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The central bank issues a decision to cover the market need of small monetary categories


yota691
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13 minutes ago, navira said:

.i think we will not make it to next month for the CBI to offer new rate

 

I hope you are right, but too many times we've all thought along those lines but they keep on keeping on without anything changing, except my receding hairline!!! LOL

 

B/A

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2 hours ago, yota691 said:
Release date: 2018/5/21 8:48 • 1033 times read
The strange position of the Central Bank of circulation currency damaged !!
The Iraqi Central Bank announced a position that may seem strange to the citizens' complaints about the circulation of the damaged and damaged currency due to frequent use and the weakness of new pumping instead of new ones.
The Director General of the Department of Reform and Storage in the Central Bank Agency Abdul Karim Hassan, in a press statement followed by the agency {Euphrates News}, "The bank continues to print and improve banknotes, especially small groups and pumped to compensate for damaged papers," calling at the same time "to preserve the currency and acceptance Whatever its status as a symbol representing the sovereignty of the country and to inform the bank in the case of banks refuse to receive the damaged currency of citizens. 
He explained that "the bank issued instructions to government and commercial banks to receive damaged banknotes from citizens and replace them without any fines and any quantity," stressing that "banks that violate these instructions will be held accountable in the event of a complaint against her." 
As for the burning or buried currency, Hassan said that "it is submitted to the Central Bank exclusively to replace them according to certain controls."
He pointed out that "the bank is working on its part to solve this problem through the processing of Rafidain Bank and Rashid new banknotes and small categories to pay within the salaries of employees, as well as the screening of papers and the destruction and compensation of new papers." 
It is noteworthy that the Iraqi citizen may be one of the few citizens in the world, who complain about not accept dealing in national currency torn or damaged by some departments or institutions or shops, which causes him many problems and verbal quarrels may reach sometimes to conflict with the hands on The eyes and ears of the concerned authorities that did not issue a clear and direct order obligates everyone to deal with the currency in any way.
"At the end of each month, we distribute more than 200,000 dinars of the currency torn apart by the employees of our district," said an employee of the state's payroll distribution committee. "Many problems and verbal quarrels occur between us and the trustees who insist. On the delivery of sums of money smuggled and affixed from both sides, to begin with the suffering of the employee in how to manage this currency rejected by most dealers, ranging from owners of taxis to shop owners. 
"All this is happening as a result of the absence of a number of measures and measures that the CBI should take to maintain the prestige of the currency and its ease of circulation in the markets," she said.

 

What a stupid problem to have.  Only in Iraq!  Citizens having to argue with each other, not wanting to accept ripped bills.

I question when they say "new banknotes and small categories to pay within the salaries of employees", are they talking about the lower denoms, or are they thinking of the 1,000, 5,000, 10,000 notes as "small categories"?

 

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13 hours ago, DWS112 said:

Stamping of coins

On the re-minting of the coin for small groups and thus salvation from the problem of extinction of the currency currently in circulation,

 

Edited by DWS112
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38 minutes ago, Floridian said:

 

What a stupid problem to have.  Only in Iraq!  Citizens having to argue with each other, not wanting to accept ripped bills.

I question when they say "new banknotes and small categories to pay within the salaries of employees", are they talking about the lower denoms, or are they thinking of the 1,000, 5,000, 10,000 notes as "small categories"?

 

 

my thoughts exactly floridian , everyone has an opinion or should anyways , the article speaks of the coins and does state the 50 , 25 dinar categories, the cbi pulled the 50 note its value was around 4 cents not sure why that category would return unless its could have a higher value,  anytime i read these currency type of articles the small or low notes im looking for is below the current lowest note the 250 ... which one would think would have to have a stronger value to be effective in commerce ...cheers, we wait 

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33 minutes ago, DWS112 said:
  13 hours ago, DWS112 said:

Stamping of coins

On the re-minting of the coin for small groups and thus salvation from the problem of extinction of the currency currently in circulation,

 

this pretty much explains the article which is about the damaged currency , coinage has a far greater lifespan in circulation than paper but is more expensive to mint , imo wish i was very wrong but i don't believe this is forecasting a rate change just more durable small money so the taxi cab owner and the like don't have to bicker over wore out paper notes ......   

