Director of Issuance Department of the Central Bank of (Mada): The size of the printed currency exceeded 11 billion and 600 million dinars

[DWS112]

Director of Issuance Department of the Central Bank of (Mada): The size of the printed currency exceeded 11 billion and 600 million dinars

04/08/2017

Most of the Iraqi Central Bank steps are subject to political and legal environment of the country , especially in regard to Eduard the deletion of zeros that counted specialists in the earlier trend sensitive and dangerous may still be , but the central remains the most important institution in terms of the need to adjust the financial management in light of the financial crisis experienced by the the Iraqi economy, which must have to deal with dilemmas , whether with regard to the citizen or the work of the central bank itself. 
Questions concerning important files posed (range) in this meeting , the director of the release and the Treasury in the Central Bank Aa'bas behind, and with being answered by briefly he pointed out the most important points that showed that the currency is good for circulation deposited Central has exceeded one billion and a quarter of a million dinars an amount that is not a little if they were compensated by the stored banknotes at the bank , as some believe, at the time between the printed currency size has exceeded the "11 billion and 600 million dinars, he urged citizens on the need not to keep large amounts in homes or buried in the ground , the fact that the process of replacing in the event expose Dt to burn or damage costs the central administrative and financial burdens, stressing that the counterfeit currency rate is still within the internationally accepted borders, with the central quest to carry out an information campaign to educate the public on how to distinguish between the original currency and Almzorh.oicol behind on a question about the possibility of having higher versions of a class (50000 ) dinars?
- No at present intention to issue a higher class category (50000) dinars.

* What about the subject of the deletion of zeros and the reason for the delay?
- the decision on the deletion of zeros can not be taken in isolation from the political and legal environment in the country under conditions the security situation as a result of terrorist acts and exit p D from the provinces outside the control of the state for the years 2014.2015, 2016 which prevents certainly to wait in the implementation of this project , in addition to that this must be done in coordination with all state departments and the private sector, where it should be followed by changing the paragraphs contained in the various laws, which include a reference to fines or lump - sum collection of fees, must also change the financial and statistical records in order to conform with the project process the deletion of zeros. On the other hand, the technical preparations are underway by us.
* How is the cost of the annual replacement and replacement of damaged currency?
- First , there is no substitution instead of a damaged annually, as the bank instead seeks to issue new papers for security specifications developed, so the cost is reduced in this way it is the cost of issuing new banknotes specifications better used at the same time damaged to the replacement of currency from the previous editions .
We seek to carry out an information campaign to distinguish between original and counterfeit currency
* How discovered the counterfeit currency of the size?
- The Central Bank of Iraq resorted to the use of machines to sophisticated counting and sorting which can detect counterfeit currency, in addition to banks guide using modern techniques in the currency examination, but the problem is not doing shopkeepers enough efforts to use the machines to check the currency, as the bank seeks to campaign media to sensitize the public on how to distinguish between the original currency and counterfeit currency by issuing a booklet definitions and (posters) for this purpose and will be distributed to banks in major shopping malls, and in all cases, the counterfeit currency rate is still within the internationally accepted borders , where even T ratio (0.000025) (Twenty - five million paper sheet).
* What currency damaged by fire or poor storage of citizens compensation mechanisms?
- While we hope the citizens do not keep large amounts in homes or buried in the ground, and to do instead in the deposit with the banks, as the replacement of the burnt currency process or damaged it costs the central bank financial burdens and administrative Colva unwarranted, however the bank is to receive citizens whose savings in Iraqi currency to fire accidents provided that they are documented by the civil Defense Department and be sourced from the project, either in terms of currency (buried) are sufficiency statement on the sources of these funds, and in this regard we call on citizens not to accept the mediation of any hand to Astb The Iraqi currency and that this bank does not receive any commission for its replacement.
We applied security methods with modern technology advanced counting and sorting currency
* What future plans for the central bank currency and print?
- Iraqi Central Bank seeks to keep pace with the evolution of printing currency and modern technologies both in currency printing or counting devices and sorting the currency where they are constantly adding new security features in addition to the acquisition of advanced machines counting and sorting currency, was dispensed with final counting and manual screening process.
* How much is the size of the torn currency and how much of the size of the printed currency?
- The number of banknotes unfit for circulation deposited with this bank (1,277,049,543) cash paper of various categories, where they are compensated from the stored banknotes have this bank, as the number of printed banknotes (11,615,265,154) cash paper of various categories.

