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)
Mookie... that is right... except it's even a little worse. 1000 dinar are currently worth 85 cents, and more than likely that's all they will be worth when they redenominate. So your 250,000 dinar are worth $212 now and will be worth that after the redenomination. Then as you stated... you will have to find someone to sell them to. Maybe a dealer... who will certainly charge you a large percentage as a fee.
mookie i dont buy it this is not the same situation as other coun tries that have lopped they have to raise the value of their money they are going to follow kuwaitts path their people need more purchasing power also if a 25000 note aint worth crap now do you really think they are going to make it worth even less to where people have to carry alot more dinar around just to make up for the loss of dropping the three zeros on a 25000 note its common sense guys not buying it guys
Rich... what are you talking about? Kuwait NEVER did anything even remotely close to what you are talking about. Kuwait NEVER changed the value of their currency. (other than a few small increases over the years)The Kuwait thing is so easy to research and find out the truth about... that it makes it obvious that you get every bit of your knoweledge from lying dinar dealers and scammers.
Also... it has been said a million times that a redenomination/lop is a revenue nuetral event. A 25000 dinar note now worth about $21.25. It will be exchnaged for 25 new dinars which will also be worth the same exact amount... $21.25.
All I'm thinking is when they remove the 3 zeros, I will not have 250,000 dinars like I thought when I bought them, I will only have 250 dinars, I'm I right ? Soo basically after the redenomination I wouldn't have what I initially paid for, I would actually have 249,750 dinars less than what I thought I paid for, right ? I think these Dealers have some inside info and is making a killing off this stuff robbing people. Live and learn !
mookie dont worry pal your ok its not gonna lop one reason for a lop is high inflation iraq is currenlty around the uppr 5 percent range so i along with alot of smarter people than me are saying its a totally different situation than turkey they had high inflation so just keep the faith ill post more reasons why they won lop as soon as i can
OMG.....
this is getting too funny.
Stew,
please tell everybody its gonna RV for $3.22 and we are all gonna be rich! They just dont want the truth and/or just dont get it. So why shatter their dreams? Iraq probably will just leave it alone, never RV, RI,or Lop, and keep the dimwits in continuous anticipation.
There's probably some truth to that LZ. Iraq first announced their intention to redenominate and delete 3 zeros back in te summer of 2006. Under normal conditions they probably would have taken a couple years to get it done... but I'm sure they didn't take into account that scammrs all over the world would convince people that the redenomination was a huge RV and sell massive amounts to dinar to duped speculators. So I'm sure that has played a big part in why it has taken them so long to actually redenominate. They're making billions of dollars selling their currency. I really don't know why they would stop and lop as long as the scammers can keep getting new dupes... and you know the old saying... "there's a sucker born every minute"
i guess we shall wait and see then right?
Mookie, Stew is right. I just posted a detailed answer on another topic. Here's the link:-
https://www.iraq-businessnews.com/2011/04/20/redenomination-and-the-spinal-tap-fallacy/comment-page-1/#comment-50554
I'm soo confused about what dropping the 3 zeros would do to the value of the amount of dinars I bought if a revalue was to take place. I went on the central bank of iraq's website and they already have a 25 dinar note. I called the iraqidinar website in California and he said dropping the 3 zeros was all speculation, But the article at the top of this page says something different, I'm new to currency investing and trying to learn as we go on here, But right now should I be optimistic ? because I feel really pessimistic right now !
Mookie, the only real source for news on this is the Iraqi Central Bank who are actually in charge of the operation and have gone on record and public TV in Iraq openly stating both that it will be a redenomination (lop) and that it will be based on Turkey's experience of same. Professional Forex sites such as xe.com with serious rolling Forex news (and not junk hype rumors) have also backed this up:-
http://www.xe.com/currency/iqd-iraqi-dinar
Most of the Iraqidinar websites just pull rumors they'd like to believe in out of their rear end with absolute zero sources backing anything up - and most of them by pure non-coincidence happen to be little more than "pumpers" for other websites selling Dinars. Eg, dinarfaqs.com has no less than 6 advertising links to DinarTrade (who charge outrageous premiums on both buying and selling Dinars) on its homepage alone.
So I guess my 250,000 dinars will be 250 dinars after the RD takes place right ? Not good !
Mookie... if you lived in Iraq your 250,000 would be 250.
When the redenomination happpens... I'm betting your only option will be to sell back to a dinar dealer for dollars. I doubt they will be able to get the new dinars to give to you.
dropping three zeroes would crucify Iraq, that have the asset backing if Oil to warrant the forfeiture of USD, it will get the US out of global bankruptcy, the big players need this not just mister mum and dad. US currency will not be the global yardstick any more.
