Australia supports Iraq WTO membership

An Iraqi ministry has said that Australia supports its quest for World Trade Organisation membership, according to NINA.

WTO membership will significantly boost investment in Iraq as well as increasing its access to goods and services due to fewer restrictions from WTO member countries.

WTO membership takes almost as long to attain as agreement at a UN meeting. Iraq submitted its application to join in 2004, and it met with the WTO’s working party for Iraq for the first time to discuss the application in 2007. It took Saudi Arabia ten years before its application was granted finally in 2005.

It’s not all bureaucracy that makes the process so slow, by any means. To gain WTO membership there are hundreds of pieces of legislation that a country needs to pass and put into practice, so that it conforms to the standards that make international business easier and more trustworthy.

As Australia and Iraq sign memoranda of understanding to improve trade and investment, the Iraq Ministry of Commerce said: “The meetings included research…in order to activate the memoranda of understanding and urged Australian companies to take advantage of employment opportunities and the huge investment available in Iraq.”

“The Australian side expressed its readiness to support Iraq in building human capacity through intensive training courses. Australia’s support for Iraq in the process of joining the World Trade Organization also showed its great support in the ideas the Iraqi side.”

(Source: NINA, Department of Commerce)

AAIB View

A spokesperson at A.A.I.B. Insurance Brokers, a company specialising in Iraq commented; the support of Australia for Iraq’s intention to join the W.T.O. is to be applauded as membership should provide clear to Iraq as it strives to diversify and deepen its economy.

However the W.T.O. has been criticised in some quarters. Allegations have been made that the W.T.O generally favours the interests of the rich, industrialised counties at the expense of the less developed countries, that its workings and decision making processes are not transparent enough and that it puts commercial interests above environmental considerations and human rights. Also policies to protect the positions of small, emerging domestic industries are restricted.

Most countries however believe that the benefits of membership of the W.T.O. far outweigh such concerns. W.T.O. members trade with lower trade barriers, including tariffs and quotas and the avoidance of excessive regulations. W.T.O. principles include; non-discrimination, transparency and increased certainty about trading rules and conditions. Overall these factors make trading easier, cut unnecessary costs and increasing confidence in the commercial and contractual environment.

All these things ultimately facilitate more investment in productive capacity and job creation opportunities and can result in a wider choice of lower priced goods and services being available to consumers. Importantly, governments are better placed to defend themselves against lobbying from narrow interest groups; the W.T.O. system encourages good governance and reduces opportunities for corruption.

As regards Iraq, various studies and news articles have identified obstacles (real or perceived) to raising investment and deepening commercial involvement within the country. Such obstacles have included the problems of widespread corruption, overly complex bureaucracy, limited infrastructure and power supplies and lack of contract certainty.

The potential benefits of W.T.O. membership to Iraq are many. For the country to meet the membership acceptance criteria structural changes to the economy and labour market will be needed along with development of the legislative landscape. Ultimately senior and sustained political effort will be needed to bring Iraq into the W.T.O. fold.

54 Responses to Australia supports Iraq WTO membership

  1. Andy Skal 16th November 2010 at 09:03 #

    Wouldn’t the value of the dinar be a concern of the WTO? If this is correct, how would that be addressed?

  2. Stew 17th November 2010 at 16:54 #

    Andy… stop getting your information from Dinar dealers and their paid pumpers on the internet.
    In the latest IMF Stand By Arrangement review… the IMF clearly states that the Iraqi dinar exchange rate is perfectly fine where it is now based on fundamentals.
    The current plan is to re-denominate the dinar. A new currency will be issued and Iraqis will exchange 1000 current dinars for 1 new dinar. The new dinar will be worth approx 85 cents.
    You and the other thousands of people who have fallen for this dinar scam and are holding cash dinar in another country will be left to the mercy of the same dinar dealers and internet scammers that got you into this.
    Good luck.

