Well, if this isn’t Grand Opening day for the biggest speculation of the Iraqi Dinar Year, I don’t know when it will be!
Brace yourselves! This is throwing the gates WIDE OPEN and it looks like we’re near the end. One way or another, 2010 looks like it will put a rest to all of our questions regarding the Iraqi Dinar. Read on, and tell me if you think I’m wrong or not.
February 06, 2010BAGHDAD — The Iraqi Central Bank is planning to redenominate the national currency in an effort to ease transactions and allow people to carry less paper money…
As reported by Radio Free Iraq, a member of the Central Bank advisory panel (Mudhhir Muhammad Salih) states that 3 zeros could be removed and the current currency could be phased out by the end of the year.
Salih said by the end of 2010 the new banknotes will be fully introduced while the old banknotes will be gradually removed from circulation. He did not specify when the new notes would be issued.
Both will be legal tender in Iraq until the old notes are completely withdrawn.Iraqi officials have had a long-running plan to redenominate the Iraqi dinar. In 2006, the Finance Ministry recommended to the Central Bank that it carry out such a plan.
Note the bold part above: both Iraqi Dinar currencies will be legal tender until the old notes are completely withdrawn.
So, on with the speculation! Here’s some common sense to start with: we’re not dealing with Zimbabwe here. The Iraqi people are not going to have to take a wheelbarrow of 20 Dinar notes to the store when they need a loaf of bread, which means the currency exchange rate must change. How is it going to change? When is it going to change? Will the older notes become obsolete at a certain point, or will they always hold value like the US $1000 and US $500 bills?
We all have lots of questions, and this should be an interesting week for the Iraqi Dinar. Here are the discussion threads:
Thread 1: CBI plan to remove zeros at DinarVets
Thread 2: Iraq planning currency redenomination at DinarVets
Thread 3: My notes in the VIP at DinarVets.
You can also leave comments below, but you knew that. 
Related posts:
This is very good news and not the LOP that everyone fears. In my opinion they are simply replacing the larger denominations with the smaller. Looks like the RV is knocking on our doors and bank accounts!!!
so…..now when this takes place…i am in iraq right now and buying my dinar right from the iraqi markets. however. i will be heading home at some point before this takes place. so once i get back home how would i go about exchanging it for the new currency withought paying some sort of tax?
The question I have is, if I’m holding 25,000 notes, am I going to be able to utilize them, or am I going to have to go somewhere and attempt to trade them in for smaller denominations?
Please The word lop is not in it anywhere!!
Thanks adam its good news to me!!
good show boys, good show!
Rather new at this, news story on Yahoo about the lections and the Parlement is pushing the court to reverse its decision, the gist was the story indicated that the election period starts Feb 12th, I will continue to watch from the desert in Anbar Province
maybe I am looking at this news wronge? If they take 3 zeros off then that does nothing but break us close to even on the investment? 1,000,000 now is 1,000. hope I just dont get it.
Exciting news for all who have been waiting patiently!!! Thanks for the info
Adam,
Thanks for the article. I’ll be honest, I’m not sure if this is a good thing or a bad thing? If you have money in a warka account, how will that money be affected?
This is a great news for sure. It doesn’t matter if two or three zeros are removed. The RV has to happen either way. We are very close.
Adam,
It seems to me that my investment would beak even at best. With that news an RV most likely would not occur in advance of a lop; so am I to understand that my million Dinar would be worth $1,000 USD? Maybe I am confused can you shed some light for me?
Thanks! Rick
Hi Adam
This great great news hoping that
we will see results soon with the dinar.
Thank you so much
Willette
Doesnt come with a great surprie to be honest Adam.
Worst case would be a central point for the recall of the notes thus leaving many up the creek without the paddle.
I supose it would be now diffrent that when new dinar was intoduced after the USA/British invasion so lagists wount be a problem as its been done before in a short space of time.
Up side there will have to be a RV to put the dinar into context with the market value.
I have been expecting this since the start of the investment so i only hold a very small quantity of large note.
Go rv
The way I see it is that they are going to redenominate by dropping three zeros and issuing new smaller denominations, this does not mean they are dropping the zeros from the existing notes. It means that eventually the larger notes will be extinct.
Great news Adam! This must mean the the RV is going to happen soon. In order for them to get the large bills out of circulation the RV must be done first!!!!??????
how is droping three zeros good news? that means 25-k equals 25.00 dollars?
Adam do you see this as good news? If so why?
I thought my Notes were
NID Notes, New Iraq Dinar.
Now They are comming out with Newer Notes?
NNID, Newer Newer Iraq Dinars?
Sheesh!!
So, what is the story with the higher notes? Are our $25,000 dinar notes going to be 25 dinar notes and we lose a ton or do we get to exchange at 25,000. I guess I don’t understand what this would mean. Also didn’t this happen in Russia? Thanks
Adam,
This is awesome news…. This could possibly mean the RV is right around the corner!
Thanks for the update and the endless work you do.
Adam,
Thanks for all you do to get the information out. Your efforts are greatly appreciated. Keep up the good work.
Mike U.
Gary – I believe you are correct. I also think the RV is going to happen SOON!!
the info is bs this sells a lot of ads. for Adam go Adam.
I have read in another site that is a big big big big SCAM!!! It is impossible, and the source is unreliable! Have not yet realized that it would be a DV, and not an RV!
Adam.
TThanks for the good news, but I like some of the others have some concerns about the zeros also.
At the time of my purchace all i could get was the
$25,000 dinar. Do you think we will lose or still come out on top with this change.
Appreciate All the Info you Give.
Linda
this is a big event and i am more excited i hope this wait will end soon and we can enjoy the out come of this. I know that hey have to do something to make this work and i guess this is it… i just wan this to come so bad that I am willing to see anything as good news and this are not good news they are great news
So Adam, how is this good news! I have 10,000,000 dinars. Drop three zero’s and now I have ten thousand- about the same amount I payed for them and that is only if it revalues at 1:1,if it’s less I actually lost money on my investment. Would it be worth trying to put it in a Warka account because it would not be physical paper money and if they drop three zero’s big deal? At this point I am concerned and confused on how this is good news. Can anyone clarify! Also, if anyone opened a Warka account how did it work and how safe is it?
