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)
y por si acaso yo si creo que en algun momento el dinar iraqui subira de valor, y cuando esto suceda los que no creen en ello, tendran que seguir trabajando para otro, porque de esto se trata, confundir a las personas para que no inviertan y asi pagarte el minimo de salario federal
Gracias. Me alegra saber que no tengo para invertir. Usted sería mucho mejor si en realidad está comprando un billete de lotería real. Alguien realmente ganar la lotería. nadie va a ganar dinero en el dinar, excepto los distribuidores que tienen su dinero en dinares.
Stew.....
You are hilarious !
67 mil millones en reserva en e.u. mas 22 mil millones en reserva en irak y 3 toneladas de oro....suma alrededor de casi 2 trillones de dolares para respaldar la moneda....si esto no se da carajoooo
That’s some very strange math mi amigo. 3 Tons of gold is worth about $150 million.
Look at line 51 on this spreadsheet. http://www.cbi.iq/documents/key%20financial.xls
Iraq list their gold and SDRs. Added together it’s 2.6 Trillion dinar. That means it’s about 2.2 Billion dollars worth.
Gracias por no invertir y no criticar....lo volvi a escribir para que se te quedara en la mente,,,,respeta la decision de los demas
RV 0.86 !!!!!!!!!!!!!!
ya inverti y tu en que has invertido????
well the lifting of the zero`s MEANT TAKING THE LARGE NOTES OUT OF CIRCULATION IN THE LOCAL ECONOMY!!!!!! ALL YOU LPOOPSTER`S WHERE WRONG!!!! MY DINAR IS BACKED BY 67 BILLION SO IF LET`S SAY ONLY AMERICANS HELD DINARS CENSUS SAY`S IT 304 MILLION OF US HEY STEW CAN THEY COVER THAT? I LOVE THE FACT THAT NOBODY BUT IRAQ KNOWS WHAT THEY`RE GONNA DO AND WHEN!!!
Keep dreaming!
nosotros tendremos un sueno pero tu que tienes LZ,, simplemente criticar y criticar.....ahhhh ya se.... es que no tienes dinero para invertir en nada ja ja ja ja
Annual inflation in Iraq has reached 5.7 percent, CBI discussed re-evaluation of dinar as of last year
In August, Iraq declared that it intends to re-evaluation of the dinar by deleting three zeros from the nominal value to facilitate financial transactions.
Sure Ric... Iraq announced a 100,000% RV.
This belongs under the "You can't fix stupid" thread.
Hurry up and turn on this RV @ 3.00
I DID LEAVE REPLY IT WILL GO UP LOOK WHAT ARE STOCK MARKET DID TO US BUT THATS NOT A SCAM O OK THE DINAR WILL GO UP LIKE THE GERMAN FRANK DID AFTER WW 2 AND LIKE THE CANDIAN DOLLAR DID TO INVEST IN DINAR YOU WILL WIN BIG TIME
The German frank? Do you mean the deutsche mark? Or are you referring to the frankfurter?
iraq -business news you printed that iraq central bank would remove the 3 zeros on april 14 2011. today is jan 28 2013 do you print facts or do you listen to the dinar gurus? why would you print something so far from the truth? I guess you are like FOX NEWS just print what sounds good to you?
WOW!...Here is a report from 2008 that IMO reveals the Holy Grail so to speak. See the last paragraph and the bold black text. Here is the RV connection.
Political one: POLITICIANS l ((Sabah)): economic partnership agreement with the United States based on the axes International Covenant
16-6-2008
Refused to shackle the Iraqi economy and the imposition of recommendations on Baghdad
BAGHDAD - Al Sabah
Working stemmed Iraqi negotiator in talks with the American side on the economic partnership agreement multifaceted (Framework) of the four basic principles to reach an agreement, according to contribute to the development of various sectors of the Iraqi economy and achieve the desired benefits in the rehabilitation of infrastructure destroyed.
