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Iraq Central Bank ‘To remove 3 Zeroes from Dinar”

Iraq Central Bank ‘To remove 3 Zeroes from Dinar”

Iraq’s Central Bank announced on Tuesday that the project to re-denominate the Iraqi Dinar, removing three zeroes, is close to completion.

According to the report from Alsumaria TV, the re-denomination project is believed to be a strategic plan that will be passed to the ministerial council and Parliament once complete.

A Central Bank’s advisor, Mothahhar Mohammed Saleh, said in a statement to the agency that the plan aims to reduce transactions costs and help people carry less money.

Iraq’s central Bank has managed during the past five years to reduce inflation rates from 34% to 3 or 4% and stabilize Iraqi Dinar exchange rate, he said.

In an earlier statement to Alsumaria News, he confirmed that the bank plans to remove three zeroes from the Iraqi Dinar, noting that the zeroes which were added to the Iraqi currency previously constituted a large money supply estimated at 27 trillion Iraqi Dinar.

Saleh revealed on the other hand that Iraq engages for the first time in banks payment system as it moved from manual to electronic clearance. The system includes six banks in addition to electronic deeds exchange, he said adding that the smart and credit cards will be bound to the central bank system.

Iraqi economists believe the re-denomination of Iraqi Dinar will not have a major influence on the purchasing power of the Iraqi Dinar “which the government has hopes high on it”.

(Source: Alsumaria TV)

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294 Responses to “Iraq Central Bank ‘To remove 3 Zeroes from Dinar””

  1. Paul says:

    Stew Ignorance truly is bliss.
    Paul. Again stew were does ASC Director Borg say it’s a scam! Ignorance is also misrepresenting too!
    got me on that one “How many had 2 currencies in play” I should really slow down in reply.

    barry. as usual copying stew sad really! The guy’s a walking self-parody machine.

    Paul, is that all you can do turn around what I call you, A self proclaiming guru.

  2. Stew says:

    You embarrass yourself yet again Paul.
    Did you not read the alert from the ACS?
    http://www.asc.alabama.gov/News/2014%20News/3-12-14%20INVESTOR%20ALERT-Bitcoin%20and%20Dinar.pdf

    The very first line about the dinar:
    “The Iraqi dinar “investment opportunity” is a scam that has existed for more than a decade….”

  3. Chris says:

    I read your ACS report and still find it funny you say it’s so accurate but yet bit coin is one of the most profitable recent things that have come out recently. So them calling it a scam is laughable.

  4. Stew says:

    You apparently didn’t understand it very well then Chris.
    While they stated the dinar investment IS a scam, they warned that Bitcoin & other virtual currencies are very volatile and the POTENTIAL for them to be used as a scam is high.

  5. mark duncan says:

    If they remove the three zeros the games over and your investment is a total failure. This is the way it will play out for all of the weary hopefuls, regardless of any other expectations you may be intertaining. Surely, you know that truth by now!

    If the USA gets involved and they should they may delete only two zeros to avoid an international scandle. They owe the americans and other countries big time for eliminating their former dictator.

    Money won’t help these people if they fail to righteously honor all investors, and they should not have to be told to do the right thing.

  6. Paul says:

    Roger1. I think that between Stew, King and a few others we could do just fine creating another point of view – creating more conflict in this story about Iraq.

    Paul. I think that a brilliant Idea even if you only get half of your estimation.

  7. Edward says:

    Some of the naysayers need to update their editorials. The CBI has announced that they will be reprinting the currency lineup with additional security features. Even features that help the blind. The CBI has also been purchasing massive quantities of Gold for their reserves and dedicating 11 tones to their mint for Dinar coin sales. This is for the purpose of De-Dollarizing. Apparently no 000 zero policy. At this point any LOP theory is out the window for sure. The currency that is held by anyone internationally will still be honored and used per CBI statements.

  8. Paul (@specificproduct) says:

    Could’t have put it better myself Edward, see my other comments http://www.iraq-businessnews.com/2014/02/18/the-truth-behind-wearethepeople/comment-page-2/#comment-335824

  9. John Richardson says:

    Not really Edward. All Iraq have done is introduce new notes with better security features, no different to what most of the other 190 countries have done over the past 20 years. There is still no “100,000% RV”, with or without a lop. Anyone with half a brain can figure that out…

    Likewise the “massive quantity of gold” works out to just another $1.5bn for total gold reserves of just $3bn. Meanwhile there’s now over 87,700bn paper Dinar in circulation that’s backed by Iraq’s $80bn-$90bn of currency reserves (inc gold). You do the maths…

  10. Paul (@specificproduct) says:

    Face it your delete the zero’s which is what this is all about is dead. and the stew clubs copy and paste gang were wrong! and yet here you are pasting what stew wrote way back again. “other countries have done” That’s the same old crap you all used with regards to why deleting the zero’s is the only option.
    Have you (the delete the zero’s club)! not all learned anything by now! Iraq plays it’s own game they are a sovereign nation they don’t have to follow what other countries do!
    There is no math to be done the solution is simple for those that have even some brain cells working in there.! you trim the fat the new note’s besides the obvious! will gradually replace old worn and tattered old bills to be destroyed. now think on it what would you do to trim the access circulation fat! Yes you do have some cells working they will simply destroy some fat!( Oh! no will say the stew club they cant do that! other countries, other countries, ) Iraq has already proofed you wrong on that line of rant.
    “The general director of the bank Abdul Hussein al-Yassiri told a news conference attended by the “morning” that the bank has achieved an important work focuses on two aspects, namely the withdrawal of excess liquidity from circulation,and then put into the market again, and managed to withdraw 24 trillion and 800 billion dinars, representing 70 percent of the liquidity”
    That was done last year “excess liquidity from circulation” I wonder stew could that be the next CBI BOMBSHELL we can do nothing but wait and see. if it is dose that answer your simple question because it is a simple solution outside of the box. like not deleting the zero’s you got to admit was!

