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)
Iraqi Dinar is not the same as Kuwait Dinar..
for Dinar Kuwait, revaluation is really important since many countries will be affected since their reserve of Kuwait Dinar become worthless during the war..the revaluation did save the world economy..
for Iraqi Dinar, no other countries had the reserve legally..so, the revaluation will make the world economy, blow and destroy since all Iraqi people will become rich including beggars and many people outside will become billionair..maybe Bill Gates need to forget his status as one of the richest man in the world..LOL
Only in dinar land do such fairytales exist.
Look at this link from the Central Bank of Kuwait.
http://www.cbk.gov.kw/cbkweb/servlet/cbkmain?Action=qtbl&archive=19951012&tbl=RQ02
The Gulf war was 1990. It shows at that time Kuwait had just a little over 300 million dinar in circulation. That’s MILLION, not billions and certainly not trillions like Iraq currently has. Their entire money supply, M3, was just over 6 billion dinar.
Of that 6 Billion just how many do you think was held by foreign countries as reserves. Even if it was half, which is way way more than what the actual amount probably was… that would be 3 billion dinar. In the global economy picture that is pocket change. To claim it RV’d (which it never did) to save the world economy is truly hysterical.
The massive difference between Iraq and Kuwait is this.
300,000,000 Kuwait dinar in circulation.
30,000,000,000,000 Iraqi dinar in circulation.
If dinar holders can’t look at those two numbers and understand why one is worth 1000 times more than the other, then I don’t think dinar holders will ever understand.
what does it mean of state bank of iraq'to remove 3 zeroes from dinar?my iqd is safe in these condation.plz inform me.thanks ajaz
what does it mean of state bank of iraq'to remove 3 zeroes from dinar?my iqd is safe in these condation.plz inform me.thanks ajaz.
إسمحوا لي بإبداء رأيِ سيروقكم بالتأكيد حول مشروعكم العملي بحذف الأصفار حالما يصلني ردكم المشجّع إنشاء الله، مع تحية لسيادة الأستاذ سنان الشبيبي ألذي تعرفت عليه بحضور بروفسور محسن ألشبيبي (كلية الزراعة) منذ زمن بعيد و لنائبه الكريم ألأستاذ مظهر محمد صالح و سائر المعنيين بهذا الموضوع الرائد الجوهري. و السلام.
د. مهدي الشيخ شكر: أكاديمي متقاعد. عضو معهد علوم و تقنية الغذاء [لندن]. حاليا بالمملكة المتحدة
hey stew i`ve read lot of your post and the only thing i have to say about the IDQ is it`s on the US TREASURY SITE AS A AUHENTIC WORLD CURRENCY 1 DOLLAR BUY`S 1166 DINARS
I'm wondering which post of mine you read that I claimed it was not a legitimate currency. I actually have stated a number of times that it is legitimate.
What is not legitimate, and is a scam, is people convincing you to buy it by telling you it will increase in value over 100,000%.
you been ragging people about this currency i`ve read all your post did you know that the rv is so close now that IRAQ is head of the arab nations? and they looped the zeros on the local currency to balance the central bank took 30 trillion looped now it`s 30 billion in flowing currency in the country with 60 billon in reserves connecting OIL DINAR TO CURRENCY! you owe a lot of people a great big i`m sorry!!!
and it`s back on forexpro and moving!!!!
on march 25 1991 the offical exchange rate for the NEW KUWAIT DINAR WAS $3.47 USD TO 1 WOW!! GO IRAQ!!!
IQD IS VERY BEARISH ON FOREX TODAY 58% BEARISH 42% BULLISH! GO IRAQ!
LOL...
Maybe you should look up the definition of Bearish.
Hilarious.
bullish MEANS SELL bearish means BUY!
Dear sir/madam
So far I haven't received an encouraging remark regarding my humble participation in your prospective project regarding the 3 0's dropping out to redenominate our beloved dinar. This ordeal had become an incumbent task levied on our monetary system for > 1/4 century. My intended contribuation won't take more than a few minutes to consider, just 1 paragraph. Hence, it may be of value added to your effort, not just a mere conjecture.
Awaiting your response, I remain,
Yours truly,
Mehdi Shukr, UK
bullish means the rate is up.. and bearish is down.. very pity 2collect.. u no even know what buy n sell means!
the IQD IS BEARISH ON THAT PAIR!! (USD/IQD) THAT`S WHAT IT MEANS! AND IT`S BEEN BEARISH ON THE PAIR FOR 3 WEEKS NOW GO SEE FOR YOUR SELF!