These moves coincide with negotiations convention security, especially after it was merging the two specialist team to negotiate one. A number of politicians in their statements of the "morning" warned against any possible link of the Iraqi economy, the economy of any foreign state and shackle restrictions hamper their freedom of investment and mask its financial resources of any country in the world, stressing the need to achieve a set of demands within the economic agreement with the United States . He said Sheikh Hamid milestone in the coalition unified leadership: that the Iraqi delegation negotiating principles and adheres to several basic principles through dialogue with the American side to reach the two security and economic interests that are being negotiated around. He identified the advertiser-Sheikh told the "morning" four basic principles that will focus upon the Iraqi delegation during the convention economic talks, notably to preserve the higher interests of the country and that economic cooperation with the United States, according to the laws in force in the country which includes the legalization movement of foreign investors in accordance with the legal investment and oil The gas, in addition to the Convention to enjoy transparent and should include legal and moral obligation by Washington, as well as the need to contribute to helping Iraq to build and upgrade their economies and benefit from the experiences TECHNOLOGICAL ADVICE in the rehabilitation of infrastructure. He pointed out that the Convention will launch the economic hubs of the underlying document International Covenant across the trend to privatize the economy and providing opportunities for participation and investment by providing an opportunity for foreign investors and with the participation of Iraqi actors, and revealed that the political council of national security in the face during a recent meeting, which discussed the developments of the conduct of talks and responses U.S. demands Iraq and examine ideas put forward, to unite to negotiate ad hoc Group on Security Agreement and the Convention negotiating team multifaceted team has one vision of an integrated and oversees the debates on the two conventions. Turn across from the Kurdistan Alliance MP Khalil protected his belief that the improved economic situation will stabilize and the improved security conditions and political conditions in the country, stressing the need to give any convention concluded priority in the rehabilitation of the infrastructure of the country and the recycling of the economic wheel, particularly since the Iraqi economy depends on income Oil and oil sector is neglected and suffers from a lot of problems do not match the capabilities of Iraq's oil, which occupies first place worldwide reserve up to more than 300 billion barrels, gas reserves in addition to 52 trillion cubic meters. The committee member in the House of Representatives economic importance of the Convention that opens the economic area to create employment opportunities and causes of economic growth and interest by the industry and give priority to addressing economic problems objectively and patriotic, as well as benefit from the experiences of the United States in the field of economy and scientific techniques AND TECHNOLOGICAL ADVICE to serve the country , Pointing out that "the development of existing and Iraqi funds frozen in international banks and termination of the compensation issue in Iraq as a result of past wars and the survival of Iraq under Chapter VII of the reasons that shackle the development of the country." Khalil refused to shackle the Iraqi economy and linking the economy of other countries in any future convention or a Conventions do not stem from the strategic economic and clear and specific, in addition to the lack of transparency is one of the raised red lines, indicating that the agreement with the U.S. economic aspects include scientific and Tknloger and development, where many items are conventions strategy necessary to take advantage of them through reading and discussion of focus, particularly And that marred some previous drafts to touch the faltering Iraqi sovereignty.
For his part, stressed deputy, Abdul Karim al consensus that negotiations had begun between Iraq and the United States on the partnership agreement, which will include aspects of economic, service, cultural and Tknloger, noting that the committee formed by the government and retaining specialized in these areas.
The Vice-Chairman of the Commission on Security and Defence in the House of Representatives that the economic aspect of the Convention must achieve an important issue concerning the need to exit from Iraq and liberates Chapter VII of the UN Trusteeship funds, which require guarantees and undertakings of the United States and the international community to remain immune to prosecution for money " False "submitted by the parties and international courts, explaining that he had been assigned to large public relations companies and law firms specialized study of the topic to break the ideal formula.
He explained that Iraq is a rich country can get its economy from all the economies in the world and if we were able to exit from the restrictions imposed on it (Iraq) to recover as soon as possible, stressing the need to ensure that any convention economic liberalization Iraqi links that hinder it, either In the area linked to foreign currencies or other, in addition to keeping Iraqi funds frozen in the countries of the world and the survival of immunity and freedom in Iraq, investment and the use of these funds in special projects.
http://www.alsabaah.com/paper.php?so...page&sid=64320
ITTC….Iraq Trade Information Center
And older but interesting article….This was posted on their web site, that there are no restrictions on buying the dinar, does’nt no restrictions mean no restrictions, maybe a link to keep in case you ever are told by anyone you shoudnt have any dinars, or that it is a scam….
IraqITIC.com – Policy Environment:
Fiscal Policy
In order to develop a strong fiscal base Iraq has followed the following policy direction:
•By creating the Board of Supreme Audit, Iraq has shown its commitment to financial transparency.
•In order to pursue sound fiscal management and rationalize the process of public debt management, the Financial Management Law and the Public Debt Law have been passed.