  11. Chris says:

    I wish the people who post on this knew how to write proper grammar. It might help me believe anything that either side writes.

  12. Paul (@specificproduct) says:

    Iraq tops the list of the International Monetary Fund about the outlook for high growth
    10/04/2014
    BAGHDAD: The International Monetary Fund on Thursday that Iraq was at the top of the list of countries in the Middle East in terms of the outlook for growth this year and even the year 2015 prepared by the Fund to the expectations of GDP growth in the countries of the Middle East.

    He said the report of the International Monetary Fund briefed him “tomorrow’s Press,” said that “Iraq topped the list of expectations of GDP in 2014, reaching the expected rate of 5.9 percent, while more than Qatar, Iraq, in terms of expectations for 2015, where the percentage of the expected growth of 7.1 per cent compared to 6.7 per cent of Iraq in 2015. ”

    The report said that “Iraq solution first in 2014, followed by Qatar and then secondly UAE solved Third and fourth place in Algeria and Saudi Arabia Fifth.”

    It is noteworthy that the IMF report was based on the GDP which is known for short as “GDP” which is commonly used as a measure of standard of living.
    http://translate.google.com/translate?depth=1&hl=en&rurl=translate.google.com&sl=auto&tl=en&u=http://www.alghadpress.com/ar/

  13. Paul (@specificproduct) says:

    A Lot of the things put up on here are from Iraq and it dose not not translate to well, Blame Google translate if it’s my grammar sorry I’ll try to do better.

  14. Sam I Am says:

    Iraq’s GDP is growing because their oil production and revenues are increasing in the post-Saddam era. It’s not a reflection on the overall health of their economy, but even if it was that wouldn’t indicate any increase in the dinar’s value. Libya’s GDP doubled in 2012 and their exchange rate barely moved. Vietnam’s GDP has tripled in the last 10 years and the dong’s value has gone down rather than up. I wrote about this in Currency is not Stock.

  15. Barry says:

    Indeed Sam. Likewise growth in GDP does not = GPD itself. It’s as dumb as saying 6% of 100 (6) is “more” than 4% of 4,000 (160). Some of these guru-wannabe morons have already done with with “Hillary said Iraq’s economy is going to be bigger than China’s”, LOL. Back in reality, 6% growth of $220bn is not “bigger” than 5% (or even 1%) growth of $8,358bn…

    A lot of these people are permanently functioning at such a low mental level there’s simply no real frame of reference to even begin to explain to them why Iraq could quintuple GDP, and the Dinar wouldn’t move as long as they have almost 90 trillion Dinar out there – they’d just be in the same position as South Korea – a strong economy many times larger than Iraq – with a weak hugely over-inflated currency. Either you can grasp why the Dinar fell in value when they printed several thousand times more money (which is all in circulation + more), or you can’t, and if you can’t you’re pretty much a lost cause for any rational debate. (Paul’s total inability to tell “excess liquidity” apart from “money supply” being one perfect example). ;-)

    And the Vietnamese Dong not only fell as GDP went up (as did oil rich Venezuela’s), it fell over 20% after the Dinar guru’s started pumping it as an “investment” a few years back. :-D

  16. John Richardson says:

    Paul, I can barely read your comments anymore. I’m not being funny, but you can barely TALK, spell or use basic punctuation, you can’t tell the difference between “your and you’re”, half your “quotes” are seamlessly blended in with your own confused waffle making it look like you’re sitting there talking to yourself.

    The only thing I got from your mostly incoherent post was that you’re a mentally confused individual who thinks “removing excess liquidity” means Iraq’s money supply has shrunk and the Dinar is going to “soar” (both of which are laughably false), and that “Iraq aren’t going to redenominate – they’re instead going to “trim the fat” by… redenominating the new notes”:-D

    As we speak, Iraq’s money supply is now over 87 trillion Dinar (up 16% from 75 trillion the previous end of 2012), as was also mentioned in their last IMF report):-

    http://www.tradingeconomics.com/iraq/money-supply-m2

    You’re the last person to talk about “brain cells” given your seeming intent to ritually self-humiliate yourself here every day with barely legible “RV” guru trash, endless self-contradictions, almost total verbal & financial illiteracy, and perpetual lack of understanding almost anything about pretty much everything. The funny thing is, you’re actually too dense to understand that you can’t understand why the Dinar is weak in the first place even though almost a dozen different people have tried to help you out on multiple topics in the past…

  17. Paul (@specificproduct) says:

    “Iraq aren’t going to re-denominate – they’re instead going to “trim the fat” by… re-denominating the new notes”… :-D

    Here’s another lopping moron, did you not know the new notes are the same denomination as the old! How is that re-denominating you fool!

    http://ekurd.net/mismas/articles/misc2014/4/govt2291.htm

    “Najiba Najib, a member of parliament (MP) from Iraq’s finance committee said in January 2014 “There is no draft law in parliament about removing zeros from the Iraqi currency,”

    given it up fool your dream is dead!

    “dozen different people have tried to help you out on multiple topics in the past…”

    Up’s just fell of my chair laughing,

  18. John Richardson says:

    Paul – “did you not know the new notes are the same denomination as the old!”