GOOD INFO ON HEAR THANKS.
KUWAIT AND IRAQ HAVE SETTLED ALL FILES IT`S NOW IN THE HANDS OF THE UN SPECIAL COUNSEL! LOOKS LIKE WERE GONNA GET A EXCHANGE RATE!
I heard that too!!! Woo Hoo!!
I know we can trust Okie Oil Mans top secret sources!!
I better get more Dinars soon before it's too late !!
That would be the smart thing to do
on 5-10-2012 VP biden and the unsc lifted the chapter/charter VII OFF IRAQ!!!! only thing left is ERBIL!!!! THEN WE EXCHANGE!!!
Wooo Hoo!! thanx for the good news 2 collect!
So what's the rate gonna be.
Last I heard is was gonna be over $3 per dinar!
have`nt heard a RATE YET BUT ERBIL IS ALL THAT IS HOLDING THIS THING UP!!!! EVERYBODY WANT`S THEY`RE CUT!! (he who collects CURRENCY will alway`s have MONEY!!!)
Consider this with a calculater; 1000 old dinars for 1 new dinar
if you have 1 million old dinars will give you 1000 new dinars at $1.00 each meaning you will have $1,000 return for your paltry
investment. However, everytime the dinar increases by $1.00 you'll receive another $1,000 for your investment and that could be another long wait. Deleting the three zero's circulation is covered by the exchange rate 1000 old for 1 new. The 30 trillion
new dinars will be worth $30 trillion, and Iraqi will have very little investors luggage at a total cost of only $1,000 per million. Slick deal for slick people! Providing the Government approves their strategy, and that is more than likely.
If that was said but not on this article and it's true, and it is, it would bear a repeat, because it appears that few people understand the meaning of the existing exchange rate 1000 old for one new, and the loss they will encounter.
the deleting of the zero`s will not affect the investment currency we hold were exchanging ours for a RATE NOT FOR THE NEW DINARS the iraq people will be using as they`re OFFICAL CURRENCY! BUT YOU CAN EXCHANGE THEM FOR SOME OF YOUR RETURNS WHEN U GET THEM!!! HE WHO COLLECTS CURRECY WILL ALWAY`S HAVE MONEY!
TOP MANY INVESTORS AND WORLD COUNTRIES ARE HOLDING DINAR SO IRAQ KNOWS THEY HAVE TO COME REAL WHEN WE EXCHANGE! AND BELIEVE ME THEY BEEN PUMPING OIL TO HAVE IT WHEN THE TIME COMES!
Iraq has 60 billion dollars in FX reserves. They have an M2 of 70 trillion dinar.
If they RV at $1 that leave them 69.94 Trillion short of covering.
If they RV at $3 like some scammers claim, that leaves them 209.94 Trillion short.
2collect. If you are lucky you will be able to get a con man dinar dealer to give you about $500 per mllion dinar. That's a .0005 rate.
iraq has stated that they want to return to they`re NATURAL PLACE IN THE WORLD! let`s see they`re natural place was 3.21 kuwait made the same statment when they returned to the international market they SAID ON 3-25-1990 KUWAIT HAS RETURNED TO THEIR NATURAL PLACE! this thing is not ROCKET SICENCE WE ARE WAITING ON A EXCHANGE RATE! not exchanging for the dinar#3! let`s just wait and see what the ERBIL BRINGS!!!
this CURRENCY IS ON THE US TREASURY THIS MEANS THEY TRUST IT SO DO I SO WHAT EVER THE RATE IS WHEN THIS IS SAID AND DONE IT WILL BE MORE THAT I HAVE NOW! he who COLLECTS CURRENCY will alway`s have MONEY!
i keep hearing you guy`s say that with our notes the investor is holding is inculded iN that 30 TRILLION they have in CURCULATION that`s wrong are we FOLDING this currency to BUY things that are bought and SOLD? the 30trillion is what`s in CURCULATION IN IRAQ this why they say they need to take the ZEROS off the local CURRENCY they have 60 bilion in reserves right they have said lopping 0`s will turn 30 TRILLION INTO 30 BILLION LOCALLY! JUST BALANCED THE BANK! if you stay off of SO CALLED INTEL SITES YOU CAN FIND THE TRUTH!!!
currency that you fold is for things BOUGHT & SOLD currency that you LAY FLAT AND STACK SOMEBODY WILL WANT TO BUY THAT BACK!! I BOUGHT THIS STUFF FOR A PENNY I JUST WANT TO SELL MINE BACK FOR A DIME!!