RV is very likely to happen within the next 48-72 hours brothers & sisters so be prepared. Faith and Patience are the key.
Harely... our National debt is 14 Trillion dollars.
Iraq is pumping 2.5 million barrels a day at $100 dollars a barrel.
I think you are claiming Iraq will give the US all that money.
Even if they could do something so absurd... that's $91 billion a year. So it would take 153 years of Iraq giving us all their oil to pay off our debt... and that's if we added no more to it during that period.
Nice plan.
Harley - there is no oil "backing the Dinar". It's a fiat currency like everyone else's, not a gold standard. It also won't "get the US out of bankruptcy" because 1. As Stew said, $91bn per year (assuming Iraq gives you every drop of oil they have whilst selling none to other countries or using a single drop themselves, ie, stop using cars, air-planes, construction machinery, etc, and ride around on camels and donkeys and live in mud-huts) doesn't even cover US interest payments, let alone the deficit or debt itself, and 2. Why on Earth would Iraq's currency value have any more impact on the US than the Iranian Rial or the Venezuelan Bolivar (also oil rich countries)? People need to stop swallowing pumper disinformation that Iraq's wealth belongs to anyone and everyone *except* Iraqi's!
Journeyman - There will be no "RV" in 72 hours, this week or this month. Shabibi openly stated in his Washington speech that before the re-denomination (*lop*) is done, there will be a large scale educational programme for Iraqi's (which is plain common sense to non-pumper-addicts). When it happens, three zeroes will be lopped, the price of all goods and services will be adjusted down by 1,000x and all bank accounts and bank notes will changed at 1:1000 new:old ratio, ATM's will change, bank-note counting machines will be changed. It will not spring secretly out of nowhere in the space of 24hrs at all any more than the Turkish Lira lop did or last Iraq "RV" in 2003 (changing Swiss Dinars to NID's). Anyone talking about "it will happen in secret and only we know about it" is a bald-faced liar on an ego-trip.
@Journeyman....Faith?? Faith is a virtue of not having to think. I have a question for you....which guru (pumper) are you getting your info from?
Oakie Oil Man has been writing ''its all done , the RV will happen tuesday or thursday next week!'' for 3 years now. Having faith in dinar pumpers is a waste of time....your better off wasting your time having faith in the invisible man.
To Whom It May Concern...Since the decision was made to the re-denomination of the Iraq Dinar, for those of us that have purchased in denominations of 25,000.00 what recourse do we have, will the be replaced, will they still retain the present current foreign market value in comparison to other traded currencies and can they be readily be converted to gold if needed?
Your response is requested please...
Hi Ron, Yes, they'll be replaced by new low-denominated notes, yes they'll retain roughly the same value (you'll get 25 (or 1x 20 + 1x 5) Dinar notes at say 1.17:1 in place of 25,000 Dinar notes at 1170:1), and no, you probably won't be able to buy gold directly for Dinars outside of Iraq, but you could always change them up to $ and buy gold in $. The only unknown issue right now is where you'll be able to change them up. The last time Iraq did this, they required you to change them up at specified banks inside Iraq within 3 months before the old notes were demonetized. Hope this helps.
i have the 25 dinar notes and the 25000 am i foolin myself to think its a get rich easy call
So I guess if it's going to LOP (remove the 3 zero notes), I am glad I have a ton of 50, 250, 500 Dinar notes! Since those notes will be un-effected right?
'So I guess if it’s going to LOP (remove the 3 zero notes), I am glad I have a ton of 50, 250, 500 Dinar notes! Since those notes will be un-effected right?'
No Bob. All notes will get lopped the same. It can't work any other way. The low denom notes will be replaced with coins as happened in Turkey.
The scammers are telling people to buy lowere denoms as a precaution. When in reality the people who bought the lower denominations will lose the most money because they have paid the most to get those denominations.
It is all good info, info from scammers lets you know about all the false info so you can sort out the good. I've waited for a long time for the RV and I can wait a little longer. When it happens I will be going all right.
Since so many are confused about this let try to help. Right now:
1 Iraqi Dinar = .00085 US Dollar so that..
250,000 Iraqi Note you have = 211.886 US dollars
AFTER they chop the 3 zeros off
1 Iraqi Dinar = .85 US Dollar so that...
250,000 Iraqi note now worth 250 Iraqi Dinar = 211.886
You lose nothing, you gain nothing. The only difficult part for the people who have the cash in hand is getting it exchanged for the lower bills but you never know Worldwide banks might start to exchange the currency at that time.