  3. JTE 17th November 2010 at 17:18 #

    Do not buy dinar notes (RV) from USA Currency or GID, they send out used, torn, and circulated dinars. They are dishonest and do not disclose they send circulated, used, torn and written on dinar notes. When you try to contact them they fail to respond. DO NOT DO BUSINESS WITH THESE TWO COMPANIES.

  4. MommaE 17th November 2010 at 19:08 #

    Stew,

    So what you’re saying is that those of us who have purchased Dinar currency will not be able to trade it back in here in the US? And if we can trade it back in that we’re not going to get much more than what we paid for it maybe less? If they drop three zeros off the Dinar would that basically bankrupt the entire country. . . maybe I’m just not understanding. If you have 1000 Dinar and it’s now worth 1 Dinar you would be broke (speaking in terms of an Iraqi citizen). What am I missing?

  5. travis p 17th November 2010 at 22:59 #

    stew where did you get this info about changing the currency again and the .85 cents?

  6. john 18th November 2010 at 08:12 #

    Hey Stew, when I went to school homework was a big part of the learning process. It sounds like you have not done your homework on the dinar.You have turned a simple question into an anti- dinar rant.I suggest if you have such a strong hatred for the subject, that you simply refrain from attempting to answer REAL questions about the subject.And another thing, don’t be so rude… dude. and one more thing about the dinar, look at the rate from Kuwait, Ill bet a paycheck, the dinar will go three dollars per dollar. so take that Rush Limbaugh.

  7. BARBARA 18th November 2010 at 09:04 #

    YOU SAYING THAT GID HAS SOLD BAD DINAR TO THE PEOPLE? HOW CAN WE GET THE REAL THING FOR EXCHANGE?? THEY SAY THEY AR WITH THE US TREASURE
    THANK YOU

  8. Mike 18th November 2010 at 12:06 #

    Stew is a moron. For anyone to say it is a SCAM is ridiculous. The fact that it is in a holding pattern right now does not take away from the FACT that it is REAL currency. Get your facts straight before you open your mouth Stew.

  9. Stew 18th November 2010 at 12:21 #

    Travis… there are a number of articles right here on this web-site. There have been dozens of articles over the last couple years where representatives of the CBI have stated they plan to redenominated the dinar and remove 3 zeros. There have also been articles where economist have agreed with the plan, and articles where economist have disagreed with the plan. But those economist are just giving their opinion. The CBI is set. They want the redenomination. Standard procedure for that is a 1000 old for 1 new exchange. The old dinar is worth .00085, the new dinar would be worth .85. Again, standard procedure. This has been done by many different countries about 80 times in recent history. It’s not a mystery how it will happen. It’s only confusing to those listening to dinar dealers and the so-called dinar gurus on the web.

    MommaE… I don’t know for sure how it will play out. A lot will be determined by how long the exchange period is to swap currencies. The shorter the exchange period the more money you are going to lose. Banks will most likely not get involved with a redenominated currency. You will have to hope a dealer will buy it back from you. You better hope the dealers have a way to get it back into Iraq for exchange. They are certainly not going to perform the service for free even if they can. You’ll be lucky to get $500 per million.
    A redenomination in almost all cases is revenue neutral. Iraqis will not lose money. Iraqis have 1000 dinar now worth 85 cents… they turn that in for one new dinar in return and that new dinar is worth 85 cents. No lose, no gain. Standard procedure.

  10. jerrial 18th November 2010 at 21:42 #

    stew your info is way off base according to everything iraq is trying to accomplish but you have a write to your opinion

