By Amina al-Dahabi for Al-Monitor. Any opinions expressed are those of the author, and do not necessarily reflect the views of Iraq Business News.
The Central Bank of Iraq (CBI) has been attempting to delete three zeros from the Iraqi currency since 2003. This project has raised many concerns among the Iraqi public and within the business community, and Iraqi economists are divided. While some support the project and consider it a chance to decrease inflation and unemployment, others warn of economic shocks that may prevail over the Iraqi market as a result of the project’s implementation.
Following amendments made by the CBI, implementation of the project has been postponed several times. This is because of fears that are mostly related to the lack of security, the presence of a market open to foreign commodities without any restrictions, the prevalence of counterfeit money in the market and rampant corruption in the country.
The independent Iraqi News Agency (INA) quoted Abdul Hussein al-Yasiri, a member of the Iraqi parliamentary Finance Committee, as saying that 2014 will witness the deletion of zeros from the Iraqi currency. He noted that the deletion will occur in coordination with the CBI, and that as a result of the project, the number of banknotes in circulation will be reduced from 4 billion to 1 billion.
Haider al-Abadi, the head of the Iraqi parliamentary Finance Committee, told Al-Monitor that while deleting zeros from the current currency is possible, this has been postponed until after parliamentary elections. He noted that studies are being carried out to ensure that, following the currency change, counterfeiting is limited and that Iraqis don’t go back to trading in the old currency.
The step to delete zeros from the currency has been postponed several times, leading the parliamentary Economic Committee to demand that the CBI accelerate this project, as Al-Sharqiya reported. In a news conference held July 6, the Economic Committee confirmed that the deletion of zeros will lead to an increase in the value of the Iraqi dinar and will have positive repercussions, including a reduction in unemployment and poverty rates in the country.
Alexander Hues - "When Iraq pegs the Dinar to the U.S. Dollar"
The Dinar is ALREADY pegged to the $ and has been for years. If you can't even figure out something that basic, well what on Earth are doing on business forums trying to "educate" people on a subject you obviously know nothing about...
Alexander Hues - "They will now be able to buy a loaf of bread for 10 Dinar instead of 10K."
What you're now describing is the same redenomination / lop that we've been explaining to you for the past dozen posts. Now you're "proving us wrong" by finally agreeing with us that Iraq is going to redenominate and quoting our original posts to you, back to us as if you made them up! You really are in a complete muddle...
Alexander Hues - "The CBI solely has the ability to value the Dinar to whatever it chooses."
Good God, it's like speaking to a 7 year old child. If Iraq has 84 trillion Dinar but only $70bn reserves to back it with, then its rate works out to be under 1100:1 which is exactly where it's at today. This is how fixed-exchange rate (pegged) currencies work, and it's the third time it's been explained to you. All you've done is spout the same recycled confused Dinar sales-pitch that goes along the lines of "Because the Dinar is a fiat currency, the CBI can set its rate arbitrarily to anything and non-Iraqi's will see nothing wrong in being asked to pay 1,000x more to trade with Iraq or a 99,000% currency tax in trading with Iraq in all future transactions..." which as explained above is complete and utter gibberish.
The price of everything in Iraq won't fall 3-zeroes unless Iraq redenominates. An "RV" is just an external peg adjustment that doesn't affect anything internally (or delete 3 zeroes off anything), it just alters how much the central bank is willing to trade Dinar for other currencies. All this has been explained to you several times. I see no value in repeating everything back as all you're doing is ignoring everything we say, and spouting the same nonsensical pumper sales slogans over & over.
There are 4 ways a currency can change in value:-
Appreciation - A natural rise in market value of a floating currency
Depreciation - A natural fall in market value of a floating currency
Revaluation - A peg adjustment of a fixed-exchange rate currency (usually upward, ie appreciation)
Redenomination - Altering the face value of a currency without changing its international foreign exchange rate in a revenue neutral process to take out past inflation that has caused extra zeroes the presence of which causes loss of confidence.
An upward "RV" is exactly the same as appreciation, the only difference is pegged vs floating currency exchange rate regime. Domestic prices of domestic products DO NOT get adjusted on either appreciation or revaluation. See China's multiple "RV's" over the years. Iraq's internal prices for Iraqi products will no more change than American's internal prices for American products built in America change for Americans when the $ moves vs the Euro / £, etc. They only change with a redenomination because it's precisely the process of lopping 3 zeroes off banknotes & bank accounts, etc, that also lops 3 zeroes off prices of goods & services.
You cannot "lop" prices without lopping the currency as (aside from being Communism where the state dictates the price of literally everything of private enterprises) that's basically like the US Federal Reserve telling Dell who build laptops for $250 and sell for $499 to instead sell laptops for $0.49 to everyone to try and match the blatantly obvious 1,000x fold discrepancy you've just introduced... Every business in the country would be bankrupt overnight. It's the process of exchanging at 1:1000 that lifts the currency 1000:1. If you exchanged 1:1, the currency's value wouldn't change at all.
This is what Iraq are planning - in their own words:-
- "Ahmed Faizullah, deputy head of the parliamentary Finance Committee, agreed with Elias. Speaking to Al-Monitor, he noted that the deletion of zeros will not affect the Iraqi dinar’s purchasing power"
- "CBI has announced that it intends to implement a long-planned redenomination of the Iraqi dinar by eliminating three zeros from the nominal value of bank notes." - SIGIR quarterly reports.
- "Deputy chairman of the CBI Dr Muzher Saleh said the bank is working to issue the new currency in addition to coins in both Arabic and Kurdish. The new currency will be printed after deleting the zeros and will include the Kurdish language in addition to the Arabic language. It will bear as well photos of Iraq’s civilizations and patrimony in addition to symbols of Iraqi intellectuals and figures, in addition to coins in both Arabic and Kurdish. This will include a new 50 Dinar bill with a value of $43 (50,000 current note Dinar)."
- “The change that will take place with the Iraqi currency will change the face value of the dinar and not the real value as measured by the value of Iraqi dinar against the dollar and gold. Three Kurdish icons are featured on the new currency: the waterfall of Geli Eli Beg, displaced Fayli Kurds and a woman farmer. The notes will contain Kurdish, Arabic and English script. The financial committee has presented seven different banknotes to the Iraqi central bank which range from 5 dinars to 200 dinars and include coins from 50 fils to 2 dinars coins” - Iraqi Finance Committee
- “Mahma Khalil, Member of the Iraqi Parliament and official spokesperson of the Economic Committee stated that the new bill will be printed by a European company and introduced to the market gradually and in a well-planned schedule to ensure it will not result in shocks and would not have a negative impact on the market,” explained MP Khalil. He added the exchange rate between the new banknotes and the old ones would be 1:1,000.”
If you do not understand what the bold bits mean, then you are quite frankly trolling, and I can only suggest you phone up the Central Bank of Iraq, Iraqi Finance Committee and Iraqi Parliament and "educate" them on your "genius" get-rich-quick scam 'wisdom'... Even US banks like Wells Fargo and now telling "investors" who phone up "the 'RV' is a scam". And it is... People who spend all day hanging round "RV" forums will ironically be the last people to figure out what a "redenomination" means mostly out of greed-fueled willful ignorance.
Dr. K, I was going to respond the same, but I think you're wasting your time. It's obvious Alex is one of those people who loves to argue for the sake of arguing without actually making an argument beyond the adults equivalent of "I want a pony!" and fantasy economics along the lines of "a redenomination is a redenomination for everyone except me because I'm a special snowflake". That's why over the past 20 posts he hasn't even attempted to address any fact whatsoever posted by anyone.
When people start railing about "God", "paupers" and "slaves" after their scam gets utterly torn apart with truthful verifiable facts, then you know they're a pumper who's already lost the argument. 😉
We'll see who's right and who is wrong. You can throw out all the ivy league bunk you want. Horse sense will get you further in life than a closet full of paper degrees. A degree is only as good as the professor who taught. And judging by the quality of schools these days... It is safe to say that people are better off learning a trade. Because education is no longer. It is a scam worse than any pump and dump racket. Once the school system moved to indoctrination and social engineering. It moved away from teaching. I suggest you all re-think your beliefs. Because no one would have ever said the U.S. would be $125 Trillion in debt including all the unfunded liabilities and national debt combined.
What you thought would never happen did. The pig did fly and hell froze over. And the Iraqi Dinar will appreciate like no one ever would have thought. Good day.
Alex, you're not the first to pop up trying to pump the stupid Dinar "RV" scam. We've heard it all before - people who spend years hanging round "RV" forums filled with posers pretending to "hang out with secret agents", and ego-strokers who tell each other what they want to hear then feed off that circular 'confirmation' as "proof" of the RV. "OMG! How many Porsches are you going to buy? I'm going to buy 4! And a big 9-bedroom mansion! I deserve it! My sources say this week! Imminent! It's done!" every week since 2003. All by people who basically own just $850 worth of Dinar (for which many paid over $1000 for). It's just embarrassing for everyone to read.
They then leave those closed-environment pumper-run "RV" forums and try pumping the scam elsewhere where every aspect of their scam & the way they pump it gets absolutely destroyed and they learn the hard way that the RV scam only works on censorship-heavy pumper run forums, where honest facts get censored, non-abusive accounts deleted en masse, because it's "bad for [pumper] business". When that fails, they resort to "education doesn't matter" appeals to stupidity - basically as a denial mechanism to avoid dealing with the facts.