    Yes I did which means the value isn’t going to change AT ALL. No “lop” and no “RV”. (Unless you’re dumb enough to believe Iraqi’s on $6,000 salaries are going to be using $50,000 banknotes to buy $1,300 loaves of bread…)

    For some weird reason you seem mentally incapable of grasping that keeping the same banknotes means both “no lop” AND “no RV”. The fact that makes you “laugh” pretty much sums up your freakish mental state. It isn’t me who’s losing out – it’s you! :-D

  19. kev says:

    John, I doubt the gluttonous bottom-feeders will understand any of it. Someone sold them $860 worth of banknotes for well over $1,000, then “promised” them between $1m and $35m in return “soon”, “imminently”, “next week”, every week since 2004. That’s pretty much where their level of “discernment” & “understanding” begins & ends.

    OMG! Countries can now just arbitrarily declare themselves 1,000x richer according to how much oil they produce. Great! So if Iraq can “shout itself 1,000x richer” from the proceeds of producing 3m barrels of oil, then given that the USA produces almost 3x more oil (8.45m) than Iraq (3m), that “must mean” Obama’s going to “RV” the USD by 3,000x from $1=€0.72 to $1=€2160 against the Euro, and from $1=1166 IQD to $1=3,498,000 IQD against the Iraqi Dinar! Go US RV, show those “naysayer lopsters”! LOL. :-)

  20. Paul (@specificproduct) says:

    Can’t be bothered replying to both because you copy cat each other.
    so I’ll just do one hope you have brains to to figure it out! sorry perhaps not.

    “Yes I did which means the value isn’t going to change AT ALL. No “lop” and no “RV””

    If you can’t lop you can’t Re-valuate has to be the stupidest thing I’ve ever heard.

    “show those “naysayer lopsters”! LOL. :-)”

    Shows they were right! your too much of an idiot this comment section was all about” “iraq-central-bank-to-remove-3-zeroes-from-dinar” will they or wont they? to bad you lost that one!
    So you attempt to change it into facts and figures sad so sad! That argument is about where they are now. but your tiny little mined just can’t see where they are going!

    ” Obama’s going to “RV” the USD by 3,000x from $1=€0.72 to $1=€2160 against the Euro, and from $1=1166 IQD to $1=3,498,000 IQD against the Iraqi Dinar! Go US RV,

    Is he that’s news to me! LOL

    “OMG! Countries can now just arbitrarily declare themselves 1,000x richer”

    OMG! YOU DO HAVE A BRIAN!

    “Someone sold them $860 worth of banknotes for well over $1,000, then “promised” them between $1m and $35m in return”

    My bank said nothing of such sort, I don’t care if takes another ten years that’s what you morons don’t get! Show me saying anywhere here that I have any notion of “soon”, “imminently”, “next week”,
    your comments prove only one thing to me, you sold back or your both frustrated holders!

    “$50,000 banknotes”

    They printed those news to me! go here and let them know it’s happened http://www.mriguide.com/updates2011.htm LOL!
    Even if they do it’s just two 25.000 note’s only an idiot! would assume they wouldn’t cull in a quantity for quantity measure.

    Iraq tops the list of the International Monetary Fund about the outlook for high growth
    10/04/2014
    BAGHDAD: The International Monetary Fund on Thursday that Iraq was at the top of the list of countries in the Middle East in terms of the outlook for growth this year and even the year 2015 prepared by the Fund to the expectations of GDP growth in the countries of the Middle East.

    He said the report of the International Monetary Fund briefed him “tomorrow’s Press,” said that “Iraq topped the list of expectations of GDP in 2014, reaching the expected rate of 5.9 percent, while more than Qatar, Iraq, in terms of expectations for 2015, where the percentage of the expected growth of 7.1 per cent compared to 6.7 per cent of Iraq in 2015. ”

    Looking good to me, you morons should take moaning to the IMF I’m quite happy with all the good news coming out of Iraq. As I’ve always said it’s Gamble sure it is but I’ve lost more in a weekend in Las Vagas Than I have in my Iraqi stake.

    In my world taking or even considering advice from any of you would be like taking a tip on a horse. from the worlds most know biggest looser!

  21. Paul (@specificproduct) says:

    I’ll be back to gloat some more when the CBI drops it’s next bombshell.

  22. Dr. R. Keiferland says:

    Paul, you’re obviously floundering around in deep confusion, so I’ll take the time to explain it to you. Please drop the silly name-calling and “aren’t I great?” narcissistic style of posting – I’m simply not interested in a juvenile ego-p*ssing contest, and it’s having the exact opposite effect of making you look “cool” & “clever”:-

    If the Dinar moved 1,000x vs the USD in real terms:-

    1. It would cost everyone outside of Iraq 1,000x MORE to trade with Iraq in all future transactions. Iraqi exported products worth 11,660 Dinar ($10) that cost $10 to import today would end up costing an absurd $11,600 (because $10 could buy 11,600 “pre RV”, but would take $11,600 to buy the same 11,660 Dinar “post 1:1 RV” and there would be no redenomination). Every time you say “The Iraqi Dinar is going to appreciate by 116,000% appreciation in an RV, and there will be no currency redenomination”, you are basically arguing that no-one on the planet will see anything wrong with non-Iraqi’s suddenly being asked to pay $11,600 to import a $10 product from Iraq which still costs $10 in all countries except Iraq.

