Central Bank announces the withdrawal of 50 dinars a class of trading

[yota691]

Central Bank announces the withdrawal of 50 dinars a class of trading

26/02/2015 02:43 | Number of Views: 1   

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Iraqi Central Bank announced on Thursday, for the withdrawal of 50 dinars currency from circulation category, pointing out that the replacement will continue for two months.

The bank said in a statement received by "direction Press", a copy of it, he was "given to stop the public from trading cash paper category 50 dinars, he decided to withdraw this banknote trading based authorized to article 36 of the powers of the Bank Act No. 56 of 2004".

The bank added that "the banks and their branches will start replacing these banknotes presented to it and without fee or commission," noting that "banks will be deposited at the bank and its branches for the purpose of being the equivalent value in the accounts we have."

He noted the bank that "the term that will replace these banknotes will begin on the first of March to 30 of April next," stressing that "the end of the period of replacement will be banknote void and have no discharge power will not be accepted in Iraq."

 

It is noteworthy that the Iraqi Central Bank issued after 2003 and banknotes from the category of 50 dinars, but he is not traded due to the high prices of the products offered in the market. sa

 

I have Link...will provide shortly...  

[moneysoon]

GM Yota,

 

So we have lower denominations, correct

[yota691]

Article 36 Redemption of currency 1. The CBI may decide to redeem banknotes or coins by issuing, free of charge, other banknotes or coins in equivalent amounts. A decision to redeem banknotes or coins shall be issued in the form of a regulation of the CBI specifying the period during which the exchange shall take place and the locations and times at which withdrawn banknotes or coins shall be presented for redemption. 2. At the end of the exchange period, or at any other time specified by the CBI, redeemed banknotes and coins shall be demonetized and cease to be legal tender. 3. The CBI shall notify the public, by publication in the Official Publication, of the banknotes and coins that are legal tender.

[copper13]

A BIG BUMP!

[DinarDavo]

This made my day !!! Thanks.

[balkanbob]

So the few 50 dinar notes that I have are worth less than northern tissue  soon.

[idplzr]

So the few 50 dinar notes that I have are worth less than northern tissue soon.

Unless they change the value by 3/1

[sandfly]

THANKS YOTA

[weimer]

What's to stop them from doing this to the larger denoms as well??

[Integrativedoc]

GM Yota,

 

So we have lower denominations, correct

How do you figure that? This is saying they are eliminating the 50

[SocalDinar]

Thanks .

Hopefully we see some Fils introduced also.

 

GO RV

[yota691]

How do you figure that? This is saying they are eliminating the 50

Sry but it says replacing....

pointing out that the replacement will continue for two months.

 

Article 36 Redemption of currency 1. The CBI may decide to redeem banknotes or coins by issuing, free of charge, other banknotes or coins in equivalent amounts. A decision to redeem banknotes or coins shall be issued in the form of a regulation of the CBI specifying the period during which the exchange shall take place and the locations and times at which withdrawn banknotes or coins shall be presented for redemption. 2. At the end of the exchange period, or at any other time specified by the CBI, redeemed banknotes and coins shall be demonetized and cease to be legal tender. 3. The CBI shall notify the public, by publication in the Official Publication, of the banknotes and coins that are legal tender.

 

[Mrs. Silence Dogood]

This is something we have been waiting to see, correct?

[Texstorm]

Thanks Yota ! Let it roll !!!!!!!!!!!

[Saintsfan]

Can this happen to the larger notes as well?

[Integrativedoc]

Sry but it says replacing....

pointing out that the replacement will continue for two months.

 

Article 36 Redemption of currency 1. The CBI may decide to redeem banknotes or coins by issuing, free of charge, other banknotes or coins in equivalent amounts. A decision to redeem banknotes or coins shall be issued in the form of a regulation of the CBI specifying the period during which the exchange shall take place and the locations and times at which withdrawn banknotes or coins shall be presented for redemption. 2. At the end of the exchange period, or at any other time specified by the CBI, redeemed banknotes and coins shall be demonetized and cease to be legal tender. 3. The CBI shall notify the public, by publication in the Official Publication, of the banknotes and coins that are legal tender.

 

5    50's  for a single  250    equivalent amount.    Don't see where it says new 50 note as the title originally said new 50 note

 

 

"due to stop the public from trading cash paper category ( 50 ) dinars" 

25/02/2015

Read more: http://dinarvets.com/forums/index.php?/topic/197936-new-cbi-announcement-02252014/#ixzz3Sr4X8mPe

Edited February 26, 2015 by Integrativedoc

[sq2]

Will people with the old 50's be able to exchange outside od Iraq???

[Integrativedoc]

Will people with the old 50's be able to exchange outside od Iraq???

Possibly with a dealer. Better call them today. They will exchange them for larger denom's. They win twice because they charged more for the 50's originally

Edited February 26, 2015 by Integrativedoc

[gakman]

Can this happen to the larger notes as well?

Yes it can - this is the risk we face!  Why is eliminating the 50 good?  Article states that value will be restored in accounts in country, but over here - SQUAT!

 

Without a change in value - This is BAD!  Lowest denim is what 100 Dinar note.

 

C'mon people - THINK!!!!

[yota691]

The 50 note is called a JD 50 the 250 is called just 250 as well of the 100 if that what your referring to....

[weimer]

Yes it can - this is the risk we face!  Why is eliminating the 50 good?  Article states that value will be restored in accounts in country, but over here - SQUAT!

 

Without a change in value - This is BAD!  Lowest denim is what 100 Dinar note.

 

C'mon people - THINK!!!!

evened out your neg, I don't think this is so good either

[Palmtree1970]

This doesn't sound good at all...let's see what happens

[amal]

Sry but it says replacing....

pointing out that the replacement will continue for two months.

 

Article 36 Redemption of currency 1. The CBI may decide to redeem banknotes or coins by issuing, free of charge, other banknotes or coins in equivalent amounts. A decision to redeem banknotes or coins shall be issued in the form of a regulation of the CBI specifying the period during which the exchange shall take place and the locations and times at which withdrawn banknotes or coins shall be presented for redemption. 2. At the end of the exchange period, or at any other time specified by the CBI, redeemed banknotes and coins shall be demonetized and cease to be legal tender. 3. The CBI shall notify the public, by publication in the Official Publication, of the banknotes and coins that are legal tender.

 

Sounds to me like they are canceling this denomination.  The same thing they did to the 25 and 100 dinar coin years ago.  They want you to turn it in and recieve the equivalent value in an account or in other larger denoms.  It says they arent used much do to the large price of goods in the market.  In other words the 50 dinar note is less then a penny so we are doing away with it.  Really depressing unless this isnt the entire story.

[Texstorm]

Come on folks its all good, don't let anyone steal your thunder. I would rather be at the end of this ride, than to face another day in Guru BS ! Go RV !

[yota691]

The 50 note is called a JD 50 the 250 is called just 250 as well of the 100 if that what your referring to....

fils2

/fɪls/

noun (pl) fils 

1.

1. a fractional monetary unit of Bahrain, Iraq, Jordan, and Kuwait,worth one thousandth of a dinar
2. a fractional monetary unit of the United Arab Emirates, worth one hundredth of a dirham
3. a fractional monetary unit of Yemen, worth one hundredth of a riyal

and the 1000 note is called 1000 JD as well...the IQD has multiples languages on it just to note that ...