Then they resort to petty personal attacks and straw-men like trying to pretend the 99.999% of the human race who aren't sucked into the RV scam are all "elitist Ivy League degree economists" (your words). Reality check : Almost everyone else here except you has "horse sense". Believing printing 700x more money makes it value go UP is as far removed from common sense as you can get. That's why the Dinar FELL in the first place! It's obvious you're so far out of your depth even with basic knowledge about currencies, you don't even attempt to debate any fact posted whatsoever - you just parrot the same sales slogans over & over and "have faith dude" desperate appeals.
Go back and re-read what you wrote : You didn't know the Dinar was pegged to the $. You didn't know (and still clearly don't) what foreign exchange reserves are for or how they support a fixed-exchange rate currency's value. You complain about "the socialism of Democrats", then you laughably start promoting North-Korean Communist style mass wealth confiscation of banknotes - where the CBI is supposed to seize 99.9% of all Iraqi's grocery money - but only for poor Iraqi's and not you (then laughably complain about "elitism").
You think moving a currency's external peg "lops" prices internally without any redenomination. You can't tell the difference between a floating and pegged currency. You think 84000 divided by 70 = 1 (no wonder you hate the "nasty schools" for teaching kids how to add up). You think Iraq's economy (roughly the same size as Portugal or Algeria) is going to "support an RV" equal to 1.5x planet Earth's or 670x Iraq's (gee, let's think that one over for more than 2 seconds without laughing).
You think inflation is what everyone except Iraq suffers from even though the Central Bank of Iraq openly states the opposite on its own website. You laughably think that just because a country can "dictate" what rate it pegs its currency to, that any ludicrously 100,000% over-valued rate will be accepted for trade and no one will notice the cost of trading with or investing in Iraq will have shot up 1,000x.
And now you've spent the last 3 posts not even talking about the Dinar, but instead mumbling incoherent things about God, paupers, Ivy league, karate, horses, etc. When someone reaches the point where all they can do is bash the education system for teaching maths that debunk the RV scam, when you can't even do the same maths my children can, well what do you think that makes you look like? Another anti-education crazy who thinks "everything's a conspiracy to brainwash the children" (because arithmetic is a "liberal plot", man...) The dead giveaway is the final "education doesn't matter" sales slogan, which is remarkably similar to the "proud to be stupid" fake maverick act some politicians put on when pandering to the lowest common denominator voting blocks.
It probably is best to call it a day here and bow out gracefully. No real shame in that at this stage.
Central banks have been ballooning money ever since fractional reserving was instituted as a means to inflate the money supply.
Iraq will of course join the club soon and all the international banks will use this ploy to continue to issue currency out of thin air. Enough said!
I agree GT. When money gets printed from thin air. It can be removed in the same manner, leaving what is left at a much higher value. The paper pushers here don't think in reality, but rather in book logic of fantasy and wishful thinking. The real world operates in the fudge factor arena. And with that, Iraq will propel their citizens into a high standard of living overnight by destroying dinars in the banking system and appreciating the value of those remaining in circulation. Watch and see.
GT Horvat - I agree that's how most banks work. Thing is Iraq already has "joined the club". Here's Iraq money supply growth over the past decade:-
Iraq's M2 Money supply by Year since the invasion:-
2004 = 12.25tn Dinar
2005 = 14.68tn Dinar
2006 = 21.08tn Dinar
2007 = 26.95tn Dinar
2008 = 34.92tn Dinar
2009 = 45.44tn Dinar
2010 = 60.26tn Dinar
2011 = 65.11tn Dinar
2012 = 72.02tn Dinar
2013 = 84.18tn Dinar
It's embarrassing to read the comments by those who parrot "Iraq is different" - for expanding their money supply even more than the West, then expect it's value to shoot up 99,000% vs the $ for printing even *more* money than the Federal Reserve... 😀
Alexander Hues - The paper pushers here
Like yourself you mean? The Dinar IS unbacked paper fiat and Iraq has the same fractional reserve banking system as everyone else! What did you think Iraq is on the 1960's gold standard? ROFL! I guess some people are just born for the RV scam... If you want to hedge against inflation, sell your paper Dinar and buy gold, because Iraq's gold reserves are about 31 tonnes, ie, worth around $1.5bn which barely backs around 2% of Iraq’s money supply today even at 1166:1 rate, let alone 0.001785% of a delusional $84,000bn "RV". 😀
Alexander Hues - "And with that, Iraq will propel their citizens into a high standard of living overnight by destroying dinars in the banking system and appreciating the value of those remaining in circulation. Watch and see."
No it won't for reasons described to you - repeatedly - on page 1. Either you are too dense to understand what a redenomination is despite it being repeatedly explained along with quotes directly from the CBI, or like many Dinar "investors" are too blinded by raw greed to actually want to understand how it works in the real world, and simply parrot your weird megalomaniac pumper fantasy that a redenomination "is for everyone else except you" because you're "special" and "above the little people" because a stranger on the net told you...
Iraq will remove 99.9% of money by creating a new currency which everyone - including yourself - will exchange your current Dinar at 1:1000 ratio. It's the 1:1000 exchange that creates the 1000x higher FX rate. You will swap 1x 25,000 Dinar at 1166:1 for 1x 25 Dinar note at 1.166:1. The process is value neutral - it will make zero difference to your or any Iraqi's wealth. This stuff is no "big secret" and has been openly broadcast to 30m Iraqi's on national TV, in Arabic newspapers, and officially stated about 40x over the past 3 years. It's really not that difficult to grasp once you move beyond blind greed, chronic financial illiteracy & your wildly over-inflated sense of entitlement & weird communist wealth confiscation fantasies.
My advice to the naysayers: Don't buy Iraqi Dinars. And stop trying to convince the world of investors that the moon is made of cheese and man can control or influence the climate. If you don't like currency, then buy drugs with your money. We Dinar investors will be proven correct very soon.
The real world of flesh and bone humanity will prosper and delight in taking all the benefits we have at our disposal. So if you are jealous of those who take heed and have wisdom beyond their years, then go live on an island of welfare shackled slaves who will never be anything more than the previous generation for centuries to come.
Our advice to you Alex : Stop making a fool of yourself. Read what this website is called : "Iraq Business News". It's about serious grown-up tangible investments, not long-debunked childish Forex scams pumped by half a dozen forums run by known conmen (half of whom were previously involved in penny stock fraud pumping). If the delusional "RV" is all you want to talk about, then you're on the wrong website. This isn't a pumper forum, and no-one here's going to "go away" just to make you feel better.
As for "moon, cheese, welfare, drugs, slaves", etc, that seems to be the limit of your intellect - throw around irrelevant nonsensical buzzwords hoping to impress other people. Sadly, it's having the opposite effect - you're beginning to sound like a spam-bot / troll who's just arguing for the sake of arguing after having your scam-pumping utterly destroyed from all aspects.
The only scam are those who follow the crowd. Until you make your own path in life, you will never achieve independence.
I suggest you take a second look at what you think is altruistic. Because some day you may need those who you ridiculed. Don't burn your bridges. And try to remain silent when giving investment advice. Say hello to Bernie Madoff for me. Bet you think we don't know where that $50 Billion went? LOL It went to a vast fund just like all the other embezzlement schemes and bank robbery takes go... into a Hasidic coffer for disbursement around the globe to all who belong to the clan.
Alexander - "Because some day you may need those who you ridiculed."
A mathematically impossible scam is still a mathematically impossible scam no matter what "friendships" you seek. And you still aren't going to be a millionaire from changing up $1,000 from currency to anther and back, no matter how much you fantasize about it. And you still look an idiot trying to pump that juvenile nonsense here. It's obvious you've lost the argument as you haven't even attempted to dispute one single fact given to you beyond throwing around your usual appeals to greed / jealousy / "it must be true because I want free money" entitlement mindset (whilst ironically complaining about "liberals wanting handouts") 🙂
In fact, 90% of your posts so far have been a string of the usual RV scam pumper propaganda tactics almost copied & pasted straight out of the worn-out pumpers song-book, a good list of which can be found here:-
http://dinardouchebags.blogspot.com/2013/05/scam.html?showComment=1369387102439#c4427800263595211766
The scam is only "new" to you. It isn't to everyone else.
What I don't understand is why you guy's all keep answering Alex....LOL
Because I am correct. And the truth always stirs noise. I respect everyone's opinion here. Trust me, I work for my money, and I don't care what way the Iraqi Dinar ends up. What bothers me is the assurance and absolute unequivocal stance many people take in predicting the future. This is why I verbally counteract their points.
No one, including myself knows the future. The dinar could go either way. Truth is stranger than fiction.
Does that answer your question "WOW"?
Wow - "What I don’t understand is why you guy’s all keep answering Alex….LOL"
That's precisely why I stopped responding wow. The difference between someone who asks genuine questions as to why the 100,000-300,000% get-rich-quick scam is a scam that arose from American Dinar salesman around 2006/2007 not anyone in Iraq, vs someone who just pumps their little heart out copying & pasting salesman soundbites from other forums out of sheer desperation, running away from any serious debate, and throwing around "projection" saturated posts (where the scammer accuses everyone else of dishonesty and endlessly claims to be the "righteous truthseeker") is pretty obvious by now.
Excellent link kev, BTW. Reveals the true core of these clowns "arguments" in a nutshell.
