blueskyline Posted February 26, 2015 Report Share Posted February 26, 2015 Thanks Yota . Link to comment Share on other sites More sharing options...
Ohio chic Posted February 26, 2015 Report Share Posted February 26, 2015 Why would they do this? And does that mean anything for us dinar holders. I believe I have a few of the 50 dinar notes. Thanks yota for doing all this work for us. 2 Link to comment Share on other sites More sharing options...
yota691 Posted February 26, 2015 Author Report Share Posted February 26, 2015 Central Bank announces the withdrawal of 50 dinars a class of trading Thursday February 26, 2015 14:35 Alsumaria News / Baghdad said the Iraqi Central Bank, on Thursday, for the withdrawal of currency 50 dinars category of trading, indicating that the replacement will continue for two months. The bank said in a statement received " Alsumaria News ", a copy of it, he was" given to stop the public from trading paper Cash 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 deposited with the bank and its branches for the purpose of being the equivalent value in the accounts we have. " The Bank noted 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 bank CBI 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. Link to comment Share on other sites More sharing options...
sq2 Posted February 26, 2015 Report Share Posted February 26, 2015 What if they do this to all catagories to nullify what ISIS holds?? 1 Link to comment Share on other sites More sharing options...
Carrello Posted February 26, 2015 Report Share Posted February 26, 2015 As was pointed out, the article says "replacing", not eliminating. The CBI had new currency printed and all of it was the new non counterfeitable design, and the old currency is in tatters. This could be a way to start the exchange for the old for new (which doesn't make sense not to do all currencies all at one time) but due to the banking reputation, perhaps they are slipping into the program and starting with a lesser value to build confidence. Obviously, I am guessing. But the article does say "replacing", which we knew had to happen at some point with all of the bills. We might not understand their plan at the moment, but the introduction of the freshly printed notes is what we have been waiting for. Thanks, Yota! 11 Link to comment Share on other sites More sharing options...
yota691 Posted February 26, 2015 Author Report Share Posted February 26, 2015 Central Bank withdraw cash from currency trading Central Bank withdraw cash from currency trading 14:59 26/02/2015 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, "Due to stop the public from trading cash paper category 50 dinars, he decided to withdraw this banknote from trading on the basis of the powers vested in Article 36 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. 1 Link to comment Share on other sites More sharing options...
Palmtree1970 Posted February 26, 2015 Report Share Posted February 26, 2015 But it does sound like you might be screwed if you have a bunch of these notes and these notes were much more expensive to buy.. If Iraq decides to go international on 1st of March then people with these notes will be fine otherwise your only hope is the broker you bought them from.......I just want this ride over with one way or another I'm sick of reading about Iraq and their screwed up way of life.......rant over 6 Link to comment Share on other sites More sharing options...
Catluver67 Posted February 26, 2015 Report Share Posted February 26, 2015 Why bother depositing .04 in your bank account...seems to me like they would need more value to even waste time taking them to the bank to exchange. 1 Link to comment Share on other sites More sharing options...
Deborah Layne Posted February 26, 2015 Report Share Posted February 26, 2015 Are they replacing them with COINS?? Because that would be GOOD! I would appreciate your opinion Yota 1 Link to comment Share on other sites More sharing options...
yota691 Posted February 26, 2015 Author Report Share Posted February 26, 2015 Why bother depositing .04 in your bank account...seems to me like they would need more value to even waste time taking them to the bank to exchange. Many article state they need these folks to open accounts...this will get them into the banks... 8 Link to comment Share on other sites More sharing options...
amal Posted February 26, 2015 Report Share Posted February 26, 2015 Guys, it says canceling the class of 50 dinar notes. Yes it is replacing their worth with either digital dinar or larger notes. It says they are doing this because there is so little value to them they arent needed. Its either not the whole truth or its not good for near term currency reform where the dinar we hold becomes more valuable. 3 Link to comment Share on other sites More sharing options...
Shelley Posted February 26, 2015 Report Share Posted February 26, 2015 I'm up for a change !!! Thanks Yota 2 Link to comment Share on other sites More sharing options...
Catluver67 Posted February 26, 2015 Report Share Posted February 26, 2015 Many article state they need these folks to open accounts...this will get them into the banks... I totally agree that's what they want but not even worth walkingm to the bank to open an account for .04...seems like it would have to be worth more than .04 to get them through the door... 1 Link to comment Share on other sites More sharing options...