Adam,this is great news and we will have time to cash in with out rushing to a bank.
Thanks for all your good work.
This has happened in several countries in the last couple of years. The exchange rate is still the same. Ther just making new money for easier use. You will have to exchange yours for the new ones. You will just have more paper to carry arround.
Which means their will probaly be a change in the exchange rate eventually.
Also, the iraqi government makes money on this. Because they know their will be a percentage of old notes that dont get turned in in time. Thats pure profit for iraq.
It looks like people are split – maybe it’s good news, maybe it’s great, maybe us investors simply break even.
.
My personal opinion is that we won’t LOSE money, no matter how this turns out. This is Iraq, and the news source isn’t THE bank – it’s a rep OF the bank. We might wake up to a Reval tomorrow, we might cash in and get our investment back, or this article might fizzle out and we wait some more.
.
I’m just bringing the news, people!.
.
P.S. I think it’s absolutely hilarious that when I report good news… people call me a dinar pumper. When I report what might be bad news… people call me an ad pumper. Would you people make up your minds?! LOL!
.
P.P.S. There’s a reason over 10,000 people subscribe to this site and my news… because I’m not a pumper, I give it to you straight. This article is a prime example.
.
Adam Montana, out.
I should have read your entire post Adam earlier in the day. So all in all we are dealing with a revaluation, and not a devaluation..
Wow comon I can’t wait!!!! Yes way better than it Lop!!!
May God Continue To Bless you Adam and keep bringing the news. One things that’s for sure you can’t please everybody. Some hope is better than known.
smart money says that when the iraq puts a value on its dinar it will be at a rate where the people of iraq can afford to survive . If the value is less three zeros than what it is now then the iraqi people will be even poorer than they are now and that my friends does not make any sense, my point is that when they rv they do not have us in mind they are thinking of the impact it will have in iraq so that being said i will stick to the things that make sense not the ones that are from way out there.
I pray your right Adam.And what about the warka account would that be a safe thing to do?I don’t see how they could do such a thing because they can’t just say( You 10,000,000 dinar in your account and now thats 10,000.I know in our country the rich would not let that happen.I want to say this is good news but my gut says no.
Good news or Bad news? You decide. Two things can happen in this situation. They can take the zeros off. Which means if you have a $25000 note, it is still worth that, you just need to trade it in and get 250 $100 notes. Still the same value of dinar. No big deal right. At which time they will need to rv or smaller denoms will be of no use. Who wants to carry that many bills around just to buy a gallon of milk. Question is, How long will your large denoms still be good before you have to trade them in?? 6 months? And what happens with in the 6 months if they don’t release the smaller denoms out of Iraq? And then they do the RV? It means you would have to jump on a plane with in that time frame to Iraq, or you are out of your investment. If that happens, alot of people won’t make that flight and Iraq will make a ton of money when we can’t trade our notes in. I want this RV as much as anyone else, but something about does not sound right. But I will get on that plane if I have too.
Here is the link to the rest of this info. You may want to think about it before buying any more IQD. After all, $1000 investment could bring you a fortune. But don’t be greedy and purchase more dinar. Read it and decide for yourself. http://www.learningmarkets.com/Forex/200911031921/the-iraqi-dinar-scam-part-one.html
Scooter that link has been around forever. It’s basically ONE PERSON’S opinion – the guy wrote it to scare people.
I have 2 million dinar and won’t be buying anymore after reading this article. If this RV happens, then it happens. I’m going to sit back and wait, cash in when it does, but I’m not counting on it. Not trying to debunk anyone here, just trying to pass on info i’ve gained after doing alot of research about the dinar.
Ok. Why is this good news, doesn’t this mean that 25.000 dinar notes will now be 25 dinar notes. Isn’t this re-basing? Eliminating zeros is eliminating quantity, right? Wouldn’t this mean then that 25.000 is worth 25? Am I not seeing this correctly. Isn’t Lopping, re-basing and eliminating zeros, all the same?
This means rv and people that dont understand….need to go back to dinar 101
I will explain a little…..example when usa took away the 5000 dollar bill out of circulation did the people who owned those bills loose money?
No they didnt they just got smaller bills but the same amount this what iraq is saying ok..now we hope a rv is coming along with that .I am sure it is because it will introduce a new currency with a stronger value…so 2mil dinar in high notes is still 2mil dinar in smaller notes ok..and with a rv lets say 3 dollars per dinar then thats 6 million american…understand
I hope that many people has Warka account. Where they think to change the notes?
Oh wow my comment was deleted. Apparently if you don’t believe in a revaluation your not allowed a voice. Adam thanks for confirming all the rumors about you.
Matthew there are a ton of comments on this page that are contrary to the RV philosophy, so you are obviously wrong. Your comment was abusive, so I didn’t approve it.
.
“Rumors about me” lol! Thanks for the laugh.
adam thankyou for being the messinger. dont shoot the messinger??? if your saying so you dont need a wheel baro to get a loaf of bread. to me this means the value stays the same but a 25-k note is 25-dollars.if you had a 25-k note and bought a loaf you would have a lot of change but not with a 25.00 note. if they do a rv it wont equate to the curent denominations.
Hi
I hope this will answer the question WHY THIS IS GOOD NEWS PEOPLE
Iraq has announced that sometime during the next several months but before the end of this year all large denomination notes will be removed from their currency. In their place will be smaller denomination notes. The purpose for doing this is to make it easier for the people to do transactions and for them to carry LESS money. Both will remain legal tender throughout this process, so there is no bunny-ear, period. If there were to be a bunny-ear, one currency would become void and would be replaced with the other. Instead, the large denominations will be phased out over the next several months but will remain legal tender. In order for stated purpose number 2 above to work, there MUST be a revaluation of the IQD. This is the plain sense of statement number 2. If there were not a revaluation, then the people would be carrying MORE money, not less!
