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Iraq Halts plans to revalue dinar
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Iraq Halts plans to revalue dinar
by Shadow Tue Apr 24, 2012 3:15 pm
Middle East
Banknote News
Iraq halts plans to revalue dinar
Apr 16, 2012 07:50 AM
According to a Reuters article dated 12 April 2012, Iraq has decided not to move forward with revaluing the dinar 1,000:1 this coming September as originally planned, because cabinet secretary Ali al-Alaq says the economic climate is not suitable for such a move. The redenomination is on hold "until further notice."
Tags: Iraq
http://www.banknotenews.com/files/category-middle-east.php
Can anyone comment on this article then, as we seem geared up on articles and RV happening Daily?? What does this Sound like?
Comments (2)
Banknote News
Iraq halts plans to revalue dinar
Apr 16, 2012 07:50 AM
According to a Reuters article dated 12 April 2012, Iraq has decided not to move forward with revaluing the dinar 1,000:1 this coming September as originally planned, because cabinet secretary Ali al-Alaq says the economic climate is not suitable for such a move. The redenomination is on hold "until further notice."
Tags: Iraq
http://www.banknotenews.com/files/category-middle-east.php
Can anyone comment on this article then, as we seem geared up on articles and RV happening Daily?? What does this Sound like?
Comments (2)
Shadow- New Member
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Re: Iraq Halts plans to revalue dinar
by 1alaskan Tue Apr 24, 2012 3:25 pm
It sounds not so good, at first glance. I followed the links and this refers to the Cabinet, not the GOI, from a story about a week ago.
Here it is from Rueters
Cabinet says stops plans to redenominate dinar "until further notice"
* Iraq has over 30 trillion Iraqi dinars in circulation
* Plan to trim zeros not seen as a priority
By Aseel Kami
BAGHDAD, April 12 (Reuters) - Iraq has decided to hold off on a plan to knock three zeros off the nominal value of bank notes of its currency because it does not believe the economic climate is suitable, the cabinet secretary said on Thursday.
The central bank said last August it planned to redenominate the Iraqi dinar to simplify financial transactions in an economy that is still heavily centralised and dominated by oil, and where deals are often carried out in cash.
The proposal to restructure the dinar to bring more liquidity into the market has been awaiting parliamentary approval since last year.
On Thursday, a statement on the website of the cabinet secretary said the cabinet had decided to halt all procedures relating to the redenomination of the dinar "until further notice".
"The economic committee discussed this issue and so did cabinet ... There is a possibility that it could cause some problems in the economic situation. Besides that, this operation is so big that cabinet sees circumstances are not right to control this," cabinet secretary Ali al-Alaq told Reuters.
Iraq is slowly getting back on its feet after years of war and sanctions. Oil accounts for 95 percent of government revenues and the country's banking system is still highly underdeveloped.
HUGE PROCESS
The central bank has kept the dinar fixed at 1,170 dinars to the dollar in its daily auction but it recently moved to revalue the dinar slightly to 1,166 dinars after demand for the U.S. currency soared.
The central bank said it also had to tighten regulations over who can participate in the auctions as Iraqi traders sought to snap up dollars for resale in neighbouring Syria and Iran, both under Western economic sanctions.
Sales of dollars in currency auctions held by Iraq's central bank rose as high as $400 million on some days in December from a previous average of $150 million, according to central bank data.
"We have more than 30 trillion dinars in circulation. To withdraw this amount from the market and then to examine them and to dispose of them is a huge process. Even the technical and the monetary capabilities to control a process like this, we consider as insufficient and it is not seen as a priority currently," Alaq said.
The central bank says Iraq's large foreign reserves, which have risen to a record $60 billion on the back of high oil prices, will shield it from any damage to its financial system on the national level.
http://www.reuters.com/article/2012/04/12/iraq-currency-idUSL3E8FC8G120120412
Here it is from Rueters
Cabinet says stops plans to redenominate dinar "until further notice"
* Iraq has over 30 trillion Iraqi dinars in circulation
* Plan to trim zeros not seen as a priority
By Aseel Kami
BAGHDAD, April 12 (Reuters) - Iraq has decided to hold off on a plan to knock three zeros off the nominal value of bank notes of its currency because it does not believe the economic climate is suitable, the cabinet secretary said on Thursday.