    It’s as utterly dumb as saying “Japan’s going to ‘RV’ the 100:1 Yen to 1:1 vs the USD, and no-one will see anything wrong in a $500 Sony TV’s now costing $50,000 whilst $500 Korean LG TV still cost $500″… This is the first fallacy of the “RV” – even if it were possible / real, you are so blindly obsessed with “your banknotes”, you simply fail to see the effect it would have on international trade with Iraq. All it would do is cause a total catastrophic collapse in Iraq’s export economy as no-one going to pay 1,000x more for products they can buy elsewhere for 1,000x less.

    2. It would totally bankrupt the CBI and by extension, every bank in Iraq. As previously pointed out by others, the CBI has around $82-90bn worth of currency reserves consisting of around $3bn of gold bullion + $2bn of SDR’s (Special Drawing Rights)+ most of the rest is in US Dollars. Whether you like it or not, and can emotionally handle the truth or not – currencies work by being backed with Central Bank reserves, and that’s what’s backing the Dinar, Iraq no exception. Same is true of Kuwait, Saudi Arabia, and all other gulf currencies.

    Iraq has around $80-90 BILLION to back almost 90 TRILLION Dinar. At a rate of under 1000:1, they can back it 100%. “Declaring” it to be 1,166x more simply means the CBI will run out of money before they exchanged even 0.1% of all banknotes. The first 90bn Dinar “cashed in” at 1:1 will completely wipe out the CBI reserves leaving it totally broke and with no money left to “buy back” the remaining 86,910bn Dinar with Dollars This is the second fallacy of the “RV” – you simply cannot and do not understand what the purpose of central bank reserves are for, or why no country on Earth can just randomly “declare” their currency to be outrageous sums if they don’t have the reserves to back it during actually exchange, because it’s not the “declaration” that determines a currency’s value but actual CBI reserves.

    The whole thing is so utterly imbecilic, it truly defies belief you and others cannot see what’s on the reverse side of an “RV” for ordinary trade nor that the CBI would simply run out of money. The effect of Iraq RVing 100,000% vs everyone else is the same effect on trade as everyone except Iraq all DEVALUING their currencies by 100,000%! All that would do is turn the Dinar into a junk currency (like the North Korean Won), as it gets universally rejected for trade right across the world as the prices of goods would be totally disconnected from reality by a fake 1000x over-peg, which results in stupid international equivalent $1,250 for Iraqi bread, $2,100 for 1 litre of Iraqi milk, that Iraqi’s will supposedly buy and sell ordinary 3-bed houses for around $100m each, walk around doing grocery shopping with $25,000 banknotes, etc, and all the while the average annual salary of the average Iraq is still around $6k in real terms…

    NO-ONE in Iraq is or ever has spoken about any massive “RV” – it is a 100% fabrication by a few “guru’s” and affiliated MSB’s in the West kept alive by people quoting badly mis-translated articles, and then twisting the words around to mean something they don’t. All the articles you’ve quoted have said NOTHING about any massive appreciation when you actually read the original source and stop putting words into their mouth or making false dilemma logical fallacies of “what the IMF said” when they clearly didn’t.

    You can post the same dumb spammed “I’ll be back to gloat some more when the CBI drops it’s next bombshell” slogan all you like, and huff and puff all the surrounding bellicose rhetoric you can churn out, but the CBI’s massive 87.8 TRILLION Dinar money supply is in plain sight for all to see (compare that to $32.8 BILLION of Kuwait), and it’s that that’s the reason for the Dinar’s weak value, no matter how many time you try and ignore it:-

    http://www.cbi.iq/index.php?pid=Statistics

  23. Dr. R. Keiferland says:

    Another example : Say you’re a Jordanian businessman buying agricultural goods from Iraq (say 100 tons of Iraqi wheat at $312 per metric ton for a total market value of $31,200). Current exchange rates are:-

    - 1164:1 IQD vs USD
    - 1641:1 IQD vs JOD
    - 0.707:1 JOD vs USD

    This $31,200 global market value of 100t of wheat works out to be both 36,379,200 (36.4m) Iraqi Dinars and 22,058 Jordanian Dinars.

    - If Iraq does nothing by replacing all notes with the same denominations, ie a simple note swap solely for the purposes of clamping down on counterfeit currency (as they’ve stated), then nothing changes. The price of wheat is $31.2k in all 3 countries. The money supply remains the same, and by extension so does the exchange rate – because NOTHING has changed!

    - If Iraq redenominates (“lops”) and deletes 3 zeroes, then the Dinar moves to 1.164 vs the USD and 1.64 vs the JOD. Price of wheat gets 3-zeroes lopped off and falls to 36,379 new Iraqi Dinars. Price in Jordan is still 22,058 Jordanian Dinar’s. Both reflect the global free-market value of 100t of wheat, and everything balances out (as it must do – or the loser simply wouldn’t make the trade if it would make him 1,000x worse off…)

    - If Iraq “RV’s” to match the $ 1:1 in the RV scam sense (ie, NO redenomination / “lop”) simply by demanding all non-Iraqi’s now pay 1,000 more for Dinar’s in all future transactions when trading with Iraq, then the Dinar moves to 1:1 vs USD and 0.707:1 vs JOD, but the price of that wheat stays the same (36.4m Dinars) because it hasn’t been redenominated with a 3-zero lop and because “RV’s” take no money out of circulation. Iraq’s wheat price is now manipulated by an artificial “RV” peg which results it all Dinar priced goods being 1,000x higher than every other country on Earth. So the Jordanian businessman now sits there in bemused disbelief after being asked to pay 22m JOD’s ($31.2m) to buy 31.2m “RV’d Dinar” in order to purchase the same amount of wheat that he can still import elsewhere from Turkey, Greece, Europe, Asia, S. America, N. America, Russia, Eastern Europe, Africa, etc, for their real market value equivalent of 22k JOD’s / $31.2k…

    And a 1,300 Dinar ($1.11 pre-”RV”) loaf of Iraqi bread will now cost $1,300 to import (whilst every other country’s bread still costs only $1.10)… (And this is supposed to be “restoring its value” ;-) )

    The RV equations are absolutely bogus because they cause a massive, artificial & ludicrous anti-free-market – almost Communist-like – 1,000 fake split between the price of what goods are sold at between Iraq and every country other than Iraq!

