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


yota691
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Thursday February 26, 2015 14:35

 
 
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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.

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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!

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%D9%86%D9%82%D9%88%D8%AF%20%D8%B9%D8%B1%

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.

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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 :)

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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.

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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.

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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 by Markinsa
Updated issued notes
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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.

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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. :lol:

 

-

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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.

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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 by Deborah Layne
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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

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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...

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