NOTE "MADA" also translated as "RANGE"

 

 

Edited April 8, 2017 by DWS112

[steveh12]

Thanks for Sharing! 

[Tuck]

55 minutes ago, DWS112 said:

On the other hand, the technical preparations are underway by us.

interesting

[Synopsis]

Thank You, DWS112, for posting!

A couple interesting statements in the article, "No at present intention to issue a higher class category (50000) dinars."

And

"The number of banknotes unfit for circulation deposited with this bank (1,277,049,543) cash paper of various categories, where they are compensated from the stored banknotes have this bank, as the number of printed banknotes (11,615,265,154) cash paper of various categories."

The CBI website (http://www.cbi.iq/index.php?pid=Banknotes) shows denominations of 250, 500, 1,000, 5,000, 10,000, 25,000, and 50,000. Right above that, there is the statement, "In 2013 the Central Bank of Iraq has upgraded the circulated banknotes the series of 2003 which included graphic design and technical characters apart from the denomination of (50) dinar which has been withdrawn from circulation since 1st May 2015."

I am curious to know if the 50,000 denominations are in circulation in Iraq. I know the 50,000 denominations can be had in the US. So why this statement about issuing a higher class of 50,000 dinar. Could this be an older article?

My memory could be a little fuzzy here. At one time, I thought there was nominally 40 trillion dinar in circulation in Iraq with nominally 40 billion notes. If I understood correctly, the intend was to get the note count to 25% of the 40 billion notes in circulation. (Again, my memory could be fuzzy here). So I take the statement to mean: 11,615,265,154 printed banknotes - 1,277,049,543 unfit for circulation = 10,338,215,611 notes in circulation. So, 10,338,215,611/40,000,000,000 x 100% = 25.85% and seems to be awful close, or close enough, to the goal of 25% of the base note count in circulation.

Feel free to correct or support my fuzzy recollections.

If correct, this could be an indication of one goal regarding the Iraqi Dinar is in place to support a revaluation. When, we don't know or to what it will revalue.

As always, my opinion and 

In the mean time.....................

Go Moola Nova!

[Officiallytook]

[blueskyline]

Thanks Synopsis. I remember the 25% of 40 billion note count also .Lets hope we are that close . Moola Nova !!!

[Synopsis]

Just now, blueskyline said:

Thanks Synopsis. I remember the 25% of 40 billion note count also .Lets hope we are that close . Moola Nova !!!

Thank You, BlueSkyLine!

I look forward to your concert piano performance!

Not sure if this clip will be of any help:

Go Moola Nova!

[Rmc10]

I hope we are close. I know you all may have been invested for longer than I have but 6 years is still a long time to wait. I can't imagine 14 but I am ready for when this thing pops.

[ChuckFinley]

1 minute ago, Rmc10 said:

I hope we are close. I know you all may have been invested for longer than I have but 6 years is still a long time to wait. I can't imagine 14 but I am ready for when this thing pops.

Well, I am one of those 14 plus guys. 6 years my friend is a long time. Your kids are now in middle school, high school, college or even married. Friends that I have met here have passed on. But when this pop it will be worth it. Family will be taken care of and I will toast to all that have gone before us. 

[Freedomwish]

21 minutes ago, ChuckFinley said:

But when this pop it will be worth it. Family will be taken care of and I will toast to all that have gone before us. 

Amen brother Chuck, amen. 

