50 dinar note removed from circulation

[rockfl9]

If you have any 50 dinar notes they now are TP? birdcage liner or wallpaper (ugh).

Dealers dont want them anymore .

It costs the US 4.2 cents to print a bill, with lower volume CBIs cost must be more. Why pay 5 cents to print a bill worth 4.3 cents?. It should have been expected.

AT 8.6 cents the 100 may be next. Or we may see a 100 dinar coin.

Merchants   will just round up to the nearest 100.

It will be interesting to see the action on Ebay .  

 

[Texstorm]

I knew you would start this topic Rock, they won't need these lower demons after an RV. It cost too much to reprint them as you already stated. I doesn't mean that the big ones are going away and they can easily be converted 1 to 1. Thanks

[yota691]

Rock it say replacing the 50 note...Central Bank announces the withdrawal of 50 dinars a class of trading

26/02/2015 02:43 | Number of Views: 1    

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Iraqi Central Bank announced on Thursday, for the withdrawal of 50 dinars currency from circulation category, pointing out that the replacement will continue for two months.

The bank said in a statement received by "direction Press", a copy of it, he was "given to stop the public from trading cash paper category 50 dinars, he decided to withdraw this banknote trading based authorized to article 36 of the powers of the Bank Act No. 56 of 2004".

The bank added that "the banks and their branches will start replacing these banknotes presented to it and without fee or commission," noting that "banks will be deposited at the bank and its branches for the purpose of being the equivalent value in the accounts we have."

He noted the bank that "the term that will replace these banknotes will begin on the first of March to 30 of April next," stressing that "the end of the period of replacement will be banknote void and have no discharge power will not be accepted in Iraq."

 

It is noteworthy that the Iraqi Central Bank issued after 2003 and banknotes from the category of 50 dinars, but he is not traded due to the high prices of the products offered in the market. sa

Read more: http://dinarvets.com/forums/index.php?/topic/197935-central-bank-announces-the-withdrawal-of-50-dinars-a-class-of-trading/#ixzz3SrJN0hqt

[Shabibilicious]

Why does a 100 cost twice as much to print as a 50?......Does it weigh twice as much, or require twice as much ink?  My comprehension skills must be on hiatus this morning.    

 

GO RV, then BV

[Saint]

It is noteworthy that the Iraqi Central Bank issued after 2003 and banknotes from the category of 50 dinars, but he is not traded due to the high prices of the products offered in the market. sa

This is most likely the reason they are getting rid of it and replacing it with nothing , so it seems ??????

Shabs I'm with you on this one. Why ??????

Edited February 26, 2015 by Saint

[Markinsa]

 

It is noteworthy that the Iraqi Central Bank issued after 2003 and banknotes from the category of 50 dinars, but he is not traded due to the high prices of the products offered in the market. sa

This is most likely the reason they are getting rid of it and replacing it with nothing , so it seems ??????

Shabs I'm with you on this one. Why ??????

 

 

At the end of 2013, there was 9 Billion 50 Dinar notes Issued.  Only 800 Million was on deposit at 3 Banks.  It could be to bring those notes back in for deposit, or allow them to be written off.

 

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[King Bean]

Shabs.....come on....think about all the ink to print that extra zero.

[rockfl9]

Why does a 100 cost twice as much to print as a 50?......Does it weigh twice as much, or require twice as much ink?  My comprehension skills must be on hiatus this morning.    

 

GO RV, then BV

No . The cost to print is the same . The value 8.6 cents is double . But when you have to replace one note due to wear you have spent 10 cents for 8.6 . That is the problem!

[The Machine]

If you have any 50 dinar notes they now are TP? birdcage liner or wallpaper (ugh).

Dealers dont want them anymore .

It costs the US 4.2 cents to print a bill, with lower volume CBIs cost must be more. Why pay 5 cents to print a bill worth 4.3 cents?. It should have been expected.

AT 8.6 cents the 100 may be next. Or we may see a 100 dinar coin.

Merchants   will just round up to the nearest 100.

It will be interesting to see the action on Ebay .  

 

 

There is no such thing as a 100 IQD note ..... there are 100 IQd coins but there not in circulation.

