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yota691

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

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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.

I wouldn't worry about them demonitizing the 250 or the 500 at the current rate...They're still using those notes in the marketplace. It would definitely be a possibility however, if they were forced to drop the exchange rate at some point.

IMO

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Just my :twocents: why would they want the 50 note or the 250 note, It did state Trade for Coin, and we know they do not use the 25 or 100 Dinar coin. Maybe March 1st they will bring back the Coin's , again just my :twocents:

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I don't know why but I have only received large notes when I went to Berkeley (Mechanics Bank Currency Exchange) to invest/purchase. The last time I went to purchase, the lady asked me if I wanted smaller notes, (and asked for and copied my CDL for the first time in two years, since I began this adventure.) I said no thank you, all 25,000's please. This is much easier to carry; 900 one dollar bills or 9 one hundred dollar bills for example.

Could it be possible for those that have the 50 dinar notes to exchange to 5000, 10000, or 25000 at a currency exchange?? This way it's not "buying back" it's "condensing". . . Sorta of how exchange my $1 bills for $20's, $50's and $100's. I'm not sure if this is logical to just me, but thought I'd share. . .

Edited by ScaryMary

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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:

 

 

Sounds great to me!  I will take your guess over any guru, I value your opinion, Trimark!

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Add this article with a picture of a different Note that correlates to the CBI...in reference to the 50 JD note...so it just might be pic of a note                 The central bank decides to withdraw currency from the category of 50 dinars trading

Date: 26/02/2015 21:18

 

1641699_orig.jpg

Information / Baghdad / .. 
decided the Iraqi Central Bank, on Thursday, pulling the currency category 50 dinars from circulation, noting that replaced in the banks will be starting from the beginning of next March. 
The central bank said in a statement received by the agency / information / copy of it, that "due to the stop public trading cash paper category 50 dinars, he decided to withdraw this banknote trading based on the powers vested in Article 36 of the Bank Act No. 56 of 2004 ". 
He added that "banks and branches will begin to replace these banknotes presented to it and without fee or commission, and will be deposited the Bank and its branches for the purpose of being the equivalent value in the accounts we have. " 
The statement pointed out 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. " Finished / 25 

 

Which is from Libya...

Central announces the introduction of the new version of the paper currency category of 50 dinars for trading Economy Saturday, June 15, 2013 12:17:05

 
 
 

  2013_Jun_15_11_04_57.jpg The new version of the class Fifty-DT

  

Deputy Governor of the Central Bank of Libya, "Ali Habre," announced the launch of the new version of the paper currency category (50) dinars to the trading in all operating in Libya banks as of Thursday, 6/13/2013.

This came in a ceremony which was held on the occasion branch of the Central Bank of Libya in Benghazi in the presence of First Deputy Prime Minister Awad Barasi and a number of officials of the local council of Benghazi, and the Central Bank of Libya and the delegation from the International Monetary Fund and a number of economists and those interested in the financial sector.

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

They aren't worthless. You have from March 1, 2015 to April 30, 2015 to exchange them 1 for 1 dinar at any bank in Iraq incurring no fee for the exchange at said bank. So if you exchange them 1 for 1 and lets say you have 5 50K notes, you get back a 250K note or any other derivative of that that would total that amount. 

 

You have until April 30, 2015 to exchange these. After that then they are worthless and can be used for kindling in the fireplace. 

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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:

I wish you worked for the CBI,we are all ready to get off this ride and start a nice long vacation. Peace

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The only way a new 50 note would make sense is if the were at or close to a 1-1.

This way they could still introduce coins and lower denoms and their 50 would be

the same or close to a US 50.  Later on they could pull the larger notes, etc...

Edited by Perspective2011

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what's confusing me is: their lowest denomination trading on the streets right now is the 50 dinar note, worth $0.04 to our understanding.  (i don't claim to know what it's worth to an iraqi store trader when you buy something and he gives you change for a 10000 dinar note) It is what they use to make change when you buy a pack of gum.  How is it going to work if they remove this and the next denomination is double that?  It may not seem like a lot, but it adds up.  It just seems like unless they replace it with something else, they will have to do a price adjustment to products for sale to stay where they are.

What would happen if we removed the penny in the U.S.?  would we just accept that everything costs 5 cents more?  Gas at the pumps would have to move in 5 cent increments at the pump to keep inline with price fluctuations.  It all doesn't make sense to me unless they are going to replace it with something else.

 

and yes, i believe lower denoms and rv makes sense logistically, but what they are doing right now, doesn't

Edited by staunch
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Thank you Yota!!! Great article, I was stressing for a minute there. This looks like a big move in the direction we want to be going toward.

RV parties are the best parties!!!!!!!!!!!

GO RV!!!!!!!!!!!!

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Sounds great to me!  I will take your guess over any guru, I value your opinion, Trimark!

 

Thanks Dr J.  I value your opinion too so that means a lot to me.

 

There is so much pressure building up in Iraq yet no money is being released. They have to make a change right before or right when the money is released.  March 1 makes a great day to make a change. 