Therefore we see that the RV has now been announced publically and that it will occur shortly. Iraq has furthermore stated that it is ready for this move now and is prepared to draw in the large denomination notes over up to 10 months. THEREFORE, there will not be a short 30 to 45 day “cashin” period as has been rumored in the past. The cashin period will take place naturally as people realize that holding large denomination notes is awkward in the normal course of daily business. Incidentally, from the first line of the article we now know that the smaller denomination notes already exist.
In order for this process to take place naturally it makes sense to start it as soon as possible. The more time that is allowed for the transition to take place the easier it will be. Therefore, we should see the RV announcement within the next few days
OK…everything I’ve read here makes a lot of sense, but still does not answer the question looming in back of my head. Assuming that all the info in the re-denomination is correct, EXACTLY what does that mean for us? Will 25,000 Dinar STILL be worth 25,000 Dinar? In other words, if I exchange a 25,000 Dinar note for the new smaller denominations, will I get smaller denominations that add up to 25,000? (ie, one “25,000 Dinar” note for 10 “250 Dinar” notes)
If you have a computer, which everyone here does. Then you could look up what redenomination means. This has been done by more than 60 countries in the last ten years.
I don’t see any answer to the question most of us are asking, so here it goes again (unless someone answering them via e-mail,lol)
I got 1,250,000 dinars with me , all in 25,000 denomiation. What will happen to that and if they change their currency, where do I go to change it.
They should just leave the current denomination alone and just implement smaller denominations.
Having a Warka Acct would eliminate all these Who, What, When & Where problems. Is that correct?
Stephen that makes since and I agree with you.I we all have this workout right for everyones sake.
I see this as great news… If they drop 3 zeros that means that they will have to carry a truck load of inar to buy anything or have it revalued to a better value like $3.86…..and carry a few bills like we do!!!!!!!!!!!!!!!! Hahahahaha! I hope!
Go Dinar!
I always wondered if the trading power of dinar in Iraq was similar to its neighbors. Can an Iraqi still buy a loaf of bread with the same man hours as any of his Arabic neighbors. I surmise that they can and it’s a burden to carry loads of cash. If this is so, I don’t see the iraqi people adversely impacted by this reset. So what remains are the questions of exchange rate to the USD and whether a matching quantity of dinars will be distributed in the recall. I have listened for several years, trying to glean information rather than just to here it. I have understood that an inflated reevaluation is considered a problem. So, I’ve looked to here solutions. Rebasing seemed to be the one solution that looked the best for the banks. It may have been unrealistic to hope for incrimental growth, as long as the notes represented such large numbers. But here we are today, looking at the most significant news published so far and we still have questions! Iraq has a Bibical disposiion of prosperity, this has been my driving force of optimism. tapping in to Gods unlimited resource, also gave me focus. All the way through this waiting game, I evaluated the the huge salaries seen in the Hollywood, Sports, Political and Financial world. It seemed like a great imbalance of opulence. So then, I justified, by my clarity on the love of money, my desire to make ammends and care for people around me, that I might see the day of prosperity. We may not desirve it, but theirs no harm in hoping. gl
adam, I love you man…
keep up the good work.. I don’t know why people call you dinar pump if so what’s up with that.
bless
I have 1,000,000 Dinar in 25k notes. How would I go about trading my large notes in for smaller denoms? Or do you even recomend doing so?
Just 1 point I am thinking… Do you all think the USA alone would allow this? They own a LOT of Dinar, to cover the cost of the war effort. Like Adam said, this is one person basically expressing their opinion. Only time will tell. IMO I think it will happen soon and I think we will all be better off than we are now. Keep the faith guys / gals, and please, don’t give Adam $hit about this.. he is doing exactly what we are doing, voicing his opinion and trying to HELP give information to all of us as he learns it himself.
Thanks Adam for the info!
I have heard a rumor of many ATM machines being placed around Bagdad. They are currently not in use. However, it would present a good easy oppurtunity for the citzens to exchange IQD from large to small. Any confirmations or thoughts would be appreciated.
I read some of the other comments and this doesn’t sound good to me. The Dinar I bought was 25000 notes. Also the rest of my family. So let me know how this is going to be good.
This info makes me a bit nervous. I hope you can inform us as to what to do with our large 25000 notes. Its got to be within the US. So members of my family would say GO TO IRAQ? I have family in other states that have bought the 25000 notes. And we need to know how to do this, cleared up early.
Adam,
Thanks for all the infomation you’ve posted. Keep the faith. We will never see or have another opportunity like it again. This is it. All of us will enjoy this blessings. We are almost there. We believe in matter just a few days more, that’s it. Thanks and God bless you and your family for all you’ve done.
Adam,
i hope this helps a little.
As far as Lopping the Iraqi Dinar, that has not been the plan. Gradual elimination of the larger notes has been the plan. Unlike Korea (communist country) Iraq has promised to its people a return to currency with the purchasing power of pre-war times. Remember, when the new currency was introduced, Iraqis lost all of their savings and purchasing power. It would only be fair to return the losses back to the people. Iraqis became poor overnight and they just may become wealthy overnight… sounds fair.
THIS IS REALLY..A GOOD NEWS…I SEE AN RC SOON.WE SHOULD BE POSITIVE ABOUT THIS.AND KEEP THE HOPE BURNING.ADAM..YOUR DOING A GREAT JOB
JEFF
OH SORRY MY BAD SPELLING…RV..I MEAN
Nobody talkin today?
There are some people posting on here that seem a bit confused. If you have a stock pile of large Iraqi notes and you are worried that the Iraqi government is going to sneak in and take the zeros from them, calm down! They are only talking about making new notes that will have smaller denominations that better reflect what the Dinar will be worth when it revalues.
If you were to take the large notes in and exchange them for the new notes, you would just walk away with a whole lot more paper. Not less money. Use some common sense here, do you really need a profesional to help you figure that out?
Jason..i actually DO need help on this, because I’ve never made this sort of investment before and I was a bit confused. (Maybe it’s the terminology.) And Jason, I must say at this point, Thank You. You have cleared up some of the confusion for me!