In addition to creating a sound regulatory environment, the following important steps have been taken:
•The introduction of a balanced budget
•The introduction of Treasury Bills
•The Introduction of a progressive Income Tax regime
•A simplified and reduced Custom duties structure
•In order to put the country on a sound financial footing, Iraq has carried out a major reduction in its international debt
Monetary Policy:
In order to create the basis of a sound monetary policy environment the most significant step has been the formation of an independent central bank viz. the Central bank of Iraq (CBI), on March 6, 2004, as an independent regulatory authority. It performs monetary functions, manages foreign reserves, acts as the government’s banker and fiscal agent, issues currency, establishes and maintains systems for clearing and settlement of payment transactions, and supervises private banks.
The New Iraqi Dinar (NID) – a free floating currency – was introduced in January 2004 together with a new monetary control system. There are no restrictions or taxes on the purchase or sale of currency; the CBI carries out a regular currency auction in order to stabilize the exchange rate, which now stands around 1300 NID to the US $. The NID is fully convertible and there are no restrictions on capital flows.
There is a multi-currency system in place where foreign currency freely circulates in the market. As a result checks are officially cleared at the CBI in all major foreign currencies, particularly the US$.
Interest rates stand liberalized on all domestic financial instruments, inflation has been stabilized and the capital base of private banks stands significantly enhanced.
Foreign banks may open branches and form joint ventures with Iraqi private sector banks. Under CPA Order No. 94 private sector banks may be wholly owned by foreign banks with no legal limit on the number of licenses that may be granted. Also, branches and domestic subsidiaries of foreign banks are legally at par with Iraqi banks.
http://www.iraqitic.com/iraqiTIC_policyEnvironment_en.php
The United Nation’s Security Council Recently Made This Very Important Statement!
The United Nation’s Council would welcome in the draft resolution’s preambular part aka; [PREPARATORY STATEMENT] both Iraq and Kuwait’s efforts to advance regional stability, and “all the positive steps that have been taken by the Government of Iraq to fulfill resolution 833 of 1993″ related to the border between the two neighbouring countries.
THE MOST TANGIBLE WRITTEN STATEMENT THAT THE IMPORTANCE OF THE IQD TO BE RESTORED TO PRE 1990 INTERNATIONAL STANDING, TO DATE, HAS BEEN MADE BY THE UNITED NATION’S SECURITY COUNCIL ON JUNE 26, 2013.
Quote:
The United Nation’s Council would recognize that the situation existing now in Iraq is “significantly different” from when the Saddam regime invaded Kuwait in August 1990, and the “importance of Iraq achieving international standing EQUAL” to that which it held prior to that date. Then The IQD Was $3.22 to $1 USD.
Quote:
Most hit & run sites on the Internet claim Iraqi Dinar scams are made by boasting the exact same thing THAT The United Nation’s Security Council just stated above about how important it is to Iraq In ACHIEVING [Pre 1990 International Standing].
EXAMPLE 1:
In their attempt to discredit the Dinars ~ they state that The IQDs are sold on misleading hype.
A) They state;
Many dinar dealers refer to the value of the Iraqi dinar prior to the 1990 Kuwaiti invasion (1 dinar = $3+ US Dollars) as evidence that the potential for the dinar is theoretically unlimited.
The United Nations Security Council Just Said The Exact Same Thing Above!!
B) They state;
They don’t mention that the pre-1990 dinar has been demonetized (worthless) and that its value was arbitrarily set by an autocratic regime led by Saddam Hussein.
This is an incoherent ad hoc statement towards Pre 1990 International Standing. The Dinar became worthless due to war , due to being attacked by The U.S. Nothing else in the financial world can change the fact that Pre 1990 IQD was $3.22 PERIOD!
C) They state;
Following the embargo, the ability for the Iraqi government to manage its currency’s value collapsed and it spent the next 10 years at 2,000 – 3, 500 dinars to the U.S. Dollar.
Again another unlink-able incoherent ad hoc statement towards Pre 1990 International Standing. The Dinar became worthless due to war , due to being attacked by The U.S. Nothing else in the financial world can change the fact that Pre 1990 IQD was $3.22 to $1 USD PERIOD!
These [ Dump Sites/ Hit & Run Sites ] are unbelievably incoherent! Especially, when they try to discredit common knowledge about Iraq’s Return to Pre-1990 Dinars as Hype! Nothing could be a truer statement by a dealer than to state ‘EQUAL’ to Pre-1990 and when supported by The United Nation’s Security Council’s statement that this is the goal when then affirmed again within the “draft resolution’s preambular part”.
