Thread: Iraq/Dinar News. 09/05 to 01/14/07

Originally Posted by kiko

Why would you need small denoms with a rate of 1000??

I am talking if they dont stop at 1000, they slowly rise to 750, then 500, then introduce the smaller denoms as they are needed. This may take a few years but it will happen!!

Its allready started!!!!!

Originally Posted by Adster

The MoF tried to lop zeros and is now an ex minister. The powers that be would not allow a lop. Simple as that, it would be breaking IMF regulations for one.

Not going to happen, no way jose. Achieves nothing and doesn't beat inflation. A lop would mean a reprint, about as likely as Saddam being put back in charge.

Exactly Adster. End of discussion.

You can read the sentence also different, that they will make 1000 dinars equal to a dollar.

That means at the current rate of 1,444 dinars it would make $ 1.44 and hell I take that one also.

Bringing in the small denoms and no currency change means only one thing, that is a RV.

Okay this is my last comment on the lop flop....why wait and pull all of this currency out of circulation while people are starving and dying each day that passes....for 1000 = 1.00, 500 = .50 etc. Seems like a worthless venture to me. There is a reason they are precisely removing a certain amount before a reval .... they wouldn't be that concerned removing i.e. pennies, nickles, and quarters (as an example). Come on people those dinars are worth gold....or should I say oil....Shibibi is one smart cookie, read his credentials sometime on the CBI website...then man deserves a website of his own!!!!

Originally Posted by Offshore-Wealth.com

Interesting,

So how is it 7-11 is losing, I don't follow this reasoning at all? I think Citgo is feeling the backlash from American consumer, and with news about 7-11 choosing another supplier, it was obvious many saw this and supported it, so please explain how you think 7-11 is losing anything?

Good luck to all, Mike

Because with Citgo Petroleum as the vendor they were receiving fuel at a much lower cost then now so there is profit loss.
I have to dig up an article I read from September of the price difference, when I find it I'll PM you..


7-11 was to launch it's own gas brand but not sure how that's going.

Originally Posted by Elfwizard

I am talking if they dont stop at 1000, they slowly rise to 750, then 500, then introduce the smaller denoms as they are needed. This may take a few years but it will happen!!

Its allready started!!!!!

The slow rise is started indeed, I only don't agree with a slowly rise to 750 and so on because now it's a program rate and not the "real exchange rate".

The real exchange rate depends on the economy = oil. They are now on pre-war level with oil production and are boosting in 2007. There is more oil then we can imagine over there.

These oil discovery, oil production sets the level in the economy that is based on 90% of oil revenues. If I am correct the oil can be made for $1 or less per barrel and sold for a hell of a lot more.

That is what will determine the value of the country and it's exchange rate in my opinion.

Originally Posted by Inscrutable

American dollar to her and about a thousand dinars.
Looks to me like they want to make it 1000 dinars to 1 dollar.

Sure hope not, that would be a significant increase in 2006 but not significant enough for me.

Also, not enough for them to begin paying down the debts that they are still responsible for. A higher revalue is the only way that is possible.

Originally Posted by Inscrutable

Because with Citgo Petroleum as the vendor they were receiving fuel at a much lower cost then now so there is profit loss.
I have to dig up an article I read from September of the price difference, when I find it I'll PM you..


7-11 was to launch it's own gas brand but not sure how that's going.

I say good for 7-11!! There is a citgo by me and its about 10 cents cheaper but I dont buy gas there even though I would save like 2.00 per tank.

Its the principal not the profit, 7-11 did the right thing!

Banks care not about people or poverty, they care about money.

If what I envisage is to come true I'm sure it is only a temporary solution because we all know what the true worth of Iraq is.
However, they are trying to curb inflation and increase the purchasing power which at 1000:1 would be a start, then as the inflation is lowered and investment is open they continue adjustment more accordingly.

I enjoy your news post very much CP and I know that you are a very smart person but I can't understand why you wouldn't see 30%+ as a substantial increase.

Originally Posted by CharmedPiper

Okay this is my last comment on the lop flop....why wait and pull all of this currency out of circulation while people are starving and dying each day that passes....for 1000 = 1.00, 500 = .50 etc. Seems like a worthless venture to me. There is a reason they are precisely removing a certain amount before a reval .... they wouldn't be that concerned removing i.e. pennies, nickles, and quarters (as an example). Come on people those dinars are worth gold....or should I say oil....Shibibi is one smart cookie, read his credentials sometime on the CBI website...then man deserves a website of his own!!!!

Elfwizard good for you. Where I live we don't have citgo but I wouldn't by gas from them either. hugo can keep his oil and drink that punk.

Good question,

No doubt, we know the old currency was in place for years, and this was when value of dinar was $3.00 plus to the low of .31 when Saddam was overthrown, so we know the range that the lower denoms served.

When you talk with Iraqi's, you will learn that they are creatures of habit, just like most of us, so with that thought, the same denoms will more than likely be reintroduced as before. When they mention the introduction, as needed, this means it depends on revalue, this seems obvious, so in my opinion, we can expect to see a minimum of the .31 to reintroduce the old denoms. Reading between the lines, this is how I see it.

I also feel they will reintroduce the same denoms as before, in fact, they know that none of the small denoms were ever counterfieted, so this would make common sense to bring these back as needed. The smaller notes which did not have reference to Saddam's mug on them would be ideal to for this purpose reintroduce, as needed. The 5 dinar note came both ways, with Saddam and without, so my guess this would be one of the reintroduced notes, along with 1/4, 1/2 and 1 dinar notes. We'll see.

Good luck to all, Mike


According to Bank of Baghdad, they were required to keep their books at the rate prior to U.S occupation. That rate was .31 dinars to $1 . So, that would equate to 1 dinar= $3.22+. The IMF declares Iraq's exchange rate as of September, 2003 at: September 8, 2003 2.53758 SDR's. Today 1 SDR= about $1.48. That is near $3.75. I have always believed that the 1 dinar=$.31 was arrived at erroneously by backwards math. I apologize ahead of time if I am mistaken.

CapeK