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Central Bank announces re-printed banknotes Iraqi "pictures of new and more protection"


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I'm beginning to think they don't need the HCL for them to RV. With their gold reserves and trying to get into the WTO, and this action on their currency it looks like they are getting ready to pull the trigger on the RV to me.

 

I love it when you say what  i am thinking!!!!!! I could just hugg you right now!!!!!

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I came over here after reading frank26 saying this was great news to get the real story because initially I didn't see how it could be. Large currency swaps aside could someone explain to me like I'm a 4th grader how this is good news? If they're the goal is to pull the 25k in why print more?

Thanks guys.

Edited by _RFJ
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I came over here after reading frank26 saying this was great news to get the real story because initially I didn't see how it could be. Large currency swaps aside could someone explain to me like I'm a 4th grader how this is good news? If they're the goal is to pull the 25k in why print more?

Thanks guys.

 

I hate to say it but I tend to agree with this thinking.  It just wouldn't seem to make sense to continue printing the large notes if they have any intention of RV in the near future.  Even after a modest RV these large notes would not be something they would want in circulation and I also agree with Dogsutra, any large government transactions would typically be done electronically.  Really hoping someone smarter than me can help me see it differently.

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I don't consider myself very smart but let me take a stab at explaining my point of view.

 

The Iraqi people are used to dealing with very large notes. I don't think pulling the 25,000 note out of circulation would be a good idea. I think the people will still want the familiarity of the note even after an RV. I have read often both here and elsewhere there is an overwhelming distrust of banks (for obvious reasons) in Iraq. I would think the average person will continue to exhibit this distrust and an RV is only apt to aggravate that position. When I read it, I took heart in that they have not revamped the larger denominations nearly as much as the lower ones. It seems like they are going to attempt a gradual retirement (or I hope so).

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I recall reading that U.S. banks still use $1000 notes, though I may be wrong.

The fact that they clearly state the larger notes will always be used indicates

that the CBI has some future use for them. One thing I have learned over the years

is that we will never understand the complexities of world banking. One would

do better to memorize the U.S. tax code.

I believe this is very good news.

4-15-2014

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I hate to say it but I tend to agree with this thinking.  It just wouldn't seem to make sense to continue printing the large notes if they have any intention of RV in the near future.  Even after a modest RV these large notes would not be something they would want in circulation and I also agree with Dogsutra, any large government transactions would typically be done electronically.  Really hoping someone smarter than me can help me see it differently.

 

I understand what you are saying and see your point....but we do not REALLY know of their intention with the 25k notes. It could be as simple as the contract to print the new bills saying ..we want to print all of them to make more money. It could be that the Iraqi pride thinks they can still have a one to one RV and they are rich enough to need the 25k note. Who knows, but I believe that this is progress and I will take it.

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250, 500, 1,000 = awesome! Go IRAQ!

Wm13

OK - perhaps this is a dumb question, but are these the lower denoms we've been waiting for?

Because they look like $250 $500 and $1000 bills to me at a 1 to 1 new rate. 

Cha ching......   spot on lgd

How exactly does this mean that they won't print low denoms and get an new ISO code?

Also, could they be merely replacing old notes with these large and medium denoms?

 

ICKY questions I know, but we need to know.

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New printing without removing the zeros!  Hummmm.  Tradable currency!  Hummmmm

Now all we need is for the CBI to RV the IQD, pass the HCL, join the IMF, install the new GOI, thumb their noise at the UN, to become the CEO of all the ME!  JMO.  

You are inviting me to add something here with all these acronyms but I'll be a good boy today.

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Not meaning to throw a damper on this thread, but I believe what the new currency represents is just a better grade paper, better security features but the same old  1170 to one we've had forsix years.  We do the same thing to our currency periodically to throw off the counterfeiters.  Look at the new 20, 50 and 100 dollar bills.  Very different looking, but same old dollar value.  Its definitely not an RD, and its not an RV.  Just new bills

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Here's my question. I hold various denoms 50.00,250.00,500.00 1000.00,5000.00,10,000.00 and 25000.00 notes. What is so new about these? They appear to look just like the ones pictured, and were sold with the "five security features", uncirculated at that. Forgive my ignorance, I truly don't know what the difference is between those pictured, and the ones I hold.

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If I were a country holding reserves, I would want the physical currency and not digital.  To many security breaches in the world today.  I could see them continue using the larger notes for bank to bank and country to country transactions.  If countries relied on digital, why are the holding physical USD, Yuan, Euros, GBP, and others?  Why hold the physical Gold when paper for the gold would take less space?  Why did Bush have all those pallets of Dinar flown to the US instead of just getting a SDR for it from the CBI?  I also would have liked to have seen some lower denoms in the picture, but if you are trying to keep things in check, you would know putting out pictures of the lower ones would be a sure tip off.  Also if we look at it as being a country wanting to show pride, prestige, and strength in your new currency as we know the middle east countries are, why would you put out pictures of your least amounts?  Remember when the CBI talked about and put pictures out of the Fil coins?  Who knows, this may be the start to the end.

 

Just throwing things out here.

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Here's my question. I hold various denoms 50.00,250.00,500.00 1000.00,5000.00,10,000.00 and 25000.00 notes. What is so new about these? They appear to look just like the ones pictured, and were sold with the "five security features", uncirculated at that. Forgive my ignorance, I truly don't know what the difference is between those pictured, and the ones I hold.

I also have 250, 500 and1000 notes as well.  The new ones have Arab, English and Kurdistan language as well as some braille format for blind people.  I would like to hear a response to your question. I don't see what this has to do with the RV. Sounds like they are going to use all these existing notes for a while.  No ignorance here msmortgageqiz, you asked a good question.

If I were a country holding reserves, I would want the physical currency and not digital.  To many security breaches in the world today.  I could see them continue using the larger notes for bank to bank and country to country transactions.  If countries relied on digital, why are the holding physical USD, Yuan, Euros, GBP, and others?  Why hold the physical Gold when paper for the gold would take less space?  Why did Bush have all those pallets of Dinar flown to the US instead of just getting a SDR for it from the CBI?  I also would have liked to have seen some lower denoms in the picture, but if you are trying to keep things in check, you would know putting out pictures of the lower ones would be a sure tip off.  Also if we look at it as being a country wanting to show pride, prestige, and strength in your new currency as we know the middle east countries are, why would you put out pictures of your least amounts?  Remember when the CBI talked about and put pictures out of the Fil coins?  Who knows, this may be the start to the end.

 

Just throwing things out here.

Bush flew pallets of dinar to the US?  Do you know this for sure?  Where is it stored?  I have never heard this before.

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