New CBI announcement 02/25/2014

[yota691]

News and Announcements

 

• ( press release ) due to stop the public from trading cash paper category ( 50 ) dinars 
  25/02/2015

 

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

Read more: http://dinarvets.com/forums/index.php?/topic/197935-central-bank-announces-the-withdrawal-of-50-dinars-a-class-of-trading/#ixzz3SqwGyU49

They held this announcement back a day...

[idplzr]

Hmmmmm, I don't know that this sounds like a good thing. Unless they change the value prior to 3/1.

[moneysoon]

Thanks Yota,

 

Let's see how this plays out next week. My thoughts are they are not ready to announce the big dance as of yet. I think they will stage the new currencies (plural) then announce...

Edited February 26, 2015 by moneysoon

[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of the CBI specifying the period during which the exchange shall take place and the locations and times at which withdrawn banknotes or coins shall be presented for redemption. 2.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.

Read more: http://dinarvets.com/forums/index.php?/topic/197935-central-bank-announces-the-withdrawal-of-50-dinars-a-class-of-trading/#ixzz3Sqy2YGKF

[moneysoon]

Interesting possibilities. They have spoken lately against currency speculation...

[weimer]

^{whats to stop them from doing this will all notes?  Our worst fear?}

[The Machine]

damn it ... I have some 50's

[sandfly]

THANKS

[Texstorm]

I hope we are there today ! Go RV !

[The Machine]

^{whats to stop them from doing this will all notes?  Our worst fear?}

 

Absolutely nothing to stop them doing that other than the cost of replacing all the notes

 

 

 

 

I can already guess what the guru's will say. They will trun this into another "window" .... RV to happen soon and cash in window closes end of March before they replace the currency ..... just wait and see. lol

Edited February 26, 2015 by The Machine

[weimer]

Absolutely nothing to stop them doing that other than the cost of replacing all the notes

Great

[boosterbglee]

Like Adam said....the CBI is active, which may not be a bad thing.  What they really have up their sleeve....only a few really know "the plan!"  

[weimer]

Absolutely nothing to stop them doing that other than the cost of replacing all the notes

 

 

 

 

I can already guess what the guru's will say. They will trun this into another "window" .... RV to happen soon and cash in window closes end of March before they replace the currency ..... just wait and see. lol

We better start to check on flights to Iraq.

[blknblu4evr]

I'm not seeing how this can be good for us. They start with the lowest bill and work their way up, giving short windows for exchange, and once they have changed all the bills they want to use, they then start the monetary value change of the currency. I truly hope i'm wrong about this, but my pessimistic side is creeping in. We hope and wait for the best outcome for us all. Thoughts about this from someone much smarter than I would be appreciated.

[The Machine]

We better start to check on flights to Iraq.

 

I've only got something like 25,000 in 50's ..... not worth it

[Integrativedoc]

I've only got something like 25,000 in 50's ..... not worth it

Call one of the dealers

[The Machine]

Call one of the dealers

 there are no dealers left operating in the UK ...... just as well I have loads of dinar in other denominations 

[Starrider]

  WHAT no back screens or 800 numbers this time I hope we are not screwed

Edited February 26, 2015 by Starrider

[Caye98]

Sounds like great news to me (unless you are The Machine or someone in a similar situation) that currency is actually being taken in and exchange with a defined window. Seems to be a fine way to test the process and fine tune it before the big event. 50's haven't been used much for quite a while, and other than pumpers and dealers promoting their eventual value and charging a premium for them they were of minimal consequence. no doubt much will be made out of all of this, and perhaps in a very short while someone will have found a way to get these notes redeemed or exchanged without losing out completely on the notes value.

[MyLadiesDaddy]

Why only the fifty? And how much is that denomination actually used in Iraq?

Why change it at all? Why not change the most used denomination first?

And what about that short time period? I suspect that they just tipped their

hand on how this is going down. And if we get such a short window

after an RV it seems that would cause some havoc for Name Reserve.

One thing is obvious, March first is the date to watch.

[bkeiller]

Paper notes wear out? Printing new ones cost more to make than they are worth? Interesting to see this type of fiscal responsibility from the CBI. Who knows what to make of it? Maybe, there are a lot of fakes? Maybe this is a kick start to the minting of more coins? If the Fed was responsible this way our one cent coins would have been long gone?

[ScaryMary]

I love this site, and thanks Yota! I swear my brother texts me with info and I jump on here and there it is in black and white. What a beautiful day it's gonna be.

[magawatt]

This will give new speculators pause.

[Texstorm]

This will give new speculators pause.

. My thoughts as well, then booooom !!!!! Go RV!

[Joe Sutherland]

Maybe the $50 dinar notes will be part of the release of the lower denominations.