Tell the Anti-Dinar Scam Propagandists to think first.
Timing and upon what for IQD release?
Does this all mean that Iraq needs to be fully released from Chapter 7 for their IQD to be released for International Standings? IOWs, Do they need to be fully sovereign to release their IQD for International Standings?
After the disposal of the international provisions increase in the value of the Iraqi dinar
29/06/2013 12:00 AM BAGHDAD – Hussein Tamimi ثغب
After hours rid Iraq of the provisions of Chapter VII of money, saw the exchange rate of the Iraqi dinar rise against the dollar. According to a member of the Association of private banks Hilfi, the sword, “the Iraqi dinar exchange rate against the U.S. dollar saw a return to a normal pace after the decision to remove Iraq from the provisions of Chapter VII.” Hilfi said in an interview (Center Brief for the Iraqi Media Network): “The rates of the dinar exchange rate against the dollar stabilized at 1210 dinars per dollar,” pointing out that the coming days will witness a rise continuously to the value of the Iraqi dinar. And ills Hilfi so that the bypass provisions of Chapter VII gain large, and everyone became confident in Iraqi dinars, especially in light of the large financial reserves of Iraq. He added that the coming stage will witness a new investment-oriented is turnout companies and investors and citizens to invest in the Iraqi dinar, stressing that the economic landscape readings indicate the presence of a great demand for the dinar will contribute to raising the exchange rate against foreign currencies./end/
Parliamentary economy: central bank reserves increaseto more than 80 billion dollars will enhance the stability of the Iraqi dinar
01-07-2013 11:38 AM
Baghdad (news) .. Rapporteur of the Commissionstressed the economy and investment MP /coalition of Kurdish blocs / KhalilMahma, that the increase in central bank reserves of hard currency will enhance the stability of the Iraqi dinar and develop the national economy.
Khalil said (of the Agencynews): that the increase inmonetary reserves of the Central Bank for more than 80 billion dollars, this means that ALL IRAQI DINARS located INSIDE or OUTSIDE IRAQ COVERED TWO DOLLARS and a HALF DOLLAR, because the size of the blocks cash of the Iraqi currency amounting to 33 trillion dinars.
He added: This increase will enhance the stability of the exchange rate of the Iraqi dinar against the U.S. dollar, the international currency because it would be a safe haven for him, plus he will promote the growth of the national economy.
The Iraqi Central Bank announced an increase in the cash reserves of hard currency to more than 80 billion dollars./ End / 8.'s.M /
THE LINK : http://www.4.hathaly...cd=2&sid=242852
As of 7/2 market rate for dinar is 1217. After all this wonderfull news it is still 4.4% lower than the official CBI value. The market is the true indicator of worth, and in this case the market knows a big RV is just a scam. The market doesn't lie. 1217.
If a big RV was even a decent rumor in Iraq the market value would be much better than the CBI rate. Iraqi people are smart enough to not fall for this scam. Good for them.
ill be rich soon ooooooooo yes o yes we dinar people will be blessed
hi new at this any idea i got 250000 drop zeros ? what then 250 esplain me lucy?
-Art
In short, a 25,000 dinar note will have the same value as a 25 dinar note. This only changes the face value of their own currency and NOT their exchange rate, as some scammers would like to claim. It is a good may for them to reduce the number of bills that they have floating around and then they can actually have a currency that can be used on the street instead of relying on the dollar. It's not just the dollar's value that keeps Iraqis using them, its the ease and trasnportability of them, because as of now, if you wanted to pay for something that cost maybe $500 US you would need a suitcase filled with Dinar to make that same transaction.
Stew, Very good, the market is the real indicator!, King is plausible with his interpretation.
Does anyone have access to an Economics Professor (PhD. level only) that can with all of the economics indicators tell us that the 1217 market rate is in deed an accurate rate. First of all I don't think it is the real rate, because the value is being supported through auctions at a program rate of 1166. Without the program rate what would be the real rate, would it be 5000:1 or 500:1 or something else. And then provide us with a road map of economic indicators and events (re denominate, revalue, float, new currency,level of DFI in and out, etc..) that would achieve the statements made by the UN to restore Iraq to it's previous glory. Everyone in the Dinar community thinks that these statements mean RV, could it have a totally different meaning? Logic dictates reduce money supply, but there is no proof that this is the answer to increase the value based on other MENA currencies and how their exchange rates differ so widely against the USD. If this group can come together and accomplish what I've asked for we will all be well informed.