Call me stupid Jason but I hope your right.How do you know this..?
the dinar is not on forex
Im not no professional nor know anything in fianance or politics but to me when you take zeros from the bills it would take more bills to buy grocerys..Right so if they did the same to grocerys, they would be dealing in smaller numbers of bills..kind of like canceling out the zeros…Which doesn’t do us anygood but makes too much sense..
Adam,
Iraq cannot take peoples wealth. The number of dinars one has should not decline. As we have read the rv could occur in conjunction with troop withdrawl. That could start in August of this year. Of all of the reading I have done on this subject, an rv soon supports this time line. One main thing that will allow for troop withdrawl is a stable Iraq. This will be done with a strong economy. That is one thing that the US is counting on to blunt most of the violence. You can see that the people creating the unrest don’t really have stable income. A financially stable Iraq has to happen for the country to move on.
i was just at the cbi website and most of the exchange rates are gone. normally they are all there. what’s going on?
EVERYONE. IF THIS ARTICLE IS TRUE. THEN THE RV HAS BEEN ISSUED. Unfortunately, its a DE-VALUATION.
There will be 2 IRAQI DINARS. The old notes which we have. And the NEW IRAQI DINARS which will replace our notes.
Here is the math:
A 25,000 Dinar will be worth $25.00 USD
The new 25 Dinar will be worth $25.00 USD
Therefore you didnt lose money, you just are not going to make money.
If you spent $1,000 USD for 1,000,000 Dinar then after this new Dinar comes out, your 1,000,000 Dinar will only be worth 1,000 New Dinar but still worth $1,000 USD.
This is called a 1,000 for 1 “reverse split”. It shrinks your total Dinar but the value is still the same.
My personal opinion is to make sure that the article is real. If it is, I will sell my Dinar ASAP and invest it elsewhere. As usual, the investor in this case was not screwed, it was just a breakeven transaction.
Say, this happens and your 1 million Dinar is exchanged for 1,000 New Dinar.
Then, oil starts flowing, the war ends, the economy booms, then the New Dinar will go up in value.
Currently, what this article is saying is that the NEW Dinar that replaces our old Dinar will be worth exactly what the USD is worth. $1 for 1 Dinar.
So if the Iraq economy goes back up and 1 New Dinar equals $3.00 USD then you tripled your investment. Your $1,000 will be worth $3,000. Not $3 million like Kuwait’s currency generated.
So, the little guy gets crushed IF THIS ARTICLE IS TRUE and the big investors who can invest $1 million USD for the new Dinar will make out when it hits $3.00 USD. They will make $2 million USD on the investment. You and I will make $2,000 USD. See what I mean.
THAT ARTICLE IF TRUE HAS SCREWED THE SMALL INVESTORS.
Please follow up with info as to what we (that have 10000 and 25000 deno’s) are going to do as far as getting them traded for smaller deno’s or cashing in. Thanks for the heads up
Hello Adam,
First and most thank you for everything that you did and still do for us regarding our investment.Can you please explain from your point of view with some arguments why this article is so far the biggest news for us ?
This thing confuses me a lot.Thanks in advance.
Here it is on forex.
http://www.forex.tradingcharts.com/quotes/index.php?sym=usdiqd&Submit=Go&tz=GMT
The cbi site is odd today.I haven’t seen it do that before but some of the rates are there.And they are the same as they have been for a long time.
I don’t understand. I am a small investor, I have a little over a million dinar. But, if they make new currency sounds to me like we have been had
matthew you are right something is going on with the rates at the cbi. is this rv? looking very very good…
so we have this dinar in the states where do we go to exchange our large bills for the smaller denomantions of bills this is very important
the rate for the yen has changed on cbi.. look where the decimal point is now…rv is done!!!!
i think i worked it out wrong sorry.. im no good at maths.
Mathew, I see it like that often, mostly one or two missing. It is because it was updated from last week. On Sunday it updated for the first time in a week. Not a big deal!
Jude:
I understand where you are coming from. I hope that I did not come off as being hurtful, not my intension. What I stated is what makes sense to me. I just did not want to see every one freak out for no reason. When the new notes come out, the old notes will not lose their value in my opinion.
I believe the Iraqi government has to treat their currency the same across the board. I don’t see them going up to the rich people there and telling them their poor cause we desided to take some zeros away. I’m confused about the whole situation over there and I know the country is not to be trusted, but there is alot of money coming into Iraq to help them out and it wouldn’t hurt them to RV the currency to give back to whoever helped them and it will also help their economy out.
hi , i’am unable to find the facts as posted here , are these conversations….. and opinions …..or…?
Please help ..! lets have some facts, forget the small talk for a bit…
kind regards,
Adam I don’t think you are bs. Some of the info is. Sorry, I still follow your blog. I agree you report the good bad and ugly. We just have to do our homework and make our own choices, Thanks
i dont usually leave posts, but i had to say something about the new currency, it might come as a shock to some of you, but my brother friend here in Canada, already has the new dinar, he exchanged the old ones for the new ones already from a contact he has in the states, he only paid a small exchange fee for his new dinar, but the piont is he has the new ones already and there worth the same as the old ones.
Patrick, I believe you are right, this is going to turn our just like Venuzuala in 2008. We won’t lose any of our investment, but we are not going to make any either.
hey adam ,, the redenomination may be the best news that i have heard for awhile!! everything in steps and this one maybe the biggest!! i do have a question for you ,, were you not the one that psted a note that by iraqi law nothing could be dsone with their monetary system 30 days prior to elections!1 i read somewhere just dont remember where!!
Then again, I could be wrong. It would make sense if Iraq just wants to bring the Dinar closer to a 1 to 1 with the USD. I have always wondered why they came out with notes that had so many zeros to begin with. You have to think though, how would removing zeros, change the number of notes an Iraqi would have to carry to the food market? Wouldn’t that stay the same, if the 25 note and a 25,000 note represented the same value? They would be carrying the same amount, there is no change there really.