[rockfl9]

Thanks Machine I stand corrected . So that makes the smallest change go to 21 cents. (250 dinar).. That's a big bump at retail! Merchants must be scrambling to adjust. Imagine if prices jumped by quarters here in US!

Not clear  what they they expected to use in the exchange .  Could they be prepared to release the 100 coin? 

[The Machine]

Thanks Machine I stand corrected . So that makes the smallest change go to 21 cents. (250 dinar).. That's a big bump at retail! Merchants must be scrambling to adjust. Imagine if prices jumped by quarters here in US!

Not clear  what they they expected to use in the exchange .  Could they be prepared to release the 100 coin? 

 

 

They have 25 and 100 Dinar coins already minted they never put them into circulation .... check out CBI website

 

http://cbi.iq/index.php?pid=Banknotes

Edited February 26, 2015 by The Machine

[rockfl9]

They have the dies and profs but no supply. Shortsighted. If the had the coins with life of 20 years could have easily recovered the costs by now.

[bsims25]

Oh no! I have a friend that has 5,000 of the 50 dinar notes, I remember him saying it cost him about $3300 from The Treasury Vault. He bought them cause one of the gurus convinced him that they would be safe if Iraq decided to lop. Lol

I just texted him the bad news.

[pocono]

Breitling used to encourage people to buy the lower notes.

[bsims25]

Breitling used to encourage people to buy the lower notes.

Yes! That was the one!

[bsims25]

Oh no! I have a friend that has 5,000 of the 50 dinar notes, I remember him saying it cost him about $3300 from The Treasury Vault. He bought them cause one of the gurus convinced him that they would be safe if Iraq decided to lop. Lol

I just texted him the bad news.

Edited February 26, 2015 by bsims25

[The Machine]

Oh no! I have a friend that has 5,000 of the 50 dinar notes, I remember him saying it cost him about $3300 from The Treasury Vault. He bought them cause one of the gurus convinced him that they would be safe if Iraq decided to lop. Lol

I just texted him the bad news.

Awaiting his response.

 

oh no ...... nightmare situation.

 

I have a few of the 50's too ....... only 25,000 worth though and I picked them up pretty cheap too from someone who wanted off the dinar train a few years back, only bought them because I didnt have any.

 

if they revalue all the other denoms I wouldnt really care about the 50's, I think your friend is in for a big shock and I really feel sorry for anyone who bought on the guru fairytales.

[rockfl9]

I wonder why the gurus information sources didnt get wind of this?? They have some serious explaining to do ! Eh frankie.

Enorreste famous source of misinformation.

[bsims25]

I wonder why the gurus information sources didnt get wind of this?? They have some serious explaining to do ! Eh frankie.

Enorreste famous source of misinformation.

Exactly!

[freeroy]

There is no such thing as a 100 IQD note ..... there are 100 IQd coins but there not in circulation.

Sorry.  I am sure you mean new but here is a pic of one.  

[bsims25]

Sorry. I am sure you mean new but here is a pic of one.

I'm talking about the current series of notes as displayed on the banknotes page at the cbi website.

[yota691]

add this...5 (20:34)   -   the number of readings: 37   -   Issue (3299)

 

 

Experts: 50 dinars born "dead" .. and canceled due to fraud and the deletion of zeros

Range / Amer Mohi 
 

 A source in the CBI revealed that the bank has decided to withdraw the currency of 50 dinars from circulation category because of fraud and conflict with other categories when deleting zeros from the currency, and while experts confirmed that the abolition of the small category guide to take prices upward trend, said the 50 dinars born "dead" because they are too small and can not be accepted compared to other groups.

 

The Central Bank of Iraq, the day before yesterday, the currency was withdrawn from the category of 50 dinars from circulation due to "low value and stop the audience from the circulation," according to a statement of the bank. A source in the CBI told the "term" that "the Bank does not want a conflict between the currency category of 50 dinars and 500 dinars in case of deletion of zeros from the last," noting that "the central decided to cancel the deal with 50 dinars category formally instructed banks government and private bring this group to the bank in order to burn them. "

The source, who declined to be named, said "the Bank issued a decision not to deal with a class of 50 because of a major fraud after reprinted in 2003", adding that "the citizen is no longer handles this category because of the small cluster of cash for this currency, and because the cheapest thing in the market to be sold for 250 dinars for it canceled the same. "

He pointed out that "the citizen who owns a coin 50 dinars category can replace it in the bank within a specific number, it is impossible to bring people billions of dinars in this category are demanding to replace them because they certainly false."

