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Thread: MUST READ American Contractor 6/28/2011

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    Administrator shela1153's Avatar
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    MUST READ American Contractor 6/28/2011

    Iraq New Currency not yet released
    Previously, the American Contractor announced in his 2 May post that the Re-Denomination Revaluation report for 2011 had been completed but just not submitted to the Iraqi Government. The Al-Sumaria news recently reported on 25 June 2011 of the Central Banks intention to delete the three zeros from the Iraqi Currency. As I’ve previously written in past posts, the New Currency will not have (at this current time) an increase in value of the Iraqi Dinar. Both the New Iraqi Currency (Printed October 2004) and the upcoming New currency (date unknown) will co-exist simultaneously. The Central Bank will conduct an education campaign lasting for 12 months. This will include the exchange period from the old currency to the new currency. All these topics have been reported in the Re-denomination Report that Dr. Sinan Shabibi had with him when he was summoned to the Council of Ministries by PM Maliki. Contrary to belief, PM Maliki did not ask Dr. Shabibi to share his Re-Denomination report with the Council of Ministries. No one knows for sure when exactly the PM Maliki will ask for that special report.

    After the meeting with Council of Ministries, Dr. Shabibi left with an uneasy feeling. After arriving back at the office (Central Bank) Dr. Shabibi received another message that PM Maliki has placed him under Forced Residency. Meaning that he is not allowed to leave Iraq until further notice. Dr. Shabibi was unable to attend the Rome Financial Conference as he is not allowed to leave the country.

    The Al-Sumarie News article is the most precise when it comes to reporting what is expected to come in the future with the Iraq currency and the intentions of the Central Bank.

    Al-Sumaria News Excerpt:
    “The project of deleting zeroes is complete. It will be submitted to the central bank’s administration in the next session. Then, it will be passed to the ministerial council before presenting it to the Parliament for vote. The mechanisms of changing the currency will be gradual. It will be preceded by awareness campaigns for citizens”, the adviser of Iraqi Central Bank governor said.
    http://tinyurl.com/6jltjt6

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    Administrator shela1153's Avatar
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    From everything I've read AC has this one right! Not sure about Shabibi not being allowed to leave the country but I did read somewhere he was not in Rome for the Conference. So my friends both the new and the old will coexist for a period of time. And it will probably take another year before this is all over with.

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    breather (06-28-2011)

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    Let me ask a simple question!! If the new curerency is not going to have an increase in value,then WHY do you need more currency?????Just keep using the same ones. Does NOT make any sense to me.The 50 dinar is not worth much now,so the 20/25,10,5,1,1/2,1/4 with be absolutely worth ZITCH!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!! !!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!! So,I TOTALLY DISCOUNT this as BS!!!!!!!!!!!!!!!!!!!!!!

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    Administrator shela1153's Avatar
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    Quote Originally Posted by war eagle View Post
    Let me ask a simple question!! If the new curerency is not going to have an increase in value,then WHY do you need more currency?????Just keep using the same ones. Does NOT make any sense to me.The 50 dinar is not worth much now,so the 20/25,10,5,1,1/2,1/4 with be absolutely worth ZITCH!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!! !!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!! So,I TOTALLY DISCOUNT this as BS!!!!!!!!!!!!!!!!!!!!!!
    I could explain it to you but it is already in one or two of these posts. In short a redenomination is done after periods of hyperinflation and it is done to facilitate the ease of transactions and also to instill confidence in the currency thereby encouraging investment in the country. Both new and old will be in circulation until the old is effectivly removed from circulation or declared invalid. Not BS, just business

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    Administrator hopefultxn's Avatar
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    Quote Originally Posted by war eagle View Post
    Let me ask a simple question!! If the new curerency is not going to have an increase in value,then WHY do you need more currency?????Just keep using the same ones. Does NOT make any sense to me.The 50 dinar is not worth much now,so the 20/25,10,5,1,1/2,1/4 with be absolutely worth ZITCH!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!! !!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!! So,I TOTALLY DISCOUNT this as BS!!!!!!!!!!!!!!!!!!!!!!
    What I believe AC is referring to in this post is simply that the removal of the 000 currency set will not increase anything in value. A 25,000 note would have the same value as 25 dinar, 10,000 would have the same value as a 10 dinar note - no value has changed, but the monetary system would have been reset to levels not seen since before their years of inflationary problems.

    Basically a 25,000 note and a new 25 note would both carry a value of $21.50. They would most likely add a new currency identifier, as they did when they changed the currency in 2003/2004 when they added the NID (New Iraqi Dinar) - the IQD would remain having an exchange rate of $0.00086 per dinar, while the new NID currency notes would carry an exchange rate of $0.86 per dinar.

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    Administrator shela1153's Avatar
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    Thanks Hopefultxn I just couldn't go through it again lol

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    Administrator hopefultxn's Avatar
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    No worries... Unfortunately there has been so much misinformation spewed in guru chats and rumor posts about the what's/why's/when's about redenominations most people don't really understand much about the factual side of the process.

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    Why has Iraq even been worried about doing ANYTHING...at all...if there were not to be a NEW VALUE...to be given to their Currency...WHY all the trouble to do ANYTHING.....Are folks asleep, just look at all the the reports, the media coverage of such, the excitement in Iraq/besides all of us, the speaking engagements, the political events, and the voting on such, etc., etc., etc...(There's been a H#ll of a lot going on just regarding their Currency)......And then you have billions a day moving into Iraq, and they're gonna be bigger than CHINA in 2 years as per Hillary's Statement!!!...and NOTHING changes???...even monetarily with their Currency!!!....R I G H T....B.S.....
    P.S. Allright boy's...Who's trying to buy back our Dinars???...Let's Fess Up Here On This One...I think we've went from PUMP to DUMP....LOL!!!
    Last edited by 4aprofit; 06-29-2011 at 11:08 PM.

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    Administrator shela1153's Avatar
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    Hope you're right 4profit, I went to rehab for the kool aid the guru's are selling and now I"m straight and seeing much more clearly , maybe you should consider it.

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    Quote Originally Posted by shela1153 View Post
    Hope you're right 4profit, I went to rehab for the kool aid the guru's are selling and now I"m straight and seeing much more clearly , maybe you should consider it.
    In 8 years...with double to triple gains for many folks on this Iraqi Venture....and that's with the cash holdings, the ISX & Warka...and the currency is still in the crapper as per a rate....with nothing but losing propositions in the U. S. Investments....I can't wait to see how crazy we become if they actually give this stuff a REAL rate...as many have done great as it is...what type of ignorance can't see this....
    P.S. If I'm around much more of this type ignorance...I'll need some KOOLAID...LOL....

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