Lets see, eventually 5 million barrels a day times $100 a barrel, half a billion a day at 365 days a year equals $182 Billion a year in just the oil never mind natural gas, that is $9 per dinar in just the oil a year!!! It has to go up big time post LOP.

That is perfectly sensible out-to-dinar.. I would take 3-4 to 1 any day of the week!!!!!!!

[mailman17]

http://www.zawya.com/Story.cfm/sidZW...D00D0B74A0D7C/

The Central Bank of IraqCentral Bank of Iraq Central Bank of IraqCBI Iraq | Financial Services News | Profile | Officers » Research
has taken steps to rebase the Iraqi dinar and issue new banknotes, a senior official at the bank said Tuesday.
"We have reached a conclusion that we should take off three zeroes from the current Iraqi dinar banknotes," Mudher Qasim, the bank's senior advisor, told Dow Jones Newswires in an exclusive interview.
"The process is progressing and we have taken some steps," Qasim said. "We will issue a decision in due time."
Qasim didn't give a timeframe when that decision would be taken, but said printing new banknotes and fully replacing old notes would take two years from the time the decision is taken.
Iraqi Finance Minister Bayan Jabor said his ministry had suggested to the central bank to take off three zeroes from the current Iraqi dinar banknotes. "The Central Bank Governor (Sinan Al-Shabibi) has informed me that the bank is in the process of taking that decision," Jabor told the state-run al-Iraqia Satellite Channel Monday.
"The Central Bank of IraqCentral Bank of Iraq Central Bank of IraqCBI Iraq | Financial Services News | Profile | Officers » Research
supports what the finance minister was saying," Qasim said.
If the rebase decision is taken, it means a current 25,000 Iraqi dinar banknote will become IQD25, for example.
Tuesday, the Iraqi dinar traded at IQD1,200 against the dollar, according to a trader in Baghdad. When three zeroes are knocked off the Iraqi dinar, a dollar will equal only 1.20 dinars.
Currency rebasings are usually monetarily neutral and are introduced to make commercial calculations and cash dealing easier and cheaper. Turkey knocked six zeroes off its lira currency Jan 1, 2005, for example. Russia did the same for its currency.
"In a country like Iraq where cash consists 80% of money dealing, we need smaller bank notes," Qasim said, adding that current Iraqi banknotes were difficult to store and need strict security measures when moving money from one place to another.
There are now some 20 trillion Iraqi dinar banknotes in use in the market, which is a very big amount and if Iraq knocked 3 zeroes it would become IQD20 billion which is a reasonable amount, he said.
Qasim also said one of the reasons for rebasing the Iraqi dinar is because the bank has managed to reduce the country's high rates of inflation. The inflation rate fell to 14.7% in May this year from a record high of 60% in late 2006.
In July 2004, the now dissolved U.S. civilian authority in Iraq decided to print the current Iraqi banknotes replacing those used to bear the picture of the former Iraqi leader Saddam Hussein. Iraqis then had three months to swap their old dinars with the new ones.
"This time we aren't in hurry, if it takes two years to swap the new currency with the old one, then let it so," Qasim said.
The current banknotes were printed by Britain's De La Rue Plc (DLAR.L), the world's biggest commercial printer of bank notes.
Jabor said in November last year that the central bank would rebase the dinar in early 2008.
-By Hassan Hafidh; Dow Jones Newswires; + 962 799 831 831; hassan.hafidh@dowjones.com
(END) Dow Jones Newswires
19-08-08 0720GMT

If the rebase decision is taken, it means a current 25,000 Iraqi dinar banknote will become IQD25

what they want their money to be worth ( cutting the throats of all investors, both us and foerign) and what it will come down to( reasonable fair market value) will be what they will have to decide. Screw investors ( not only us, but outside companies) once and I can guarentee it wont happen again. And I will guarentee that the U.S. will seek compensation for its efforts to unite Iraq into democracy. Their call. make the right one. JMO

[deepwater]

You're looking at this a little bit wrong. I am in no way a lopster, but if they lop 3 zeros, making the 25,000IQD 25IQD, that in essence makes the dinar 1:1 because currently your 25,000IQD is worth about $25, so if they take off those 3 zeros, now your 25,000 becomes 25IQD and equals it out to $25 which is a 1:1 ratio, just not in the way we hoped.

They could both small RV from 1187 to 1000:1 anytime and LOP 1000 to 1 in a heartbeat. Use USD and US coins for a while until new currency was released.

[BILLYG]

worst case scenario IMO to quell the thirst of all the loppers out there is and this is just my opinion would be for Iraq to lop 1 zero. I believe they wont lop at all, but if they go against my wishes, then it will be a 1 zero lop. Hypothetically speaking of course. they can certainly handle a 2.6 trillion M2 easily. And once on the forex, let nature take its course. but me thinks pride will take over.

Bad math Mailman. 2.6 TRILLION reflects a 1 zero LOP... Take 2 more zeros and you have 26 BILLION Dinar @ .83/$$$ = 21.58 BILLION $$$!!! Revert it to ~3.50/Dinar and your new M2 is... 75.53 Billion $$$ and with reserves of 75 Billion $$$ it suddenly makes PERFECT cents!!!

