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Iraq discloses designs for redenominated banknotes slated for July 2013


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Iraq discloses designs for redenominated banknotes slated for July 2013






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Jul 21, 2012 08:17 AM Category: Middle East
According to Iraq's semi-official Alsabaah newspaper, the finance committee received specimens of the new Iraq banknotes from the Central Bank of Iraq. The specimens were of the 25, 50, 100, and 200 dinars. The committee urged the central bank to delay the introduction of the new currency from January 2013 to July 2013 to study all the aspects of the process.

Other Iraqi media reports state that the new currency will be issued in denominations of 5, 10, 25, 50, 100, and 200 dinars for banknotes and 25, 50, 100, 250, and 500 fils, plus 1 and 2 dinars for coins. The designs have been already chosen for banknotes and coins:

5 dinars: Beck waterfall and palm tree
10 dinars: dinar coin minted in the reign of the Umayyad dynasty and lighthouse Hadba in Mosul
25 dinars: King Hammurabi receiving the law and farming of Iraqi Kurdistan
50 dinars: King Codaa and Fort Ukhaydir
100 dinars: Central Bank building in Azwaip area in Baghdad and ziggurat


200 dinars: bridge and school

Courtesy of Mosab K. Ibrahim.

Tags: Iraqhttp://www.banknotenews.com/files/e6aeb4a9a73b43af93fb33b73f0c705d-2193.php








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http://www.banknotenews.com/files/tag-iraq.php
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So I wonder if this does lend any credence to the idea that they were going to revalue and then ISIS was created and threw a wrench in the whole works due to Malaki and Obama? Hopefully Trump’s administration can push this through behind the scenes before this election process throws them in to chaos again! 

 

I am encouraged however that even though they had the votes burned in a purposeful fire and though Sadr upset the election there has not been tons of unrest or casualties. Hopefully this is a sign that things are gonna work out in favor of this young democracy and us as investors :)

 

Thanks Dinariffic! 

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49 minutes ago, dinareffic said:

redenominated

Glad they did not do this. Ouch.

 

 

Revaluation (Definition):

  1. A calculated adjustment to a country's official exchange rate relative to a chosen baseline. The baseline can be anything from wage rates to the price of gold to a foreign currency. In a fixed exchange rate regime, only a decision by a country's government (i.e. central bank) can alter the official value of the currency.


Re-denomination (Definition):

  1. The process whereby a country's currency is recalibrated due to significant inflation and currency devaluation. Certain currencies have been redenominated a number of times over the last century for various reasons.
  2. The process of changing the currency value on a financial security.


Re-denomination has nothing to do with Re-valuation. When a currency is redenominated the central bank of that country will reissue notes at a decided ratios for both speculators and its citizens. 

For ex., If you have a 1000 INR note and Reserve Bank of India (RBI) redenominated at a ratio 1:10 then RBI will take your old 1000 INR note and issue you new 100 INR whose value stays the same. 

The net value of old 1000 INR will be same as new 100 INR. The old notes are given certain time period for exchange and then destroyed once they are returned to RBI. Note that, the purchasing power remains the same throughout the transaction except you are getting new notes for old notes. 

Differences between Re-denomination & Re-valuation:

  • For re-denomination, All the old notes must be replaced with new notes. This is not needed for a re-valuation.
  • Re-denomination does not change the net value(Purchasing Power) while Revaluation does that.
  • Bank should announce in advance for a decision of Re-denomination while banks will never announce in advance for Revaluation.
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30 minutes ago, Botzwana said:

So...........these are the lower denoms right?  

 

this was an article from 2012, but it was the denominations / currency at that time they were discussing , Shabibi / Selah would drop a few snapshots of the plan along the way , they described the notes as mylar , kurds were always clamoring they wanted the notes to have 3 languages on them cbi had a plan for sure , iraq has had some horrible leadership , since those days to date the cbi has not put out in print to my limited knowledge that there is a different plan .. letsroll

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Thanks for the reminder of what will be, Dinareffic! I love some of these older articles and a walk down Memory Lane. This is a reminder of what we have to expect and more importantly, what the plan has always been. Someone questioned my comments on coins. Think of it this way: one IQD is worth a tenth of a penny. How high would the RV have to be to issue a fil (coin) worth 25 cents?

 

Thanks again.  

 

 

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That’s an odd picture to accompany that article. Are any of those notes even Iraqi dinars? I see notes from Indonesia and Turkey, but none of those others resemble the new dinar denomination notes were described. And one of those in the middle row looks like Saddam Hussein...? 😳

:confused2:

 

Thanks a bunch dinareffic!! Very interesting indeed! 

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4 minutes ago, 4twenty said:

Iraq has decided to hold off on a plan to knock three zeros off the nominal value of bank notes of its currency. Nominal value suggests from the rate..

Edited by js214
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39 minutes ago, js214 said:

Iraq has decided to hold off on a plan to knock three zeros off the nominal value of bank notes of its currency. Nominal value suggests from the rate..

 

It's says both "redenominate" and "nominal value" in the article.  

So who knows what they really mean?

They can't get the story straight, that's why people are confused.

 

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3 minutes ago, Floridian said:

 

It's says both "redenominate" and "nominal value" in the article.  

So who knows what they really mean?

They can't get the story straight, that's why people are confused.

 

Im not confused :) 

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