I totally agree with Stews comments about censored Dinar sites, I've blasted the guru's and only a few of nearly 100 comments have been posted - I'm pretty much banned from commenting on dinar recaps.
Here is why - I was taught to "follow the money" so I did some digging - here is what I found.
1) http://www.dinarguru.com claims to have nearly 50,000 subscribers.
2) Lets say that 80% of these people are also the same members of most of the other sites; dinar vets, dinar recaps, etc...
3) Every movie or story has one thing in common "Conflict"
4) We have 2 views, loppers vs. RV'ers
5) Suspense - "its going to happen any minute"
Guru #1 - A dinar investor, hes excited he's discovered a once in a life time investment in 2004 and bought into the IQD he started telling his friends and family (they said you're crazy and walked away). So guru #1 starts a website and gets a few followers and soon is making a little money from banner adds. He decides that this is pretty good strategy to pay for host and his time but wants to make more money. So he asked one of his followers to become a guru and provide insight but with a twist to create conflict. Next thing there is a second site and more self proclaimed gurus without real names and make believe contacts with secret clearances and access to behind the door meeting with high level officials from the IMF, UST, White House, GOI, World Banks, Wells Fargo you name it its been used by someone in the guru family.
So we now have a network of sites and gurus which are probably only 2 or 3 people in reality because in the excitement some of them use the same language and display the same habits for example blaino and poppy3 used similar language a few times and therefor could be the same person.
Back to the "follow the money" The banner adds, did you notice that the quality of companies advertising on these sites has improved drastically. Don't get ahead of me - someone might visit there favorite site 3 or 4 times a day or more for updates in hopes that the RV just happened. That's 150,000 to 200,000 visits per day with a 1.2% average click through rate (stat provided by word press) and $0.63 per click that translates into $1,512 per day, $551,880 annually and that's just one site. How many sites are there?
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.
Roger1 - "Does anyone have access to an Economics Professor (PhD. level only) that can with all of the economics indicators tell us that the 1217 market rate is in deed an accurate rate."
Sure here you go - straight from the CBI:-
http://www.cbi.iq/documents/CBI_FOREIGN_EXCHANGE_AUCTIONS.pdf
Scroll down to the bottom and as of 6th Oct 2013, you'll see the market rate for Dinars clearly listed at 1220:1 (to the left of the 1166:1 pegged rate).
Great turn a 25k note to 25 dinar. Wow lowered the amount of dinar from trillions to billions. Ha ha now they can bring the dinar to the true value of what is backing it in the reserves. $3 an maybe some change. Not no millionaire but just got a 300% gain. Extra piece of pie to my portfolio. The negative ones keep playing the lottery but don't scratch them scratch offs with a penney cause I collect the older ones cause of copper. Yep hold them with my dinar, silver, gold, ect.
# 000 off makes 000.10 of a penny Makes it $100.00
randyc says:
January 27, 2013 at 3:01 am
iraq -business news you printed that iraq central bank would remove the 3 zeros on april 14 2011. today is jan 28 2013 do you print facts or do you listen to the dinar gurus? why would you print something so far from the truth? I guess you are like FOX NEWS just print what sounds good to you?
Moron It was the truth at that time! Ever heard of things changing guess not in your world everything has to turn out as stated or it's a lie to you. Here's a truth your not going to like FOXNEWS NUMBER ONE NEWS NET WORK YEAR ON YEAR SINCE THERE FIRST YEAR. Not to bad for just reporting what sounds good to you.
Your all bickering over the micronommics of this deal when the fact is it will be what it will be. personally what every it comes out at I'll be happy. If it's a supper low rate I'll sit on it for longer if it's a moderate rate I'll sell some and sit on the rest. If it's a ridiculous high rate I'll sell the lot and be done with it once and for all. If it's a total flop I'll frame it as a reminder never to do that again. So lets just Waite and see how it turns out then will see who's the brains here and who's out with the cuckoo's other than that it's all guess work and assumption's
I've researched numerous documents between GOI, IMF, & BIS. This whole thing is bigger than Iraq. It's every member country of imf. They are all to be valued on their assets & resources. But Iraq is going to be huge, it's currency to be the strongest in the region. Untouched oil, tons of gold, richest soil in the world. To all the naysayers, believe what you want. To anyone holding dinar, our time will come, TRUST ME!
That's total BS, but I'll play along for a sec.
