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Iraqi response to Saturday banking.


magawatt
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Sorry if there was an article on this already but I haven't seen any follow up on the posting about Iraqi bank branches being open on Saturday so the Iraqis could turn in their ragged dinars for dollars. Did it happen? Did they go for dollars instead of fresh dinar?

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Sorry if there was an article on this already but I haven't seen any follow up on the posting about Iraqi bank branches being open on Saturday so the Iraqis could turn in their ragged dinars for dollars. Did it happen? Did they go for dollars instead of fresh dinar?

magawatt, I haven't heard anything but I will look and if i hear anything at all, I will get right back here and post.

gp49

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Thanks. I hope they pulled in truck loads of torn and crusty dinars for crisp green USD.

the dinars are going to be replaced ..so why print up new ones .. ive read that the printing process is at in some cases cost 30 cents to print each note ,, its very expensive to print up these de la rue notes .. .. where as to take some digital dollars and cash them in to the united states .. would be alot cheaper .. the us printing presses never stop printing 100 dollar bills .. .. so they must be definatly going to be replacing the currenct dinar notes .. with new notes .. they most likely have kurdish writing added to them ..

im not saying they will be replaced next week .. but most likely they will be replaced by next year ... at that time the dollars will be collected for the new dinars ,,

they have printed up stories of how iraq has 7 trillion pieces of paper currency.. i find that hard to believe ,,, most of their currency is electronic for govt spending purposes ..but it looks like they are not going to be replacing any of the bremmers ..with new bremmers .. this is why they need a 100 dinar note ... so they can print up less paper and cut that cost out every 3 or 5 years as they get worn out ..but a ..1.. .. 5 .. 10 .. 20..and 100 dinar note could also solve that .. if they were one to one dinar per dollar .. along with coinage for change .. even the one dinar coin will save alot of money in printing costs ..

they had plane loads of currency delivered years ago ,, i guess its all but destroyed and in electronic form now .. its just worn out ..

the de dollarization will come with a law that calls for the dinar to be used in local business ..and all other currencys must be exchanged in ...i highly doubt we see dollar auctions in the future of iraq after the new dinars are released ..that plastic card most likely will be used more and more since the dinars are worn out .. they may like the fact that more and more people are using the swipe cards without problems .. its alot easier to carry one plastic card around , instead of a pocket ful of cash ..

it costs around 10 cents to print each us dollar .. .. Printing dollar bills involves heavy reliance on a single commodity used to ... that pushed up the cost of printing a dollar bill to 9.6 cents ..,, but it costs the same to print up a 20 dollar bill .. and a hundred dollar bill

Edited by dontlop
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im finding prices of 20 cents too .

de la rue site says this ..about life span .. >> Withdrawal and destruction

Banknotes are withdrawn from circulation and destroyed when they are too dirty or damaged for further use, or if they are identified as counterfeit. The average life of a banknote is two years, though this varies across denominations: lower denomination notes are replaced more frequently than higher denominations.

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The saturday banking is a sign that the economy is strapped because of the limited amount of physical currency... Think , when the banks were closed for 2 days the cash piles up in the business cash drawers and is thus held from circulation. Now the cash can be deposited one day earlier and put back in circulation... Something??? is keeping the CBI from having enough new dinars to be printed??? The plates to print more should exist , but because Shabibi expected to be able to put the new dinars in circulation by this time (RD) they may be too worn out to use!!! Releasing more USD was a stop gap BUT with a value of 86 cents that doesnt solve the problem of making change and smaller purchases.

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