  11. Stew 19th November 2010 at 07:47 #

    I never said the Iraqi dinar is a scam. It is a legitimate currency.
    What is a scam is the idea it will suddenly increase in value 100,000 to 300,000 percent.
    John… here’s a little homework for you.
    Iraq… as reported by the Central Bank of Iraq, and also reported by the IMF, and also mentioned in a number of the “delete 3 zeros” articles… Iraq has appox 27 Trillion dinar in circulation.
    Now look at this chart. http://dollardaze.org/blog/pages/00023/SmallGlobalMoneySupply2.png
    This is all the currency in circulation in the entire world added together. It’s not quite 5 Trillion dollars worth.
    So the dealers and their pumpers want you to think that Iraq will RV 27 Trillion dinar somewhere between $1 to $3 per dinar… giving Iraq 27 to 81 Trillion dollars worth of dinar in circulation compared to 5 trillion for the rest of the world combined.
    That would give Iraq somewhere between 5 to 40 times more currency than the rest of the world combined.
    Currency is used to support an economy. Right now Iraq’s economy is less than 1% of the worlds economy.
    You think a country with less than 1% of the worlds economy is going to have a currency worth 5 to 40 times more than the rest of the world combined?
    Bottom line John… listening to dinar dealers and internet pumpers is not doing homework.

  12. John 19th November 2010 at 09:51 #

    Stew, everyone is entitled to there own opinion. Don’t be in such denial. For one on 9/14 of this year it was voted on that the zero’s stay on and not be taken off. Sounds to me like you are the one that is listening to all the dinar gurus. I unlike you do not use the web for my information. Thank you very much.

  13. Stew 19th November 2010 at 10:49 #

    Vote? Who voted?
    I see you ignored the facts that presented. A one dollar RV would give Iraq 5 times more currency than the rest of the world combined.
    That is simply preposterous.

  14. Mandy 19th November 2010 at 14:54 #

    What about when Kuwait dinars came out. They came out at very high prices. And a lot of people made a lot of money.

  15. Hj572 20th November 2010 at 07:50 #

    Ok heres my thought on the whole dinar rv thing. Yes there are scams out there, there always are but why would Iraq value there countries currency any less then Kuwait or Saudi? These countries are basically the oil suppliers for the world. It would be like opening a store between two other stores selling the exact same product at a 1/3rd of the cost. It would not make any sense. It would cause a huge battle between the three. One of two things would happen either the other two would have to lower their prices, which we all know would never happen or it would cause the new store to be taken over by the other two. I believe that the dinar would be worth about the same as the other big oil countries and that’s around $3.57. It’s kind of common sence really. No offense.

  16. Mandy 20th November 2010 at 08:44 #

    I would like to say that the when the Kuwait dinars first came out they came out at high rates. People made alot of money.

  17. Stew 20th November 2010 at 12:50 #

    Wow…
    Mandy, that’s another dealer/pumper lie. Kuwait never changed their exchange rate. All part of the scam.
    Saddam invaded the country and stole billions of dinar from the Kuwait Central Bank. Some individuals panicked and sold their dinar for less than the exchange rate. Kuwait had less than 400 million dinar in circulation, so there wasn’t a lot of selling going on. From the start of the Kuwait war until Saddam was kicked out was 7 months. One month Later Kuwait issued a new currency checked the serial number on every single dinar exchnaged. They didn’t honor any of the stolen dinar. The exchnage rate never changed. Very few people made a little money.

    HJ… You do realize oil is sold for dollars right? A countries exchnage rate has nothing to do with how much they sell oil for.

  18. jimmy g 20th November 2010 at 12:53 #

    at least all agree that the New Iraqi dinar currency is the currency for the Iraqi government, and if there economy is at 1% right now just hold on to them cause one day there economy will rebound it will take sometime and they have OIL revenues and these contracts that are being signed by the major oil companies to pump out the oil and natural gas from Iraq are in there to make profitssssssss, so just hold on to them it will payoff in the long-run, am sure stew has a closet full also.

  19. Stew 20th November 2010 at 13:36 #

    Jimmy… That is horrible advice. If Iraq goes through with the redenomination, which it looks more and more like they will, they will issue a new currency. A period of time will be given to exchange old currency for new currency. After that time period is over, the dinar people hold now becomes absolutely worthless.
    Last time Iraq issued a new currency they allowed 3 months.

  20. nathan 21st November 2010 at 17:19 #

    Even former president bush jr. Is purchasing dinar by the truckload. Why would he do that knowing what he knows about iraq unless he stood to make a killing on it?

