Iraq Said To Be Planning Currency Overhaul, Redenomination

Monday, February 24, 2014
News / From Our Bureaus
Iraq Said To Be Planning Currency Overhaul, Redenomination

 
BAGHDAD -- A senior Iraqi Central Bank adviser says the government has adopted a two-pronged plan to restructure the national currency in order to facilitate large transactions and make government accounts more efficient, RFE/RL's Radio Free Iraq reports.
 
Mudhhir Muhammad Salih, a member of the bank's advisory panel, told RFE/RL on June 23 that in the short term, larger banknote denominations of the dinar would be issued to simplify major transactions.
 
He said that because so many Iraqis still dealt mainly in cash, it was cumbersome to carry bags full of money to pay for expensive items like cars. The inconvenience leads people making such purchases -- as well as many entrepreneurs -- to use dollars for those kinds of transactions instead of dinars, something the government wants to end.
 
He added that large denominations equivalent to around $100 would be issued to simplify major purchases, and new coins and lower denominations would be introduced for smaller transactions.
 
In the longer term, Saleh said a redenomination was needed wherein three zeros will be dropped so that the 25,000-dinar banknote -- currently the largest denomination -- becomes a 25-dinar note.
 
He said the change was inevitable, considering the economy is expecting high growth in the coming years with a planned increase in oil production to finance reconstruction projects.
 
Saleh said there were currently some 29 trillion dinars in circulation in Iraq, represented by some 6 trillion banknotes of various denominations, most of them quite small. He said this also caused complications for the Central Bank and government, as well as commercial accounting departments.
 
Saleh said the monetary-restructuring plan was drawn up with the help of foreign experts and financial institutions, including the International Monetary Fund, of which Iraq has been a member since 1945.
 
The plan will soon be presented to the cabinet, which is expected to subsequently send a bill to parliament.
 
Saleh noted that until 1980 the Iraqi dinar exchange rate was 1 dinar/$3.3 compared to $1/1,168 dinars now due to hyperinflation that occurred during the latter part of the late ousted leader Saddam Hussein's reign.

WELL THERE IT IS IN BLACK & WHITE : RD !!
A 25,000 NOTE = 25 Dinar !!

AND THE ICING ON THE CAKE (OR SALT ON THE WOUND) WILL BE THE IN HOUSE EXCHANGE ONLY AS SOME HAVE RECENTLY PREDICTED AND GUESS WHAT FOLKS :

GAME OVER !!

That is what it is looking like

Ponee wrote:That is what it is looking like

PONEE ;

YOU SHOULD SEND THIS ARTICLE OVER TO RECRAPS TO SEE IF THEY HAVE THE BALLS TO PRINT IT.

Even if they do, I want to see the ridiculous comments to follow saying "all smoke & further concrete evidence of an imminent RV"

I did a little research and found that this article had been posted on June, 24 2011...you may verify this in the comments section. 
http://www.rferl.org/content/iraq_said_planning_currency_overhaul_redenomination/24245867.html

Here is the current news link from Iraqhurr.org (which I believe are one in the same)
 http://www.iraqhurr.org/archive/economy/latest/1102/1102.html

Disregard if article was posted to relate what was the expected outcome of the IQD. Have a great evening!  

 

"disregard if article was posted to relate what was the expected outcome of the IQD " Did you just say that ???

Your comment belongs on recaps , home of the disregard of reality , land of millionaire & billionaire to be's , and I'm sure you will be by mañana !

Get real pal !

I think I'll disregard your lack of reality !

Here is the article. FG, that was harsh and uncalled for IMO. From Radio Free Europe/Radio Liberty

June 24, 2011
BAGHDAD -- A senior Iraqi Central Bank adviser says the government has adopted a two-pronged plan to restructure the national currency in order to facilitate large transactions and make government accounts more efficient, RFE/RL's Radio Free Iraq reports.