The central bank said last August it planned to redenominate the Iraqi dinar to simplify financial transactions in an economy that is still heavily centralised and dominated by oil, and where deals are often carried out in cash.
The proposal to restructure the dinar to bring more liquidity into the market has been awaiting parliamentary approval since last year.
On Thursday, a statement on the website of the cabinet secretary said the cabinet had decided to halt all procedures relating to the redenomination of the dinar "until further notice".
"The economic committee discussed this issue and so did cabinet ... There is a possibility that it could cause some problems in the economic situation. Besides that, this operation is so big that cabinet sees circumstances are not right to control this," cabinet secretary Ali al-Alaq told Reuters.
Iraq is slowly getting back on its feet after years of war and sanctions. Oil accounts for 95 percent of government revenues and the country's banking system is still highly underdeveloped.
HUGE PROCESS
The central bank has kept the dinar fixed at 1,170 dinars to the dollar in its daily auction but it recently moved to revalue the dinar slightly to 1,166 dinars after demand for the U.S. currency soared.
The central bank said it also had to tighten regulations over who can participate in the auctions as Iraqi traders sought to snap up dollars for resale in neighbouring Syria and Iran, both under Western economic sanctions.
Sales of dollars in currency auctions held by Iraq's central bank rose as high as $400 million on some days in December from a previous average of $150 million, according to central bank data.
"We have more than 30 trillion dinars in circulation. To withdraw this amount from the market and then to examine them and to dispose of them is a huge process. Even the technical and the monetary capabilities to control a process like this, we consider as insufficient and it is not seen as a priority currently," Alaq said.
The central bank says Iraq's large foreign reserves, which have risen to a record $60 billion on the back of high oil prices, will shield it from any damage to its financial system on the national level.
http://www.reuters.com/article/2012/04/12/iraq-currency-idUSL3E8FC8G120120412
*****************
Being defeated is often a temporary condition. Giving up is what makes it permanent.
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Yesterday would have been better, but today is a good day
Remember as always, JMHO
Rantings from just north of sixty
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Re: Iraq Halts plans to revalue dinar
by blinkster Tue Apr 24, 2012 3:45 pm
They can say anything they want via the news. But what they say and what they DO can be two very opposite things. Remember Kuwait & China's press tactics pre-RV with their respective currencies...
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Re: Iraq Halts plans to revalue dinar
by therealbutterfly Tue Apr 24, 2012 3:46 pm
blinkster wrote:They can say anything they want via the news. But what they say and what they DO can be two very opposite things. Remember Kuwait & China's press tactics pre-RV with their respective currencies...
Remind me again of what China and Kuwait did.... ;-)
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Re: Iraq Halts plans to revalue dinar
by 1alaskan Tue Apr 24, 2012 3:50 pm
This is old news and it was just Maliki's Cabinet, not the GOI, non issue
*****************
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Re: Iraq Halts plans to revalue dinar
by cassidy2112 Tue Apr 24, 2012 3:55 pm
That is a very good question.
And while we're on the subject....The Kuwait & China revaluations have very little in common with this particular investment. This is a different situation, and will not have the same results.
Hold on to what you want to...but don't plan on paying your mortgage next month from proceeds of this investment.
Please!
And while we're on the subject....The Kuwait & China revaluations have very little in common with this particular investment. This is a different situation, and will not have the same results.
Hold on to what you want to...but don't plan on paying your mortgage next month from proceeds of this investment.
Please!
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Re: Iraq Halts plans to revalue dinar
by blinkster Tue Apr 24, 2012 3:58 pm
cassidy2112 wrote:That is a very good question.
And while we're on the subject....The Kuwait & China revaluations have very little in common with this particular investment. This is a different situation, and will not have the same results.
