Popular Post Carrello Posted March 11, 2012 Popular Post Report Share Posted March 11, 2012 Iraq: An article in "Kurdish Globe" informs that the Central Bank of Iraq plans to issue revalued notes of 50; 100 and 200 "new" dinars; which will be equal to 50,000; 100,000 and 200,000 of the old dinars. If true, this seems to indicate that the current 5,000; 10,000 and 25,000 dinars will continue to be used. As for the small denominations, the plans call for 1 and 2 "new" dinar coins, to gradually replace the current 1000 dinars notes. (Courtesy Kurdish Globe) ...................................05MAR12 Saturday, 25 February 2012 New banknotes to be introduced in September The Kurdish Globe Despite fears of a negative economic impact, the Central Bank of Iraq will remove three zeros from Iraqi dinar notes and print new banknotes in 2013.The Central Bank of Iraq has agreed with the Economic Committee of the Iraqi Parliament to introduce the new banknotes in September 2012, which will be used in parallel with the current banknotes for a year. The CBI will completely withdraw the old banknotes by September 2013. Abdul-Hussein Abtan, Economic Committee Member of Parliament in Baghdad stated in a press conference that there is an initial agreement between Parliament and the central bank to start the process of removing three zeros in September, and it will take a year to complete. The new banknotes will be printed in Arabic, English and Kurdish. The CBI will introduce three new banknotes: 50 dinars, 100 dinars and 200 dinars. For smaller transactions, the CBI will also issue 1-dinar and 2-dinar coins which Iraq currently does not use. MP Abtan says "The grant agreement is to ensure that during the one year process, the old banknotes are traded in the market and replaced by the new one." The CBI expects this move to positively impact the country's economy; however, some parties say the negative consequences will be more serious. The Security Commission says deleting the zeros will have a negative impact on financial trade in the stock market. Other opponents of the move argue it would pave the way for money laundering and want the government to reconsider its decision. Supporters of the idea believe the introduction of the new banknotes will help reduce inflation, strengthen the Iraqi dinar in the international market, facilitate trade with international banks and other financial institutions, as well as reduce the social gap between classes. "The process of removing zeros from the currency will contribute to dealing better with inflation, facilitate economic cooperation with international banks and reduce the differences in [standards of] living in society," Abtan explained. Mahma Khalil, another Member of the Iraqi Parliament and official spokesperson of the Economic Committee says an agreement has been reached about the mechanisms of introducing the new banknotes after a series of meetings and discussions with the CBI Governor Dr. Sinan Al Shibibi. "According to the agreements, the new bill will be printed by a European company and introduced to the market gradually and in a well-planned schedule to ensure it will not result in shocks and would not have a negative impact on the market," explained MP Khalil. He added the exchange rate between the new banknotes and the old ones would be 1:1,000. The objective behind this move is to appreciate the value of the Iraqi dinar against the U.S. dollar, which would in turn increase the balance of the Iraqi dinar and there would be sufficient reserves of that currency," explained MP Khalil. "Additionally, the economy of Iraq would grow and oil sales would also increase." Khalil added that Iraq has a reserve of $60 billion in the CBI. The CBI previously stated it would consult with Parliament and representatives to see whether there would be a need for a law to be passed for this shift. The Economic Committee announced on 19 February it was introducing new legislation for the purpose and would also address the inflation issue in the country. The introduction of new banknotes and withdrawing the current ones from the market is generally expected to reduce and control the number of dinars in circulation and would also help facilitate payment systems and control the banking transactions in the country. http://mriguide.com/Iraq030512.pdf 32 3 Link to comment Share on other sites More sharing options...
puckster_guy Posted March 11, 2012 Report Share Posted March 11, 2012 the best thing i've read all day ty carrello so why don't we just rv now and get it over with eh?...awesome stuff 3 1 Link to comment Share on other sites More sharing options...
Bongalow Posted March 11, 2012 Report Share Posted March 11, 2012 Awesome!!!!! Great find !! There will be an RV folks!!! roll RV 4 1 Link to comment Share on other sites More sharing options...
Carrello Posted March 11, 2012 Author Report Share Posted March 11, 2012 You are welcome. It always makes my day when I can make someone happy (eww, that sounded so nerdy). 3 Link to comment Share on other sites More sharing options...