  21. Stew 22nd November 2010 at 10:47 #

    Nathan… which dinar dealer/pumper told you that?
    It’s borderline criminal to make such a claim with absolutely no evidence to support it.

  22. mark 22nd November 2010 at 14:21 #

    There’s a huge range of opinion on this subject from what i’ve discovered recently. It seems that if the zeros are simply dropped from the currency that the other countries that have a significant amount invested in the dinar would be extremely disappointed. It would seem like the countries that have forgiven Iraq’s debt wouldn’t be doing so simply out of the goodness of their hearts. Also, I’ve read where Iraq has a significant amount of natural reserves to support a higher valued currency. Certainly a redomination (1 thousand dollar bill for 1 dollar bill) would remove much of the excess money supply which will be beneficial but would surely discourage investment in Iraq. I think a scenario where the large bills are exchanged for the small and then followed by an RV of say 3 to 1 would give investors a decent return on their money and also stimulate the Iraqi and U.S. economy. Better yet, a slow, gradual increase in the value of the dinar would stimulate investment in Iraq as well as put more money in the hands of investors. I think pie in the sky fantasies of becoming a millionaire overnight are a bit ridiculous, but I feel with all of the oil that Iraq holds that we investors can at least see a decent return on our investment. I see legitimate points made from the pumpers as well as the naysayers and the truth is that no one really knows what’s going to happen. I respect everyone’s opinion on here and only time will tell what will happen. Best of luck to all!

  23. shmaffa 22nd November 2010 at 14:45 #

    Stew how much dinar do u have

  24. JimmyB 22nd November 2010 at 16:44 #

    Stew.

    Why do you spend so much time discussing the Dinar if it is a waste to invest in?

  25. MANDY 22nd November 2010 at 20:23 #

    GO RV!!

  26. Stew 23rd November 2010 at 10:54 #

    Mark… glad to see you at least have an open mind to something other than a BIG RV… but there is absolutely ZERO evidence of any country being invested in dinars. Most countries list FX assets on their Central Bank websites. If you can find one country that list Iraqi dinar I’d love to see it. That is a claim only made by people trying to sell dinar. It has never been mentioned in one legitimate news source.
    Forgiving debt?? Wealthy countries have been forgiving debt out of the “goodness of their hearts” (and a few concessions… like stop your nuclear program) for as long as I can remember. I have NEVER heard of a country forgiving debt in exchange for a plan to repay the debt with a big RV later. That is another made up nonsensical fantasy by people selling dinar.
    The claim that a redenomination would discourage investment in Iraq. Same as above… a silly nonfactual claim made by dinar sellers with ZERO economic knowledge. It would certainly discourage currency speculators looking for a 100,000% gain… but I’m sure you know that currency speculators are NOT investors in Iraq. A true investor would probably prefer Iraq redenominated and have currency more manageable in terms of quantity.
    For Shmaffa and Jimmy and Mike up above… your personal attack deflections will not work here. This is a legitimate news site that appears to allow actual discussion of real facts. You wont be able to cry to the moderators here to have me banned. This web site is not selling dinars.