Hold on to what you want to...but don't plan on paying your mortgage next month from proceeds of this investment.
Please!
The answer to the question is that both countries denied publicly any plans to RV, right up until the day before they did it.
*****************
"For as many as are led by the Spirit of God, they are the sons of God."
Romans 8:14
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Re: Iraq Halts plans to revalue dinar
by Terbo56 Tue Apr 24, 2012 3:58 pm
Ah, yes, Maliki's cabinet- Wonder if he has any liquor in there- Wouldn't suprise me a bit- Skull Vodka, Camel Dewdrops, Fig Squeezin's,No Fingers Tekillia, etc, etc-
:drunken: 
:drunken: 
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Re: Iraq Halts plans to revalue dinar
by blinkster Tue Apr 24, 2012 4:00 pm
Does it contain Cyanide, Rope & Cartridges???terbo56 wrote:Ah, yes, Maliki's cabinet- Wonder if he has any liquor in there- Wouldn't suprise me a bit- Skol Vodka, Camel Dewdrops, Fig Squeezin's,No Fingers Tekillia, etc, etc-
*****************
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Romans 8:14
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Re: Iraq Halts plans to revalue dinar
by therealbutterfly Tue Apr 24, 2012 4:02 pm
blinkster wrote:cassidy2112 wrote:That is a very good question.
And while we're on the subject....The Kuwait & China revaluations have very little in common with this particular investment. This is a different situation, and will not have the same results.
Hold on to what you want to...but don't plan on paying your mortgage next month from proceeds of this investment.
Please!
The answer to the question is that both countries denied publicly any plans to RV, right up until the day before they did it.
Please (and I dont mean to sound rude) show me ANY proof of what you have said. So far I can come up with articles showing how Kuwait reopened the banks back in 1991 and REINSTATED their old rate.... but NO info or articles or anything saying they are denying anything. The reason why I ask this is because this is the same rhetoric that the gurus spit out as to justify what they call smoke and mirrors (aka anything that they dont like to read).
And lets not get into the fact that Kuwait NEVER revalued, but they reinstated their money at the old rate. AND it never lost value on the global market.
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Re: Iraq Halts plans to revalue dinar
by Jayzze Tue Apr 24, 2012 4:04 pm
i do not believe one word of this they are in such bad fiancial shape they cannot survive to stall. there are estimates of 15 to 20 percent inflation the people have worthiess money and food is soaring.and last many companies are on the verge of cancelling the contracts and i almost forgot water and electric are mimmal sadr will have the people protesting real soon if there are not changes
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Re: Iraq Halts plans to revalue dinar
by Terbo56 Tue Apr 24, 2012 4:04 pm
The cabinet below it does-150 proof Amonium nitrate, and Formaldehyde, and non-slip rope, along with some .44 magnum hollowpoint shells- :bom:
:bom:
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Re: Iraq Halts plans to revalue dinar
by 1alaskan Tue Apr 24, 2012 4:19 pm
jayzze wrote:i do not believe one word of this they are in such bad fiancial shape they cannot survive to stall. there are estimates of 15 to 20 percent inflation the people have worthiess money and food is soaring.and last many companies are on the verge of cancelling the contracts and i almost forgot water and electric are mimmal sadr will have the people protesting real soon if there are not changes
Were you discribing North Korea or Iraq?
*****************
Being defeated is often a temporary condition. Giving up is what makes it permanent.
Marilyn Vos Savant
Yesterday would have been better, but today is a good day
Remember as always, JMHO
Rantings from just north of sixty
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Re: Iraq Halts plans to revalue dinar
by cassidy2112 Tue Apr 24, 2012 4:23 pm
The Kuwait revalue happened when no one was looking for it. That is why it was so much easier to pull off. There weren't MILLIONS and MILLIONS in the hands of random "investers" living in the West.
It happened during a completely different economic environment.
Just let the country get back on it's feet. This thing will take time...but one day down the road, unless they completely issue New Currency, this will be a good investment.
Not an over-night Wind-Fall!