The biggest thing to keep in mind at the moment is, this is a reDENOMINATION…not a devalue or revalue. I think we are looking at a longer wait for an actual return on our investment. With that said, you may want to look into finding a way to exchange the old notes for the new, so you do not lose out. Trip to Amman any one? (my suggestion for a safer alternative to going to Iraq…and all their fast food places deliver!)
Kam thats funny felt good for a min?Thats the rollercoaster ride for ya.
Adam:
I may have an idea, in case we need to exchange the currency before the banks in the states accept the Dinar. Forgive me everone, for not stating this idea in a normal post. Assuming you can look up my email address, wright me and I will let you in on it. I will not use your email address for evil, promise..LOL!
I have been reading all of the posts from those who think that the $25,000 notes will be worth $25.00 and it’s not rocket science people! Think of it like this: In the USA, you could take a $100 dollar bill, go to the bank and get 5 $20 dollar bills. This way, you can go to the corner store and buy a loaf of bread with a $20 and not have to carry so much money. It’s really that simple! What is it that’s so difficult to understand?
Did everyone read the news clip taken from KUNA (Kuwait News Agency)? Whey do you think there where only two countries mentioned there; Iraq and the USA? The US is not a neighbor to Iraq or even an Arabic country. They were there because Iraq is still classified as an occupied country and the US is leading the collition that “occupies” it. This might make some believe that the Iraq Government does not have the last call on everything it might wants to do. Notice that in the same article that discussions at the meeting (#1 mentioned) “dealt with various issues of common concerns”, maybe like the US’s gracefull withfrawal of Military troops. No one there would possibly believe that the US Military could withdraw everything they will need to in any short timeframe, without the large amount of contracted help (you have heard about the US Contractors, there are thousands of them) that took years to move them in. Moving the US Military and Colition Forces out of Iraq is a very BIG JOB that they (the US forces) are not equiped to do.
Don’t get me wrong, I am hoping for the RV as well, for many reasons. There has only recently been as much comming out of Iraq as is what is going in, speaking of Military movements.
Finely after 6+ years there are as many truck on the road in Iraq hauling local commerace than those in the Military escorted convoys to and from the bases. Anyone can see from any of the highways in the Capitol, Baghdad, the large number of new commercial and residential buildings, and much under construction. Everything is going in the right dirrection for Iraq, Governmental, new oil contracts, farming, minerals and the sanctions being lifted are all great news, but. We will have to see a large movement in the line of a US troop withdrowal before the “occupier” will allow Iraq to back their currency. I can’t see another way.
Iraq Planning Currency Redenomination
The Iraqi Central Bank is planning to redenominate the national currency in an effort to ease transactions and allow people to carry less paper money, RFE/RL’s Radio Free Iraq (RFI) reports.
Mudhhir Muhammad Salih, a member of a Central Bank advisory panel, told RFI that a plan has been made to remove three zeros from the currency and phase out the current banknotes late this year.
Salih said by the end of 2010 the new banknotes will be fully introduced while the old banknotes will be gradually removed from circulation. He did not specify when the new notes would be issued.
Both will be legal tender in Iraq until the old notes are completely withdrawn.
Iraqi officials have had a long-running plan to redenominate the Iraqi dinar. In 2006, the Finance Ministry recommended to the Central Bank that it carry out such a plan.
Salih pointed out that banks are having a hard time accepting cash savings and deposits, but by dropping the zeros it will make it easier for both the banks to deal with their customers and for the general public to carry money. He said some 80 percent of Iraq’s money supply is cash in circulation.
Salih added that in 1990 the value of banknotes in circulation was about 25 billion Iraqi dinars but is currently some 25 trillion dinars.
Economic analyst Hilal al-Tahhan told RFI that the bank’s move is overdue. He said he expects the currency change to go smoothly because of the decision to allow both the old and new banknotes to coexist, leading to less turbulence in the economy.
The current exchange rate is 1,167 Iraqi dinars to the U.S. dollar.
Hi Adam. all this dinar thing is a new to me. Therefore, there is something confusing me. As we all heard about remove 3 Zero. What does it mean by removing 3 Zero?does removing 3 Zeros means in a currency rate or in a dinar bank note?Also when removing 3 Zeros means there is a SIGN ” COMMA ” as an indication to remove 3 Zeros and also there is only number ” 0 ( ZERO )” to be removed. A NUMBER WITH or WITHOUT sign ” COMMA ” has a different meaning. I hope you understand what I mean. From my first point of view, I just get confused if removing 3 ZEROS from the currency rate means:
1.) When everyone hold US$ and want to BUY IQD, then the rate is US$ 1= 1169 IQD , it means there is no SIGN ” COMMA ” and there is no number ” 0
( ZERO )” in a IQD rate. It is just my opinion this rate US$ 1= 1169 IQD won’t be removed.
2.) If everyone now hold IQD and want to SELL in or CASH in US$ Dollar, then the rate is 1 IQD= 0,00086 USD. It means there is sign ” COMMA ” and accidentally, there is also 3 Zeros in the rate. In my opinion, this rate 1 IQD= 0,00086 USD will be removed 3 Zeros ( after sign ” COMMA ” from left to the right ) to become 1 IQD= 0.86 USD.So, this is just MY OPINION, THIS RATE 1 IQD= 0,00086 USD IS THE ONLY ONE THAT WILL BE REMOVED 3 ZEROS.
Now, from my second point of view, if removing 3 ZEROS from Dinar Bank Notes means:
1.) When everyone hold and see your own Dinar Bank Notes 25000 or 10000 , does everyone see is there a SIGN ” COMMA ” in your Dinar Bank Notes?The answer is NO. But there is 3 ZEROS. Now, my questions is how can you remove 3 ZEROS if there is no sign ” COMMA “?How can you start counting to remove 3 ZEROS when there is no sign ” COMMA ” as an indication to start counting to remove 3 ZEROS?So, In my opinion, this is impossible to remove 3 ZEROS from Dinar Bank Notes.
Actually, this is just purely my own opinion and I am not good in math either. and I am very happy to be wrong. If everyone has a better opinion, I will be happy to hear from all of you here.