A whole bunch of people I work with bought in to this scam 11 months ago ( Oct 10 ) telling me that if I didn't get in right now I'd miss the boat. Then in Feb. one guy said "if it doesn't happen by the end of this month, I'll buy pizza for everyone." He bought the pizza and still quotes the gurus every week. It's the best comedy show I've ever seen. The faithful are so faithful that if The president of the U.S.A. held a press conference telling all of America that this was a get rich quick scam, they wouldn't believe it. There is no logic that can change these peoples minds. They WILL be rich........ tomorrow! Telling them otherwise is a waste of your time.
READ THE REAL NEWS IF IRAQ ONLY HAS $58 BILLION IN CASH ON HAND IN THE FEDERAL TREASURY HOW CAN THEY NOT DROP THE 3 ZEROS THINK ABOUT IT IF THEY RV AT 1 TO 1 WHERE ARE THEY GOING TO COME UP WITH THE CASH WHEN EVERYONE MAKES A RUN TO THE BANK TO CASH IN THEY CAN'T THE MONEY IS NOT THERE ALL THE REAL NEWS STORIES HAVE SAID OVER AND OVER IRAQ HAS $58 BILLION IN THE BANK THEY CAN NOT COVER A 1 TO 1 RV THEY DO NOT HAVE EVEN A COUPLE TRILLION OF DOLLARS TO COVER IT AND EVERYONE IS SAYING $3.68 THAT BE $3 MILLION DOLLARS FOR EVERY 1 MILLION DINARS IRAQ DOES NOT HAVE THE MONEY TO COVER IT AND THERE IS NO WAY IT CAN HAPPEN
The problem is this, most people were expecting, .00085 to RV, lets say for example to $3, that would have made a $250,000 not worth $750,000, but rather you are saying it will chop and only be worth $250, id say that's a pretty big difference, like you said, we gain nothing, actually will lose what we spent in shipping and handling.
Chris says:
September 1, 2011 at 12:54 am
Since so many are confused about this let try to help. Right now:
1 Iraqi Dinar = .00085 US Dollar so that..
250,000 Iraqi Note you have = 211.886 US dollars
AFTER they chop the 3 zeros off
1 Iraqi Dinar = .85 US Dollar so that…
250,000 Iraqi note now worth 250 Iraqi Dinar = 211.886
You lose nothing, you gain nothing. The only difficult part for the people who have the cash in hand is getting it exchanged for the lower bills but you never know Worldwide banks might start to exchange the currency at that time.
someguy says:
September 7, 2011 at 9:43 pm
The problem is this, most people were expecting, .00085 to RV, lets say for example to $3, that would have made a $250,000 not worth $750,000, but rather you are saying it will chop and only be worth $250, id say that’s a pretty big difference, like you said, we gain nothing, actually will lose what we spent in shipping and handling.
---------------
What I was pointing out is people are saying they are going to lose a load of money on this because they thought a currency would go from .00085 to 3.00+.... but instead it will be worth what they paid for it minus shipping and middle man fees.
I actually am looking forward to them taking the 3 zeros off because then the currency can start echoing the economy of Iraq and might start to creep up to 1 to 1 or if our country keeps on its current path the Iraqi currency could surpass 1 to 1. Though to be honest I'm starting to think of selling mine off to put the money in the stock market that has come down drastically.
chris you are silly to think it will be the same . the whole idea of puchasing the dinar was to invest in. if they take away the zero you lost your investment. instead of having 25k dinars you will only have 250 dinars . so if it did go up lets say to 1$ you would only make 250$ instead of you 25k usd . so yes they are losing huge on their investment. im hoping they dont do the split and just adjust the pricing of goods out in town approiatly and slowly stop making the large bills and print smaller bill. now a lot of people think they cant handle a currency increase . thats not true . the currency doesnt have to sky rocket but it can slowly increase in value overtime that way the country will be able to buy back what people put in. correct me if im wrong.
1 dinar = ??
25000 dinar = ???
Maybe I'm wrong but the 3 zero's is at the brokers part 0.000824 if you take the 3 zero's off you have .84 cents not changing the currency at all. So don't be confused that's the way currency RV. The zero's are the stability of the country and when they take them off that means the currency is strong and inflation has slowed. We will have a lot of profit on this people.
Ron... that would mean a 100,000% increase in value.
Do you honestly think that Iraq is announcing to everyone in the world ahead of time that they will do this 100,000% increase... and that anyone in the world that wants millions and millions of these dinars has plenty of time to get all they want?