  27. mark 23rd November 2010 at 11:38 #

    Stew, thanx for the input. For better or worse, my household has a couple million of dinars but we have other investments as well – can’t put all our eggs in one basket, you know? I lost quite a bit in the recession so I know that’s always a possibility with any investment. It’s nice to be on a site with all points of view and to be able to debate and ask logical questions. I don’t want to stick my head in the sand and think I’m going to become an instant millionaire tomorrow but I would like to make a decent return on my investments. For people to make an investment without doing the proper research is stupid in my opinion. The question is, is the information credible or simply propaganda designed to lure new investors? For example, does the US really hold 4-5 trillion in dinar and is the dinar really badly undervalued compared with the Kuwaiti dinar and other currencies? I think the scenario of a revenue neutral lop is very possible. It would indeed take some of the tremendous amount of dinars currently in circulation out of the picture. As an investor would I like to see that happen? Of course not. I think the best scenario would be to remove the zeros and at the same time increase the value of the currency. I do feel that their economy is poised to grow a great deal in the future, especially with the large number of natural resources that they have. The biggest question that I have is can their economy support a higher valued dinar? Logic would seem to say so since a good portion of their budget will be from oil revenues and they are well supplied with black gold. Wouldn’t a modest increase in the value of the dinar benefit the US economy? Thousands of people would trade their dinars in for a reasonable profit, the govt. would get close to half in taxes and investors would make purchases, pay off their bills, etc. and put a good portion of their earnings back in the economy. I’m trying to be objective as possible and look at every possible angle. Bottom line is Iraq is going to do what’s best for their own economy. They don’t care whether they screw us or make us millionaires. I can only say try to keep an open mind to all possiblities but stay true to what you believe. Only time will tell…

  28. Stew 23rd November 2010 at 14:58 #

    Mark… the answer to a few of your questions. There is no credibility to the claim of the US holding dinar. The Federal Reserve list on their web site what foreign currencies we hold. The dinar is not listed. It’s pure dealer fantasy.
    Is the Iraqi dinar undervalued compared to the Kuwaiti dinar???? Well… to the simple minded, yes. They see the Kuwaiti dinar at $3.50 and the Iraqi dinar at .00085 and they immediately think that isn’t right.
    Now… let’s look at it this way. Kuwait only has about 900 Million of those dinar in circulation. So they have 900 million x $3.50 for a total amount of 3.1 Billion dollars worth of dinar in circulation.
    Iraq has 27 Trillion dinar worth .00085 each. That’s a total off 22.9 Billion dollars worth of dinar in circulation.
    So the value of Iraq’s currency in circulation is 7.3 times more than that of Kuwait’s.
    Which currency looks undervalued now?

  29. mark 23rd November 2010 at 15:25 #

    Excellent point Stew! Do you see the dinar as something that has potential to increase in value as the economy of Iraq grows and prospers? With the new govt. currently being formed and violence somewhat down as well as having a lot of untapped reserves should the dinar still be at roughly the same value that it was 4 years ago? I think removal of the 3 zeros will give the currency more stature and stability and will of course simplify transactions. But wouldn’t the value (not the rate) still be at 1165-1170 to 1 US dollar? Forgive me but I still have some things to learn in Economics 101. lol. As the country continues to stabilize and if (big if) things continue to improve over there, is it plausible that the currency will appreciate in value over a number of years? To the untrained eye it seems like their currency is currently too low. Do you see this as something that has the potential to increase in value over time like the euro did? What investments do you recommend? Do you own any dinars? If so, I admire your no nonsense attitude toward the get rich quick mentality that is common with dinar investors. I’d be lying if I said I didn’t want to turn a profit but I’ve thought all along about a 3 to 1, not a 300,000 to 1.

  30. john 23rd November 2010 at 15:44 #

    hey stew ,mr trump bought 30 million dollars worth of dinar

  31. mark 23rd November 2010 at 16:23 #

    I’ve heard that about Mr. Trump too but maybe that’s just one of those rumors floating around you know? I’m trying to follow what’s going on in the news and stay away from the rumor mill. Stew is right that there is an excess of Iraqi currency out there and that was good insight about the Iraq/Kuwait currency comparison. But will removing the excess currency by itself be enough? Plenty of other countries have done it but is their situation comparable to Iraq’s? Can’t wait to see what happens.

  32. jimmy 23rd November 2010 at 16:37 #

    Mark-Stew

    am getting some math lessons from here, very nice work

    if Kuwaiti has 900 million dinars @ $3.50 = 3.1 Billion Dinars in circulation

    if Iraqi has 27 trillion @ .00085 = 22.9 billion Dinars in circulation

    so that would make the Iraqi currency at 7.3 times than the Kuwaiti,s

    makes lots of sense, when the Iraqi economy starts to rebound, there currency should be worth more than Kuwaiti’s Dinar cause they will be exporting more oil to boost up there economy, will take some time thanks for the math lesson.