I have 25,000 denomination notes of iraqi dinar. I live in an asian country outside iraq. Will it possible for me to exchange this with smaller denomination note
Patrick: The announcement on the dinars with lower denominations explicitly stated that the larger denomination notes (25,000; 10,000, etc.) will be gradually removed and phased out. Until phased out, they will be valid currency. Therefore, how can we lose on the larger notes we hold once the RV or IV is in place?
Well all we can do is pray that this RV happens to our benefit. I put it all in Gods hands and he will make the right decisions for all of us.It sure would be nice to have enough money to give back to people who really need it…Go Dinars!!!
My sister is going through a nasty divorce. I bought dinars hoping that they would revalue that I could take care of some of her expenses and give her some self confidence back. I hope they revalue so I can show her that dreams do come true. GO DINAR!
what a load of crap!
It’s a lop
Hey Adam
All those Iraqi citizens that had to change out their Old dinars, in May 2003, that was worth $3.2169 lost a lot of their wealth. They were literally turned into paupers overnight. We “dinar speculators” are not the only ones anxiously waiting for the RV. For us it is speculation but for them it will be restoration to their former stattus or sovereignty
and if this doesn’t happen, a lot of the citizens wil be hunting for Maliki.
Keep up the great intel, Adam.
Iraqnophobia
I’ve spent a few hours trying to find any info on Iraq being lifted out of Chapter 7. This has been posted in serveral different Dinar forums. There is nothing in any news agency on line stating that this to be true. So it’s a rumor. This is the most important key to the RV and there is no info to support this. If you have a link to it, please post it so it can be verified.
Looking at this in a business sense, i give Iraq $1,000. US Dollars, they give me 1 Million Dinars.
Now they pay me back my $1,000. No Harm No foul.There have been businesses thriving on the web selling dinar and they too may have beleived in a Large RV, to the point that some have advertised sattilitte offices where you make an appointment to cash in etc.
I Hope that I am wrong, but the reality is why would Iraq want to give me a Million Dollars US for 1,000. US, think of it like me giving you 10 bucks and you paying me back the ten bucks on payday were even. Still I hold onto the glimer that I might be wrong, but be prepared for it.
Adam must be packing his bags. I think hes planning a trip.
Maybe this site should be renamed “the dinar speculators speculation”!
It is obvious there are a ton of questions, it is also obvious that very few who post here actually read the other posts.
Bottom line is NOBODY KNOWS ANYTHING FOR SURE! People here are like a bunch of sheep or lemmings ready to bail off the cliff, any cliff.
Where did all this talk of devaluation start? Look at Zimbabwe. Devaluation there meant ADDING ZEROS to their money NOT taking zeros away.
Jez man get a grip!
If this was there plan all along.I hope it wasn’t just a scam they had planned for years.And our gov. help them scam us all.If thats the case them this would be bigger them Madeoff’s scam.And knowone would go to jail for it.But like JoeC said it is in gods hands now.
Hello, Dinar peeps, I am glad to know that someone is talking about finally making a choice, I mean for real how long does this madness have to go on.Bring it on!!! Show me the MONEY!! LOL!!! Anyway thanks Adam for all your updates and doing our footwork. However I do have a ? about one thing and I know you have talked about it before but I missed it How and where can I get a warka accout? can I just go to my bank or a special one.I guess I really need to get on the ball with this asap.. Thanks again… B-Rat:}
Bridge I answered that and a LOT more in my book: http://www.rvintel.com
Marv, Thanks for the reply.
To answer your question concerning the gradual phase out of the 25,000 dinar here is what I understand.
Lets call your 25,000 dinar note “old dinar”.
Our old 25,000 dinar is worth $25 USD.
The new 25 dinar note will be worth $25 USD.
So if you purchase something in IRAQ that costs 25 new dinar and you hand the clert your old 25,000 dinar to pay for it you will receive no change because they are worth the same.
Also if you take your old 25,000 to a bank they will give you a new 25 dinar in exchange. No matter how you look at it we are all even in the end. They just dont want you using 100,000 dinar to buy something that is worth $100 USD. They want to be equal or on par with US Dollars.
We dont lose anything, we just never made anything on this transaction. Were even thats it.
Don’t forget Iraq spent a lot of Dinar’s to get the new Dinar printed and flown in on 3 Boeing 747′s packed full! I do NOT see this being a beneficial out come for the CBI to have again new money printed and circulated ontop of what has already been done. I can say with confidense this is a bogus rhumor and nothing more.
Adam, my friend has tell me that the 3 zero will go away, and the value will remain the same. That is, if I have 25,000 dinar, will be 25 dinars, which we will RV with a parity between the dollar and the dinar 1:1, a 25,000 dinar notes, will be worth only $ 25 …. Who will have one million dinars in hand only $ 1000, not one million dollars as we assumed at the beginning … Possible that we were victims of one of the biggest scam in history?
John if htat happens, you break even – how is it a scam if you don’t lose any money? Just saying.
my friend already changed his dinar over to the new ones. he piad a small fee but he did change them over.
Patrick, again u are speaking of a “lop”.
Here is some info for you to look at:
As far as Lopping the Iraqi Dinar, that has not been the plan. Gradual elimination of the larger notes has been the plan. Unlike Korea (communist country) Iraq has promised to its people a return to currency with the purchasing power of pre-war times. Remember, when the new currency was introduced, Iraqis lost all of their savings and purchasing power. It would only be fair to return the losses back to the people. Iraqis became poor overnight and they just may become wealthy overnight…
I got this article from an Iraqi news web site.
Kind regards!
Calm down people.
Adam stop plugging yer book mate, its got nothing in it that we already know, yep i purchased it & i got more info from other sites than your book.
Try writing a book on, How not to answer the question with a direct answer.
Moving on.
If it rvs sale, if it slashes zeros of sale as fast as you can, but just keep in mind before the rv you may get a window that will give you a better return than a RV,
Example were i stand if i sale now at the CBI rate i break evenish, minus commision.
The rate this month is moving more to favour than decline so dont be rash.
