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


yota691
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I am all for reducing the paper note count. It is a great sign, coupled with changing the auction strategy. The notes in Iraq have a limited shelf life, due to the dry, dusty weather. So get rid of those low denominate paper notes, replace them with coins and we are FINALLY moving toward an RV.

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This makes no sense to me. I've got some 50 Dinar notes, and presently it's probably going to cost me more than

what they are worth to exchange them...If that is what I have to do to preserve the total current value.

If I don't they become worthless ????

 

I need more clarity on this issue.

 

The best things in life RV

 

yak

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If they are removing the 50 because of basically no use for them "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." I don't think that's good for any of us. If they we're really planning for a revalue, why would they remove the smaller notes? With a higher value, there would be more need for the smaller notes, right? Ugh...

Fats

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If they are removing the 50 because of basically no use for them "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." I don't think that's good for any of us. If they we're really planning for a revalue, why would they remove the smaller notes? With a higher value, there would be more need for the smaller notes, right? Ugh...

Fats

PERHAPS THE NEW NOTES WILL HAVE ADDED SECURITY FEATURES?

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Does it talk about new notes? I'm at work, so I might have missed that. But I did notice they said everything in the market is so expensive, the 50 is useless basically. Like a gallon of milk costs 1000 dinar(or something) and the 50 is pointless, but if they we're to revalue to say 1:1 with usd, then a gallon of milk would cost 2 to 4 dinar and the 50 would be useful just like here in the states. Jmo

Maybe I'm looking too far into it. Maybe this ride is just making me paranoid.

RV ALREADY!!! UUUUGHhhhh

Fats

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I just read this article and was reading the comments. Someone mentioned something about the 25,000 notes. I had been off this site due to no internet for a longtime awhile back.

The 25,000 notes are still being used there now right? I would hate to think that i have been waiting for this for yrs and missed an article like that and didnt know i was sol all this time.

Any info on this would be very appreciated thanks and go rv.

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I have been of the opinion that if Iraq did a 1:1 RV, or was going to do a float rate, in the hopes of getting to a 1:1 rate, that turning the current notes into lower denominations or coins ( as the value of the Dinar rises),

might be the way to go.

eg:

 50 dinar becomes .05 cents (coin).

250 dinar becomes .25 cents (coin)

500 dinar becomes .50 cents (coin)

1000 dinar becomes $1.00 ( coin or note)

5000 dinar becomes $5.00 (note)

10,000 dinar becomes $10.00 (note)

25,000 dinar becomes $25.00 (note)

a new 50,000 dinar note would become a $50.00 (note)

 

New coins are minted to be used as change below .50 cents. 

 

Could this new announcement be the first step, in the process ???

Clearly as the value of the Dinar rises in actual value,  the printed zeros on those notes have to start dropping off. Thus losing 3 zeros.

This might be done in stages as well using fixed increases in the exchange rate, all the way up to 1:1

 

I'm still having trouble getting my head around how it might play out.

 

The best things in life RV

yak

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So, IF.....and that's a big IF......the following reasoning is true......then we won't see a rise in currency value till AFTER April 30th, correct?   Just asking for opinions-no derogatory comments please--I'm just as confused and trying to figure this out like everyone else here   :)


Enorrste   Article quote:  "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."  Here is the way I see this:  (1) The 50 dinar note, worth about 4 cents, is not being used in Iraq at this time. (2)  The newer and more secure currency that has been printed did not include the 50 dinar note, as I understand it. (3)  Therefore, since it isn't the more secure note and isn't used anyway, the CBI is removing it from circulation. (4)  They are giving about 60 days to get them all in, after which time the currency will be worthless. (5)  Doing this at this time...is probably in preparation for a rise in the value of the dinar. (6)  I say this because if and when the value rises, the CBI would not want these "old" notes in circulation since they do not have the proper security features.  (7)  Finally, "replacement" does not necessarily mean a new 50 dinar note will be issued.  I suspect that over time a new note will be issued, once the value has risen.  That is implied in the article, in my opinion. Therefore, I see this as part of the "clean up" process to get ready for the float." 