Just saying.... 25,000.... drop three zeroes....that equals 25 people...not 250
It wont be millions of dollars because the 3 zeros they take off the 0.000824 number that Ron referenced are also going to be taken off the bills. Making a 25000 note a 25 note but at an exchange rate of .824 which is a 1 for 1 change. You gain nothing and lose nothing that day. Now where the currency swings afterwards is where the profit/lose will be.
What I've heard and understnd is that they are taking the three zeros off the exchange rate that is right now at about .00085 and not from the dinar notes. If you have a 25,000 dinar note and the rate after taking off the three zeros is .85, you will have 25,000 dinars X .85 or $21,250.00. This or the RV is what everyone is waiting for.
There is a never ending supply of people fall for this scam and send their money to these thieves.
I don't believe this is a "scam". It's an investment opportunity that, just like any other investment, may pay dividends and maybe not. It's similar to investing in stocks. Some people have come out of their investment very rich. Others have broken even and many have lost their money. The money I spent on dinars was a little I had left over after paying off bills. It really does not affect me at all. If the RV comes this year, next year or any year after that, I can wait. If nothing happens I haven't lost very much. I'll just have to "keep the faith" with so many others that have invested in the Iraqui dinar.
You don't understand. Removing 3 zeros is from the paper only. They will print new lower denominations, but the value will buy more goods, and the 25K note will still be worth 25K dinars! Just like large value U.S. currency no longer produced!
Hey Stew,
Did you see Dinartrade re opened in England? I bet they split the USA in a hurry. I cantr believe I bought Dinars from them. What a waste of money.
PLEASE PEOPLE....DONT BUY DINARS! YOU WILL LOOSE YOUR MONEY!!
Yeah… Ali fled the country.
Did you here about BH Group. They held a dinar guru summit. Imagine that… all the big name dinar pumpers got together in one location for a pow-wow. Well... Allegedly about a week after that happened BH group got raided by the FBI.
Another interesting rumor going around is Rodger… who is Dinar Daddy. Apparently it was his brother in law who started Currency Vault. Somehow Rodger pulled a takeover and seized control of the outfit. He renamed it to Treasury Vault and now pumps the crap out it on his Dinar Daddy site.
Most all of these people pushing dinar are crooks. Early on a few names came up of people who were selling this crap. You could search their names and find they were involved in other scams before the dinar. There were a few pumpers on dinar boards who were using the same screen names that they had used on penny stock boards pumping scam penny stocks.
I still don’t understand why the Gov has stepped in and shut this whole thing down. I really have to believe it’s because they were complicit in this scam from the very beginning
Jose I agree with you 100%
You are right, Oh by the way I am Iraqi citizen and when I left Iraq January, 1981 I Exchanged $2,000 Iraqi Dinar I got instate US dollars $6,322 . Now that The Iraqi Dinar has plumit You know I find this is the only opurtunity for us to get rich is to buy Iraqi dinar , If its not going to hapened this year may be next year and if not hopfully in 5 years But we should keep the faith. I feel this is the greatest investment I have ever made in my life. I dont care what other are talking about, it is way better than gambeling in stocks.
I was in iraq when i was serving in the military. I bought 1 miillion in dinar at 638.00 US dollars and if it does what ever you guys are saying then i am still going to make a profit on it. I can sell it back and get 900.00 US so i make a profit. And the notes are 25000 not 250,000 there seems to be some confusion on the chat.
Stew and LZ: I have seen you both on several of these fourms and I am just curious...why are you even involving yourself feeling the way you do about the Dinars. And LZ, why did you buy Dinars and then say "PLEASE PEOPLE….DONT BUY DINARS! YOU WILL LOOSE YOUR MONEY!!" You must have at one point thought like the rest of them regarding the investment. And again like Jose and JohnBoy, Im curious why do you claim this a scam vs. an investment?
Should I invest in the Dianr?
Michael Gann the only money you should put into the dinar is money that you wouldn't mind blowing on a weekend in Vegas. This is a long shot. If the gurus are right and there was a plan all along to generate a windfall in the trillions of dollars and the US and Iraq are cooking the books then you could make a fortune. If not, you could lose every dollar you spent on dinar. I've got plenty of solid info on my blog Dinar Douchebags.
Does it mean that old 25,000 IQD notes has to be taken out of circulation & replaced by 25 IQD notes after the 3 zeros are removed? What the scammers are telling the 'investors' is that the old 25,000 IQD will still be valued at it's face value after the change, thereby reaping 1000% return.
@Twing: just fyi, that would be a return of 99,900%, were it to happen.
Hey... what's 98,000% amongst friends?