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So on March 1 i take my 50 IQD in and exchange it for a new one. Then at the end of April my old 50 is worthless. What stops them from doing this to each of the denominations? Only being able to exchange these denominations in Iraq does not help us. Am I missing something?

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Ok, am I the only one that read this and thought they were perhaps going to coins instead of paper?

More than likely as in the past a Fulus ( Fil ) would be in different denomination coins.  They would divide 1 dinar by 1000

Edited by SocalDinar

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This all is really confusing, the arabish is really pathetic.

But if they are going to coins it should be noted that in the past those coins were

child's toys solely because of the value. In other words, it would be a good thing.

Not to mention that our glorious leaders silence is screaming at us. LOL

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my friends, i have been steeped in a lot of economic research lately and have come fully and completely to believe that iraq is preparing to float the iqd.  the shocks experienced by this country plus the current global currency war taking place where the united states is feverishly working to suppress the purchasing power of the dollar has forced iraq's hand.  they must privatize the market, stabilize the country's security, and float the iqd.  at this point i am fully convinced of a imminent float.

 

this article would now lead me to believe that there will be no initial revaluation of the currency prior to the float but that iraq will simply unpeg from the dollar and allow it to naturally float up in value.  if an initial revaluation was coming first, the 50 note would definitely have value.  to see it being removed leads me to believe the plan is already in place to come out with a float which means at least for a stretch of time the 50 note will have no significance and should be removed.  

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Trinity, there is an article showing the new 50. This one has more security features. If it is true that a float is imminent what does that mean for us?

Thanks for your work on this, I like reading what you have to write!

Edited by Mrs. Silence Dogood

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

BalkanBob,

You are correct!  The few 50 dinar notes held in hand will be used as wallpaper come May 1, 2015.  Unless, you can exchange them for NEW 50 dinar notes in country.  IMHO, this is a test run for        additional note conversion, allows them to work the bugs out.  Let’s see what happens in May, they may pull 100 and 500 then 1000.  This would allow a transition in country before dropping the ZERO’s and introducing the remaining lower denominations.  Time will tell, it always does!

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Mrs Silence, can you link me to that article?  Everything I am reading reveals the CBI's intent to suspend the use of the 50.  


BalkanBob,

 Let’s see what happens in May, they may pull 100 and 500 then 1000.  This would allow a transition in country before dropping the ZERO’s and introducing the remaining lower denominations.  

this is what i am expecting to see.  additional lower denoms being removed after the 50.  preparation for the coming float.

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Trinity,

Here it is. http://www.ltv.ly/article_details.php?article_id=3540. Yota put this article on page seven of this thread about halfway down, in case that link did not work. Not very good with these computers!

Trinity, can you tell me what a float does to us please?

thank you.  i will check it out.  a float means the market will decide the value instead of a manipulated rate.  we strongly believe a float will add value to the iqd gradually instead of an overnight change in value.  

 

i am not sure who posted that article my friend but i highlighted the important parts for you.  in summary this is a dated article about libya. -

 

Deputy Governor of the Central Bank of Libya, "Ali Habre," announced the launch of the new version of the paper currency category (50) dinars to the trading in all operating in Libya banks as of Thursday, 6/13/2013.
 
This came in a ceremony which was held on the occasion branch of the Central Bank of Libya in Benghazi in the presence of First Deputy Prime Minister Awad Barasi and a number of officials of the local council of Benghazi, and the Central Bank of Libya and the delegation from the International Monetary Fund and a number of economists and those interested in the financial sector
Edited by TrinityeXchange

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my friends, i have been steeped in a lot of economic research lately and have come fully and completely to believe that iraq is preparing to float the iqd.  the shocks experienced by this country plus the current global currency war taking place where the united states is feverishly working to suppress the purchasing power of the dollar has forced iraq's hand.  they must privatize the market, stabilize the country's security, and float the iqd.  at this point i am fully convinced of a imminent float.

 

this article would now lead me to believe that there will be no initial revaluation of the currency prior to the float but that iraq will simply unpeg from the dollar and allow it to naturally float up in value.  if an initial revaluation was coming first, the 50 note would definitely have value.  to see it being removed leads me to believe the plan is already in place to come out with a float which means at least for a stretch of time the 50 note will have no significance and should be removed.  

 

This is of course NOT what we want to hear, however, it is a possibility and people should prepare themselves for this scenerio as well.

 

I still have hope that it will RV at some point because this is also a possibility even if it is the absolutely best case scenerio that could come out of this. That is why we all got into the whole Dinar situation, because there is a chance that it could happen and considering what I personally have invested in it I would say that it is far more than worth it.

 

I can see it going either way. I don't expect a massive RV right off the bat. I think that if we saw anything over a quarter that would be amazing. I do feel that it could be at best up to 80-90 centst to begin with and then float up a little more from there. Then again iraq doesn't have to do anything as we all well know... especially those who have been on this ride for the duration.

 

I say let's all just keep our heads up and stay positive. This will come to a conclusion one way or the other and people should again be prepared for any result whether it be a float, straight RV or something in between lol.

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