Wow - "What I don’t understand is why you guy’s all keep answering Alex….LOL"
That's precisely why I stopped responding wow. The difference between someone who asks genuinely questions as to why the 100,000% get-rich-quick scam is a scam that arose from American Dinar salesman not anyone in Iraq, vs someone who just pumps their little heart out copying & pasting debunked salesman soundbites from other forums, running away from any serious debate, and spamming off "projection" saturated posts (where the scammer accuses everyone else of dishonesty & arrogance and endlessly claims to be the "righteous truthseeker" even though his own arrogant claims have been utterly demolished with the facts straight from the people in charge of the redenomination) is pretty obvious by now.
Excellent link kev, BTW. Reveals the true core of these clowns "arguments" in a nutshell.
He he he.... I just proved that the only people here repeating like a parrot are those who are so sure of themselves in that the Dinar is worthless.
I have not copied and pasted a single word for your information. I am not a robot under control of a puppet master like those IE "pros" on this board. LOL
wow - "What I don’t understand is why you guy’s all keep answering Alex….LOL"
Agreed 'wow'. The "trying to put a brave face on it after getting totally mauled" style trolling is now blatantly obvious. If he wants the last word as some form of emotional comfort blanket, let him. But at the end of the day, this is not a pumper RV forum where Forex scams get a free pass, and people coming here from "RV" forums trying to shovel stupid get-rick schemes will get absolutely hammered as happened to Alex on page 1 for all to see. Have a good day 🙂
PS: Great link kev. Sums everything up without further comment.
Dr. K
Obviously the dinar is a scam, but I’m not so sure I’d lay the origin of it on American dinar salesmen. They simply capitalized on an opportunity presented.
You have to remember there were dinar buying frenzies all over the Middle East before internet scammers jumped in and took it world wide.
There was an article out years ago, like 2007 or so, written by an Egyptian journalist. He claimed to have sources who had sat in on meetings between the Coalition Authorities and Iraqis where the plan was hatched to pump dinar out to neighboring countries with the rumor that it could go up substantially in value. The thought was that if people had the currency and thought they were going to get rich they would support the Iraqi plan (war/occupation/rebuild). Pumping dinar was a PSYOP plan to gain support in the region.
Any hard proof of this? No. But it certainly seems possible. It also explains to me why as the scam took off and went worldwide, the Iraqi government, the US nor Brits ever said anything to put a stop to it.
It was a long article and the dinar claim was but a small part of it. I’ll see if I can find it, doubt the link still works, but I think I copy pasted the whole thing on a small dinar board years ago.
Here's the article. I posted it in OCT 2007, not sure when it was written.
This was translatted from and Arab site.
Report written by: Mustafa Bakri
Suddenly become the new Iraqi dinar fill hearing and vision, some traders have started to pay INCUR GROSS market Egyptian, Jordanian and the Gulf and other countries, the prevalence of Obsession Libyan many sectors especially in the
Cairo, some Upper maritime quick gains and
losses quickly followed ..
حSo now everyone preoccupied with the issue of Iraqi dinar and this was their only one.
What is the story of the Iraqi dinar exactly how the leak to Arab markets, the goal of marketing, and what gravity on the economies of Arab countries.
'Week' has case and obtained important details reveal a new episode of workshops planned new American and you details.
Beginning was an important meeting held in Baghdad headed by the American ruler of Iraq Paul Bremer and the presence of a number of senior management staff and some of the leaders of the Intelligence and a number of economists and businessmen Treasury America.
At this meeting it was agreed to print worth five trillion new Iraqi dinars (five thousand billion dinars) and pumped to the market as follows, and a half trillion of Arab markets and the remaining pumps inside Iraq.
In this meeting also agreed to print six trillion new Iraqi dinars in the coming months, to be stopping the printing of the new Iraqi dinar at 20 trillion dinars.
The information that Egypt income during the recent nearly 40 billion dinars, were also flood the market at about 100 billion Jordanian dinars, the Gulf markets, particularly the Kuwaiti market has affected the lion's share
.Where were dumped about 300 billion Iraqi dinars.
According to the information that the process of dumping Arab dinars were approved plan Court involving the CIA and the Mossad in cooperation with some traders and Arab businessmen who aim to achieve rapid profit under the supervision of the leadership of the Middle East in the American intelligence led Princeton Hanield who assumed direct supervision of the process of pumping Iraqi funds? .
The American intelligence had lifted a note to President George W. Bush proposed the allocation of a large part of the Iraqi currency pumped to the Arab markets to achieve many goals that serve American policy in Iraq and the region.
Note intelligence has confirmed that the proliferation of Iraqi currency in the Arab countries would link the Arab citizen developments economic process in Iraq, including creating an Arab popular desire in the necessity of ending the Iraqi resistance and collaboration with the United States to ensure the return of political and economic stability in Iraq until the Iraqi currency begins to rise again, bring traffickers by the enormous wealth in the Arab countries.
The memo pointed out that the American objective behind this plan is to create a personal interest in the Iraqi people and the Arab peoples motivated to support American forces in Iraq to eliminate elements of the Iraqi resistance
, Which represent a real threat to its direct interest in the Iraqi dinar hoard them thinking that he would return to the earlier era and investigate the causes enormous profits.
The plan is also in accordance with the memorandum of America to encourage Arab investors to invest part of their money in the Iraqi market, and when the CIA estimated that felt that the proliferation of Iraqi dinars in Arab markets including the Egyptian market will benefit American exclusive economic order to obtain millions of dollars in the market Arab and away from the control of America.
The American plan that hundreds of millions of dollars obtained by the Americans from behind the sale of Iraqi dinar will be reinvested again in other operations within the region serve the goals of American policy.
The plan says that the dividend sale trillion Iraqi dinars American funds will be recycled in the region for several times, and these proceeds will be used to influence the economics of some Arab countries in the direction that Washington wishes to achieve without adding any American treasury new budgets.
According to the plan, the net profits of these operations on the pump Iraqi dinars and other operations will be used in subsequent spending one source for the cultural and intellectual invasion of the Arab peoples, such as spending on TV 'free' American will begin broadcasting in the region soon, as well as Radio SEWA America, and to support projects funding called democracy and the establishment of some newspapers and media suspicious and spending on non-governmental organizations associated with the American agenda, and will not use any of these funds inside Iraq.
The information had indicated that a number of Arab businessmen had contributed to the implementation of the scheme through the acceptance of the offers to buy American Iraqi dinars, and that the American side is the one who started such contacts with many Arab businessmen especially those associated with commercial or Agencies, or other means of cooperation with the United States, where they provided reassurances indicate that the actors are American, which will be introduced this
Dinars to Arab markets.In addition, there aside from businessmen away and through their agents introduction of such funds to some Arab countries in many ways and numerous.
In Egypt, mainly from the problem began Dakahlia governorate, specifically from the 'Enbroeh' availability during the three days from the start of last month about three billion Iraqi dinars, has been introduced by some businessmen
And their agents, and Enbroeh moved billions to Mansoura, and then to Kafr Sheikh then Alexandria and Cairo is the last stop.
In Cairo, noon second generation of Iraqi dinars where funds proliferated in many neighborhoods Greater Cairo very quickly emerged about six billion dinars markets in Cairo one week after the first generation of dinars has been moved from Cairo 5,2 billion dinars to the provinces billion level and to another Upper sea while Aldahryon accounted for about 5,2 billion dinars of the total amount.
After that began after waves third, fourth and fifth even reached the total value of the deal to about 40 billion Iraqi dinars entered the Egyptian market from abroad, this is unlike what has been confiscated by the authorities of airports and ports, and was controlled by the Egyptian government, especially since the Egyptian market was target Only about 100 billion Iraqi dinars, and that Washington was not only succeed in introducing 40% of the target amount.
According to the information, there are about 15 billion Iraqi dinars entered the Egyptian market through some Egyptians it is not the gate of America ..
After some of those Egyptians themselves to travel to Iraq and Jordan ..
.Where they buy the 400 Iraqi dinars one dollar, and they are shuttling from Cairo to Jordan, Iraq, and vice versa.
Entered 'Israel' on the line where American agreement which dinar was sold at such a low price and extremely cheaper than all other markets, which drew the attention of some businessmen Gulf specifically where the 10 thousand Iraqi dinars sold at only $ 1.
The information that 'Israel' reserves were large quantities of Iraqi dinars and away from other funds, which prepared the basis for smuggling to the markets of Arab States.
According to sources, these important economic problem led to the sudden increase economic pressure on the Egyptian economy because it has greatly impacted on the dollar reserves of cash was withdrawn large part to buy dinars
Iraqi market needs, and impacts on the Egyptian pound which began inevitably influenced by the millions of dollars that then try to find their way out of Egypt.
The American plan is estimated that the economic effects, particularly on Egypt will exacerbate the economic problems which may lead to further weakness of the national currency Egyptian, as is
;According to the memorandum of America prepared in this regard
.The American policy believes that the issue of promotion of the dinar is essentially the idea of voice and Washington making Iraq the economic model most abundant and well-being of the region even if it led to the destruction of the economies of other countries.
The United States hopes to build this Alenmodgkhalal two or three and make it an attraction to the citizens of other Arab countries who are looking to the Iraqi model that the model is similar to models of some Asian countries in the abundance and prosperity and that it would pay the categories of beneficiaries of the citizens of Arab states to claim circulate model Iraqi events in their country, political and economic change, according to the American agenda.