  33. natasha 23rd November 2010 at 17:29 #

    Lil weezy got 100m dinar

  34. jimmy 23rd November 2010 at 20:48 #

    mark-stew

    thanks for posting my comment

    for some reason am sure ya are in control which comments get posted here, cause ya did not post it

  35. Stew 23rd November 2010 at 20:59 #

    John… you are a dinar dealer/pumper dream come true. You believe anything those guys say.
    Mark… not sure I understand your question. If they redenominate there will be a 1000 old for 1 new exchange. So they will reduce their money supply numbers from trillions back to billions. The current dinar is .00085. The new dinar would be worth .85. So the value of their money supply would not change.
    As to the currency increasing in value as the economy does better and better. I certainly can’t say it wont increase in value, but I don’t think it will be huge increases. In general… as an economy grows, the amount of currency grows. The money supply numbers grow, so there is more money in the economy… but the exchange rate might not change.

  36. nathan 23rd November 2010 at 22:38 #

    I think after the redenomination and the dinar is worth 85 cents it will eventually further increase in value in the long run.

  37. mark 24th November 2010 at 08:32 #

    I agree with Nathan that after the redomination the dinar has the potential for an increase in value. Economic growth is the key though. Over 95% of Iraq’s revenue is from oil and that will play a key role. Economic growth in Iraq will also depend on fostering private-sector growth outside the oil sector. The elections this year (although it’s taken 8 months and counting to form a govt.) is definitely a step in the right direction.

    Stew, my question was will the value of the currency actually change after the zeros are removed? Thanks for explaining that for me and I have a better understanding of it now. Basically the 25 trillion in currency currently in circulation will become 25 billion with no net loss or gain in value. Hopefully there will be places in the US to exchange old for new and I’ve read that certain banks will. Ideally after the redomination, the dinar will have more status and will eventually be able to be traded at all banks and become an internationally recognized currency. But getting back to the value of the dinar, I read that the estimated 2011 budget for Iraq is somewhere around 87 billion but after the removal of the zeros they will only have 25 billion, no? So I’m thinking that the new value of the smaller denominations will reflect the difference between the amount of currency left after the old notes are out of circulation. So at the start the value may be under a dollar because of both currencies circulating side by side and gradually increase in value as the old notes dissappear. Or there could be a 3 or 4 (dollars) to 1 (dinar) RV. That’s been my take on it all along. A redomination by itself will reduce inflation and make the money situation much more manageable, But I don’t think a redom. by itself reflects full confidence in the potential of the Iraq economy. Would a 3,000 to 1 RV be nice? For sure!! But I don’t see that happening. I do see making money over the long haul though. This investment is a huge gamble and that’s why I’m doing my homework. No one knows what’s going to happen except for the CBI but things have been moving faster lately so I think we’ll all get our answers before too much longer.

  38. shmaffa 24th November 2010 at 11:21 #

    Stew I was just asking if you had any that’s all. The reason why they r selling the dinar is because all the contractors that r in Iraq want to get paid in the currency where they are from not dinar. The Central Bank of Iraq has posted that they will not eliminate zero’s. You can go to cbi.com and email them any questions you have.

  39. shmaffa 24th November 2010 at 11:24 #

    Sorry its http://www.cbi.iq

  40. Mandy 24th November 2010 at 23:52 #

    I agree with Nathan and Mark!

  41. AL 27th November 2010 at 12:13 #

    Stew.. Thank you for your balance and research comments. I personally do not see how million upon million of dollars can be pay out, when the country of Iraq has oil not yet taken out of the ground.

  42. Wood 2nd December 2010 at 15:29 #

    Wow. Stew is a moron. You’ve done a lot of RESEARCH on how it can come out bad. Find a few contacts (such as contractors who have negotiated contracts with Iraq at the pre-war value of $3.22 USD= 1 IQD) then come back.