So if two countries have the same amount of assets and resources. Let’s say Iraq and Saudi Arabia as an example. You think those two countries should have the same exchange rate?
Iraq has 87 Trillion dinar. SA has 1 trillion dinar. So for every SA Riyal, there are almost 100 Dinar.
The slightest bit of common sense would tell you that if everything was equal, and one country has 87 times more currency, then their exchange rate would be 87 times weaker than the other country.
Why is it that dinar holders simply refuse to account for money supply. Money supply is such a simple economic equation. It’s the number of units of currency, m2 (87 Trillion for Iraq) times the exchange rate (.00086). That is $74 billion in currency. That’s their money supply. A $74 Billion money supply is very much normal for a country with a $200 billion GDP.
Saudi Arabia has 1 trillion Riyal worth 26 cents each. So they have a money supply of $260 billion. They have a $700 billion GDP.
Iraqs money supply is 37% of their GDP.
SA money supply is 37% of their GDP.
How much more inline can they get??????????????????????
I would suggest you do a bit more research and stop letting dinar pumpers lead you.
Much bigger picture than that. Every question you raised can be answered simply by doing YOUR research. No dinar pumpers, most of them are full of it. Like i said, believe what you want. I've read the documents between Iraq & imf. Definitely not a scam if it can be purchased through American banks. Why would the govt have stockpiles of a "scam"? Either way, it's worthless right? So it can only go up. No response is necessary, I'm sure it would just be pessimistic.
kb - The IQD was only made available through banks as a courtesy to their customers who presumably were traveling. Once they realized that people were buying it as an investment they quit handling it. The banks themselves now refer to the dinar investment as a scam. The US Treasury has no stockpiles of dinar. They only keep enough on hand to handle daily transactions. That was stated in a federal indictment document. And no, it can not only go up. I can go down just like the Saddam dinar did. Some countries have had to lop 6 zeros or more off of their currency when they redenominated, so it's possible that the dinar could eventually only be worth 1/100 or 1/1000 or 1/10,000 of a penny. In fact, once the CBI issues the new currency the IQD will eventually become completely worthless as in $0.00000!
Like most dinarians KB also refuses to address the amount of currency in the equation.
They see one country with a $3 exchange rate and another with $.00086 and they think that just can't be fair and the $.00086 one must be brought in line with the other.
They totally ignore the fact that the country with the $.00086 rate has 3000 times more currency, which explains perfectly why their exchange rate is 3000 times lower. It's so simple and basic to understand that elementary school students can grasp the concept.
These people are either being willfully ignorant (scammer), or simply stupid (scammed). Neither is it wise to take financial advice from.
Sam.
The IQD was only made available through banks as a courtesy to their customers who presumably were traveling.
Paul.
Sure they did because in 2004 a war torn country was the first thing on every ones mind for a visit.
Sam.
Once they realized that people were buying it as an investment they quit handling it.
Paul.
The CBI stopped selling it to western banks because to much of it out would deplete there own supply.
sam.
The banks themselves now refer to the dinar investment as a scam.
Paul.
Allison Bruns spokesman for the bank Wells Fargo did not rule the investment out. but expressed caution and rightly so well stated Allison. because that’s what you do when investing. FORBES!
sam.
The US Treasury has no stockpiles of dinar. They only keep enough on hand to handle daily transactions. That was stated in a federal indictment document.
Paul.
Yes sam this has been the most transparent government in history?!
"stated in a federal indictment document" must be true like the two trillion hole in the pentagon budget. no document but made public by a Rumsfeld slipup.
sam.
can go down just like the Saddam dinar did. Some countries have had to lop 6 zeros or more off of their currency when they redenominated,
Paul.
Any investment can go down or up durr! I believe that's what investments do! "Some countries have had to lop 6 zeros" so sad to see you copy others rhetoric. Iraq doesn't have 6 zeros to lop may be it does in your mind!
sam.
In fact, once the CBI issues the new currency the IQD will eventually become completely worthless as in $0.00000!
Paul.
And the doom and gloom club call me out of touch! Iraq will be the new Dubai look beyond what's in front of you not all roads are
cul-de-sacs
Doom and gloom club stews at it again same old rant. It can only turn out one way! I am the all knowing I have read loads of documents! I know what and when the CBI is going to do before they do!
The CBI document goes far beyond a simple delete the zeros but that's all the doom and gloom club see.