The American note that the Arab citizen will be linked to personal interests through feeling at the Iraqi currency, which in the hand and which is trying to buy multi-million this currency would seek to invest their funds inside Iraq, and when Iraqis themselves realize that the citizens of other Arab peoples working on investment the land will encourage them in this case would create a public opinion against the resistance force her to stop carrying weapons and coping with
The investment community will be the new identity only seeking money and achieve quick wins any way with any quarter.
According to the analysis, the prevalence billion dinars in the Arab markets is a new kind of war America in economic matters including reflected negatively on the economies of Arab countries, and America will try to link the rift between political, military and economic together in the new concepts already begun.
Wealth ..
;Affluence
After the rapid spread of wealth among fever-few sectors in the Egyptian and Arab street by the Iraqi dinar question is whether it will really Moktenzo Iraqi dinar owners millions, and whether the Sudanese currency Sekittenson future posted the same determination to enhance the experience Almstchdin Kuwaiti dinar, which has astronomical gains the permissible?
The answer to these questions indicate that the Iraqi currency .
Quite different from the case of the Sudanese currency ..
Iraqi currency linked to many other factors such as political stability, specifically the situation in Iraq, and also the difficult economic circumstances experienced by Iraq since 1981 and even if the United States succeeded in forming an Iraqi government stable and able to stop the Iraqi resistance once the external debt of foreign
On Iraq, amounting to 120 billion dollars will be one of the fundamental factors affecting the value of the Iraqi currency in circulation.
Even in the event of successful talks envoy James Baker concerned with Iraq's debt, all indicators say that amounts to be canceled will exceed 35 billion dollars, and these amounts will drop the value of the new Iraqi dinar rate will not exceed 8.5%, as deemed by economists AMERICANS
The information here that those betting that the United States is protecting the dinar Sifajaon that will be the loser in particular creditor nations most stipulated the withdrawal of American forces from Iraq and demand that the United Nations play a central role as unprecedented debt forgiveness.
Secondly, there are the lingering effects of the Anglo-American war on Iraq, where information pointed to the American infrastructure Iraqi mass affected by more than 76% and mean that Iraq would need hundreds of billions of dollars to rebuild the infrastructure again, which is necessary and essential for any foreign investments imported also need three years to come at least to complete the bulk of them.
There is also a third problem is the re-pricing of the Iraqi dinar, or raise its value and this depends mainly on Iraq's own resources, and this problem is identical, in that all of Iraq's resources will be self-recruited for the reconstruction of Iraq and the completion of infrastructure projects in Iraq, and therefore the resources Iraqi self must be a parallel in the value of the conditions of the Iraqi currency in the present situation, because these resources will be invested for the benefit of the economy or for the benefit of adding new resources of national income in the country, hence even in the case of oil re-pumped and agricultural resources
The industrial operation in the event of re-equipped facilities will be fully employed and for the reconstruction of Iraq and, in addition, it would benefit international companies competing for reconstruction projects and win raised maintaining a low and vulnerable to the new Iraqi currency, because any force of this currency would reduce or increase the value of volume profits hurt signed to these companies for work in Iraq.
There is also a view that the Iraqi government will request for the dollar because all foreign companies, which are estimated thousands want to settle their dues in dollars and in accordance with economic principles when it increases demand for the commodity, it must lead to an increase in such drugs, that any increase in the demand for the dollar to settle dues companies The foreign institutions will rise in price will lead to a corresponding decline in the value of new Iraqi currency against the dollar, Taking
.The dollar equals 1500 Iraqi dinars today, and with it the start of reconstruction and foreign companies access to the dues per dollar might exceed the 2500 dinars, or the 300 Iraqi dinars.
Some may wonder about the role of oil in the value of the Iraqi currency and the dollar here Reports indicate that the operations carried out by the Iraqi resistance against oil installations and lines especially in Mosul and Kirkuk and the north will hinder the long-term return of oil production in Iraq earlier custody, or to rates close to the former roof, and restore Iraqi oil lines of work needed, according to American estimates amount to over five billion dollars, and that needs to be over time it may take two or three, in the event of the availability of funds, namely that Iraq in the first period and even in the event of stability the political situation as it is consuming countries will be to the dollar and is not a country
.Investor dollars for a major currency on the basis of which will be evaluating the new currency, this also means in turn that the dollar will increase the value of the dinar will go down than it is worth.
.In addition to all this information is that the formation of a strong hesitate new Iraqi government may carry heavy caliber surprise to Moktenzi Iraqi dinar This government will try to show that the appearance independent from the occupation and to satisfy the people at home, which means that the first highlight of manifestations of independence will be to cancel its dinar Iraqi issued in the era of occupation and printed new currency reflects the new Iraqi government.
According to the information, this is the direction most of the Shiite authorities, and the Sunni in Iraq who feel that you were the new national looting from the Arab countries by the Americans and the new currency is an expression of the occupation authority, and that adhering to it will link all of his work that it has become such paper, which is not worthless.
Here, in this case, be hit the hardest are those Moktenzi currency and Earner bulk of Americans who are sold delusion of others.
There is another view reflects the minority view that after the formation of the new Iraqi government next June must be upheld in Iraqi currency in circulation now for a year and then being changed after that.
This term perspective of the new Iraqi currency, which Stsubh under difficult economic data and deteriorating and thinking in building the economy of Iraqi forces will not be before 5 or 6 years to come, at least, even after this period.
The international obligations on Iraq to the international community and to the development programs and projects of Interior and other things should lead to a change in the Iraqi currency currently being raised.
According to reports, the Americans themselves feel that the Iraqi currency is currently before his transition and a specific time, and it will not be negotiable and that they Delelehm in issuing these currencies categories of large amounts, even one paper up to 250 thousand dinars, and a smaller paper with the category of 5000 the dinar, which means it non-negotiable in the internal market of Iraq, or that even if circulation, the lowest price for the purchase of lower commodity in Iraq even if they loaf of living must be 5000 dinars, and the American government if it wanted to be really strong currency they have issued a few categories in the category of 5 dinars, and the 10 dinars, and the 100 dinars, etc.
Iraqi identical in the near future Lebanese currency and not Kuwaiti dinar.
The role of the Sudanese dinar
After restraining the Iraqi dinar began tending to the voices calling for the Sudanese dinar, and has already begun some senior traders and businessmen to buy large quantities of the Sudanese dinar, which is the price per pound to the value of 350 Sudanese dinars, and that this phenomenon started spreading in Jordan and many other Gulf states, which means that Egypt would specifically in the next few months a wave of American and Israeli conspiracies.
With greedy merchants to promote Sudanese dinar at the expense of the Egyptian local currency and the dollar.
Two have emerged in the planning framework being in the Middle East Intelligence Central America:
I see the trend to maintain the currency's current Sudanese dinars, and the promotion of this high pound against other currencies after the Arab peace agreement and exploit oil, which are present in large quantities in the subsoil of the Sudan
Second trend print new currency for the Sudan similar Iraqi currency to be put in large quantities in the Arab markets, and is considering the new Sudanese currency essential part, and whatever the economic progress of the Sudan.
There are voices already started off in many Arab capitals to confirm the high value of the Sudanese dinar.
There were some quarters had tried recently to promote the Libyan dinar only that the Egyptians played on the high purchase price, but there are some businessmen and the wealthy class benefited greatly from this surge of Libyan dinars.
According to reports Egyptian important, the experience of Libyan dinar indicated that about 88% of wagering and speculators Iraqi dinar What would happen to the Sudanese dinars belonging to the middle class and owners of small savings in
While the majority of wealthy Iraqi dinar dealt with the concept of a quick profit purchased from outside Egypt and the highest selling price of the small savers in a few days through no Ektenzoh as did small savers.
According to the information, invisible hands that started and promoted heavily for the purchase of the Sudanese dinar focus on the political circumstances associated with the signing of the peace agreement in Sudan.
Interesting read Stew, thanks. Not suprising the Western scammers have attached themselves like a leech to that. Like attracts like. Ironically, I heard a similar rumor that the reason Iraq were unofficially encouraging non-Iraqi ownership of Dinar was only to plan to instigate the same currency border controls during redenomination that they did in 2003-2004 (have to travel to Iraq to change up just like the Saddam Dinar -> NID's changeover due to Iraq being a non-tradeable currency). Which if true, would be hilariously funny for all the wrong reasons 😀
LOL, If you can buy them in American banks, you can redeem them in American banks. Apparently none of you own dinars, so you have no experience with them. You just blown your cover. So tell us why you so hate people buying these ugly baaaad dinars? Oh their sooooo terrible you say....LOL
Alexander Hues - "If you can buy them in American banks, you can redeem them in American banks."
