Replies to post #21068 on Iraqi Dinar Discussion Board (IQD)

[Aerospace]

LOL... ok... I'll ask. If that's not a lop, then what is it?
Can you please tell us what a redenomination is?
Apparently this redenomination will be different than the other 100 or so redenominations that have happened. It will be different than Turkey, Russia, and Brazil, which they used as examples.
Tell us please, what will happen?

[dinardog123]

This says the Dinars value will remain unchanged..

So how is that a good thing??

[dinardog123]

EMA...below is your post with my comments in red...what say you about this ???

NO LOP! Right from Iraq!

Reported TODAY in Rueters new service!

BAGHDAD, Feb 11 (Reuters) – Iraq expects to redenominate its dinar currency by knocking three zeros off the nominal value of bank notes to facilitate currency transactions, a central bank official said on Thursday.
When they say they are "knocking three zeros off..."
Is that not a LOP?????

Emerging from years of war and sanctions, Iraq is trying to revamp its economy and boost oil production with a raft of crude deals that may vault it to one of the world's top oil producers.
"The goal is to improve the payment and receiving system in the country and consequently to reform cash management," said Mudher Kasim, a senior advisor at the central bank.

Iraqi payment systems rely almost exclusively on cash.
Kasim said that the central bank expected to start rolling out new notes by the end of the year or the beginning of 2011. Iraq has 25 trillion dinars in circulation, officials say.

An Iraqi cabinet committee ordered the change in 2007, but the central bank did not think it appropriate until recently, Kasim said. The dinar's value will remain unchanged, he said.
"...Dinars value will remain unchanged..."
Doesn't this imply that our Dinar will still be worth what it is today????

The local unit is managed through foreign exchange auctions, and traded hands at 1,170 per dollar at the last sale.

(Reporting by Aseel Kami; Editing by Jack Kimball and Toby Chopra) Keywords: IRAQ CURRENCY/ ([e-mail]; [phone]; Reuters Messaging: [e-mail])
http://www.iii.co.uk/news/?type=afxnews&articleid=7747130&subject=markets&action=article