Paul is nothing more than another guru-shill churning out the usual 'Appeal to Stupidity' propaganda... When faced with irrefutable facts, it's the same lame "No-one can possibly know what a redenomination is" as if the 60 countries that have done it before didn't exist, or as if 85,000 divided by 1000 = 85 is some "variable opinion" whose answer can "change" depending on "how you feel" or "faith" in a delusion. No wonder 99% of Dinar investors can barely add up (and hate anyone who can)... 😉
Paul -
"Sure they did because in 2004 a war torn country was the first thing on every ones mind for a visit." You do realize that there were tens of thousands of businessmen, contractors, advisers, and military personnel traveling to Iraq from 2004-2010 don't you? Banks typically don't inquire about why you need the exchange or what you intend to use it for. They just provided the service.
"The CBI stopped selling it to western banks because to much of it out would deplete there own supply." LOL! A depleted supply is the last thing on the minds of a central bank with "cash outside of banks" growing from 7 trillion in 2004 to 34 trillion in 2013.
"Allison Bruns spokesman for the bank Wells Fargo did not rule the investment out. but expressed caution and rightly so well stated Allison. because that’s what you do when investing. FORBES! "Considering the illiquidity and fraud risk, Wells Fargo Bank has no plans to trade in the Iraqi currency" http://www.theiqdteamconnection.com/uploads/3/5/3/7/3537881/internationalmarketsweekly.pdf
"Yes sam this has been the most transparent government in history?! “stated in a federal indictment document” must be true like the two trillion hole in the pentagon budget. no document but made public by a Rumsfeld slipup." Prosecutors don't put baseless allegations in a federal indictment as that would leave grounds for acquittal or appeal. By the way, Rudy Coenen pleaded guilty to fraudulent statements about the UST's dinar holdings.
Any investment can go down or up durr! I believe that’s what investments do! “Some countries have had to lop 6 zeros” so sad to see you copy others rhetoric. Iraq doesn’t have 6 zeros to lop may be it does in your mind! kb's statement was that it could only go up. Thanks for having my back on that one. No, Iraq doesn't have 6 zeros to lop now, but then neither did Turkey a few years before they lopped 6 zeros from the old lira. If hyperinflation returns to Iraq they could end up adding more zeros as the value goes down, a possibility you just conceded.
"And the doom and gloom club call me out of touch! Iraq will be the new Dubai look beyond what’s in front of you not all roads are
cul-de-sacs" For the sake of argument let's assume that Iraq will become another Dubai. (Dubai isn't actually a country, but one of the emirates or principalities in the United Arab Emirates.) That has nothing to do with whether or not the IQD is demonetized. Turkey redenominated their currency in 2005 and their economy has doubled in size since. On the other hand S. Korea left the zeros on their currency and their economy has grown 56% since 2005. Keeping or leaving the zeros has nothing to do with prosperity. It's just a matter of simplifying cash transactions and accounting.
Add the Alabama Securities Commission to the list.
They are issuing a warning today that states the dinar investment is a SCAM.
here is the article Stew
http://whnt.com/2014/03/12/alabama-securities-commission-issues-investor-alert-addressing-bitcoin-iraqi-dinar/
I have a friend who has almost 20 million dinars and simply refuses to discuss the scam issues. He genuinly feels that if he stays positive.... he will be worth around $60 million dollars.
Its so sad
I find it funny how your articles first point is bit coin is a fraud as well and well the stock market and wide use of the digital currency not to mention the very high rate of return peopleade with being in at the ground floor made.
stew. They are issuing a warning today that states the dinar investment is a SCAM.
Alabama Securities Commission.
ASC Director Borg cautions that foreign exchange currency trading is very risky for main street investors. “Often, promoters of foreign exchange currency trading schemes, such as those involving the Iraqi dinar, lure investors with the promise of “control” over a large amount of foreign currency with a relatively small initial outlay. Fraudsters often predict inevitable increases in the currenciehs’ value, which will supposedly lead to huge returns over a short time, with little or no downside risk.” According to Borg, investors should not be fooled by the promise of easy money. “As with any traded commodity, investing in foreign currencies can be extremely risky and generally unsuitable for all but the most seasoned investors who can afford the high risk.”
Stew. shows us where he says it's a scam!
"Fraudsters often predict inevitable increases in the currencies’ value, which will supposedly lead to huge returns over a short time, with little or no downside risk.”