    You just don’t want other people to profit on something you’re too scared of getting into.

    Your research isn’t even up to par. You’re off on a few things.

    Thanks,
    Know Moral Eyes

  43. shmaffa 4th December 2010 at 07:34 #

    Stew where did you go?

  44. AL 4th December 2010 at 17:51 #

    Wood and shmaffa.. How do you see the value of the Dinar playing out? Give me a positive out come. Yes, the oil company contract are being sign and business growth look promising. I read some of the same article Stew read and it is difficult to see how this will play out.

  45. Stew 4th December 2010 at 18:34 #

    Fresh new lop talk.
    http://translate.google.com/translate?hl=en&sl=ar&u=http://www.ikhnews.com/news.php%3Faction%3Dview%26id%3D5108&prev=/search%3Fq%3Dnahrain%26hl%3Den%26client%3Dfirefox-a%26hs%3Dbh9%26rls%3Dorg.mozilla:en-US:official&rurl=translate.google.com&twu=1

    “reduce the size of the cluster of cash currency, ie, that the paper of a thousand dinars, turn to one dinar”

    Iraqis will turn in 1000 dinar to get one new dinar. People holding cash outside of Iraq may have a problem. Even a moron like myself can see that.

  46. shmaffa 5th December 2010 at 20:43 #

    I never said anything bad or good about the dinar or anything bad about stew. Go back and read all my comments and questions. Stew you never answered my question. How much dinar do you own?

  47. Stew 5th December 2010 at 21:40 #

    shmaffa, About 5 years ago I had over 10 Million dinar. Bought fast on the hype that it was about to happen any day. The dealers and their pumpers where pushing that line back then too. After I bought I started researching numbers. Discovered Iraqs money supply numbers ans saw they had increased 1000 times, which explained pretty well why the rate was now 1000 times worse. I also compared their money supply numbers to those of 30 or 40 other countries. Every one of those comparisons backed up the thought that Iraq had 1000 times more currency than what they could support at a good rate. Then the fisrt of the redenomination articles came out in late 2006. Said they would issue a new currency and delete 3 zeros. I sold out and got my money back. There you go. I’m not sure how my situation changes any of the facts about the dinar.

  48. shmaffa 6th December 2010 at 12:38 #

    It doesn’t change anything. I was just wondering if you had any. Thanks

  49. Lou 6th December 2010 at 22:23 #

    You know reading all these jargons about the dinars re-denomination, I am afraid Stew is right. I bought and hold around 10 million dinars thinking that the value will eventually goes up but after reading Stew’s comments, it dawn on me that many countries have issued new currencies with different values instead of raising the value of the old currency. Guys don’t get full by the dinar pushers, they are out to make a profit. If there so sure that the dinars will value high like they said it is, why don’t they hold on to them. I don’t like to sound negative about the dinars but I know the exchange for the currency would not be as high as the guys above are make it out to be.

  50. Stew 7th December 2010 at 10:58 #

    Lou
    Glad to see some can see through the crap.
    There were about 3 news articles out this weekend about Shabibi, the CBI Governor, going in front of parliament to discuss the “remove 3 zero” plan. They clearly say this has been in the works for years. They’ve been talking about this for years and dealers have been twisting the information to make people believe it’s a big RV. All of the articles talk about reducing Iraq’s currency in circulation from the 20some trillion it currently is, down to 15 or so billion. That is a 1000 times reduction. The only way that is possible is to issue a new currency and give people 1 new dinar for every 1000 they turn in. The are absolutely no other options to accomplish that. Some of the articles, like the one I referenced above even states… “reduce the size of the cluster of cash currency, ie, that the paper of a thousand dinars, turn to one dinar”
    I don’t know how much more clearer they can make it.
    Rememeber… this has been the plan for years now. The dealers and pumpers would have you believe that Iraq has been openly discussing a 100,000% rv for years. There are no words to describe how idiotic that is.