And back in the real word, you can't. The only people selling them are the cowboy outfits who sell them at absurd premiums and pay the "guru's" a cut for keeping the fake hysteria going. Most people are paying extortionate 20% spreads because they can't buy them in banks because the Dinar isn't a tradable currency, and banks have zero legal obligation to change IQD -> IQN/USD when Iraq eventually redenominates, even if you could buy old Dinars from them today:-
"Wells Fargo does NOT sell Iraqi dinar in any of our locations – online, by phone or in our stores"
https://www.wellsfargo.com/foreignexchange/
"Wells Fargo does not currently buy or sell Iraqi dinar and has no plans to do so in the future." - Wells Fargo, 2013
Rinse & repeat for BoA, Citibank, HSBC, etc. The only person who's "outed themselves" is your still-trolling self by blindly copying & pasting fake made-up 2-year old long-debunked "OMG, my friend's uncle's brother's babysitter's pet-squirrel's vet's aunt phoned up Wells Fargo and they said blah, blah, blah..." rumors. You honestly believe that no-one will verify your bald-faced lies? As has been said, this isn't a pumper forum, and the scam is only a novelty to you because you've only just got sucked into it, and you're gullible enough to unquestioningly lap-up everything your read on "RV" forums without even attempting to verify anything you read out of blind greed. In fact, the same banks you claim are "selling Dinar" are now correctly starting to tell people who phone up that "the RV is a scam".
That's why amateur Dinar sellers (Dinar Trade, Treasury Vault, etc) all universally have a "We have no legal obligation to buy back your Dinar" disclaimer on their websites (and why pumpers, eg, Breitling have a "This website is for entertainment purposes only" at the bottom of every page). They know full well there is no real "RV" - but make vast sums of money off gullible amateurs who not only pay 10-1400% more in commission fees to rip-off conmen vs normal 5-10% spreads for bank-notes of other currencies, but they even laughably subscribe to "premium intel / alert services" (as if changing every banknote, ATM, retail till, auditing process, stocks, bonds, bank deposits, etc, in a country of 30m people will be done overnight "in secret" and some guy in Oklahoma will be the first to "tell the world"...) 🙂
Give it up Alex. You've already lost the argument on page 1, and now you're resorting to the most stupid easily disproven lies to the point of being a bald-faced liar.
The US government bought Trillions of dinar which are stored in Fort Knox. This investment is real if the governments around the world are doing it! They are all waiting. This investment is being handled by the IMF & CBI. The validation machines for validating IQD have been shipped to Wells Fargo. The De Larue printing Co. makes these machines. This company also printed the Iraqi Dinars.
After America invaded Iraq the American Government invested heavily in the Dinar. I think the reason you people and so many others are very negative in regards to investment in the Iraqi Dinar, is because if too many people invest you are afraid the Dinar will not revalue as high as you would like. This is true for all you like minded clan including the upper class.
Indeed John. It's mind boggling how some people are so wrapped up in this, they can't see how utterly asinine it is to lie about such blatantly obvious things:-
- "Kuwait RV'd". No they didn't.
- "The US Govt holds masses of Dinar". No they don't - this one was openly debunked inside a court room during the BHG case:-
"Bradford Huebner, Rudolph Coenen, Charles Emmenecker and Michael Teadt sold and offered to sell Iraqi currency, known as the dinar, by making material false statement and representations, including but not limited to the following:-
- false claims made regarding U.S. Dept of Treasury dinar holdings
- false claims made regarding the U.S. Dept of Treasury's involvement and future involvement in the dinar and dinar exchange
- false claims made regarding Executive Order 13303
etc.
Original court document here:-
http://ftpcontent.worldnow.com/wtvg/docs/120920_BHgroup.pdf
That's where all the "Fort Knox is FILLED with Dinar" delusional cr*p came from - conmen who've been prosecuted for fraud... Shouting the same lies over & over 3 years later still won't make them true...
- "You can buy & sell Iraqi Dinar from any American bank including Wells Fargo & BoA". No you can't. That too was a made up 2009-era pumper rumor debunked many times by every major US bank. It's actually quite pathetic how some people are that desperate all they can do is repeat 3-year old lies like a mantra and hope everyone else will be equally gullible enough to "open wide and swallow" without verification (like the RVaholics always seem to do).
- "Iraq said they'll only exchange small notes". No they didn't, they've been saying the exact opposite all along. Every note will be exchanged at 1:1000. See post on page 1.
- "It's the De La Rue machines man! DE LA RUE, I TELL YOU! De La Rue are a British company that design or produce security features for over 150 national currencies for dozens of different governments around the world (including the Euro). They've been selected to print new notes for Iraq's non-RV redenomination / 3-zero lop. Big deal. Nothing to do with any delusional 99,000% RV. They're just going to produce the new 25 Dinar notes that you'll get in exchange for each 25,000 Dinar note you hand in. As everyone on the planet except a few Western scammers have been saying all along...
The RV scam has already been explained in detail on page 1 for those who want the actual facts. And for pumper lapdogs like Alex who do nothing but regurgitate the same brain-dead sales slogans & debunked conspiracy theories, and revel in the BIG LIE technique, at this stage they're best left to live in their own "inverse reality" bubble where they can spend all day telling each other what they want to hear, pulling made-up "rumors" out of their behinds, hang onto the words of conmen going to jail, seeing everything everywhere as "proof of the conspiracy" (usually intermixed with half a dozen other half-baked self-contradictory conspiracies that change week by week), and generally swear blind the grass is blue and the sky is green...
Tell all that to the U.S. Government then. Let's see what they tell you. LOL You think they actually would purchase all those dinars for nothing in return, besides all the other nations too? Oh and the dinar is NOT pegged. The CBI can make it any value they like. The banks are just waiting for the peg to resume trading. So the scam is actually the threat of losing $, and not the face it portrays to be of altruistic groupies. You all would not get so mad if I were wrong. LOL
Alexander Hues - "the dinar is NOT pegged"
"The Dinar is currently pegged to the dollar at a rate of 1166/1164 (sell/buy) dinars per dollar" - Central Bank Of Iraq:-
http://www.cbi.iq/
As I said, there comes a point where you just have to leave them to their 'special happy place' away from reality...
Not sure what water wagon you use, but you just pointed out the fantasy world of your dreams. The banks have stated quote: "When the dinar is pegged, we will resume trading". So you are saying that all the banks are unaware that it is pegged and they just want to illegally deny trade? Is that what you are saying? LOL
Alexander Hues - "The banks have stated quote: “When the dinar is pegged, we will resume trading”"
No they haven't. That's why Googling for exact match "When the dinar is pegged, we will resume trading" comes up with "No results found", so it isn't a "quote" at all. All you've done is show how good you are at trolling with stupid fake made-up "quotes".
The Dinar IS already pegged to do $ at 1166:1 rate as is plain for anyone to see on the CBI's own website. See above link. Your posts are the classical definition of a troll - ask a question - ignore the answer - then keep asking the same stupid question over and over after it's already been given to you just 2 posts above and multiple times on page 1. Your silly little attention seeking act is now very obvious and commented on by several people.
Here is the Central Bank of Iraq's website. Again:-
http://www.cbi.iq/
I suggest you troll them with your stupid scam and see what they have to say...
Ok.. now that Alex has had his fun, let's all clap for him. Children eventually go away when they get their fill of being the center of attention. Oh don't get me wrong, Alex, I am also highly invested in dinar and I believe, like other countries, there is the possibility that someday it will all be worth something. The difference is I am a realist and a very educated individual. I don't need others attention to validate my value nor that of my diversified portfolio. I suppose I would act the same if all I had for a career was to be a low life forex pumper. I do hope the value of your dinar increases more than that of my own so I won't have to worry about you living in the streets. Now that I have addressed Alex, can the rest of us big boys get back to business? Good day.
Please relay your comments to all the banks then. Because if what you are saying IS correct??? Then any bank will gladly accept an exchange of Iraqi Dinars for U.S. dollars. A bank can not by law turn down a trade just because they "feel" like it. If the dinar is "pegged" then why are the banks not trading and letting citizens turn in their dinars? You can't have it both ways my friends.
Yet again Mr. Hues, you humiliate yourself further (if that's even possible at this stage) by getting everything as completely backwards as possible. One final time - if you do "get it" by now, then you probably never will:-
The Dinar IS pegged to the $ but is NOT internationally traded which is why you cannot walk into any bank in the world and change them up. You have ZERO "legal right" to exchange ANY Dinar for $ (or for Euro's in Europe, etc) in any bank outside of Iraq. You also have ZERO legal right to sell / refund your Dinar for $ back to the same "Money Services Business" (amateur Western Dinar pumpers) that you bought them from. That's why they all have the same "We are under no obligation to buy back your Dinar" universal disclaimers on their "buyback" pages.
Alexander Hues - "A bank can not by law turn down a trade just because they “feel” like it"
That only applies to domestic USD transactions, not foreign currencies. Take a look at Wells Fargo's website and you'll see for yourself they only buy/sell about 70 currencies out of 190 countries. No Iranian or Yemeni Rial's, no Somali Shillings, no Belarusian rubles, no Ukrainian Hryvnia, no Bulgarian Levs, no Syrian or Sudanese pounds, no Libyan Dinar, no Venezuelan Bolivar (who lopped 3-zeros 2,150:1 to 2.15:1), no Ecuador, no Guyana, etc. There is zero "legal right" to demand any US bank 'must' exchange any obscurely traded 2nd/3rd world foreign currencies. Half of the worlds currencies aren't even listed including a number of Eastern European, Mid-East, Asian & South American ones. Including the Afghan Afghiani (who also lopped 3-zeros off their currency in 2003 from 4300:1 to 4.3:1).