    - If 1 Dinar “RV’d” to $3.5, the CBI would run out of Dollars & Gold before exchanging even 0.027% of everyone’s banknotes.

    - If 1 Dinar “RV’d” to $1, the CBI would run out of Dollars & Gold before exchanging even 0.1% of everyone’s banknotes.

    - If 1 Dinar “RV’d” to $0.1, the CBI would run out of Dollars & Gold before exchanging even 1% of everyone’s banknotes.

    No matter what “rate” you pick, the “thousands of percent RV” is a scam and is mathematically & economically gibberish, always has been & always will be. The entire “logic” and “maths” behind it are an utter joke that doesn’t even begin to add up. The export vs domestic prices don’t add-up with either each other or the global market for the same goods in peer countries! The “RV” argument is complete nonsense that attempts to create a Communist-style banana-republic dictated rate with a ludicrous massive artificial split between domestic & prices of exported goods when valued in other currencies almost completely divorced from reality!

    NO-ONE in Iraq is or ever has spoken about any massive “RV”, and no country on Earth has “RV’d” more than 30% – the absurd 100,000% fantasy get-rich-quick scam values are a 100% fabrication by a few “guru’s” and affiliated MSB’s in the West with obvious conflicts of interest… Spamming the same irrelevant IMF article talking about “GDP growth” (which has absolutely nothing whatsoever to do with currency valuations) just shows how bad your understanding of all this is.

  24. Mark Duncan says:

    The parliament cannot vote in favor of deleting three zeros from their present currency, because, it would be an illegal fraudulent disaster for their country that would trigger thousands of class action lawsuits from several other countries. They have to give the long standing dinar investors a legetimate return for investing in their currency and the people of their country. There is no other way to avoid premeditated currency corruption that would prevent any hope of maintaining the value of the Iraq dinar. Iraq is in a world economy and they cannot do what they want to do immorally without severe consequences. Focus on the parliaments currency decision not the central bank of Iraqi.

  25. Barry says:

    Mark Duncan – “The parliament cannot vote in favor of deleting three zeros from their present currency, because, it would be an illegal fraudulent disaster for their country that would trigger thousands of class action lawsuits from several other countries.”

    This is complete nonsense. Deleting 3 zeros is a totally neutral action, and it’s hardly “illegal” given over 70 other countries have done exactly the same thing over the past 50 years. If Iraq did redenominate, it will not affect the value of anyone’s money, inside or outside of Iraq. Afghanistan lopped 3 zeros. Where were the “illegality” claims then? But then since people weren’t panic buying Afghani’s out of “guru confusion”, no-one even noticed. Nor did Dinar investors even notice Turkey or Venezuela’s 6 & 3 zero lop over the past decade either. And if Iraq did nothing at all, and just remained at 1166:1, that’s not “illegal” either. There is no law national or international that “forbids” Iraq from redenominating or not. What a weird claim…

    Mark Duncan – “They have to give the long standing dinar investors a legetimate return for investing in their currency and the people of their country.”

    Iraq doesn’t “have” to give anything. And you don’t “invest” in currencies, you speculate on them. The Dinar isn’t a “stock” in Iraq, and the CBI isn’t a business listed on the stock market. If you bought some Swiss francs would you expect them to go up just because you own some?… And false debunked guru claims aside, foreign govts hold little Dinar in reality.

    Mark Duncan – “There is no other way to avoid premeditated currency corruption that would prevent any hope of maintaining the value of the Iraq dinar. Iraq is in a world economy and they cannot do what they want to do immorally without severe consequences.”

    Again this is complete nonsense. The Dinar’s 1166:1 peg IS fair value where it is +/- 5% of the market / street value of the Dinar inside Iraq. It’s not going to soar, nor is it going to collapse. The only thing “immoral” about the Dinar is the “RV” scammers and the gullible sheep with entitlement issues who follow them.

    Your post seem to be some childish “I bought some Dinar and someone promised me it would be worth millions, so give me free money or else we’ll hurt you” confused mafia-style threat…

  26. Edward says:

    Barry,
    Your correct “the Dinar isn’t a stock”. And that’s exactly why I’ve loaded up on undervalued stocks on the ISX. Emerging markets are a legitimate equities play that more people should be speculating on….IMO

  27. Stew says:

    Edward. I hope you’re not using the typical dinar holders method of determining valuation. They see a stock selling for one dinar and think it has to be worth more just because a similar company’s stock is 100 dinar. They ignore the fact the 1 dinar company has 100 times more shares than the other company.
    I saw dinarians talking about stocks in the past where they were expecting gains in little Iraqi companies that would have giving them a bigger market cap than Exxon/Mobil.

  28. Edward says:

    [Post Removed. Please keep all comments civil.]