It happened during a completely different economic environment.
Just let the country get back on it's feet. This thing will take time...but one day down the road, unless they completely issue New Currency, this will be a good investment.
Not an over-night Wind-Fall!
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Re: Iraq Halts plans to revalue dinar
by cassidy2112 Tue Apr 24, 2012 4:25 pm
I just LOVE the distractions people keep trying!
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Re: Iraq Halts plans to revalue dinar
by 1alaskan Tue Apr 24, 2012 4:39 pm
"Not an over-night Wind-Fall!"
Well for at lot of us this is turning out to be a over decade windfall, but I was in it for the long haul and still am.
Well for at lot of us this is turning out to be a over decade windfall, but I was in it for the long haul and still am.
*****************
Being defeated is often a temporary condition. Giving up is what makes it permanent.
Marilyn Vos Savant
Yesterday would have been better, but today is a good day
Remember as always, JMHO
Rantings from just north of sixty
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Re: Iraq Halts plans to revalue dinar
by redfish Tue Apr 24, 2012 4:40 pm
Well, just got the wind blown out of my sails... a Senior VP with Wells Fargo Houston - The Private Bank section told me today that Wells Fargo was not dealing in the cash-in of the dinar, they did not feel it was going to happen and he said if there were any negotiated packages, The Private Banking section would be aware of them, and they are not.
He did go on to say, in the unlikely event it did RV, that he would gladly help me. Why are they still denying??? I need some positive feedback...please!
He did go on to say, in the unlikely event it did RV, that he would gladly help me. Why are they still denying??? I need some positive feedback...please!
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Re: Iraq Halts plans to revalue dinar
by 1alaskan Tue Apr 24, 2012 4:51 pm
If your contact is not a senior vp or higher in the the foreign currency division in either San Francisco or one of their "hubquarters" in say NY, LA, CHI, and maybe Houston, he would not know anymore than the folks that are in those places and positions are going to tell him.
*****************
Being defeated is often a temporary condition. Giving up is what makes it permanent.
Marilyn Vos Savant
Yesterday would have been better, but today is a good day
Remember as always, JMHO
Rantings from just north of sixty
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Re: Iraq Halts plans to revalue dinar
by Jayzze Tue Apr 24, 2012 5:02 pm
redfish if and when rv happens they will be kissing your butt for busisness. for get the rocket scientists info when you see erbil been approved and implemented everything else will fall in place until then twirl your fingers and have some captain morgan
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Re: Iraq Halts plans to revalue dinar
by ou812 Tue Apr 24, 2012 5:15 pm
redfish wrote:Well, just got the wind blown out of my sails... a Senior VP with Wells Fargo Houston - The Private Bank section told me today that Wells Fargo was not dealing in the cash-in of the dinar, they did not feel it was going to happen and he said if there were any negotiated packages, The Private Banking section would be aware of them, and they are not.
He did go on to say, in the unlikely event it did RV, that he would gladly help me. Why are they still denying??? I need some positive feedback...please!
No RV is a possibility.
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Re: Iraq Halts plans to revalue dinar
by cassidy2112 Tue Apr 24, 2012 5:21 pm
1alaskan,
Six words is the only thing that you have to respond to? The fact that I tagged the post with a near cliche' is the thing that you take issue with? I wasn't writing that post for your benefit only.
You know exactly what my point is. And I know what your job is.
Thanks!
Six words is the only thing that you have to respond to? The fact that I tagged the post with a near cliche' is the thing that you take issue with? I wasn't writing that post for your benefit only.
You know exactly what my point is. And I know what your job is.
Thanks!
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Re: Iraq Halts plans to revalue dinar
by CaptnJerry Tue Apr 24, 2012 5:24 pm
cassidy2112 wrote:The Kuwait revalue happened when no one was looking for it. That is why it was so much easier to pull off. There weren't MILLIONS and MILLIONS in the hands of random "investers" living in the West.
It happened during a completely different economic environment.