If you're lucky, when Iraq redenominates, you may be able to exchange your $850 worth of Dinar for $850 USD (minus commission fees) in a US bank (probably with a huge markup - see BoA's 15-20% markup on the Kuwaiti Dinar). The worst case, however, is that as an untradeable currency, Iraq have the legal right to potentially implement currency border controls during their redenomination like last time, and requires Dinar holders to travel to Iraq to change them up. This is exactly what they did in 2003-2004, here is the archived official announcement:-
"New Iraqi Currency Introduced October 15, October 14, 2003:-
Q: Can dollars also be exchanged for new Iraqi dinars? What will be the conversion rate for dollars?
A: Dollars will not be converted directly into new dinars during the official exchange. Following the exchange, dollars will be convertible directly into new dinars at the market exchange rate. New dinars will also be convertible into dollars as well as other currencies at the market exchange rate.
Q: Will it be possible to exchange currency outside of Iraq?
A: No. The only official currency exchange locations will be located within Iraq."
http://www.usembassy.it/file2003_10/alia/a3101405.htm
Yes, we can "have it both ways" because that's reality. The Dinar is both pegged to the $ as well as simultaneously being non tradeable on Forex. You clearly do not understand a word of what you're talking about. On almost ANY aspect of the Iraqi Dinar - its history, its value, its tradability, how currencies are valued vs each other, FX reserves vs peggable value, etc.
If the Dinar were not pegged to the $, the CBI could not control their exchange rate by buying and selling currency against the dollar in currency auctions (as they have been doing, and as is clear for all to see on the CBI's own site on their currency auction page), and the Dinar's value would be fluctuating each day, and as +30m ordinary Iraqi's experience for themselves in everyday life. Banks have also been saying the exact opposite of what you claim (which is no surprise given the sheer number of confusion-based lies you've told about almost everything).
Floating currencies are independent of one another. The dollar can go up against the Euro, or vice-versa, without the dollar going up against the Canadian dollar, because neither the CAD, EUR or USD are pegged. But the Iraqi Dinar is. When the $ goes up 2% vs the Euro, so too does the IQD. When the IQD is 1164:1 vs the $ - and when $1.5 = €1, then the IQD:EUR rate is 1746:1 vs the Euro. If the USD:EUR rate moves from 1.5:1 to 1.4:1, so too does the IQD:EUR rate move from 1746:1 to 1629:1 - Because the IQD is pegged to the USD.
"The Dinar is currently pegged to the dollar at a rate of 1166/1164 (sell/buy) dinars per dollar as can be seen on the Central Bank Of Iraq's home page." - Wikipedia.
Cont...
...Cont
And if you look on the CBI currency auction site (click below link), you can clearly see both the official pegged auction value (1166:1) and the unofficial "street" value (1200-1230:1) next to it:-
http://www.cbi.iq/documents/CBI_FOREIGN_EXCHANGE_AUCTIONS.pdf
Likewise, it's a myth that the US Govt is "stockpiling Dinar", and is just a made-up online fantasy that's "gone viral" on 'RV' forums by those who gullibly lap-up anything they read on the net. The USA does not hold "Masses of Dinar in Fort Knox" and never has done. It's a lie that came from a few conmen who not only were prosecuted for fraud, but also admitted in court they also lied about their claim of being "Gulf War Vets" and their similar "war stories" posted to Dinar forums were 100% fabrications. This information has also been given to you. They openly admitted in court they were lying. Forex reserves are no big secret no matter what a few inane posers on DinarVets, DinarRecaps, etc, say. Google "COFER" statistics (Currency Composition of Official Foreign Exchange Reserves) and you'll see the amount of Dinar held outside Iraq - by ALL countries including the USA - is so small it's literally a rounding error. Literally, a few million $ worth. The IMF & World Bank agrees.
Stop making a fool of yourself, and start dealing with the real world. There is no "99,000% RV" and never has been outside of about a dozen scammer American web forums run by a bunch of pied pipers leading you on a merry dance with feel-good slogans and fake bank "stories". Iraq is planning to redenominate / lop / delete 3 zeroes (same thing) and your Dinar's will be worth the same afterwards - no more - no less. You will hand in 1x 25,000 Dinar note @ 1166:1 rate (worth $21.44) each in exchange for 1x new 25 Dinar note @ new 1.166:1 rate (still worth $21.44), minus whatever commission fee they charge. As Iraq has been telling you all along.
Others have explained this to you - repeatedly - earlier in the thread including with links from the Central Bank of Iraq themselves explaining it to you (you know - the people actually in charge of the process, not some conman 6,000 miles away who's never even left the US, can't speak a word of Arabic and "accidentally" mistranslate everything to mean what they want it to mean as "clickbait" to keep the Dinar sales ad revenue & "premium alert servicess" going which is where the pumpers make their money). The only person who needs to "talk to the banks" is yourself.
If you are serious and not trolling then the above explains your questions. And if you are trolling, well get well soon. Either way, it probably is best if you stopped trying to "lecture" people on a subject you clearly know nothing about with "OH YEAH, WELL EXPLAIN THIS!" style posts coming from scammer forums, because it already has been explained to you over... and over... and over... again. Whether you possess/lack the basic intelligence to grasp these simple verifiable facts - or maybe you do understand them but simply don't want to believe them out of a fantasy addiction, is utterly irrelevant.
The Dinar is pegged to the dollar. Period. And no US bank is under any obligation to trade it. Period. And you will not be given $850,000 for handing over $850 worth of Dinar during a 3-zero redenomination. Period. Likewise, the truth you've repeatedly been given by several different people backed up with sourced links is the truth no matter how many times you run away from it, nor does the plain and simple truth require the Alexander-Hues-Pumper-Stamp-Of-Approval or peer approval from a bunch of clueless posers / conspiracy addicts on scammer forums like "DinarVets" also spouting the same confused lies year after year, to simply be what it is.
Have a good day.
Hey lads ,yet another very entertaining read!I just sold another house and made another $26,000 CDN clear after taxes.How much did I earn on the 30,000 dinar that are collecting dust in my glovebox .....0 yep that's right a big fat nothing, and I could post here in 2017 and I am quite confident the results would be the same, and actually I believe that the dinar in my glovebox would be better served as nesting material for rodents than an investment. Now in response to Alexander Hues, Alex get a grip, if you think that there is going to be an RV of even 1-1, Iraq would need to have the equivilent of $84 trillion US dollars to back that up, and if you don't want to realise this blatantly obvious fact, then go and submit this question to all of your "Guru" buddies,"Is it true that Iraq would need $84 trillion US dollars to back the Dinar RV at a 1-1 ratio"? and see what reply you will get from them, if any.I too had just over a million Dinar, and bailed out as a result of taking a closer look at the whole picture, and I am glad I did,as the buy back rate has fallen from .00086-.00083 since I got out.I got into the Dinar in 2007 and did my best to stay away from all the Dinar Guru type sites as they are so full of BS that even bulls would be impressed!You would be further ahead to bail on this pipe dream of attaining millions from your investment of pennies,because it simply won't happen with the Iraqi Dinar,period!And just for laughs why don't you post where you got your info on the US Gov't holding trillions of Dinar in FT. Knox. The US Gov't could stash that in a US today newspaper box on New years day 2014 and all of it would still be there in 2020 lol , as nobody would want that much wallpaper, in their possesion.But anyway Alex do what you want , it's your money, and throw it away if you want, but I think numerous charities would be better off with your disposable cash, than the Dinar con artists that are more than eager to steal your cash, but do what you want, everyone will still be here to watch you eat your humble pie, all the best lads, sincerely Goateeman
I will. And thanks. Because my dinar will be converted to U.S. Dollars when I'm ready. I could go to the bank tomorrow if I like. I already have a profit since I bought dinar when it was over 1,250 per U.S. Dollar. It is now only 1,164 per. So I made money. LOL
Hey Alex, Barry,John & Stew have all posted links to de-bunk what you whole heartedly believe is the truth about the Dinar, in your next post I think everybody who has responded to this forum would like to see your links to the info that supports your position of becoming filthy rich, and where is the iron clad proof of what the US is supposed to be holding, with regards to the amt. of Dinar, in FT. Knox.
goateemean - "Hey lads ,yet another very entertaining read!I just sold another house and made another $26,000 CDN clear after taxes."
Hey goateeman, glad to hear you're doing well for yourself. Nice one. 🙂
goateemean -"Hey Alex, Barry,John & Stew have all posted links to de-bunk what you whole heartedly believe is the truth about the Dinar, in your next post I think everybody who has responded to this forum would like to see your links to the info that supports your position of becoming filthy rich"
We gave up waiting a long time ago 😉
Alexander Hues - "I already have a profit since I bought dinar when it was over 1,250 per U.S. Dollar. It is now only 1,164 per. So I made money. LOL"
As long as you completely ignore the 20% odd trading spread, sure... And even ignoring that, the Dinar hasn't been at 1250:1 since 2007. Which means it's taken 6 years to make a 7.4% "profit", which = an annual rate of return of just 1.1%. You could have got double to triple that sticking it in a high street bank account (and without losing roughly 15-20% of your initial 'investment' in exchange fees...)
I know how exciting the impending revaluation of the IQD to NID is for most of you! I have found some information to share for planning purposes, especially for IQD holders living outside of Iraq.
"Much ado about the Iraqi Dinar: Breaking down the IQD to NID to USD investment projections, post-revaluation and renumeration."
Point 1. Iraq is going to change the face of its currency in the revaluation process (renumeration). This means deleting three zeros on the face of the currency. For example the 25,000 IQD note, will be a 25 NID note. What does that mean for you?