  29. WOW says:

    Where is the financial news, Stocks to invest in? Listening to Dinar whining is getting old….LOL

  30. Barry says:

    Stew - “They see a stock selling for one dinar and think it has to be worth more just because a similar company’s stock is 100 dinar. They ignore the fact the 1 dinar company has 100 times more shares than the other company.”

    Yup. CMKX all over again…

  31. Edward says:

    The self proclaimed experts on this site make comments that speculators on any level with Iraq need to do more homework. What are the credentials of guy’s like Stew and Barry? My comments were civil and I was merely asking for advice in areas of life for which these guy’s would no doubt have some kind of expert opinion. I mean after all they certainly seem to be experts in finance and currency speculation. The moderators need to stop being cowards and ask these experts for some kind of validation. The moderators need to allow challenging comment to those who are very condescending with there so called expert advice!!!

  32. Barry says:

    Edward, this isn’t some “guru”-run amateurish forum where you can hurl abuse at others all you want whenever someone upsets you with the truth and the bottom line is no-one really cares about your sulking that others know more about currency’s than you. That’s life. Someone out there knows a lot more about motorcycles than me, and I readily admit that fact rather than “go all ego” by trolling motorcycle forums with stupid stuff like “motorcycle engines are secretly undervalued by 99.9% and can be “RV’d” by 99,900% increasing their top speed from 200mph to 200,000mph! It’s true – someone who claims to be a secret agent said so on the net and no-one else can ‘see the secret’ except ‘fellow travellers’ who listen to him!”, which is exactly what Dinar “investors” do with the Dinar on investment forums, taking any genuine fact they’re given as a perceived “personal insult” whilst demanding their own debunked made-up fantasy “intel” be accepted on par with genuine facts “or else”…

    No-one needs to “prove” anything about their occupations / credentials / personal life to you or anyone. Your argument is nothing more than a shallow “Poisoning the Well” logical fallacy on the lines of a “What do you do for a living / where did you go to college? Well you must be wrong then because I say so!” non-argument. That’s just your own brand of intellectual snobbery.

    It wasn’t even me who responded to you re: ISX stocks but Stew. Obviously Stew hit a raw nerve simply pointing out the truth that picking genuinely undervalued stocks involve more than just looking at the stock price in isolation to the amount of stocks actually issued – the exact identical mistake made by “RV investors” looking at the Dinar’s value vs the USD (2014 vs 1990) whilst ignoring Iraq’s massively inflated money supply which is the sole reason the IQD fell vs the USD in the first place in the 1990′s (and the same mistake made by amateur penny stock investors in the USA who pick the cheapest most inflated / over-issued stocks). The reason I said “CMKX” is because that’s exactly what that particular scam was about. Google it if you don’t understand what happened there.

    The Dinar used to be worth 1:$1 when they had a money supply of 20 billion IQD, now it’s worth 1166:$1 now they’ve printed over 80 trillion Dinar – over 4,000x more unbacked paper fiat money than they used to have – it’s really not that difficult to understand for those without a huge chip on their shoulder of their “RV” being “attacked” with the plain and simply truth of Iraq’s 1990′s decade long year-on-year 315% peak chronic inflation rates which naturally drove its value down no different to 40-odd other countries from Zimbabwe to 1920′s Germany to the 1990′s Turkish Lira to the modern Lebanese Pound & South Korean Won.

    The only “condescending” attitude here is yours – tacitly insisting everyone on the planet “must” be equally clueless as to how currencies, money and the Dinar work in reality just to make the “RV” scam victims feel better about their own lack of knowledge (and often overt wilful ignorance) to keep their personal fantasy alive. And that’s simply another logical fallacy called “Appeal to Ignorance”, which is one of the more common guru propaganda tactics seen on several “Go RV!” forums used to “keep the flock from listening to pesky outsider naysayer facts”

    Personally, I hope you do well with your ISX stocks, but your sarcastic sulking at people who simply point out “low price undervalued” and yelling “cowards” at the moderators for refusing to allow this forum degenerate into the same “bottom feeder” material that most “echo chamber of confusion” ‘RV’ scammer-run forums have long turned into, is doing you no favors.

  33. ruth says:

    This news article is old, needs to be updated

  34. AMERI says:

    EVERY SMART ECONIMIST OF THE WORLD WILL AND MUST UNDERSTAND
    THAT DECREASE AND INCREASE AND OR DELTING THE ZEROS AS
    AND HAVE BEEN ANDOUNCED IN IRAN AND IN IRAG IS A FASLE AND BIG MISTAKES. FM ROOT A BIG MISTAKES FOR ALL TIMES,

    FIRST SOME COUNTRY LIKE IRAN MADE A WORNG POLICY AND INFLATED
    CURRENCY WHERE WE HAVE HAD 70 RLS ONE DOLLARS NOW 25000 RLS ONE DOLLAR ,THIS MEAN BY A VERY STUPID AND WRONG POLICY THEY
    DEVALUED MONEY IN HAND OF NATIONS AND BRING INFLATIONS SHARPLY
    NOW IN CASE ANY OF THOSE COUNTRY WANT TO DELETE THE ZERO WITHOUT TO EFFECT ANY HARM TO ECONOMIC OF COUNTRY AND MAKE TRANSPARENCY

    THERE IS A VERY SIMPLE WAY AND SOLOUTIONS ‘;

    THE KEY ANSWER AND SOLOUTIONS:
    WE CAN DELETE ZERO) AND BIRNG TRANSPARENCY WIHOUT MAKING NAY PROBELMS /OR MAKING ANY INFLASTIONS. AND OR MARKET CONFUSIONS
    LOCALLY OR INTERNATIONALLY:

    ANSWER
    +++++
    IS TOO SIMPLE: AND THERE IS NO ANY SECOND OPTIONS OPTIONS.
    AS ONLY KEY ASNWER IS ONE OPTIONS:

    IN IRAN. WE HAVE RLS AND TUMAN
    1- FIRST WE MUST CHANGE ( 1 TUMAN TO 100 RLS ) VALUE
    AND PRODUCE NEW COINS 1, 5 ,10 ,20 , 50 AND 100 RLS
    THEN AFTER THIS HAVE BEEN CORRECTED,

    THEN WE CAN DELETE THE 3 ZEROS FM CURRENTT CURRENCY :

    2- NEW PAPER CURRENCY MUST BE IN NOTE OF:
    ( 1 , 5 ,10,20, 50 AND 100 TUMAN)
    IN THIS WAY WITHOUT ANY INFLATIONS AND OR MAKING MARKET ANY CONFUSION. WE CAN DELTE THE 3 ZEROS AND
    CHANGE WILL BE AS FOLLOWS;

    1-DOLLARS RATE = 2.5 TUMANS.

    THIS IS THE POLICY FOR DELETE OF CURRENCY ZEROS/ SAME FACTOR CANS BE IN IRAQ THAT THE VALUE OF DINAR IN IRAQ AND VALUE OF RLS IN IRAN CAN BE BE VALUED IN GOOD SYSTEM AND STABLED WITHOUT ANY EFFECT

    I THIS WAY IN IRAN 1000,000,000 TUMANS =
    AT MOMENT TIME IS =400,000 DOLLASR VALUE.

    AFTER DELTING THE ZERO
    1000,000,000 TUMANS WILL BE 1000,000 TUMANS
    THE CALCULATING X 1 DILLASR X 2.5 TUMANS
    WE WILL HAVE SAME VALUE 400,000 DOLLARS.

    WITOUT ANY BAD EFFECT INT OR LOCALLY
    AND JUST WE WILL AAVE VEY STABLE CURRENCY AND
    VALUE ALSO IN INTERNATIONAL MARKET
    PLUS MANY OTHERS BENEFIT.

    PROPOSAL BY A EXPERT. IN INTERRNATIONAL MNG+=

  35. 2COLLECTDINAR says:

    i want stew and his crew to explain away this!!! i`m holding these notes since they were printed back in 1994!! so c`mon clowns let me see you roar!!!

    http://www.banknotenews.com/files/tag-singapore.php

    gonna get 8`000 USD for each one! and yep i had friends who said if i was you i would`nt buy that stuff singapore ain`t never gonna do anything! who`s laughing now?

  36. Edward says:

    2collectdinar,
    What did you buy the notes for back in 94 ?

  37. 2COLLECTDINAR says:

    took a chance my buddy was trading stocks when the guy that taught him said hey you should buy some of these this country might do something!!!! he did`nt promise him it was gonna happen in 2 or 4 i`ve had these for over 20yrs forgot i had them until i got the email from banknotenews!

  38. 2COLLECTDINAR says:

    bought them for the same reason i bought the dinar they might do something!!! LOL called an investment or speculation! i waited to post this i`ve had the email for a while just wanted to see how far stew the ECONOMIST WOULD GO WITH HIS IF I WAS YOU I WOULD`NT B#!! $#!T!

  39. Stew says:

    Yawn.
    Ok Collect. You didn’t answer Edwards question. What did you pay for the notes in 94? How many did you buy and forget about?

    Before you make a fool of yourself with some silly lie (too late, you’ve already done that), know that these bills had a value of about $7000 in 1994. So just how many $7000 bills did you buy and just forget about for 20 years? And what’s so great about a 14% return over 20 years?
    Thanks for the laugh.

  40. Barry says:

    2COLLECTDINAR -“i want stew and his crew to explain away this!!! i`m holding these notes since they were printed back in 1994!”

    You are one seriously confused man. First of all the brown colored “President Yusof bin Ishak, Onyx Cowrie Portrait Series” banknote in your linked article that’s due to be removed from circulation wasn’t even created until 1999, so you obviously couldn’t have bought that design in 1994. In 1994, the 10,000 Singapore Dollar note was a red colored “Ship series” (General bulk carrier “Neptune Canopus” to be exact), and they are no longer current banknotes (just like the Saddam Dinars were replaced in 2004). If you’ve got some 1994 Singapore notes, then they may actually be completely worthless as they were replaced by the “Portrait series” in 1999. LOL.

    Singapore Banknotes Series Issues:-

    1976-1984 = “Bird Series”
    1984-1999 = “Ship Series” (which you claim to buy in 1994)
    +1999 on = “Portrait series” (today’s money)

    Secondly, here’s a USD vs SGD chart since 1993:-

    http://fxtop.com/php/imggraph.php?C1=USD&C2=SGD&A=1&DD1=04&MM1=04&YYYY1=1993&DD2=19&MM2=08&YYYY2=2014&LANG=en&LARGE=2&CJ=0&VAR=0&MM1M=0&MM3M=0&MM1Y=1

    And the historical rates:-
    1994 = $1 USD = 1.55 SGD /// 1 SGD = $0.64 USD
    2009 = $1 USD = 1.45 SGD /// 1 SGD = $0.69 USD
    2014 = $1 USD = 1.24 SGD /// 1 SGD = $0.80 USD

