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Parliamentary finance denies the introduction of the category of 150 thousand dinars by the Central Bank


yota691
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Parliamentary Finance denies put 150 thousand dinars category by the Central

economy

 Since 25/03/2017 13:05 pm (Baghdad time)

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Baghdad balances News

Finance Committee in parliament, denied on Saturday put 150 thousand dinars category by the Central Bank of Iraq, pointing out that the bank is considering asking 100 thousand dinars category.

He said the Commission decision of Haji Ahmed in a press statement I followed / balances News /, said he "was not talking so far put on the category of 150,000 dinars, by the Central Bank of Iraq."

Haji said, that "it was proposing a class of 100 thousand dinars by the bank, which the study phase," noting that "what Matrouh so far is the currency of the category of 50 thousand dinars has been pumped into the market at a rate of 5 trillion dinars," .anthy 29 / A 43

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  I was under the impression the 100 thou, was already in the printing department , awaiting the corrupt counters too take their  stacks before the central was too get theirs  :o ...   but  really I did think  they had already printed these ,  maybe  they will revert too just saying , if you need 150 thousand , take ( 6 ) 25,ooo  notes  and be happy !  

Edited by jeepguy
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Okay so they just told us that 100,000 notes in circulation represent 5 trillion dinar. We were also told recently that there are 24 trillion dinar circulating in country so that means that the other 19 trillion dinar are in 25,10,5,1k notes with some 500 and 250 in there as well so if say 10 trillion were in 25 k notes that would be 400,000 more notes which would make 500,000 notes representing 15 trillion dinar. That leaves 9 trillion dinar represented by the balance of the notes. The CBI's goal is 1.18 billion notes representing 25-30 billion dollars worth of dinar, so 999,500,000 notes cover the rest of the dinar. Now I'm only hypothesizing on total 25k notes, but do you guys see where I'm going with this? The note count has to be WAY down, probably much lower than the 1.18 billion that they were targeting. Just my two penny's worth, or three dinar as the case may be

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What is the truth put the category of "150" thousand dinars by the Central Bank of Iraq? (Details)

25-03-2017 02:02 PM
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image.php?token=6f1eab3b35966c4c2eb56e0079418735&size=
 

East News -

 

 

Parliamentary Finance Committee renewed on Saturday, in response to the exhibition slate traded in the social networking sites, deny the existence of a proposal to put 150 thousand dinars category by the Central Bank of Iraq at the moment. 

The decision of the parliamentary finance committee Ahmed Haji in a press statement, said he "was not talking yet about asking the category of 150,000 dinars , " pointing out that he " has been proposed a class of 100 thousand dinars by the central bank , which developed the study Mamatarouh so far is the currency of the class 50 thousand dinars has been pumped into the market at a rate of 5 trillion dinars. "

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The first article states, "Haji said, that "it was proposing a class of 100 thousand dinars by the bank, which the study phase," noting that "what Matrouh so far is the currency of the category of 50 thousand dinars has been pumped into the market at a rate of 5 trillion dinars,""

5 trillion dinar/50,000 dinar/note = 100,000,000 (100 million or 0.1 billion) 50,000 notes in the market. Say the CBI goal is 1.18 billion notes in the market and that is nominally where the note count is today for illustration purposes. So, 1.18 billion - 0.1 billion leaves 1.08 billion non 50,000 dinar notes in the market or the 50,000 dinar note makes up 0.1/1.18 x 100 = 8.47% of the entire dinar note count in the market. Significant but not much.

If I remember right from late 2015, the roll out of the 50,000 and 100,000 dinar notes were a part of the "delete the zeros project" and was going to be rolled out in 2016. To me, if the 100,000 dinar notes are actually issued as tender for the citizens, I would take this as a very positive sign the "delete the zeros project" is substantially unchanged and delayed nominally a year. Issuing the 100,000 dinar notes would further help to reduce the note count on the streets.

I would like to see what one of the 100,000 dinar notes looks like.

For perspective:

100,000 IQD/1,184 IQD/USD = 84.46 USD.

50,000 IQD/1,184 IQD/USD = 42.23 USD.

25,000 IQD/1,184 IQD/USD = 21.12 USD.

10,000IQD/1,184 IQD/USD = 8.45 USD

Go 100,000 IQD Notes! Then..................

Go Lower Denominations on the streets! Then.................

Go Moola Nova!

:twothumbs:

 

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2 hours ago, jeepguy said:

  I was under the impression the 100 thou, was already in the printing department , awaiting the corrupt counters too take their  stacks before the central was too get theirs  :o ...   but  really I did think  they had already printed these ,  maybe  they will revert too just saying , if you need 150 thousand , take ( 6 ) 25,ooo  notes  and be happy !  

Jeepguy, don't know why somebody gave you a NEG, I fixed it.

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150.000 Iraqi banknote proposal denied

Rapporteur of the Commission Ahmed Haji pointed that there was a proposal to put into circulation the 100.000 Iraqi dinar banknote.

 
Date Added
Sat 25th Mar

Baghdad/ Iraq TradeLink: The Iraqi Parliamentary Financial Commission denied the news propagated by the social media that a proposal to circulate a 150.000 Iraqi dinar banknote by the Central Bank of Iraq.

