Removing Zeros from Iraqi Dinar to Start in Sept

AKnews reports that the process of removing three zeros from the Iraqi dinar and replacing current banknotes with new ones will begin in September.

The announcement, which will see the Iraqi Central Bank (ICB) re-print 30 trillion dinars ($26 billion), was made despite government fear over the project.

Abdul-Hussein Abtan, a member of the economic committee of the Council of Representatives said: “The agreement includes granting the process of switching currency [for a] full year where [both the] old and new currencies will be dealt in the market during this stage.”

The ICB described the project as a positive move for the Iraqi economy. But some officials have expressed fears that the project will increase money laundering and are working to convince the ICB to stop the process. The securities committee said deletion of the zeros will negatively affect trading in the stock market.

Abtan added however that the process “will contribute to dealing [with] inflation and facilitating economic cooperation with international banks and reducing social differences in the community.”

The ICB previously said that it will consider the requirements of the project with the Council of Ministers to determine whether or not a law needs to be implemented.

The financial committee of the Council of Representatives said on Sunday that the passing of such a law would allow Iraq to address inflation.

The move to delete the zeros will reduce the number of bank notes in circulation and simplify Iraq’s payment system.

(Source: AKnews)

18 Responses to Removing Zeros from Iraqi Dinar to Start in Sept

  1. LZ February 21, 2012 at 4:02 pm #

    They forgot to mention that they will RV the Dinar and make everyone a millionair.

  2. OZ February 21, 2012 at 7:30 pm #

    Yawn……

  3. ARMA HAD February 21, 2012 at 8:31 pm #

    Lawsuit for all that broker or dealer who said lies to everybody.

  4. Stew February 21, 2012 at 9:11 pm #

    Isn’t it nice of Iraq to give us a date for this massive RV.
    We can save our money till August, buy hundreds of millions of dinar, then a few days later we’ll have hundreds of millions of dollars!! YIPPEEE!!!!!!
    Those Iraqis are so nice.

  5. Banker February 22, 2012 at 3:50 pm #

    The lawsuit comment is actually not far from reality. False advertisement is considered class action. I wouldnt be surprised in the coming months that you hear about that.

  6. common sense February 22, 2012 at 3:54 pm #

    Millionaires from dinar?

    A fool is born every day.

    The only ones getting rich are the dealers and web site owners
    who trick people into buying into the scam.

  7. common sense February 22, 2012 at 3:58 pm #

    The only ones getting rich on this scam are the dinar dealers
    and web site owners who charge people for service.

    They should be the ones sued.

  8. Barry February 22, 2012 at 4:16 pm #

    There’s been a recent surge of Dinar sales on EBay by people who have figured out the mis-selling scam (not to mention figured out what “Your submission of this form does not obligate The Currency Vault to purchase your currency notes from you” means on the “Sell your Dinar’s back” page).

    As with penny stock pump & dump fraud (anyone else remember CMKX?), some will wake up and “get it”, others will wail “we’ve been robbed of $999,000 for changing up $1,000 worth of $US into $1,000 worth of Dinar’s and back again”, even years and years after it’s all over.

  9. Stew February 22, 2012 at 5:52 pm #

    I hope it was obvious my post was sarcasm.

  10. Stew February 22, 2012 at 6:47 pm #

    Barry… have you noticed this at the bottom of Breitlings Blog.

    “WARNING! This site is for entertainment purposes only”

  11. Barry February 22, 2012 at 7:33 pm #

    Stew : “Barry… have you noticed this at the bottom of Breitlings Blog. “WARNING! This site is for entertainment purposes only””

    Hi Stew, yes I have. I’ve seen it before elsewhere too. Most pumper sites have them. Dinar Daddy’s is “Dinar Daddy’s Tidbits DOES NOT WARRANT OR MAKE ANY REPRESENTATIONS REGARDING THE USE OF OR THE RESULT OF THE USE OF THE MATERIAL IN THIS SITE IN TERMS OF THEIR CORRECTNESS, ACCURACY, RELIABILITY, OR OTHERWISE”

    Same with “Buy back schemes” of the dealer that sponsors DD: “Treasury Vault reserves the right to reject any requested buy-back submitted by anyone for any reason.”