Paul. My bank never stated anything of the kind I would have been shocked if they had. stew if you insist as you do! "it's a scam"
then the burden of that is on you to prove it. not using any news article you can find simply using the dinar topic to sell products or their own self image.
"foreign exchange currency trading is very risky for main street investors" Yah stay away from forex if you don't know how it works I believe he means. If he's referring to foreign currency that any one can buy in any bank today. I doubt the backs would be happy to lose customers from his say so.
bob. Paul is nothing more than another guru!
Paul. Now that really is "stupid is as stupid does"
bob. get your facts right moron before you call anyone! I started a comment section calling out one of the most prolific dinar pumpers. the doom and gloom club automatically as always assume I'm of the same thinking as the TNT group pumpers. How dumb is that! Not only that I've made it quite clear my expectations $0.10 per dinar and according to your IMF report 10-15% I'm well on track.
The Truth Behind #WeAreThePeople
February 19, 2014 at 2:13 am
This joke of a movement is lead buy Tony Renfrow of TNT dinar an idiot that believes controversy will push Iraq into doing something about the dinar value sooner than is possible. He’s well known in the US if you have any understanding of what’s really going on you don’t listen to him. He’s the on that prompted all his follow to #wearethepeople on twitter and make strange acronyms referring to a conspiracy that revaluation has happened big players have been cashed out by bankers and his followers have been cut off from doing the same. Total nut job followers as well. pay no attention to it he knows not of what he speaks.
bob. "When faced with irrefutable facts"
Paul. Again the only quote the doom and gloom club have. and a self proclaiming one at that!
bob. it’s the same lame “No-one can possibly know what a redenomination is”
Paul. Again bob doing the only thing he knows how to do, misquote! to for fill his inadequacies. The actual quote is.
"no one quite knows when or how it will happen” or "it will be what it will be"
Even your own demi god John Wasik of forbes takes the same line. And that was after his own artical calls it a scam!
http://www.forbes.com/sites/johnwasik/2013/09/06/inside-the-dubious-dinar-revaluation-ruse/#comment_reply
bob. as if the 60 countries that have done it before didn’t exist,
Paul. Here we go back to the document were they say 60 countries that have done it before. Does it say we will do exactly the same! do any of those counties have an independent banking system were government has no say! how many had two cuuracies in play! It's to far out of your ball park to even think Iraq would be any different than other countries. because in your mind it has to be done the same way as 60 other countries! Has Iraq ever done what it's is expectedted too! no it takes them many years to get even a simple law on the books.
Now I've always said the CBI alone will decide . But unlike the doom and gloom club I don't assume it's fact that the CBI is going to do anything just because some reporter economist politician or comment hack quotes 60 other countries!
barry.
as if the 60 countries that have done it before didn’t exist,
Paul. as above
barry. as if 85,000 divided by 1000 = 85 is some “variable opinion”
Paul. according to your three zero lop! 85.000 would be 85 divided by 1 = 85
Paul. If there is all this 80+ Trillion of three zero notes in circulation why is the CBI having such a problem providing for the day to day liquidity needs of the Iraqs currency and banking market? It is common knowledge the based on complaints by the Finance Committee, Economic Committee and private bankers they are only supplying about 1/3 of what is needed. ( could it be the CBI is not showing the world the true picture! ) No would says the doom and gloom club we did an audit from what we assume website's and articals tell us! I'd go as far as to say the the doom and gloom club have done an audit of The U.S. Gold Bullion Depository and they know what's in there too.! when even congresman and Senators don't.
bob. whose answer can “change” depending on “how you feel” or “faith”
Paul. keep taking the meds bob.
Paul.
Stupid is as stupid does, No got that wrong it implies intelligence on your part.
"Dinar investors can barely add up and hate anyone who can"
Paul. LOL
10 cents is over 10,000% gain.
You think 10-15% is well on track?
LOL... Paul said this about 60 countries redenominating. "How many had 2 currencies in play"?
EVERY SINGLE ONE OF THEM!!!
That's how redenominations work. EVERY redenomination has an exchange period where both currencies exist for that time period.
Ignorance truly is bliss. You have made some of the most ignorant comments imaginable on this subject. Most people would have simply disappeared due to the embarrassment. You have proven that adage so true, ignorance is bliss because you're so ignorant you don't even realize your ignorant.
"LOL… Paul said this about 60 countries redenominating. “How many had 2 currencies in play”?
EVERY SINGLE ONE OF THEM!!!"
The guy's a walking self-parody machine 😀