    I’ve no idea what 10,000 Singapore banknotes you think you bought for a few bucks, or what imaginary non-existent 10,000x currency movement you’re hallucinating, but throughout the whole of 1994 the exchange rate was 1.20 to 1.85, so a genuine 10,000 note would have cost you $5,405-$8,333 per note to purchase in 1994. If you didn’t pay that, either you own a completely different smaller denomination note, or your own a non legal tender novelty note, or you’ve been scammed with counterfeits…

    Seriously, they replaced all the notes in 1999. Even if you DO genuinely own a red 10,000 “Neptune Canopus” note (which would have cost you several thousand dollars to purchase in 1994 and looks completely different to the one in your link), you won’t find a single retail bank that takes them for the same reason you can’t exchange Saddam Dinar or Italian Lira up in BoA or Wells Fargo anymore. And even if you DO manage to exchange it (by travelling to Singapore and visiting the MAS in person), you’ve basically made at most a 25% profit over 20 years. It’s actually nearer 10-15% given the typical 10% exchange fees (which works out to an annual rate of return of less than 1%). And even that will be wiped out by the cost of your return air fare. “Impressive”. LOL. :-D

    Seriously kid, stop trolling these forums with your weird endlessly-confused “get rich quick” scams and stick to stuff you understand like high-street Dollar savings accounts, as you obviously do not comprehend ANYTHING regarding foreign currency including such basic simple concepts such as “you cannot have bought a 1999 design banknote in 1994…” ;-)

  41. 2collectdinar says:

    The notes were first printed in 1994 that’s the date on mine and bank america has already assured me they are still good so tell your lies to somebody that’s listening!

  42. ruth says:

    To all those that call the Iraqi dinar rv a scam, think back, to the reparations Iraq had and still does pay out to countries that were violated under Saddam….. What is the difference between what Saddam did to Kuwaite, and Fraud, ie ( allowing Countries to invest in her rv? NOTHING! To those that call the RV in Iraq a scam. How much do they pay you to discredit it?

  43. Barry says:

    ruth - “To all those that call the Iraqi dinar rv a scam, think back, to the reparations Iraq had and still does pay out to countries that were violated under Saddam”

    It is a scam Ruth. That Iraq owed Kuwait reparations is completely irrelevant as to how a few conmen are pumping a fake dream. You must be new here. Try reading up on the scam outside of the “guru bubble of confusion”. ;-)

  44. Barry says:

    2collectdinar - “The notes were first printed in 1994 that’s the date on mine and bank america has already assured me they are still good so tell your lies to somebody that’s listening!”

    Sigh. If my post was too difficult for you to understand, then I’ll shorten it for you:-

    - The brown/gold banknote in your link that you claim to have “bought in 1994″ that measure exactly 180mm x 90mm weren’t even issued until 9th Sept 1999. You are flat out lying (again) or confused if you claim to have bought them in 1994. This is not opinion, it is cold hard easily verifiable fact. Here’s Singapore’s Mint openly describing them in detail:-

    Scroll down to the bottom 10,000 note on the page in below link – Date of Issue: 9 September 1999. As clear as day.

    http://www.singaporemint.com/fact_note_portrait.php

    The Front design contains a Portrait of First President Yusof Bin Ishak, and the rear features a research scientist working on high-technology laboratory equipment. A microprocessor and a silicon wafer are seen in the backdrop on the left and right hand side respectively. This is what YOU linked to. They didn’t even finalize its design until late 1996, let alone print the first issues.

    - The only current 10000 note you could have bought in 1994 was the older red colored “Neptune Canopus” measuring 195mm x 93mm there were first issued in 1989. The Front design contains the General Bulk Carrier “Neptune Canopus”, and the rear the 1987 National Day Parade. The previous “Bird series” (1980) and “Orchid” series (1973) were already out of date by then.

    - In any case, the Singapore currency has fluctuated no more than 52.51% vs the USD from 1993-2014, and has never had a “rate” vs the dollar differing between 1.2001 and 1.8542. So the absolute minimum you could have paid for a genuine 10000 note in 1994 would have been $5,405 per note. The average median rate for 1994 was around 1.525 which = $6,500 per note. This is the truth as the Singapore Mint themselves who created & issued the notes verifies (plus every Forex site for the exchange rates). Deal with it and stop making a fool of yourself pumping your inane foreign banknote scams.

    As for your “Bank of America told me” claim, given that you’re the same scammer who has previously trolled this forum in the past with inane ‘gems’ such as…

    - You couldn’t tell the difference between BoA’s buy vs sell price for Kuwaiti Dinar or understand what a “buy/sell spread” is even after it was explained in great detail at least 7 times by 3 different people complete with links to BoA’s page that openly stated “This is the Buy Price not the Sell Price for Kuwaiti Dinar”…

    - You couldn’t tell a billion from a million even with two attempts with a calculator and swore blind Iraq is producing “34x Planet Earth’s worth of oil per day”

    - You claimed to be a “master jeweller” yet couldn’t tell the difference between an ounce of gold (31.3g) from a gram (0.032oz) from a kilogram (32.15 oz) or understand that Gold is measured in Troy oz (14.58 oz/lb) not imperial oz (16 oz/lb)…

    - Your “friend” “got rich trading the Euro in 1994″. (The Euro wasn’t even introduced until 1999…)

    …then the “value” of your endlessly stupid “I bought a $6,000 1999 banknote in 1994 for $5″ claims is already sub-zero along with your reading comprehension, chronic mathematical illiteracy & childish “RV” scam pumping ‘integrity’ in general… ;-)


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