Point 2. You will have to exchange the IQD for NID-- in the country of Iraq. You would need to visit the country during the circulation of both currencies, which is reported to be around three years. This potentially large IQD to NID intra-currency exchange would likely be limited to Iraq.
Point 3. The Central Bank of Iraq's IQD to NID intra-currency conversion may thwart your chances of being a USD multi-millionaire. This presents an interesting question. When the revaluation happens (because it will), from which country will I be able to travel to Iraq to exchange my money and get rich!?
Well, It's super dangerous to travel to Iraq from the United States (see: Iraq EWAN), strictly prohibited from other countries, and super expensive! The danger lies in the ongoing military conflict with sustained US military involvement, which makes American passport holders highly susceptible to kidnapping, detainment, and murder.
YIKES! That sounds awful!! I think I'll stay at home. Can I trade currencies in the United States? Sure!
Point 4. If you can't travel to Iraq and you want to trade your currency stateside, there is one major issue to beware of. The deletion of zeros matters in the US because the stateside IQD to NID intra-currency exchange rate will be 1:1000 instead of the 1:1 in Iraq:
IQD: NID:
50 Dinars 50 fils
250 Dinars 250 fils
500 Dinars 500 fils
1000 Dinars 1 dinar
5000 Dinars 5 dinars
10,000 Dinars 10 dinars
25,000 Dinars 25 Dinars
New note 50 Dinars
While the value of IQD to NID will remain the same in Iraq for a period time, IQD to NID intra-currency conversion outside Iraq will cause a decrease in projected IQD to NID value for stateside IQD holders. This is done to preserve the value and use of the IQD and NID notes in Iraq, raise the value of the NID on the global open market, while quickly and completely devaluing the IQD (they don't want all those old notes in circulation).
This means 1M IQD will equal 1K NID. We don't know what the USD to NID ratio will be as yet, but let's say it is near the KWD as speculated. In this scenario 1000 IQD (now 1 NID) would equal $3.5 USD, instead of $3500 USD.
Point 5. How will US IQD holders fare with the 1:1000 intra-currency exchange outside of Iraq? Let's use Eric as an example.
If Eric bought $5,000 USD worth of IQD (at 1:1163) he has approximately 5,815,000 IQDs.
When revaluation and renumeration occur, the IQD to NID intra-currency conversion in the US may leave him with 5,815 NID if the three extra zeros on the IQD are not honored outside of Iraq.
The worth of 5815 NID in USD (1:3.5) leaves Eric with $20,352.50. He got a 400% return on his initial 5,000 USD, but this is a far cry from the $5M USD Eric may have expected.
**Summary: Iraqi Dinar investments are still tricky business. You will need to be in Iraq during the circulation period of both currencies, but traveling there is extremely dangerous and discouraged by the US government. IQD to NID intra-currency conversion outside of Iraq may result in significantly lower USD investment returns. You will make money, but it won't be as much as you expected and probably not anytime soon.**
Check out the articles below for more info:
Iraq EWAN
http://travel.state.gov/travel/cis_pa_tw/tw/tw_6063.html
Iraq Business News:
https://www.iraq-businessnews.com/tag/revaluation/
Al-Monitor:
http://www.al-monitor.com/pulse/originals/2013/10/dinar-currency-iraq-plans.html#
Rueters:
http://www.reuters.com/article/2012/11/15/us-forex-investments-dinar-idUSBRE8AE1SV20121115
Wall Street Daily:
http://www.wallstreetdaily.com/2013/07/30/egyptian-pound-currency-scams/
Better Business Bureau:
http://www.bbb.org/us/article/bbb-warns-that-iraqi-dinar-investment-is-creating-concerns-and-complaints-690
Forbes:
http://www.forbes.com/sites/johnwasik/2013/09/06/inside-the-dubious-dinar-revaluation-ruse/
Kaye - "I know how exciting the impending revaluation of the IQD to NID is for most of you!"
Not really. "Point 1" that you wrote is indeed true. "Point 2" might well happen - Iraq can easily instigate currency controls (and did so during last 2003-2004 changeover). The first sentence of point 3 ("The Central Bank of Iraq’s IQD to NID intra-currency conversion may thwart your chances of being a USD multi-millionaire.") is correct though you never had any "chance" of becoming a USD multi-millionaire in the first place because that's simply not how redenominations work. Nor is it even economically possible given Iraq have less than $80bn to support 84,000bn Dinar - they couldn't even "RV" 0.1% of Dinar in circulation at that rate... It's only a few Western conmen who've been running around shouting "99,000% RV" using the "Big Lie" technique - repeat a lie often enough in public with confidence & passion and not only will people believe you, you'll end up believing it yourself...
Kaye - "Point 4: The deletion of zeros matters in the US because the stateside IQD to NID intra-currency exchange rate will be 1:1000 instead of the 1:1 in Iraq"
False. The deletion of the zeroes is 1:1000 everywhere, for everyone, as Iraq have repeatedly stated. It'll be the same 1:1000 for Iraqi's as it will for Dinar-holding Americans, Turks, Syrians, etc. People outside of Iraq are just inventing fantasy economics of what they want to happen to try and "explain" their wishful thinking or how they're "special" and "different".
Kaye -"While the value of IQD to NID will remain the same in Iraq for a period time, IQD to NID intra-currency conversion outside Iraq will cause a decrease in projected IQD to NID value for stateside IQD holders."
False. To start with NID's are IQD's. NID (New Iraq Dinar) is just the banknote series issue (that replaced Saddam Dinar series that in turn tried to replace Swiss Dinar series, etc), IQD is the currency code. When Iraq redenominates a whole new currency code will be brought in for the new notes (possibly IQN or IQR). ALL IQN notes will be worth the same in $ value as IQD's, as EVERYONE - inside & outside Iraq - will exchange 1:1000 but each note will be worth 1,000x more (because Iraq will now have $75-80bn Forex reserves to back 84bn Dinar - and not the current situation of having $75-80bn reserves to back a whopping 84,000bn Dinar - which is why the Dinar's value is below 1000:1 in the first place). As Iraq have repeatedly stated:-
- "The new 50 Dinar bill will have a value of $43 (50,000 current note Dinar)... The Iraqi currency change will not have any effect on the international value of the Iraqi dinar and economy" - Central Bank of Iraq
- "This redenomination had previously been applied in countries such as Turkey, who deleted six zeros from their currency" - Dr. Mohammed Saleh, Central Bank of Iraq
- "The exchange rate between the new banknotes and the old ones would be 1:1,000." - Mahma Khalil, Member of the Iraqi Parliament and official spokesperson of the Economic Committee
- "The change that will take place with the Iraqi currency will change the face value of the dinar and not the real value as measured by the value of Iraqi dinar against the dollar and gold” Sami Atrushi, Iraqi Finance Committee
- "The step to delete zeros is merely an administrative process, and the currency equation should remain the same. This means that the purchasing power of the new currency should be equal to that of the old currency" - Nafee Elias, North Bank.
- "The deletion of zeros will not affect the Iraqi dinar’s purchasing power" - Ahmed Faizullah, deputy head of the parliamentary Finance Committee
etc...
Kaye -"This means 1M IQD will equal 1K NID.
IQD's are NID's. What you meant to say was : "1m current IQD notes would = 1k new IQN notes" (or whatever other new "IQx" currency code is eventually chosen). Which is true.
Kaye -"We don’t know what the USD to NID ratio will be as yet"
Yes we do. It'll be 1,000x higher than it is currently - ie, 1164:1 will move to 1.164:1. Likewise, the Euro will move from 1572:1 to 1.572:1. The GBP will move from 1884:1 to 1.884:1. That's exactly what "delete 3 zeroes means" in reality. The Dinar's new FX rate will be 1,000x higher because they'll remove 99.9% of the nominal value of banknotes by redenominating / lopping - which is exactly what causes the 1,000x higher new rate. The latter cannot happen without the former.
Kaye -"In this scenario 1000 IQD (now 1 NID) would equal $3.5 USD, instead of $3500 USD."
False. 1,000 IQD's (1164:1 vs $1) -> 3-zero redenominated to -> 1 IQN's (1.164:1 vs $1) would both be worth around 86 cents. 1m IQD's ($859 worth at 1164:1) is still going to be worth the same $859 worth (1,000 IQN's at 1.164:1). The Dinar isn't worth $3.5 either before or after a 3 zero deletion. The $3.5 figure often bandied around is a fake one invented by pumpers out of confused nostalgia for the 1970's, or getting the IQD mixed up with the KWD.
Kaye -"If Eric bought $5,000 USD worth of IQD (at 1:1163) he has approximately 5,815,000 IQDs. When revaluation and renumeration occur, the IQD to NID intra-currency conversion in the US may leave him with 5,815 NID if the three extra zeros on the IQD are not honored outside of Iraq."
You mean "redenomination". But yes your Dinar figures are correct. The 3 extra zeroes won't be "honored" anywhere because they entire point is to delete them from ALL notes. That's why they're calling it the "3 zero redenomination". It wouldn't work otherwise, as it would just be swapping 84 trillion Dinar for another 84 trillion Dinar. It wouldn't "raise" the value of anything at all and would be nothing more than a banknote design change.