Just let the country get back on it's feet. This thing will take time...but one day down the road, unless they completely issue New Currency, this will be a good investment.
Not an over-night Wind-Fall!
cassidy2112, Can you please tell me when the Kuwaiti RV happened? Was it recently? Cause if your talking about the event back in 1991, that was a re-instatement of the value of their currency and in no way could you ever confused it with an RV, unless your a guru that is....
CJ
*****************
Inspired by Splovengates "Be ready between sunday and monday night, or maybe tuesday or wednesday, could also be thursday but definitely by friday.... probably next week, monday or late tuesday night, wednesday morning to hear the rv and should be cashing in on the following tuesday the 1st part of january or february. Sooner more than later. But no later than the beginning of 2013. Certainly not before then. Until then, let's enjoy the ride!
Come on RI/RV!
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Re: Iraq Halts plans to revalue dinar
by 1alaskan Tue Apr 24, 2012 5:28 pm
At this point I would take a re-instatement of the IQD,
*****************
Being defeated is often a temporary condition. Giving up is what makes it permanent.
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Remember as always, JMHO
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Re: Iraq Halts plans to revalue dinar
by therealbutterfly Tue Apr 24, 2012 5:41 pm
1alaskan wrote:At this point I would take a re-instatement of the IQD,
But just how could they possibly 'reinstate'? Saddam had his own rate vs what the world recognized as the rate. Thats why the Kurds got 150:1 for the swiss notes and the saddam notes got only 1:1. So do you pick a date long before saddam? But since they created the new IQD in 2003, I dont think they can go back to any particular date for a rate. n my opinion, we are stuck with no other rate than what they decide, whether or not they RD..... I would be thrilled with a daily pip again, made me feel more comfortable about an rv vs an rd..... :(
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Re: Iraq Halts plans to revalue dinar
by cassidy2112 Tue Apr 24, 2012 5:43 pm
I'm Sorry.
I made a mistake by typing revaluation. I'm sorry, It was just an over-sight.
Take a wild guess about whether or not I'm a "Guru".
Have you seen the disdain that I have had?
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Re: Iraq Halts plans to revalue dinar
by Guest Tue Apr 24, 2012 5:48 pm
This ENTIRE THREAD is all 
I want more proof progress has stopped
I want more proof progress has stopped
Guest- Guest
Re: Iraq Halts plans to revalue dinar
by 1alaskan Tue Apr 24, 2012 5:49 pm
Again old news and it was from the Maliki cabinet, who has no power to start or stop anything to do with the IQD, that is the CBI's job.
*****************
Being defeated is often a temporary condition. Giving up is what makes it permanent.
Marilyn Vos Savant
Yesterday would have been better, but today is a good day
Remember as always, JMHO
Rantings from just north of sixty
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Re: Iraq Halts plans to revalue dinar
by Guest Tue Apr 24, 2012 5:51 pm
1alaskan wrote:Again old news and it was from the Maliki cabinet, who has no power to start or stop anything to do with the IQD, that is the CBI's job.
THANK YOU! Some of the negative nacy's in this thread do nothing but
already!!!
Guest- Guest
Re: Iraq Halts plans to revalue dinar
by Jayzze Tue Apr 24, 2012 6:03 pm
punisher shame on you no way will it be stopped too many fat cats that needs to make more money on the dinar
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Re: Iraq Halts plans to revalue dinar
by PrudenceArt Tue Apr 24, 2012 6:32 pm
This is awesome news...............WEN they say they wont then, WHAM they will just like china and kuwait
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Re: Iraq Halts plans to revalue dinar
by 1alaskan Tue Apr 24, 2012 6:35 pm
maybe, just maybe.........
*****************
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Re: Iraq Halts plans to revalue dinar
by edlou Tue Apr 24, 2012 7:53 pm
PEOPLE...PEOPLE...
KEEP THE FAITH....
KEEP THE FAITH....
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Re: Iraq Halts plans to revalue dinar
by hithere Tue Apr 24, 2012 9:01 pm
This is never going to happen :pale: . Back to playing the lotto..
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