[ChuckFinley]

1 minute ago, Freedomwish said:

Amen brother Chuck, amen. 

Trust you will be at the party my friend. 

[blueskyline]

1 hour ago, Synopsis said:

Thank You, BlueSkyLine!

I look forward to your concert piano performance!

Not sure if this clip will be of any help:

Go Moola Nova!

HA HA HA HA ! I Think that was " LETS DO THE THE TIMEWARP AGAIN from the ROCKY HORROR PICTURE SHOW ! Great Motivation !

[DinarThug]

Thx DWS - Here's A Highlighted Copy Of It ...

 

(by walkingstick)

Director of the Department version of the Central Bank (range): printed currency volume exceeded 11 billion and 600 million dinars

Host of the Iraqi Central Bank steps aresubject to political and legal environment of the country , especially in regard to Eduard the deletion of zeros that counted specialists in the earlier trend sensitive and dangerous may still be , but the central remains the most important institution in terms of the need to adjust the financial management in light of the financial crisis experienced by the the Iraqi economy, which must have to deal with dilemmas , whether with regard to the citizen or thework of the central bank itself.

Questions concerning important files posed (range) in this meeting , the director of the release and the Treasury in the Central Bank Aa'bas behind, and with being answered by briefly he pointed out the most important points that showed that the currency is good for circulation deposited Central has exceeded one billion and a quarter of a million dinars an amount that is not a little if they were compensated by the stored banknotes at the bank , as some believe, at the time between the printed currency size has exceeded the "11 billion and 600 million dinars, he urged citizens on the need not to keep large amounts in homes or buried in the ground , the fact that the process of replacing in the event expose Dt to burn or damage costs the central administrative and financial burdens, stressing that the counterfeit currency rate is still within the internationally accepted borders, with the central quest to carry out an information campaign to educate the public on how to distinguish between the original currency and

Almzorh.oicol behind on a question about the possibility of having higher versions of a class (50000 ) dinars? 
- No at present intention to issue a higher class category (50000) dinars.

* What about the subject of the deletion of zeros and the reason for the delay? 
- the decision on the deletion of zeros can not be taken in isolation from the political and legal environment in the country under conditions the security situation as a result of terrorist acts and exit p D from the provinces outside the control of the state for the years 2014.2015, 2016 which prevents certainly to wait in the implementation of this project , in addition to that this must be done in coordination with all state departments and the private sector, where it should be followed by changing the paragraphs contained in the various laws, which include a reference to fines or lump - sum collection of fees, must also change the financial and statistical records in order to conform with the project process the deletion of zeros. On the other hand, the technical preparations are underway by us.

* How is the cost of the annual replacement and replacement of damaged currency? 
- First , there is no substitution instead of a damaged annually, as the bank instead seeks to issue new papers for security specifications developed, so the cost is reduced in this way it is the cost of issuing new banknotes specifications better used at the same time damaged to the replacement of currency from the previous editions .

We seek to carry out an information campaign to distinguish between original and counterfeit currency

* How discovered the counterfeit currency of the size? 
- The Central Bank of Iraq resorted to the use of machines to sophisticated counting and sorting which can detect counterfeit currency, in addition to banks guide using modern techniques in the currency examination, but the problem is not doing shopkeepers enough efforts to use the machines to check the currency, as the bank seeks to campaign media to sensitize the public on how to distinguish between the original currency and counterfeit currency by issuing a booklet definitions and (posters) for this purpose and will be distributed to banks in major shopping malls, and in all cases, the counterfeit currency rate is still within the internationally accepted borders , where even T ratio (0.000025) (Twenty - five million paper sheet).