Even if they lop zeros of exchange them for the lower denoms you dont have to cash in, me im going to exchange all high doms for the small ones, hang on to them as there the new currency for about 10 years, thats how to make money.
Iraq will be one of the weathist countries in the world within ten years, no doubt in my head at all.
As my dad would say.
“if it dont fit the first time son, spit on it & try again”
I believe some of you folks are missing the boat. At least I hope you are. I freaked out when I saw the 25000 for 25.00 also. Then I began to remember what I have read in the past. Iraq has noticed the loss of strength in the us dollar. Think about it, a .50 soda will still cost .50. You can’t reprice everything in the country. Without an RV you will still need a wheel barrow of money to buy anything. Look at the new denoms. that will soon follow and you will see that. Use real science. Adam wrote about this in his post when he referenced Zimbabwe. Remember? It could be that something was lost in translation.
There is a lot of gold and cash being
transferred to the CBI so I took a pencil to it and I noticed that it’s almost identical to the amount that was seized from the country by a lot of bad guys…….Saddam being one of them. They froze a lot of bank accounts around the world and the money has been sitting in New York banks waiting to find their way back to the CBI. Hmmm……..I found that to be very interesting. It’s been protected in New York banks for so many years………why would they release it back to the CBI and then have articles saying that the GOI also is supplying three tons of gold to support the RI? My goodness gracious…….that pimple is very red on the very tip of your nose Government Of Iraq. I don’t care if you tilt your head down………if you turn your nose at a different angle………if you try to hide it in the shade………it is very OBVIOUS GOI what you guys are doing. Almost as plain as the pimple on the tip of your nose.This is a good thing Right???
The forthcoming Iraqi parliamentary election might be postponed for an indefinite time. I believe everyone already heard this news. Oh my god. So Does this means that RV will be delayed too?Anyone has a better opinion. Anyway, what does RV has got to do with the election?
Mudhhir Muhammad Salih, a member of a Central Bank advisory panel, told RFI that a plan has been made to remove three zeros from the currency and phase out the current banknotes late this year. From the first statement, we all know that they will remove THREE ZEROS from the currency rate only period. From the second statement, they only mention to phase out the current banknotes only period. However, from the second statement, they didn’t mention to remove three zeros from the banknotes and this means that they won’t remove three zeros from the bank notes period. I am very happy to be wrong. But, This is only from my own explanation and If my explanation doesn’t sound right to everyone here, I will be happy if everyone can give me a better and clear explanation so all everyone here can get the right direction. I don’t want to make everyone confused.
I hope this makes everyone feel better atleast for a day or 2 til the next BS story comes out.
Iraqi Finance denies intention to delete the zeros of the national currency
Iraqi Finance denies intention to delete the zeros of the national currency
09/02/201009:0209/02/201009:02
. Arbil, February 9 (AKnews) – U.S. Undersecretary of the Ministry of Finance and the Iraqi economy, the ministry’s intention to delete the zeroes from the national currency of Iraq, adding that the Iraqi economy, do not complain about inflation, there is no need for the implementation of this strategy.
The Prophet told Fadel Kurdistan News (AKnews) that “the process of deleting the zeroes of the Iraqi currency has no economic gain, and any positive impact on the purchasing power of the process of Iraq, but will also create other problems, to issue coins of small denominations such as” 10 money “and “50″ penny quarter of a dinar and a half dinars. ”
. He explained that “did not issue a formal decision on this matter, was not talking officially start work this fiscal policy to raise zeros from the Iraqi currency.”
He noted that “the only win for the deletion of zeros from the currency is issued in small groups only, either in terms of their purchasing power will remain the same as dollar against foreign currencies and the euro, and there will be any increase or improvement.”
“. For his part, said the economist is capable Rizgar that “if the replacement of the Iraqi currency, Nabgy we work to maintain the stability of buying and selling rates of the Iraqi currency against foreign currency, for a limited period, so the process does not cause loss of citizens who deal in buying and selling foreign currency, often What is this period of six months. ”
“. He said “the deletion of zeros does not help to increase the value of local currency, because the high value of the currency is linked to the security situation of the country, as well as the ability of local production and commercial activity and reduction of inflation rates in the country.”
It is worth mentioning that the Central Bank of Iraq said in a statement issued on February 6 this year, announced a plan to delete the zeros of the Iraqi currency before the end of the year 2010, and has completed 50% of the preparations for the work according to this strategy. It is hoped to be completed this fiscal policy later this year.
(آكانيوز)ت: وز9/2/2010 (AKnews) T: and g 9/2/2010
GCC central bank governors will hold the first meeting of their joint monetary council on March 30, the next step towards monetary union, the head of the GCC was quoted as saying yesterday. The governors of the four Gulf states planning monetary union Saudi Arabia, Bahrain, Qatar and Kuwait will discuss legal and administrative issues in order “to speed up the single currency,” Abdulrahman Al Attiyah, the bloc’s secretary-general, was quoted as saying by Qatar’s state news agency QNA. Al Attiyah said there was still hope the UAE, which opted out of the monetary union in May in protest over a decision to base the Gulf central bank in Saudi Arabia, would change its mind.”We hope the UAE will return to the fold,” he said. So, this mean THIS WILL SPEED UP RV TOO. GO RV GO RV.
There have been a tremendous number of inquiries about the recent news that Iraq will be increasing the value of their currency and, at the same time, introduce new denominations into the Iraqi economy sometime in 2010 (currently planned). Specifically, it has been reported that the Iraq Finance Minister issued a statement saying they have prepared a plan to increase the value of the dinar against the dollar and will introduce 25, 10, 5, 1, 1/2, ¼, and smaller (possibly 1/10 or 1/20) dinar banknotes and/or coins. He said that successful fiscal policies pursued in Iraq have contributed to increasing the value of the Iraqi dinar against the dollar, noting that the U.S. Dollar dropped significantly in value during the current year. Of note, he also said in a press statement that the bank has been following with great interest the phenomenon of low demand for the U.S. Dollar in the local Iraqi currency exchange markets.