Nakida Posted March 11, 2012 Report Share Posted March 11, 2012 Hi all, Not sure why, but for some reason the Feb mark is throwing me off. Is this news that they are just now posting? Great find Carrello 3 Link to comment Share on other sites More sharing options...
mcuman Posted March 11, 2012 Report Share Posted March 11, 2012 You are welcome. It always makes my day when I can make someone happy (eww, that sounded so nerdy). Well, Thanks from a Professional Nerd. +1 4 Link to comment Share on other sites More sharing options...
cslewis Posted March 11, 2012 Report Share Posted March 11, 2012 Thanks, Carrello. Really seems to outline things, huh... The February date is throwing me, though...Did we miss this one back in February? 2 Link to comment Share on other sites More sharing options...
en1gma Posted March 11, 2012 Report Share Posted March 11, 2012 (edited) Don't know how any of you read RV from this. "He added the exchange rate between the new banknotes and the old ones would be 1:1,000." I'm not a 'lopster' as I have my reasons for believing in a small rv, but dyod and quit reading so blindly into redenomination articles? Lol Edited March 11, 2012 by en1gma 13 2 Link to comment Share on other sites More sharing options...
Shick Posted March 11, 2012 Report Share Posted March 11, 2012 Awesome!!!!!!!!! Link to comment Share on other sites More sharing options...
TXNOLE Posted March 11, 2012 Report Share Posted March 11, 2012 Despite fears of a negative economic impact, the Central Bank of Iraq will remove three zeros from Iraqi dinar notes and print new banknotes in 2013.The Central Bank of Iraq has agreed with the Economic Committee of the Iraqi Parliament to introduce the new banknotes in September 2012, which will be used in parallel with the current banknotes for a year. The CBI will completely withdraw the old banknotes by September 2013. Seems like old news stated in a "new" way? How do they introduce new notes in September 2012 when they arent going to be printed until 2013? Thank you, Iraq for continuing the confusion! But, this has to be good news for us............they wont unveil new notes without an RV.........Yeah!! Come on in, RV! Don't know how any of you read RV from this. "He added the exchange rate between the new banknotes and the old ones would be 1:1,000." I'm not a 'lopster' as I have my reasons for believing in a small rv, but dyod and quit reading so blindly into redenomination articles? Lol Its 1:1,000 dinar to dinar.........not dinar to dollar. 6 Link to comment Share on other sites More sharing options...
JustNTime Posted March 11, 2012 Report Share Posted March 11, 2012 (edited) Nice post Carrello! I wonder if this a better English translation of other articles we have read similar to this, or if it was reported and worded this way to begin with? " The objective behind this move is to appreciate the value of the Iraqi dinar against the U.S. dollar, which would in turn increase the balance of the Iraqi dinar and there would be sufficient reserves of that currency," I just like the way this sounds...music to my ears. Edited March 11, 2012 by JustNTime 5 1 Link to comment Share on other sites More sharing options...
Carrello Posted March 11, 2012 Author Report Share Posted March 11, 2012 The MRI Guide is the banker's guide to foreign currency which includes photos of each of the currencies: MRI Bankers' Guide www.mriguide.com/ The MRI Bankers' Guide to Foreign Currency (sample page which includes Iraq) Tunisia: The following notes will cease to be legal tender as of 1 January 2013 20 dinars TND20.3 Type 1992 30 dinars TND30.1 Type 1997 50 dinars TND50.1 Type 50.1 These notes are redeemable until 31 December 2017. (Courtesy Banque Centrale de Tunisie) ........................................................................................................................09MAR12 India: The new Indian rupee symbol is being gradually phased in. So far we have seen notes of 10; 100; 500 and 1000 rupees with the new symbol. .......................06MAR12 Iraq: An article in "Kurdish Globe" informs that the Central Bank of Iraq plans to issue revalued notes of 50; 100 and 200 "new" dinars; which will be equal to 50,000; 100,000 and 200,000 of the old dinars. If true, this seems to indicate that the current 5,000; 10,000 and 25,000 dinars will continue to be used. As for the small denominations, the plans call for 1 and 2 "new" dinar coins, to gradually replace the current 1000 dinars notes. (Courtesy Kurdish Globe) ...................................05MAR12 Canada: The new 50 dollars note will be presented in a media event on March 26. (Courtesy Bank of Canada and Arthur John Boyko) ....................................05MAR12 Bolivia: The Series I notes with “grille” watermark are already in circulation. .......................................................................................................................05MAR12 Angola: New currency import/export rules are liberalized. No declaration is required for Angolan national residents older than 18 years for amounts under USD15,000 or equivalent. Younger people may take in or out without formalities up to USD5,000 or equivalent. In addition it is now permitted to take in or out up to 50,000 kwanzas. (Courtesy BNA) .............................................................................................05MAR12 Turkey: There are no immediate plans to print notes with the new symbol for the Turkish lira. (Courtesy Türkiye Cumhuriyet Merkez Bankasi) .................05MAR12 Mauritania: The Banque Centrale de Mauritanie issued in late January