[digoe041]

i know this sounds paranoid but if this is a double post people are purposely trying to sent people off track. my guess is that people have taken note of these forms and are beginning to see their power. as of late the lop talk has been crazy. i feel from a lot of members have been thrown off the lop idea including myself. whoever wrote the article decided to put it into circulation to disrupt things. if we were sure of an RV we would put our house on it so of coarse they will send you off.

anyway how many rumours and smokescreens have come into this investment since the beginning. so what makes this any different. until i see it with my own eyes i refuse to believe it. anyway who knows if it is not an overnight revaluation.

[BILLYG]

Gotta give it to you guys. You're gonna go down swinging.

More like flailing sketch.

[BILLYG]

I am a life-long Cubs fan...used to it. BUT, this may be our year. And when I say our, I mean the Cubs and us dinar holders. JMO

Well MM, at least half right... As a life-long Sox fan, my hats off to you guys!!! Hope to see you in the World Series in October!

[Screaming Eagle]

More like flailing sketch.

Wouda, shoulda, coulda!!!!!!!!

[BILLYG]

November 2007 - "The Central Bank will take a decision in three months time from now, taking off three zeros from the current Iraqi dinar value," Bayan Jabor said in an exclusive interview with Dow Jones Newswires in Amman.

August 2008 - "We have reached a conclusion that we should take off three zeroes from the current Iraqi dinar banknotes," Mudher Qasim, the bank's senior advisor, told Dow Jones Newswires in an exclusive interview.

ISX, would you stop confusing everyone with the facts???

[BILLYG]

I think you guys are right. This is a SMOKESCREEN!
The smokescreen is that they will give you two years to do the exchange. That's the smokescreen to convince people not to panic.

Nice catch sketch. What do you think, 30 Days???

[GypsyRose]

Wouda, shoulda, coulda!!!!!!!!

Can't see it happening, Iraq would lose total crediblity with the world, and being that Israel has bought into their scam, I wouldn't give them 2 cents for their future.

[Bambaboo]

Stepping in here briefly: I find it odd that anytime a phone number or email address has ever been given in the past over verifying info..5 out of 20 people would be on it like a fly on crap. Here we have both in conjunction with this article and yet nobody has tried to call or email this guy to find out when it was written? That seems to be the agrument here. If that part of the puzzle was solved then this thread could take the appropriate direction.

Another thing I find odd is in doing a search of the past week this article only got 3 results...

Results 1 - 5 of 5 over the past week for Qasim "Central Bank of Iraq".

9 hours ago -
= UPDATE: Iraq Central Bank Takes Steps To Rebase Its Dinar ...
"The Central Bank of IraqCentral Bank of Iraq Loading... supports what the finance minister was saying," Qasim said. If the rebase decision is taken, ...
www.zawya.com/.../SecMain/pagHomepage/chnAll%20Regional%20News/obj2A17E941-F5E0-11D4-867D00D0B74A0D7C/ - Similar pages

7 hours ago -
Top 10 Stories On Zawya Dow Jones On Aug. 19 At 0830 GMT - Middle ...


The Central Bank of Iraq has taken steps to rebase the Iraqi dinar and ... from the current Iraqi dinar banknotes," Mudher Qasim, the bank's senior advisor, ...
www.zawya.com/.../SecMain/pagHomepage/chnAll%20Regional%20News/obj2A17E941-F5E0-11D4-867D00D0B74A0D7C/ - Similar pages
More results from www.zawya.com »


7 hours ago -
IntesaTrade
"The Central Bank of Iraq supports what the finance minister was saying," Qasim said. If the rebase decision is taken, it means a current 25000 Iraqi dinar ...
www.intesatrade.it/intesa/News/DettaglioNotizieOggi&idNot=1359507 - 31k - Cached - Similar pages

7 hours ago -
IntesaTrade
- [ Translate this page ]


Of DOW JONES NEWSWIRES The Central Bank of Iraq has taken steps to rebase the ... "The process is progressing and we have taken some steps," Qasim said. ...
www.intesatrade.it/intesa/News/DettaglioNotizieOggi&idNot=1359224 - 29k - Cached - Similar pages


7 hours ago -
Iraq Central Bank Takes Steps to Rebase its Dinar - Investor's ...
The Central Bank of Iraq Central Bank of Iraq Central Bank of IraqCBI Iraq ... "The process is progressing and we have taken some steps," Qasim said. ...
www.investorsiraq.com/showthread.php?p=684135 - 112k - Cached - Similar pages




Why isn't this hitting every newspaper in Iraq?


Bambaboo

[BILLYG]

Somehow I dont think GWB would go for this if he is planning to pay down the deficit with the 747 loads of dinar we hold in the treasury.

Maybe not LARRY, but imagine the wallpapering possibilities!!!

[GypsyRose]

Another thing I find odd is in doing a search of the past week this article only got 3 results...

Guess Dow Jones hasn't see fit to report it either

[JoeTT]

Can't see it happening, Iraq would lose total crediblity with the world, and being that Israel has bought into their scam, I wouldn't give them 2 cents for their future.

Egypt and other neighboring countries are heavily invested too!