Mudhhir Muhammad Salih, a member of the bank's advisory panel, told RFE/RL on June 23 that in the short term, larger banknote denominations of the dinar would be issued to simplify major transactions.

He said that because so many Iraqis still dealt mainly in cash, it was cumbersome to carry bags full of money to pay for expensive items like cars. The inconvenience leads people making such purchases -- as well as many entrepreneurs -- to use dollars for those kinds of transactions instead of dinars, something the government wants to end.

He added that large denominations equivalent to around $100 would be issued to simplify major purchases, and new coins and lower denominations would be introduced for smaller transactions.

In the longer term, Saleh said a redenomination was needed wherein three zeros will be dropped so that the 25,000-dinar banknote -- currently the largest denomination -- becomes a 25-dinar note.

He said the change was inevitable, considering the economy is expecting high growth in the coming years with a planned increase in oil production to finance reconstruction projects.

Saleh said there were currently some 29 trillion dinars in circulation in Iraq, represented by some 6 trillion banknotes of various denominations, most of them quite small. He said this also caused complications for the Central Bank and government, as well as commercial accounting departments.

Saleh said the monetary-restructuring plan was drawn up with the help of foreign experts and financial institutions, including the International Monetary Fund, of which Iraq has been a member since 1945.

The plan will soon be presented to the cabinet, which is expected to subsequently send a bill to parliament.

Saleh noted that until 1980 the Iraqi dinar exchange rate was 1 dinar/$3.3 compared to $1/1,168 dinars now due to hyperinflation that occurred during the latter part of the late ousted leader Saddam Hussein's reign.

Kevind53 wrote:Here is the article. FG, that was harsh and uncalled for IMO. 

Thank you Kevind .God bless

Ponee wrote:Thanks a bunch Silkysand!

Welcome..

I like Silkysand!! I have never found anyone to be as knowledgeable and through when it comes to all the real info out there.

I agree with Silky Sand... If the article is older then the last few months I am going to disregard it. The Iraqi's change plans more then they change pants...

Ah but if you wait long enough, it will come back around again as the LATEST wave of intel... and it will be the what is "supposed" to happen. lol. 

Really, guys, I didn't realize when I posted this, that it was old. So, if you all just quit posting on it, it will just fade away off the scroll or I can basket it, or we can all accept the fact that it IS a possible scenario and still let it fall off the scroll.

Trust me Ponee, its not your fault, I cant' even keep track of 5% of what you post.. I couldn never keep up with you.. you are allowed a few mistakes... however sometimes it is good to remind us of may happen or has happened in the past.

There you go posting on this thread again, bumping it up on the scroll to forever roll my shame over and over... for all to see LOLOLOL!!!

I feel so much better just knowing that for one time you finally did something wrong.Now I want to see how you recover from this. What is the example you will set for us?

ONE TIME LOLOL... ya uhm ok, we will go with that. As I sweep the other mistakes under rug when you aren't looking

Just remember that one of the characteristics of the wealthy is that they don't quit just because they made a mistake.They learn from it and make an even greater mistake next time.

And another bump! Bwuhaaaaa!   

OMG!!! YOU GUYS ARE KILLING ME!

Ponee wrote:ONE TIME LOLOL... ya uhm ok, we will go with that. As I sweep the other mistakes under rug when you aren't looking

Anyone could of mistaken this article as a current article because the current date sets on the upper left side just above the article..so it's easy to slip by....The only way I could pin point the date was by checking out the comments area (shows actual date of when comments were made)...Don't worry pony...your still cool and awesome , God bless... :juggle:

Don't worry sooner or later we'll get bored and find someone else to pick on ...   

We will never get bored with this. This could be the longest thread at Dinar Daily soon.

Ponee wrote:Okay, just soooo you know, Silky Sand caught another mistake a few months ago (at like 2 am)... and guess what ??? I deleted it before you all woke up the next day so HAH! 