a new note of 200 ougiyas. The note is smaller than the previous ones, and incorporates new security devices. (Courtesy AMI) ................................................................................05MAR12 Tanzania: The governor of Bank of Tanzania said that old and new banknotes will continue to exist in circulation together as the BOT slowly removes older bills. (Courtesy Ghanamma) ................................................................04MAR12 Armenia: Improved banknotes of 5,000 and 10,000 drams will be issued in the coming months. (Courtesy News.am) ............................................................04MAR12 Paraguay: The Treasurer of the Banco Central del Paraguay announced that the next notes of 5,000 guaraníes will be printed on polymer substrate. The design will be similar to that of the current paper notes. (Courtesy Notofilia) ......................04MAR12 Costa Rica: The new notes of 5,000 and 10,000 colones will be issued in June. Old style notes will have a short time of co-circulation, after which will be redeemable for a long time. The 50,000 denomination will be released at a later date. (Courtesy TeleNoticias 7) ..............................................................................04MAR12 India: New security features will be added to Indian banknotes to fight counterfeiting. (Courtesy Zee News) .....................................................................................04MAR12 Bangladesh: New notes of 10; 20 and 50 taka will be released March 7th. (Courtesy Owen W. Linzmayer, Banknote News and News Today) ...........05MAR12 3 Link to comment Share on other sites More sharing options...
George Hayduke Posted March 11, 2012 Report Share Posted March 11, 2012 Iraq: An article in "Kurdish Globe" informs that the Central Bank of Iraq plans to issue revalued notes of 50; 100 and 200 "new" dinars; which will be equal to 50,000; 100,000 and 200,000 of the old dinars. If true, this seems to indicate that the current 5,000; 10,000 and 25,000 dinars will continue to be used. As for the small denominations, the plans call for 1 and 2 "new" dinar coins, to gradually replace the current 1000 dinars notes. (Courtesy Kurdish Globe) ...................................05MAR12 "According to the agreements, the new bill will be printed by a European company and introduced to the market gradually and in a well-planned schedule to ensure it will not result in shocks and would not have a negative impact on the market," explained MP Khalil. He added the exchange rate between the new banknotes and the old ones would be 1:1,000. The objective behind this move is to appreciate the value of the Iraqi dinar against the U.S. dollar, which would in turn increase the balance of the Iraqi dinar and there would be sufficient reserves of that currency," explained MP Khalil. "Additionally, the economy of Iraq would grow and oil sales would also increase." Khalil added that Iraq has a reserve of $60 billion in the CBI. The CBI previously stated it would consult with Parliament and representatives to see whether there would be a need for a law to be passed for this shift. The Economic Committee announced on 19 February it was introducing new legislation for the purpose and would also address the inflation issue in the country. The introduction of new banknotes and withdrawing the current ones from the market is generally expected to reduce and control the number of dinars in circulation and would also help facilitate payment systems and control the banking transactions in the country. http://mriguide.com/Iraq030512.pdf I understand this to mean one 'new' dinar will equal one thousand 'old' dinars [ones we currently hold] The exchange rate was not discussed except through implication that 'The objective behind this move is to appreciate the value of the Iraqi dinar against the U.S. dollar.' It didn't say how that appreciation was going to occur but did imply that results of that appreciation would result in an efficient banking system. I'm not trying to rain on anybodies parade - I think this is a positive forward thinking article but I don't see that it promotes an RV or RD. It appears mute on the mechanism of appreciation. GH 2 Link to comment Share on other sites More sharing options...
Laid Back Posted March 11, 2012 Report Share Posted March 11, 2012 He added the exchange rate between the new banknotes and the old ones would be 1:1,000. The objective behind this move is to appreciate the value of the Iraqi dinar against the U.S. dollar. GO RV asap Link to comment Share on other sites More sharing options...
only 1-25k dinar Posted March 11, 2012 Report Share Posted March 11, 2012 Despite fears of a negative economic impact, the Central Bank of Iraq will remove three zeros from Iraqi dinar notes and print new banknotes in 2013.The Central Bank of Iraq has agreed with the Economic Committee of the Iraqi Parliament to introduce the new banknotes in September 2012, which will be used in parallel with the current banknotes for a year. The CBI will completely withdraw the old banknotes by September 2013. Seems like old news stated in a "new" way? How do they introduce new notes in September 2012 when they arent going to be printed until 2013? Thank you, Iraq for continuing the confusion! But, this has to be good news for us............they wont unveil new notes without an RV.........Yeah!! Come on in, RV! Thank You!! I did not even notice that until I read your comment! Right you are! Its 1:1,000 dinar to dinar.........not dinar to dollar. 2 2 Link to comment Share on other sites More sharing options...