    For those not good at legal speak this basically translates to : “Any and all information by Dinar Daddy about the “RV” and Dinar may be a total pack of lies and we will not be held liable when Iraq lops so don’t bother suing, and we also don’t have to buy back a single Dinar that we sold you”.

    I believe it’s right to help those fence-sitters who don’t understand out, but some of the militant “know it alls” whose “knowledge” is just re-shouting regurgitated made-up rumors by “my Internet friend’s a super-secret agent” fantasies who hate and attack rather than debate purely our of fear of being wrong / poverty fuelled desperation will only really learn the hard way.

  12. Stew February 22, 2012 at 7:56 pm #

    Apparently Treasury Vault is Dinar Daddy’s business. It is registered in the name of his wife.
    If you remember DD used to post all the time about the Dinar. Once him and his wife took over Treasury Vault his postings stopped.
    The reason for that is since he is now selling dinar, he could get in some hot water by making claims about it. So he has shut his mouth.
    That’s why you never see any of the dealers promoting dinar. They pay people to make up these stories to drive sales.
    I still think the fact that DD is selling dinar and also the owner of the DD site putting out all this false information has to be crossing the line into illegal behavior. But I guess these guys know the law pretty well and have themselves covered.
    Still don’t understand why the feds haven’t stepped in and put a stop to this scam.

  13. PeaceSouljer March 4, 2012 at 6:38 pm #

    So there you have it. The reason why I purchased $500 worth of Dinar for each of my grandchildren was that Waarka Bank was offering 6-7% interest at the time. I figured that in ten years it would be worth more one way or another. Millionaires from Dinar? Oh that’s just folks like [Edited] who stole millions of dollars from the Iraqi people. This effort is really just smoke and mirrors from GOI to address inflation and disguise the fact that over ten years of sectarian arguing and violence has so dramtically damaged the country- worse than Saddam ever did! The Iraqis are a fine, hard working, and proud people, now they just need a government to serve THEM rather than it’s own interests only. Ridiculous after the last election that resulted in months of stalemate to ratify a Prime Minister- of course the politicians continued to collect their pay! It borders on the obscene and the HARAM- remember it is a sin to steal, gentlemen! Meanwhile, forget about getting rich with Dinar- just aint going to happen.

  14. Stew March 5, 2012 at 12:05 am #

    Peace… This news is out today.
    “Iraq’s central bank placed private bank Warka Bank under guardianship to supervise it through insolvency, a senior official in the central bank said on Sunday.”

  15. Norman Black March 8, 2012 at 12:00 pm #

    Desde mi punto de vista y siendo realista una RV de 2 o 3 dolares no se va ha producir, pero una RV de 10 o 15 centimos de dolar es mas
    factible que se de dado que Iraq tiene mucha riqueza en su subsuelo e
    incluso en el suelo. No hay que pensar o decir por el simple hecho de
    ser reacio a esta inversion, que no se va ha dar por muchos argumen-
    que expongas en la mesa o muy experto en forex que seas. No hay que
    pensar que te vas ha convertir en multimillonario de la noche a la
    mañana, siempre tienes que tener encuenta la cantidad que te has gas-
    tado en dinares -todo tiene un limite- y la tasa que se de -si se da-
    y que no creo que sea mas de 20 centimos de dolar.

  16. Philip March 15, 2012 at 9:53 am #

    I just wanted to say that with Exxon investing over $900 million dollars to get more production in the oil fields is a good sign that things are changing. The production should get up to 12 million barrels per day produces a lot of money for Iraq. If you don’t believe it will work then why try and get a rise out of people who believe. But the problem with many people is they bought into the dinar and it was sent to them. Good luck to you. I would never buy a currency when they are changing it many times. You will only get what the government wants you to get. Mine is safe in a bank. Currency changes and my money is fine no matter what. Good luck….

  17. Stew March 15, 2012 at 4:53 pm #

    Philip… what bank do you have your dinar in?

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