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What if...they are only going to remove two zeros? The notes would make more sense. 25000 becomes 250.00. The 50 note wouldn't make sense to have. The reintroduce the coins being equal to .25 and 1.00, the 50 would then become a coin along with maybe a .01 coin. The value rises to be equal to the dollar but the exchange rate could be much higher for outside transactions. We still make some good profits and they balance their currency numbers. Just a thought I've wondered about for awhile...

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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.[/size]Read more: http://dinarvets.com/forums/index.php?/topic/197941-50-dinar-note-removed-from-circulation/#ixzz3SrQyTFfO[/size]

If it goes 1 to 1. That's over 450 billion dollars they won't have to cover.

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Holy smoke you guys are confused. This is a good thing for us. 50 dinar notes not being used much and no one is counterfeiting them. Time to get rid of them and reduce the note count. They may bump the rate a little or not either way it brings people into the banks to receive the value. It also forces them to open a bank account which is where the value will be deposited. I doubt they will get any other denoms in exchange, most likely a qi card or bank card to use at the ATMs or at businesses for the day to day transactions. It also gives the cbi a gauge of how this thing will go. We will have to wait and see what they do. They may be looking for a target number of notes recovered then do the same thing with the next series. All speculation at this point but my thought is that the cbi has a plan and this is just the beginning. Be patient and have faith. Don't worry about a lop it's not going to happen, period. They would not aggressively reduce the note count to lop. Less notes means more value for the remaining notes. It's like a big wheel of cheese lol. If you cut that wheel into 9 billion slices they are pretty small, but if you cut that wheel into 1 billion slices they are much larger as each slice represents more of the wheel. Any questions? Drops mike and walks off to Go cut the cheese.

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Well, it's something interesting to discuss anyway...

 

I am fine with the 50 notes being done away with. It makes sense. However, I have to say that although this scenerio did not cause me any stress or a great loss I hope they haven't decided to do this with any of the other notes which would make the next bill on the list the 250 notes... I have quite a bit of the 250 as well as the 500 notes and so that would definitely cause some concern on my part if that were the case.

 

Does anyone have any idea if there is a plan or clue as to whether or not they will do this? They did mention "coins" as well as new notes but, I think I remember reading something a while back about them stating that they would run the old bills along with the new bills and not just get rid of them or take them out of circulation. I am assuming that that means they will just keep using the old bills until they wear out, which by the sounds of it isn't too far down the road and then they will eventually just be using the new notes because they will no longer be printing the old ones so, once they are gone they are gone. I also have a feeling that they don't intend on printing as much of the new notes because they are moving toward an all digital currency.

 

Anyway, just thinking and asking questions again. Any input would be appreciated.

 

 

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Luckily for me I think I have only a few 50's if any at all. It's been so long have had them stored in a safe place since getting the dinars 10+ years ago mostly 25,000 bills that I'm sure about. Haven't laid eyes on them since though and for all I know a few zeros fell off them bills already being so old :)

Edited by NextYear
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My thoughts are this is great news for us!  The old 50 dinar notes won't work after 2 months but the new, harder to counterfeit 50 notes will.  They wouldn't even care about these if they weren't going to be worth more than .05 very soon. 

 

Since the old dinar is easy to counterfeit it would be very easy for Iran or Syria to print out tons of these 50 dinar notes and exchange them among people in Iraq which could potentially bring hundreds of millions more into the Iraqi economy than the CBI has planned for which would dilute the value of each real dinar out there and basically screw things up. 

 

IF the dinar RVs at least $1 then the bigger bills won't be passed through people on the streets they will be taken to banks which most likely have De La Rue machines and where it's harder to cash in bad money.  A 50 though would be exchanged for goods and services among average citizens.  By only giving them 2 months to cash them in it isn't a lot of time for a big organization to get a counterfeit operation started.

 

My guess:  Saturday is our day and it will be a great one!  :eyebrows:

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