New CBI announcement 02/25/2014

[Catluver67]

I Agree! The People NEED More Purchasing Power!

Me too! : )

[Caye98]

Ok I just need some clarification .  They mean 50  not  5000 right?  Cause I have 5000.  Do I need to freak out?

OK I just saw a picture of the bill on another thread and it is the 50 not the 5000.  What a relief.

Yes MIT, by all means freak out (or get your freak on), but first set up a video camera and record it so we can view it later on Thuggie's CNN! 

[Djorgie]

Wow!

 

Well, that sucks for me because I have some 50's. Not sure how much but, I may have to pull out and dust off the stash to make sure.

 

Sounds like they are simply just doing away with the 50's. Not sure if they would be replaced with new ones or not. It really wouldn't make sense for them to spend the money on new 50's when they are not really used and not really worth anything at this point, however, if they plan on raising the value then they would be worth something and more likely would be used then. IDK!

 

I'm not going to freak out about it because whatever is going to happen is going to happen and we have no control over it. Maybe if I am blessed enough I will be able to replace them with larger notes before they are null and void. If not, then just have to accept that I am taking a small loss now and hope that in the end that small loss won't even matter because the ultimate gain will be much more.

 

They sure aren't allowing for much time to work with though. Seems really quick to me but, what do I know? You would think that they would allow a longer period of time to bring in all of that currency. I mean from what I have read that would be around 200 million notes... and what about those 50 notes that people like myself hold (outside of Iraq)? They will for the most part end up in a collectors book or plastered to a wall somewhere.

 

At any rate (no pun intended) I think this carnival ride is just about over.

 

 

[Deborah Layne]

Good post Djorgie. Thanks

[vomer]

So how about this then .. as worthless as the dinar is, nobody is using 50s, so they're just getting rid of them.  I'm the ignoramus around here, I dunno.

[boosterbglee]

That's true...why have them if no one uses them!  Logical thinking!

[Zebra0101]

the fifties are like pennies to us....

 

Useless... Maybe they are testing the system...

[Boozer]

Did it say change them for COIN's they don't use them. ?

[TBomb]

BING TRANSLATION

Alsumaria news/Baghdad

The Iraqi Central Bank, announced Thursday, to withdraw its 50 dinar from circulation, indicating that replacement will last for two months.

 

 

The Bank said in a statement received "alsumaria news", a copy of it, it's because the public stopped trading with the banknote 50 dinars, it decided to withdraw the cash from trading on the basis of the powers conferred by article 36 of law No. 56 of 2004 ".

 

 

The Bank said that "banks and subsidiaries will replace this cash provided without fee or Commission", stating that "the banks will deposit with the Bank and its branches for the purpose under the equivalent value in our accounts."

 

 

The Bank noted that "the duration of these banknotes will be replaced starting from 1st March to 30th of April next, stressing that" the end of the replacement banknote will be null and have no power of discharge and will not be accepted in Iraq. "

 

 

The Central Bank of Iraq after 2003 issued banknotes of 50 dinars, but no circulation due to high prices of products offered on the market.

 

 

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.

 

 

http://www.iraqcoalition.org/regulations/20040306_CPAORD_56_Central_Bank_Law_with_Annex.pdf

 

 

ARE THERE ANY OTHER SOURCES FOR THIS ARTICLE BESIDES ALSUMARIA ?

Edited February 26, 2015 by TBomb

[utah rock]

What do you make of it TBomb?

[chinadawg]

the 50 dinar class was not one of the notes that was reprinted with the upgraded security measures.  So, it is easily counterfeitable, and it needs to be taken out of circulation.

[TBomb]

What do you make of it TBomb?

 

I WANT TO FIRST SEE THE "TRUE" CBI PRESS RELEASE TRANSLATION, AND THEN OTHER ARTICLES FROM (AT LEAST FAIRLY) CREDIBLE SOURCES BEFORE I COMMENT UR.

 

I'M ALWAYS WARY OF ALSUMARIA BECAUSE IT'S BEEN LONG RUMORED MALIKI OWNS A LARGE (IF NOT ALL) CHUNK OF THIS NEWS SITE/PAPER.

Edited February 26, 2015 by TBomb

[TBomb]

THANKS TO MELIAHLORE

 

CBI Arabic Announcement Translated - "(Press release ) due to stop the public from trading cash paper category ( 50 ) dinars"
02/25/2015

 

 

M / statement issued by the Central Bank of Iraq

Due to stop the public from trading cash paper category (50) Dinara According to the authority vested in Article (36) of the Iraqi Central Bank Law No. (56) for the year 2004 it was decided as follows:

 

 

1 - to withdraw cash from the paper category (50) dinars from circulation.

 

2 - on the banks and their branches replace banknotes presented to it without a fee or commission, and the banks deposit with the central bank and its branches for the purpose of being the equivalent value in our calculations.