Wanna buy my dinars? I have 1.5 million. Make me an offer
Dinars will become True when everything is in order- very, very soon ! Great !!! You won't believe by then ! so buy Dinars before it is too late !!!!!.
it`s going down when i bought mine @1170 now 1153 on forex and going down to all that drove people about this investment looks like it`s PAYOFF TIME!! AND GET YOU SOME DONG TO GO WITH THOSE DINARS LOOKS LIKE IT`S GONNA CHANGE TOO!!!
HEY STEW BETTER GET YOU SOME DINARS THIS THING IS GONIG DOWN SOON!!!
2Collect,
Keep dreaming! A year from now you will still be saying the same thing, or you are a scammer/pumper for Dinartrade.You can't be this stupid!
lz this thing is going down this year in june!
and no i don`t sell dinar nope not a guru i`m a true investor in CURRENCY!! THE DONG IS NEXT TO INCEASE IN VALUE!
and callig people STUPID because you don`t understand what`s @ stake with this CURRENCY NOT BEING TRADED INTERNATIONALLY IS NOT OUR FAULT! this is a CURRENCY BACKED BY THE US TREASURY ENOUGH SAID!
You forgot to mention that you ate a dreamer too. That's the only place the big RV will happen... In your dreams!
Another way: When, and if approved the CBI will offically delete the zeros in the existing (old) currency and reduce the circulation with the subtly imposed exchange rate 1,000,000 (old) dinars exchanged for 1000 new dinars at the expense of the investors, and thats how they will reduce the huge amount of dinars in circulation, and than after they print the new dinars the CBI will increase the value to 1 dinar equals 1 dollar, but don't forget you have traded your 1 million old dinar investment through the CBI's "unique" imposed exchange rate for 1000 new dinars now worth 1 dollar each. Adios to the 1 million dinar investment, and be clear on one thing the CBI will not leave a million dinars for the investors to capitalize on, because of the huge circulation that would have to be covered, and that is the CBI's "pie in the sky" for the investors! Do you remember that song wake up little suzy? If enough people new the truth going down they could effectively oppose this transaction to the CBI, and the government of Iraqi. This could still be a big deal if the investors could retain fairly more than the 1000 dinars, like maybe 50,000 new dinars before they increase in value, and that would be a 5% return on your investment based on 50,000 dinars per million going forward.
Respectfully,
Mark
It's a tricky complex deal to understand, and needs to be said in another way as I alluded to at the getgo of the comment. But, thanks anyway! It will provoke many many people when they realize what they missed for lack of understanding and the need for the CBI to do what they had to do, but not so unrighteously. It will be profitable enough to fairly honor overall; the investors local, and foreign for their nine years of participation.
Thanks again,
Mark
I still can't figure out where the investment comes into play.
1) buy dinars at 20% to 50% overt face value .
2) wait forever for something to happen.
3 realize there is no way to sell them unless you find anther sucker or sell back to the swindlers at a huge loss.
Powerball makes more sense
I love how narrow minded you people are saying how investors are going to get cheated. With what Mark Duncan just typed out I'll still make 200 US for each million I bought. So guess what I still made a profit. Sure it's not a windfall but hey profit is profit. Doesn't make me a sucker.
But this isn't going to happen till about 2016 anyways and I'm not in need of this money. I have a job that pays for the lifestyle I live so I can wait.
Most people paid more than $1000 per million to get into this.
Even if Iraq were to lop and make the new dinar $1 that would still leave them losing money... and that's before they pay a big fee to get out.
Their goal may be to get 1:1 after the lop, but I highyl doubt they do that overnight. That will be done in a slow orderly increase over time. Dinar holders will probably not have access to the new dinars and will probably be forced to sell back to dealers for dollars. They wil be lucky to get 500 or 600 dollars per million.
With that theory anybody who holds around 4Million would be insane to do that and not just fly there. Oh your afraid to head to that country, then you shouldn't have invested there nor try to turn a profit off what we, the military, did for a country!
Chris. Are you including shipping fees you paid to get them? And are you assuming you will get $1000 per million (if they do raise the value to 1:1 after lop) and have no fees to get out?
I didn't pay shipping fees as I was over there and able to buy direct. Currently stationed in Europe for me it will be very low cost to fly back to Iraq and cash in my dinar IF I have to leave Europe to even do so.