* What currency damaged by fire or poor storage of citizens compensation mechanisms? 
- While we hope the citizens do not keep large amounts in homes or buried in the ground, and to do instead in the deposit with the banks, as the replacement of the burnt currency process or damaged it costs the central bank financial burdens and administrative Colva unwarranted, however the bank is to receive citizens whose savings in Iraqi currency to fire accidents provided that they are documented by the civil Defense Department and be sourced from the project, either in terms of currency (buried) are sufficiency statement on the sources of these funds, and in this regard we call on citizens not to accept the mediation of any hand to Astb The Iraqi currency and that this bank does not receive any commission for its replacement.

We applied security methods with modern technology advanced counting and sorting currency

* What future plans for the central bank currency and print? 
- Iraqi Central Bank seeks to keep pace with the evolution of printing currency and modern technologies both in currency printing or counting devices and sorting the currency where they are constantly adding new security features in addition to the acquisition of advanced machines counting and sorting currency, was dispensed with final counting and manual screening process.

* How much is the size of the torn currency and how much of the size of the printed currency? 
- The number of banknotes unfit for circulation deposited with this bank (1,277,049,543) cash paper of various categories, where they are compensated from the stored banknotes have this bank, as the number of printed banknotes (11,615,265,154) cash paper of various categories.

http://almadapaper.net/ar/news.....8%A7%D9%84

 

[ChuckFinley]

3 minutes ago, Botzwana said:

I plan on staying in Mexico again.  I just saw the menu prices of some places in GA I used to frequent.  $21 for a frickin tuna salad?  No thanks!  $5 for a budlight now?

Holy smokes.  Not to mention the Civil Forfeiture law is still on the books and the corrupt are raking in the billions.  They will definitely be trying to take our new money.

 

I am looking really hard at Mexico when this is done.  

[ChuckFinley]

Thanks Thug for the highlight version.  

[NoviceInvestor]

37 minutes ago, ChuckFinley said:

Well, I am one of those 14 plus guys. 6 years my friend is a long time. Your kids are now in middle school, high school, college or even married. Friends that I have met here have passed on. But when this pop it will be worth it. Family will be taken care of and I will toast to all that have gone before us. 

I bought my dinar nearly 10 years ago .. And if it doesn't Pop soon this Granny will be too old to enjoy it ..... 

[ChuckFinley]

1 minute ago, NoviceInvestor said:

I bought my dinar nearly 10 years ago .. And if it doesn't Pop soon this Granny will be too old to enjoy it ..... 

I know what you mean, but I am going to make 60 the new 20. 

[NoviceInvestor]

Just now, ChuckFinley said:

I know what you mean, but I am going to make 60 the new 20. 

Add a few more years on to that for me ChuckFinley

[ChuckFinley]

Just now, NoviceInvestor said:

Add a few more years on to that for me ChuckFinley

Ok, I make it 25 and I am in that same range. We are going to have some fun when this is over. 

[alreis]

Wife does not want to travel to Belize. I'm only 59, I might need a babysitter.

[Synopsis]

23 minutes ago, blueskyline said:

HA HA HA HA ! I Think that was " LETS DO THE THE TIMEWARP AGAIN from the ROCKY HORROR PICTURE SHOW ! Great Motivation !

[ChuckFinley]

3 minutes ago, alreis said:

Wife does not want to travel to Belize. I'm only 59, I might need a babysitter.

Alreis, that is a loaded post . Your still young my friend and at 59 with that dinar your going to need a body guard, persist, and a private pilot to cover you while you are there.  - protection, forgive your sins - get you out of country in one piece.  

[ChuckFinley]

1 minute ago, Synopsis said:

I remember the first time a saw that movie. A girl friend in college calls me up for a show at midnight. Get in line with all these people dressed strangely. Get in side people throwing rice signing the words to the songs, it was crazy.  At the end the original cast from the movie was there for an anniversary appearance.    Fringing Crazy.  

[NoviceInvestor]

36 minutes ago, alreis said:

Wife does not want to travel to Belize. I'm only 59, I might need a babysitter.

Oh to be 59 again ...

[ChuckFinley]

1 minute ago, NoviceInvestor said:

Oh to be 59 again ...

.