Carrello Posted February 26, 2015 Report Share Posted February 26, 2015 Yota, I agree with your premise. Iraqis do not trust the banks for good reason. Saddam went in and cleaned out their accounts and kept the money. I would be leery too. To start off to build confidence in the banking system again, why not start with a 50 note. The benefits definitely outweigh the .04 cent investment. The ATM card you would receive is worth more than that, and the ATMs are waiting on the re-sized new notes. It is not clear yet, what the intention is with out-of-country notes, but on the face of it, this looks like a winner to me. 5 Link to comment Share on other sites More sharing options...
Markinsa Posted February 26, 2015 Report Share Posted February 26, 2015 (edited) I posted the below in the Lopster tank about this subject, and I thought I'd bring it out here for those who don't go into the tank: At the end of 2013, there was 9.191 Billion 50 Dinar notes Issued. Only 800 Million was on deposit at 3 Banks. It could be to bring those notes back in for deposit, or allow them to be written off.Read more: http://dinarvets.com/forums/index.php?/topic/197941-50-dinar-note-removed-from-circulation/#ixzz3SrQyTFfO Edited February 26, 2015 by Markinsa Updated issued notes 1 Link to comment Share on other sites More sharing options...
weimer Posted February 26, 2015 Report Share Posted February 26, 2015 Many article state they need these folks to open accounts...this will get them into the banks... Now that makes a little more sense, get them in the bank, open an account, and suck in more higher denoms off the streets. But when is the last time they did anything that made sense. 3 Link to comment Share on other sites More sharing options...
Markinsa Posted February 26, 2015 Report Share Posted February 26, 2015 Now that makes a little more sense, get them in the bank, open an account, and suck in more higher denoms off the streets. But when is the last time they did anything that made sense. Another way to look at it is, I've got tons of pennies sitting in a Jar that I need to take to the bank. I've just been too lazy to do it. - 3 Link to comment Share on other sites More sharing options...
amal Posted February 26, 2015 Report Share Posted February 26, 2015 You know what else would get them to open bank accounts. Adding value to the dinar and getting rid of the dollar on the streets. Its a big mental jump for me to think that cancelling a denom worth less then a tenth of a penny is going to get iraqis to all of a sudden start using electronic bank accounts. 1 1 Link to comment Share on other sites More sharing options...
Jessica Rae Posted February 26, 2015 Report Share Posted February 26, 2015 I read that totally wrong, my theory is shot and I have no idea what they could be doing Link to comment Share on other sites More sharing options...
Deborah Layne Posted February 26, 2015 Report Share Posted February 26, 2015 (edited) You know what else would get them to open bank accounts. Adding value to the dinar and getting rid of the dollar on the streets. Its a big mental jump for me to think that cancelling a denom worth less then a tenth of a penny is going to get iraqis to all of a sudden start using electronic bank accounts.Yes except that it would get their foot in the door and then they can DEPOSIT dinar that for all accounts and purposes is about to be worth real money. The MoF called for beginning the taxes and tariffs as per their law. I can see this all working together for the good of ALL of us Edited February 26, 2015 by Deborah Layne 4 Link to comment Share on other sites More sharing options...
Catluver67 Posted February 26, 2015 Report Share Posted February 26, 2015 You know what else would get them to open bank accounts. Adding value to the dinar and getting rid of the dollar on the streets. Its a big mental jump for me to think that cancelling a denom worth less then a tenth of a penny is going to get iraqis to all of a sudden start using electronic bank accounts. I agree I would think it have to be worth more than .04 to take the time to go to the bank. $5 or something maybe but not .04...just my thoughts 3 Link to comment Share on other sites More sharing options...
AJC Posted February 26, 2015 Report Share Posted February 26, 2015 Starting with the 50. What's next on theDinar chopping block? Link to comment Share on other sites More sharing options...
tlars brother Posted February 26, 2015 Report Share Posted February 26, 2015 anyone who thinks they can just eliminate our notes from circulation without us having a chance to exchange is not on the ball.period. This is great news, and anyone posting otherwise is not well informed. 7 3 Link to comment Share on other sites More sharing options...
millionaire in training Posted February 26, 2015 Report Share Posted February 26, 2015 Starting with the 50. What's next on theDinar chopping block? We all wait and see............ Link to comment Share on other sites More sharing options...
yota691 Posted February 26, 2015 Author Report Share Posted February 26, 2015 Yes except that it would get their foot in the door and then they can DEPOSIT dinar that for all accounts and purposes is about to be worth real money. The MoF called for beginning the taxes and tariffs as per their law. I can see this all working together for the good of ALL of us And tell them that Wealth belongs to the People..and if you want a part of that..you got open a bank account....also less currency in the market removes the corruption and has created Oversight...which in Iraq it's be called stability......one other thing all the benefits, rations,salaries..just bout everything....will be done with a Phone or a Card... 5 Link to comment Share on other sites More sharing options...
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