MANNY99 Posted March 11, 2012 Report Share Posted March 11, 2012 (edited) Don't know how any of you read RV from this. "He added the exchange rate between the new banknotes and the old ones would be 1:1,000." I'm not a 'lopster' as I have my reasons for believing in a small rv, but dyod and quit reading so blindly into redenomination articles? Lol Subunit: 1/1,000 fils 1 dinar =1000 fils one to one Edited March 11, 2012 by MANNY99 1 Link to comment Share on other sites More sharing options...
thatoneguy Posted March 11, 2012 Report Share Posted March 11, 2012 Irritating that its 2012 and we can't get a solid translation of these articles. Posts that I've read about members having articles translated by acquaintances tells me that it really isn't THAT much of a language barrier. Ugh. Frustration. Anyway. Good news. Thanks for bringing it over, Carrello. Link to comment Share on other sites More sharing options...
Carrello Posted March 11, 2012 Author Report Share Posted March 11, 2012 Thanks, Carrello. Really seems to outline things, huh... The February date is throwing me, though...Did we miss this one back in February? This information came from the MRI Guide and is not from a traditional news agency. The guide is the banker's guide for foreign currency used to verification, and published every 6 months, as I recall. I should have been more clear - I knew what MRI is - but not everyone does. A year or more ago, the printing of the MRi Guide was another big RV indicator that made us run around with our hair on fire, so I remember the name. 2 1 Link to comment Share on other sites More sharing options...
Choppermike Posted March 11, 2012 Report Share Posted March 11, 2012 So, if you have a 1,000 dinar and trade it in for LDs, you would receive (1,000) 1 dinar notes? If you have a 25,000 dinar and trade it in for LDs, you would receive (1,000) 25 dinar notes. This would be the way that both the LDs and the 3 zeroed denoms could coexist at least until they collect all the 3 zeroed denoms off the street. So, if a set of dishes used to cost 25,000 dinar, now they would cost 25 dinar. Does anyone else read it this way? 2 Link to comment Share on other sites More sharing options...
MANNY99 Posted March 11, 2012 Report Share Posted March 11, 2012 The dinar (Arabic pronunciation: [diːˈnɑːr]) (Arabic: دينار, Kurdish: دینار) (sign: د.ع; code: IQD) is the currency of Iraq. It is issued by the Central Bank of Iraq and is subdivided into 1,000 fils (فلس), 1 Link to comment Share on other sites More sharing options...
dog53 Posted March 11, 2012 Report Share Posted March 11, 2012 Ok let me get this straight. If 1 new dinar is worth 1000 old dinars. BUT we have a year to change our old dinars for the new dinars. I am going to get 1 new dinar for every thousand dinars. 25000 dinar note I am going to get 25 new dinars. Right? How the He!! is this good? PLease someone tell me Im doing this wrong 7 Link to comment Share on other sites More sharing options...
Nakida Posted March 11, 2012 Report Share Posted March 11, 2012 Hm thanks! Link to comment Share on other sites More sharing options...
MANNY99 Posted March 11, 2012 Report Share Posted March 11, 2012 So, if you have a 1,000 dinar and trade it in for LDs, you would receive (1,000) 1 dinar notes? If you have a 25,000 dinar and trade it in for LDs, you would receive (1,000) 25 dinar notes. This would be the way that both the LDs and the 3 zeroed denoms could coexist at least until they collect all the 3 zeroed denoms off the street. So, if a set of dishes used to cost 25,000 dinar, now they would cost 25 dinar. Does anyone else read it this way? YES Ok let me get this straight. If 1 new dinar is worth 1000 old dinars. BUT we have a year to change our old dinars for the new dinars. I am going to get 1 new dinar for every thousand dinars. 25000 dinar note I am going to get 25 new dinars. Right? How the He!! is this good? PLease someone tell me Im doing this wrong Wrong 4 Link to comment Share on other sites More sharing options...
R Veyron Posted March 11, 2012 Report Share Posted March 11, 2012 Sweetness. Link to comment Share on other sites More sharing options...
cslewis Posted March 11, 2012 Report Share Posted March 11, 2012 Don't know why someone would neg you, Carrello... evened you out - Thanks, again. Link to comment Share on other sites More sharing options...
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