Mudhhir Muhammad Salih, a member of a Central Bank advisory panel, said by the end of 2010, new banknotes will be fully introduced while the current banknotes will be gradually removed from circulation. He did not specify when the new banknotes would be issued. Both (current and new) denominations will be legal tender in Iraq until the current banknotes are completely withdrawn over a period of time.
Economic analyst Hilal al-Tahhan was quoted as saying “the bank’s move is overdue.” He said he expects the currency change to go smoothly because of the decision to allow both the current and new banknotes to coexist during an extended exchange period, leading to less turbulence in the economy.
Adam,
Nobody bought Dinars to breakeven. Its better then losing but its not making me or anyone else happy.
Not your fault. Its just very disappointing that this investment turned out to be a fiasco.
If we jusst break even it was a scam sorry to say.When I do business with some one and say invest in this a you will be rewarded and then when it comes time to reward them and I said.(oh by the way you only get back what you put in.) After 5 years I would get shot on the spot.And I would exspect nothing less.
What does all of this mean for those of us who hold our Dinars in a Warka account? Just wondering, anyone have any information on what the likely outcomes will be? Thinking that
a bank account it would be safer and therefore be protected whenever the RV goes. Thoughts comments please. Anyone? I’m praying for something good to come from all of this and I have been to Iraq three times on deployments with the Marines and I can tell you it is night and day different over there from whenever I was there the first time in 2003.. Lets hope.. I know we all want Iraq to do well and make us all very wealthy.
This ia a post from another forum. They do the LOP of 3 zero’s then Rv @ or near the Euro, we still make a 50% profit give or take a few points on our investment. Still a good investment, but not as much as everyone would have liked or enough to retire on.
This is Kuwaits M1 and M2 figures…………………………….
Stock of money:
$15.31 billion (31 December 2008)
country comparison to the world: 39
$15.12 billion (31 December 2007)
Stock of quasi money:
$63.08 billion (31 December 2008)
country comparison to the world: 27
$55.2 billion (31 December 2007)
Wich means kuwait has less than 5 billion kuwaiti dinar in print and circulation………………
And less than 20 billion kuwaiti dinar in their entire money supply…………..
With a GDP of 130 billion USD and a population of only 2 million people Kuwait is very small in the Global picture of things………….
Easy to understand why they have an exchange of 3+
2 million people producing 130 billion GDP…………………………….
Iraq…………..
Well,…………… 30 million people producing 96 billion GDP…………………….
21 trillion dinar in print with a money supply(M2) of 25 billion USD
easy to see why they have an exchange of .00086……………………..
When Iraq turns 21 trillion dinar into 21 billion then they can RV………..
Again, How does this “LOP” if and when it goes effect those of us who hold our Dinar in Warka accounts and not in physical currency? Any “intelligent” opinions greatly appreciated.. Thanks
Well scooter that sucks.You got any good news?Like what Eric asked what happens to the people that have bank accounts in Iraq?
Rumor is the article is a fake
Having a warka account will not protect your currency or investment in stocks from a redenomination. It would affect your account the same as hard currency. Again, this is still a good investment with a possible 50% return, or more if they LOP and RV.
KEEP THE HOPE BURNING..NEVER LOOSE HOPE,IT WILL SURELY HAPPEN.EVEN THOUGH WE DONT GET NOTHING..BUT ATLEAST GETTING BACK WHAT WE PUT IN..ITS SOMETHING..SO IT WAS NOT ACTUALLY..A SCAM..BUT A FAKE REALITY
They will remove 3 “zero’s” from your warka accont as well. They have to so everything is equal.
Adam,
I agree that this wasn’t a scam. We can call it what it was..an investment. If I invested around $10,000.00 (like I did in the Dinar) What would I have gained in just a simple money market savings account with that $10,000.00 in almost 7 years? I know you are just the messenger and I have appreciated your posts in the past but to say “no harm no foul” is not like you. Moreover, I would say that 99% of people bought from currency traders that had shipping and processing charges. So break even??? I’m not saying that this is going to play out where it is a break even scenario, we have to wait and see, but if it does that’s 5,6, 7 years waiting with an even money return. That’s a right cross to the face instead of a slap. And what happens in the end if it plays out like this?? Dinar dealers..rich, Dinar website owners well off…Dinar investors…even. That’s about the breakdown.
Zubaidi, in remarks quoted by reporter (news agency, Iraqi Information / conscious) that this proposal by the Ministry of Finance to the Central Bank of Iraq was not affected increase or decrease but it is just delete the zeros vocation not only the case in many countries Noting that the IRAQ DINAR WOULD BE OFFSET DOLLAR or SLIGHTLY MORE THAN after the application of this proposal.DON’T WORRY EVERYONE THE GOOD NEWS IS COMING. GO RV GO RV.
Latest news from the Iraq Finance Ministry is that first the dinar will be revalued, then three zeros will be lopped off the exchange rate, e.g., .0086 to.86. The ministry explicitly stated that zeros would NOT be lopped off the currency. Only off the exchange rate to enhance the vakue of the dinar.
the zeros are going to be removed because the value once rvd will be too great to deal with in the open market place you know kinda like the reason the U.S. doesnt use 1k or 10 k bills . If an Iraqi buys a candy bar post rv with a 25k dinar he will probably have to wait for an armor car to get his change for him but there will be no lop in simple terms its like you get 5 twenties instead of one hundred dollar bill but the same ammount people dont worry yourself over great news
In my opinion, if you hold your dinars for about 3-4 years you might double your money due to this re-denomination formula. Not enough to interst me at this time.
I was looking at making hundreds of thousands of $. Similar to the Kuwait trade. Now this investment is lucky to turn my $1,000 investment into maybe $2-$3,000.
i lived in Asean country( say Malaysia ). I also have 25000 dinar iraq. If 3 zero’s to be removed that is meant i will get 1000 twentyfive. Am i right or wrong? Where and till when i can change the dinar note to a small value?
Hai Adam.
Kindly advise whether they will remove the 3 zeros from currency or the dinar rates? Its make me confuse.