Kaye -"The worth of 5815 NID in USD (1:3.5) leaves Eric with $20,352.50. He got a 400% return on his initial 5,000 USD, but this is a far cry from the $5M USD Eric may have expected."
False. Simply pasting Kuwait's or 1980's Iraq's FX rate figure into 2013 Iraq's is nonsense. Kuwait have a very high value because they have a very small money supply. There are only around 30bn Kuwaiti Dinar in circulation (paper & digital). Even after a 3-zero deletion, Iraq will still have 84bn Dinar in circulation - almost 3 times more circulated money than Kuwait (instead of 3,000x more circulated money of today)). $75-80bn of CBI reserves will not "back" 84bn Dinar at even 1:1 let alone 3.5:1.
The 3.5:1 figure is a delusion. It isn't real. Just because the Dinar was worth that in the 1970's doesn't mean it "must" be worth that today - for the same reason you can't buy 1oz gold coins at $25/oz or a 3-bedroom house for $50k anymore. It's called "inflation" and Iraq suffers from it even more than the USA. That's why the Dinar's value FELL 1,000x in the first place!
You cannot "pretend" or "RV" away overprinted currency - you can only redenominate / lop them - which is exactly what Iraq are planning. An "RV" is nothing more than an external peg adjustment - it does NOT remove any money out of circulation - it merely adjusts the buy/sell prices of what the CBI is willing to exchange its $75-80bn worth of Forex reserves for when buying / selling other currencies for Dinar & vice-versa. Iraq already have "RV'd" from 1170:1 to 1164:1. That's what a real-life "RV" looks like.
People really need to start understanding how currencies are actually valued in reality and stop throwing around "let's pretend" fantasies. After Iraq's redenomination, Iraq will have a new exchange rate of around 1.164:1 vs the $. "Eric" nor "Ahmed" nor anyone else on the planet won't make any profit at all because the whole process is value neutral by design. In the very long run, the Dinar may appreciate vs the $ by a small amount - 1% here one year, 2% another year, etc, but all these "100,000-300,000% RV" currency movements are pure fantasy and have been all along. Hope this helps to clear things up.
Fantastic post Barry. Most "RV" boards are nothing more than "Echo chambers" of financial desperation filled with people inventing get-rich-quick fantasies then feeding off each other's "faith" and "dreams" as "circular proof" that "it must be real". They are half filled with people in dire straights looking for "free money", and half filled by scamsters taking advantage of the former with fake economic misrepresentations of what a "redenomination" is.
Years ago, Iraq had a money supply of about 20bn Dinar (BILLION), and its value was nearer 1:1 vs the $. Today, they have a money supply of over 80tn (TRILLION) Dinar (Saddam Hussein printed 4,000x more money from 80's to +2000's than they used to have whereas other countries have only printed about 3-5x more), and its value subsequently collapsed to under 1000:1 vs the $. Iraq's currency is 1,000x weaker than it used to be because it's been massively overprinted by same factor. It really is that simple, and all the "Yes, but it's different because a guy on the net said..." 'conspiracy obfuscation' will not change that fact one iota.
The Iraqi Dinar, Vietnamese Dong, Iranian Rial, Indonesian Rupiah, etc, are all almost as overprinted as the Zimbabwe Dollar. The Dong has a money supply measured in the QUADRILLIONS. THREE AND A HALF THOUSAND TRILLION Dong (3,519,375,000,000,000 Dong) have been printed and people laughably think it should shoot up to 1:1 vs the $ for no reason whatsoever other than if you built a time machine and went to back to the 1950's, "that's what it used to be in the old days before they printed all that money". That's as utterly stupid as walking around saying "I want a brand new Ford family car for $50 purely because my granddad bought one for that decades ago - let's pretend that I will be allowed to buy 1920's cars at 1920's prices whilst living in a society that has 2013's wages & money supply, and that no inflation occurred whatsoever between 1929 and 2013...". It's delusional to the core.
All these "RV" cowboys do is trawl the net picking the 10 world's weakest currencies and try and pretend they're "unfairly undervalued because the world forgot" whilst ignoring the reality they're actually fairly valued because they've been seriously massively inflated from having billions of notes to trillions or even quadrillions of notes.
It's amazing how many people sucked into this scam actually have the intelligence to understand "Federal Reserve printing more money = USD goes down in value vs other currencies" yet the sheer chronic delusion / suspension of reality to think "Central Bank of Iraq printing 1,000x more Dinar than even the Federal Reserve has printed $ = their currencies are worth 1,000x MORE vs the $!"
USD : Why is the Dinar's value 1166:1 vs the $? Because that's what it's worth in the real world. 84,000bn Dinar backed by CBI FX reserves worth $75bn = a market rate valued at under 1100:1 vs the $.
EUR : Why is the Dinar's value 1574:1 vs the Euro? Because that's what its worth in the real world. 84,000bn Dinar backed by CBI FX reserves worth approx €55bn Euros = a market rate valued at under 1500:1 vs the Euro.
GBP : Why is the Dinar's value 1886:1 vs the British £? Because that's what its worth in the real world. 84,000bn Dinar backed by CBI FX reserves worth approx £46bn Pounds = a market rate valued at under 1800:1 vs the British £.
JOD : Why is the Dinar's value 1644:1 vs the Jordanian Dinar? Because that's what its worth in the real world. 84,000bn Dinar backed by CBI FX reserves worth approx 52bn Jordanian Dinar's = a market rate valued at under 1600:1 vs the KWD.
KWD : Why is the Dinar's value 4105:1 vs the Kuwaiti Dinar? Because that's what its worth in the real world. 84,000bn Dinar backed by CBI FX reserves worth approx 21bn Kuwaiti Dinar's = a market rate valued at under 4000:1 vs the KWD.
It's really not that difficult to understand once you stop listening to the lying scamster "RV" conmen promising you $1m "if you'll only buy $860 worth of Dinar" off them (which they just so happen to be selling for ripoff $1,020-$1,400...) That's why people holding Dinar haven't made (and won't make) a thing. But people selling Dinar are making thousands in ripoff exchange fees & Dinar web advertising & stupid "alert services" each month.
Why do you all keep responding to these who want to invest in ghost dreams, I just don't understand. What's it to you?
j not2happy - "Why do you all keep responding to these who want to invest in ghost dreams, I just don’t understand. What’s it to you?"
Some people that have been sucked into the scam genuinely do want to know the truth / facts about the Dinar. Personally, I don't mind answering genuine questions. But yeah, I agree, it's a bit pointless trying to engage the "cultists" who'll still be waiting for the "RV" in 2023 "because a guy on the net promised me $1m..." 😉 Have a good day.
I already made a profit and cashed in some. So I don't know why all the do-gooders are getting frazzled. Guess they don't understand legal currency like they claim.
if only alexander can cash why we can not, should not impugn
LOLOLOL TO FUNNY.....
Alexander... you are convinced that your dinar will increase in value 100,000 to 300,000% some time very soon, yet you cashed some in at the current value?
The Saudi Currency is 1-3.75, Oman .38, Kuwait .28, Yemen 214.8, UAE 3.67, and Iraq 1160. All of these countries are very close to Iraq; Furthermore, Iraq has more wealth and resources than most of the countries listed. It is my estimation that Iraq currency will settle eventually to these percentages.
Bo
Do you not understand that the exchange rate of a currency is only half the equation? If you don’t look at how many units of that currency are out there, then you don’t know enough to form an opinion on how much it should be valued.
Let’s take Kuwait as an example since that’s the Dinarians favorite currency to reference.
http://www.cbk.gov.kw/cbkweb/servlet/cbkmain?Action=mtbl&archive=201310&tbl=RM02
Shown here on the Kuwait Central Bank site they have a M2 (total units of currency) of 32 Billion.
So Kuwait has 32 Billion dinar worth $3.50 each, so their currency is worth $114 Billion.
Iraq has a M2 of 83 Trillion dinar. Each is worth $.00085, so their currency is worth $70 Billion.
So, even though Kuwait has an exchange rate that is 4117 times greater than Iraq’s, Kuwaits currency is only 1.6 times more valuable than Iraq. In other words Kuwaits and Iraqs currency is pretty equal in value just as it is.
If Iraq were to “settle” (RV?) as you say at around 1$ per dinar. Then Iraq would have $83 trillion worth of currency. That would be 728 times more valuable than all of Kuwait’s currency. Just so you know, $83 Trillion would also give Iraq’s currency more value than the rest of the world all added together.
See how only knowing half the equation can lead you to make a rather silly estimation?
Stew, I never indicated that there would be an RV, I am only speculating based on the abundance of natural resource as it relates to the population of Iraq. Based on those factors, I believe that eventually over time the dinar will increase in value. Furthermore, I'm not sure if I even believe it will ever become equal to the dollar. I know your example makes it statically almost impossible to believe; however, I think it depends on politics and whether Iraq is ready to take that next step to become a viable economy without corruption. In addition,
If they purge the current currency in which they are doing -they will decrease the amount in circulation.
Again... you are speculating on HALF the equation while totally ignoring the other half.
For 6 or 7 years now gurus (scammers) have been claiming they are "purging the current currency", reducing the amount in circulation. During that time the Central Bank of Iraq has reported increases in money supply numbers on a monthly basis. The gurus were lying 6 or 7 years ago and they are still lying today.
I see they still get plenty people to fall for it though. When someone has lied about something for 6 or 7 years at what point do you stop believing them?