 

3 - The duration of the replacement category above two months starting from 03/01/2015 up to 04/30/2015.

 

4 - After the replacement for the banknote become null and void and has no legal tender and will not be accepted in the Republic of Iraq.

CBI
Baghdad
02/25/2015

Original Document Link:
http://cbi.iq/documents/press%20for%2025-2-2015.pdf

 

quote from someone else - 

 

"What's strange is the word after (50)...Dinara...ديناراً - there is Either a typo or a different form of the word dinar...دينار

 

To me it looks like the current 50 dinar note is being retired and from March 1 - April 30, 2015 if a customer comes in they can exchange the current 50 dinar note at no charge for cash of equal value. I hope it means that either A. They will replace the old 50 with a newly printed 50 or B. After April they will issue a new 50.
Wheels are moving though.."

http://www.waradana.com/news/iraq/22/77129/%D8%A7%D9%84%D8%A8%D9%86%D9%83-%D8%A7%D9%84%D9%85%D8%B1%D9%83%D8%B2%D9%8A-%D9%8A%D8%B3%D8%AD%D8%A8-%D8%B9%D9%85%D9%84%D8%A9-%D9%86%D9%82%D8%AF%D9%8A%D8%A9-%D9%85%D9%86-%D8%A7%D9%84%D8%AA%D8%AF%D8%A7%D9%88%D9%84-

 

14: 59
2015-02-26

The Iraqi Central Bank, announced Thursday, to withdraw its 50 dinar from circulation, indicating that replacement will last for two months. The Bank said that, because the public stopped trading with the banknote 50 dinars, it decided to withdraw the cash from trading on the basis of the powers conferred by article 36 of law No. 56 of 2004 ". The Bank said that "banks and subsidiaries will replace this cash provided without fee or Commission", stating that "the banks will deposit with the Bank and its branches for the purpose under the equivalent value in our accounts." The Bank noted that "the duration of these banknotes will be replaced starting from 1st March to 30th of April next, stressing that" the end of the replacement banknote will be null and have no power of discharge and will not be accepted in Iraq. " The Central Bank of Iraq after 2003 issued banknotes of 50 dinars, but no circulation due to high prices of products offered on the market.

 

Edited February 26, 2015 by TBomb

[dinarbeleiver]

THANKS TO MELIAHLORE

 

CBI Arabic Announcement Translated - "(Press release ) due to stop the public from trading cash paper category ( 50 ) dinars"

02/25/2015

 

 

M / statement issued by the Central Bank of Iraq

Due to stop the public from trading cash paper category (50) Dinara According to the authority vested in Article (36) of the Iraqi Central Bank Law No. (56) for the year 2004 it was decided as follows:

 

 

1 - to withdraw cash from the paper category (50) dinars from circulation.

 

2 - on the banks and their branches replace banknotes presented to it without a fee or commission, and the banks deposit with the central bank and its branches for the purpose of being the equivalent value in our calculations.

 

3 - The duration of the replacement category above two months starting from 03/01/2015 up to 04/30/2015.

 

4 - After the replacement for the banknote become null and void and has no legal tender and will not be accepted in the Republic of Iraq.

CBI

Baghdad

02/25/2015

Original Document Link:http://cbi.iq/documents/press%20for%2025-2-2015.pdf

 

quote from someone else - 

 

"What's strange is the word after (50)...Dinara...ديناراً - there is Either a typo or a different form of the word dinar...دينار

 

To me it looks like the current 50 dinar note is being retired and from March 1 - April 30, 2015 if a customer comes in they can exchange the current 50 dinar note at no charge for cash of equal value. I hope it means that either A. They will replace the old 50 with a newly printed 50 or B. After April they will issue a new 50.

Wheels are moving though.."

http://www.waradana.com/news/iraq/22/77129/البنك-المركزي-يسحب-عملة-نقدية-من-التداول-

 

14: 592015-02-26

The Iraqi Central Bank, announced Thursday, to withdraw its 50 dinar from circulation, indicating that replacement will last for two months. The Bank said that, because the public stopped trading with the banknote 50 dinars, it decided to withdraw the cash from trading on the basis of the powers conferred by article 36 of law No. 56 of 2004 ". The Bank said that "banks and subsidiaries will replace this cash provided without fee or Commission", stating that "the banks will deposit with the Bank and its branches for the purpose under the equivalent value in our accounts." The Bank noted that "the duration of these banknotes will be replaced starting from 1st March to 30th of April next, stressing that" the end of the replacement banknote will be null and have no power of discharge and will not be accepted in Iraq. " The Central Bank of Iraq after 2003 issued banknotes of 50 dinars, but no circulation due to high prices of products offered on the market.

thanks Tbomb for your awesomeness