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Just thinking - 

Didn't we read, a long time ago, that they were going to drop one zero at a time and that it would take 2 years to drop all the zeros?

I don't remember where I read it, but I think I remember someone from the CBI saying it.

Does anyone recall this?

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i have only read and it has never been detailed specifics / information about the ''delete the zero project'' for many years , only this year has it needs a "suitable environment" stipulation been added ... who knows 

Edited by 3n1
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5 hours ago, bostonangler said:

 

I hope you are right, but too many times we've all thought along those lines but they keep on keeping on without anything changing, except my receding hairline!!! LOL

 

B/A

 

Receding Hairline ? Uh, yup, that would be me as well. Just think,,after the RV, we can buy ourselves a killer “ doo “ huh ! 🤪 Our long haired Terrier has some great salt & pepper real curly hair . . .  It’s Summer Time - He won’t miss it. 😀

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17 minutes ago, 10 YEARS LATER said:

 

Receding Hairline ? Uh, yup, that would be me as well. Just think,,after the RV, we can buy ourselves a killer “ doo “ huh ! 🤪 Our long haired Terrier has some great salt & pepper real curly hair . . .  It’s Summer Time - He won’t miss it. 😀

 

10YL....you paint some great word pictures.   :lol:

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9 hours ago, navira said:

I want to couple this news article with the one on delaying to pay the employees on their salaries...these two news really tied up...some thing is really up the sleeve guys...we will see what is up tomorrow or this week

Hope you are right!!!!

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15 hours ago, 10 YEARS LATER said:

 

Thanx DD - doing my best to keep folks grinning while trying to retain what’s left of my sanity 🤪🤪🤪🤪🤪👌

I have been in this investment so long I don't want to grin 

my teeth will fall out

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1 hour ago, davis411 said:

I have been in this investment so long I don't want to grin 

my teeth will fall out

Poly grip w/Epoxy Brother Davis. . . :wave: Thats the ticket ! Keeps them clattering and U can eat all the 🍎 U want.

Edited by 10 YEARS LATER
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  • 2 weeks later...

The Central Bank announces that all banks will be required to replace the damaged currency and threaten the violators

Economie

 Since 2018-05-31 at 14:10 (Baghdad time)

drgrdg.jpg

Baghdad Mawazine News

The Central Bank of Iraq, on Thursday, the need to commit all banks to replace the damaged currency without commissions.

The bank said in a statement received by Mawazine News that "the banks approved all compliance obligation issued by the Department of Issuance and Safes in 2017, which includes replacing the damaged currency without the payment of commissions in return for that."

He added that "non-compliance will be borne by the bank violating all the legal consequences in accordance with Article 63 of the Central Bank Law No. 56 of 2004 amending."

He called on the banks to "provide him with the disclosure of the damaged amounts replaced by them and received from the public until 31 May," stressing that the answer "must be received within 3 days of the date of writing."

http://www.mawazin.net/المركزي-يعلن-إلزام-المصارف-كافة-باستبدال-العملة-التالفة-وتوعد-المخالفين

 

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Central Bank stresses on replacing the damaged currency without commissions

Central Bank stresses on replacing the damaged currency without commissions

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31/05/2018

Baghdad

Stressed The Central Bank of Iraq, on Thursday, the need to commit all banks to replace the damaged currency without commissions.

The bank said in a statement received the "direction" a copy of it that "the banks approved all compliance obligation issued by the Department of the issuance and the treasury in 2017 and the replacement of the damaged currency without the payment of commissions in return for that," noting that "non-compliance will bear the bank infringing all the legal consequences in accordance with Article 63 Of the Central Bank Law No. 56 of 2004 amending ".

The bank asked the banks to provide him with the disclosure of the damaged amounts exchanged by them, which were received from the public until 31 May, "stressing the need to" respond to the answer within 3 days of the date of his book. "

It is noteworthy that a large number of damaged banknotes are still trading in the local markets, while the banks to return these securities again to the public after the deposit.

z m

http://aletejahtv.com/archives/231104

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  • yota691 changed the title to The central bank issues a decision to cover the market need of small monetary categories
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