 
 
Rapporteur of the Commission Ahmed Haji pointed that there was a proposal to put into circulation the 100.000 Iraqi dinar banknote.
 
He added that the previous discussions were concentrated on the 50.000 Iraqi dinar banknote, which is circulating in the Iraqi market.
 
 
"Only 5 trillion Iraqi dinars were pumped in the market of the 50.000 dinars banknote", he confirmed.

Source: Iraq TradeLink

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Synopsis exactly. lol I forgot to add three more zeros to my equation.  A trillion has 12 zeros not 9, my bad. This is exactly why they need to normalize the exchange rate too damn many zeros and opportunities for mistakes in accounting. That said, at 100,000,000 notes that is  

10% of the notes representing a little over 20% of the 24 trillion in circulation which means 1 billion notes to represent 19 trillion dinar. It doesn't seem like to much of a reach to think that the note count is right where they want it. The problem now is having the excuse to not do this thing, which Mosul provides. Hopefully they wrap the Isis crisis up soon... and we see some movement n the dinar that makes us smile

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The 100K note makes sense but not the 150K note. The reason for this is when they do implement the removal of the zeroes project, all of the notes thus far correspond to other countries' and their currency, save the 25K note. 

One other thing here is that we do not want to see them to have notes larger than the 100K note. Why? Because then the value of their currency will be far less than anyone previously thought. I would not like to harken to the days where wheelbarrows are used to transport the amount needed for a loaf of bread. Nor would I like to harken to the days where a million note is placed into circulation to circumnavigate the wheelbarrow transport of currency.

Edited by Theseus
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1 hour ago, Golfnsr said:

100,000 dinar denominations does not exactly indicate that the dinar is going to get stronger i.e. RV.

A 100K note after implementation of the zero project - the removal of zeroes from the currency - matches up with a 100 USD note. This is not lopster talk this is a project that they have been kicking down the road for awhile. The 100k lines up with the 100, the 50K lines up with the 50, the 10K lines up with the 10 and the 25K should line up with the 20 after the project. Whether they RV at the same time is anyone's guess. 

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Certainly I have a marginal information base about the larger note (s), especially when compared to the thoughtful opinions expressed here. I do seem to recall that an article or more were presented on forum indicating these larger notes would be used for institutional and commercial trading, which at this point, since the introduction of digital operations, appears redundant, unless one is intended for bank to bank, and the other for bank to brick and mortar business. Does anyone else remember the articles about larger notes that were posted some time ago? 

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3 hours ago, Tonygrasso said:

Synopsis exactly. lol I forgot to add three more zeros to my equation.  A trillion has 12 zeros not 9, my bad. This is exactly why they need to normalize the exchange rate too damn many zeros and opportunities for mistakes in accounting. That said, at 100,000,000 notes that is  

10% of the notes representing a little over 20% of the 24 trillion in circulation which means 1 billion notes to represent 19 trillion dinar. It doesn't seem like to much of a reach to think that the note count is right where they want it. The problem now is having the excuse to not do this thing, which Mosul provides. Hopefully they wrap the Isis crisis up soon... and we see some movement n the dinar that makes us smile

:twothumbs:

Go Moola Nova!

:twothumbs:

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3 hours ago, Theseus said:

A 100K note after implementation of the zero project - the removal of zeroes from the currency - matches up with a 100 USD note. This is not lopster talk this is a project that they have been kicking down the road for awhile. The 100k lines up with the 100, the 50K lines up with the 50, the 10K lines up with the 10 and the 25K should line up with the 20 after the project. Whether they RV at the same time is anyone's guess. 

RV at the same time????? I find it very hard to believe they will rv at all as of late, call me a Debbie downer but I really see the Iraqis kicking the can down the road for years to come...I seriously think you will have more chance on the lotto :rake:

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1 hour ago, Palmtree1970 said:

RV at the same time????? I find it very hard to believe they will rv at all as of late, call me a Debbie downer but I really see the Iraqis kicking the can down the road for years to come...I seriously think you will have more chance on the lotto :rake:

 

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35 minutes ago, vomer said:

Perhaps .. the purpose of the 150K notes is to make easier the purchasing of goods, since they are NOT going to RV.  To avoid carrying a wheelbarrow of notes just to buy cigarettes.  These turds do not want to RV.

Sure seems like they don't

Could go on indefinitely like Vietnam 

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  • yota691 changed the title to Parliamentary finance denies the introduction of the category of 150 thousand dinars by the Central Bank
 
 
13053.jpg
   
Economy News
 
 
 
The Finance Committee in parliament denied on Saturday the introduction of the category of 150 thousand dinars by the Central Bank of Iraq, pointing out that the bank is considering the introduction of the category of 100 thousand dinars. Commission Rapporteur Ahmad Haji said in a press statement that " Dinars, by the Central Bank of Iraq. "Haji added that" was proposed category of 100 thousand dinars by the bank is the study, "noting that" so far is a currency of the category of 50 thousand dinars has been injected into the market at a rate of 5 trillion Dinar"
 
 
Views 18   Date Added 28/03/2017 - 11:04   Last updated 03/28/2017 - 13:34   No. Content 7005
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