For his part, said an expert on economic affairs Maytham Laibi "long" that "the decision to cancel the coin 50 dinars very painful, because it shows that the presence of an upward trend of prices, so that Tfariv currency has become not used in daily use," noting that "after ten years of the 50 dinars coin presence and lack of circulation dramatically means that the Iraqi market tended to handle large groups rather than to deal with small groups, indicating the money supply expanded significantly. "

Laibi and pointed out that "most of the countries of the world do not put such a condition when you drag the currency market, but they can be non-acceptance of the currency in circulation at the same time be accepted in the banking system, especially as the term is too short, which is up to two months only," but he also said "The decision can not be considered wrong in its entirety, because it has become a reality if the result of the use of this currency, and to identify specific timeframe for ending the deal in this category is the only weak point in the resolution."

In turn, said economist Ahmed Sabih told the "term" that "this group of Iraqi currency issued in the light of expectations down price levels to be smaller class can be traded among the public," noting that "the category of 50 dinars stillborn because it is very small Currency and can not be accepted in circulation compared to other groups that make up some of the complications. "

He Sabih saying that "the 50 dinars as long as calculated on the Iraqi currency bloc, it is better to replace the category of other more acceptable as a class 250 dinars, which represents smaller currency accepted by the public in circulation", adding that "this decision administrative true and does not reflect any economic effects is carried at liquidity or a reflection of the state of inflation, but it is a good procedure followed by many banks to get rid of the categories is acceptable in circulation. " The bank said in a statement received "long", a copy of which, the day before yesterday, that "due to stop the public from trading cash paper category 50 dinars, he decided to withdraw this banknote from trading on the basis of the powers vested in Article 36 of the Bank Act No. 56 of 2004".

The statement added that "banks and branches will begin to replace these banknotes presented to it without fees or commission," he said, adding that "banks will be deposited at the bank and its branches for the purpose of being the equivalent value in the accounts we have."

Bank pointed out that "the term that will replace these banknotes will begin on the first of March to 30 of April next," noting, "Once the replacement period banknote will be null and void and will not be accepted in Iraq."

The 50 dinars category smaller paper currency from within the paper categories, which also include 250 dinars and 500 dinars and a thousand dinars and 5 thousand dinars and 10 thousand dinars and 25 thousand dinars.Iraq issued a new currency in 2003 in the wake of dropping the former regime.

Read more: http://dinarvets.com/forums/index.php?/topic/198015-experts-50-dinars-born-dead-and-canceled-due-to-fraud-and-the-deletion-of-zeros/#ixzz3SyFAHW4e

[rockfl9]

So I think I see the plan.

They need to get the 50s to be well in the past before the "lift the zeros" because when they print the new currency it will include a new 50 dinar and a 5. They do not want anyone to be able to pass-off old for new.

But how long can the merchants get by with the smallest remaining increment being the equivalent of 21 cents? July 1 !!!!

If they still have the dies. the 100 and 50 fil coins would do it. A convenient "accident"?

[rockfl9]

So I think I see the plan.

They need to get the 50s to be well in the past before the "lift the zeros" because when they print the new currency it will include a new 50 dinar and a 5. They do not want anyone to be able to pass-off old for new.

But how long can the merchants get by with the smallest remaining increment being the equivalent of 21 cents? July 1 !!!!

If they still have the dies. the 100 and 50 fil coins would do it. A convenient "accident"?

My mistake . it is a 25 and 100 dinar coin they had proofed. The 100 would be 8.6 cent value , that would help. I think they have a different plan.

[RVPleaseToday]

Despite all the pixels that have been wasted trying to spin the impact of the demonetization of the 50 Dinar note, the fact remains that in a couple of months it will be worth nothing. I'm wondering how many of the ones saying it's all just smoke will still be hanging onto their 50's in two months?

 

Playing chicken with the CBI seems like risky business to me.

Edited February 28, 2015 by RVPleaseToday