Now the funny part is, we now know that we have a secret editor watching over our shoulders at night while we are all sleeping. LOLOL you are BUSTED Silky Sand!  Your secret is out !

LMBoooooooooooooo...time to change my user name lololol...

We have to change the title of this thread to, Learning how to overcome mistakes by Ponee.

LMBO!   

SilkySand wrote:LMBoooooooooooooo...time to change my user name lololol...

And you thought I didn't notice LOL... What you don't know is that I tend to have insomnia and often sneak on in the middle of the night.  Peeka boo ! I see yooooou.     

 

You all can be in denial all you want !!

Stupidity is king in dinarland !

Maybe they rehashed the article to again warn you morons in denial , ever think of that ?

Actually, I don't see anthing wrong with taking a look back at different perspectives .  Really, though this is an older article, it is still a possibility.

One thing for absolute certainty in Dinarland is that MOST will be in denial till D-Day. Plain & simple fact.

And kevin : I see no difference in my "harsh" comment vs. yours to FS4 just couple days ago.

And I see FS4 made a GREAT article today. Gonna spit in the wind on that one too ??
The truth hurts. And it will in people's pocketbooks.

   I will tell you what I like about this thread.The drama of relationships on the internet and even if the RV does what FG says I made money while I was reading it and if it does not RV soon I may never need the RV.

     

AAAhhh But not if they close the exchange to outsiders....

No Don't tell me that!!!     

florida guy wrote:One thing for absolute certainty in Dinarland is that MOST will be in denial till D-Day. Plain & simple fact.

And kevin : I see no difference in my "harsh" comment vs. yours to FS4 just couple days ago.

And I see FS4 made a GREAT article today. Gonna spit in the wind on that one too ??
The truth hurts. And it will in people's pocketbooks.

 
First of all do not use me or anyone else as an excuse for your behavior. Second, there is one difference, I disagreed, but did not attack FS4 personally.

Your comment belongs on recaps , home of the disregard of reality , land of millionaire & billionaire to be's , and I'm sure you will be by mañana !

Get real pal !

 
Ponee and Silky Sand posted a link to a NEWS article from 2011. One pertinent to the discussion. They did not deserve to be treated that way.
 
I have not read FS4's post yet ... I may agree or disagree ... but either way I will not make it personal.

florida guy wrote:You all can be in denial all you want !!

Stupidity is king in dinarland !

Maybe they rehashed the article to again warn you morons in denial , ever think of that ?

You know - it's been a awhile since I posted anything - basically because I don't like the fact that the bs from other sites lands here again...but - I AM going to post a response here.

Who the heck are you, florida guy, to call the rest of the people on this site stupid and morons?  You obviously have no idea what it is like to truly research and try to sort out the truth versus the smoke and mirrors versus an opinion peace.  There are even times you can have an article DIRECTLY  from the Bagdad National news right in Iraq - but it is a member of Parliament that is making the statement on the Currency....so it means CRAP.  Even when you do post something right from the UN Security Council - people say your full of it....no matter what you offer - someone tries to twist it bad. 

So instead of trying to make those who gather and offer information for people on this site look bad, or calling them or the rest of us names like "morons" - why don't you step up and offer something of value.....not just your personal opinion.  If we are all in denial, and we are all morons, and this is all a big farce ...why are YOU still here.......

Oh sure we all look for news out of Iraq, and we are going to find the positive and the negative, which we post for all to see... Which is how it should be, and yes sometimes we forget to check the dates. But that is just our way of making sure people are really researching for themselves.
But I figure if someone goes looking for Negative News and then can not wait to rush back here to post it and then comment what fools we are for investing, or comment on other peoples post what fools we are believing in the Dinar, Shame on them For trying to take away our hopes and our dreams..

Whats wrong with having a Dream? Mr King had a dream and see what resulted from that dream
More Freedom for Americans

As for me
God lead me to this adventure and he will see me threw it.. 
Stand strong and have faith.