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Experts: 50 dinars born "dead" .. and canceled due to fraud and the deletion of zeros


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5 (20:34)   -   the number of readings: 37   -   Issue (3299)
 
 
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Range / Amer Mohi 
 

 A source in the CBI revealed that the bank has decided to withdraw the currency of 50 dinars from circulation category because of fraud and conflict with other categories when deleting zeros from the currency, and while experts confirmed that the abolition of the small category guide to take prices upward trend, said the 50 dinars born "dead" because they are too small and can not be accepted compared to other groups.

 

The Central Bank of Iraq, the day before yesterday, the currency was withdrawn from the category of 50 dinars from circulation due to "low value and stop the audience from the circulation," according to a statement of the bank. A source in the CBI told the "term" that "the Bank does not want a conflict between the currency category of 50 dinars and 500 dinars in case of deletion of zeros from the last," noting that "the central decided to cancel the deal with 50 dinars category formally instructed banks government and private bring this group to the bank in order to burn them. "
 
The source, who declined to be named, said "the Bank issued a decision not to deal with a class of 50 because of a major fraud after reprinted in 2003", adding that "the citizen is no longer handles this category because of the small cluster of cash for this currency, and because the cheapest thing in the market to be sold for 250 dinars for it canceled the same. "
 
He pointed out that "the citizen who owns a coin 50 dinars category can replace it in the bank within a specific number, it is impossible to bring people billions of dinars in this category are demanding to replace them because they certainly false."
 
For his part, said an expert on economic affairs Maytham Laibi "long" that "the decision to cancel the coin 50 dinars very painful, because it shows that the presence of an upward trend of prices, so that Tfariv currency has become not used in daily use," noting that "after ten years of the 50 dinars coin presence and lack of circulation dramatically means that the Iraqi market tended to handle large groups rather than to deal with small groups, indicating the money supply expanded significantly. "
 
Laibi and pointed out that "most of the countries of the world do not put such a condition when you drag the currency market, but they can be non-acceptance of the currency in circulation at the same time be accepted in the banking system, especially as the term is too short, which is up to two months only," but he also said "The decision can not be considered wrong in its entirety, because it has become a reality if the result of the use of this currency, and to identify specific timeframe for ending the deal in this category is the only weak point in the resolution."
 
In turn, said economist Ahmed Sabih told the "term" that "this group of Iraqi currency issued in the light of expectations down price levels to be smaller class can be traded among the public," noting that "the category of 50 dinars stillborn because it is very small Currency and can not be accepted in circulation compared to other groups that make up some of the complications. "
 
He Sabih saying that "the 50 dinars as long as calculated on the Iraqi currency bloc, it is better to replace the category of other more acceptable as a class 250 dinars, which represents smaller currency accepted by the public in circulation", adding that "this decision administrative true and does not reflect any economic effects is carried at liquidity or a reflection of the state of inflation, but it is a good procedure followed by many banks to get rid of the categories is acceptable in circulation. " The bank said in a statement received "long", a copy of which, the day before yesterday, that "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 statement added that "banks and branches will begin to replace these banknotes presented to it without fees or commission," he said, adding that "banks will be deposited at the bank and its branches for the purpose of being the equivalent value in the accounts we have."
 
Bank pointed out that "the term that will replace these banknotes will begin on the first of March to 30 of April next," noting, "Once the replacement period banknote will be null and void and will not be accepted in Iraq."
 
The 50 dinars category smaller paper currency from within the paper categories, which also include 250 dinars and 500 dinars and a thousand dinars and 5 thousand dinars and 10 thousand dinars and 25 thousand dinars.Iraq issued a new currency in 2003 in the wake of dropping the former regime.
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A source in the CBI revealed that the bank has decided to withdraw the currency of 50 dinars from circulation category because of fraud and conflict with other categories when deleting zeros from the currency

Read more: http://dinarvets.com/forums/index.php?/topic/198015-experts-50-dinars-born-dead-and-canceled-due-to-fraud-and-the-deletion-of-zeros/#ixzz3SyBdd9FD

 

Now it makes perfect sence,  and this show how close we really are.

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Makes one go hmmmmmmm..........it takes a minimum of 250 dinar to buy anything in Iraq.  Then getting ready for the deletion of the zeros.........but yet it says nothing about getting rid of the Fil's.........why keep them in circulation.  Guess I'm just confused.

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These bills are old, tattered, torn, un-used in commerce, and cost more to replace than they're worth.  In another word, they're obsolete.  The CBI is doing away with the 50 and throwing the citizens a bone to transfer what ever they have in them into electronic dinars. These electronic dinars in Iraqi banks will experience the exact same increase in VALUE that our dinars will experience upon any RV. 

 

I'm particularly encouraged to the 50s will be in "conflict with other categories when deleting zeroes from the currency."  So this tells me that (1) this move is a step in the deleting the zeroes project, and (2) this category will not be needed after they delete the three zeroes.  Not nearly a rate and date, but certainly a move forward on both pieces of this puzzle. 

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Rabbi the article shows us that the 50.00 not was not used after the 2003 reprint becuase its value was to low, today a 50.00 note would be worth .04 usd take 50.00 x .00085 = .0425, remember that the dinar in 2003 was worth almost half what it is today also so it was even much lower back then. Most of these notes were circulated outside of Iraq buy dinar dealers. You really pegged it on your second paragraph though.

 

This article has me very excited, esp after reading this sentence

 

the Bank does not want a conflict between the currency category of 50 dinars and 500 dinars in case of deletion of zeros from the last

Read more: http://dinarvets.com/forums/index.php?/topic/198015-experts-50-dinars-born-dead-and-canceled-due-to-fraud-and-the-deletion-of-zeros/#ixzz3SyebhFHq

 

They show us there could be confusion between the 50.00 and the 500.00, this tells me that a 50.00 would somehow be close to the value of 500.00. We have to remember that over there they dont just use the dinar they use the us dollar alot and it would be easy to get confused, so now we can understand why they would stop the auctions of usd in Iraq becuase people need to use the dinar only.

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In Nov. 2011, Saleh said CBI would be issuing a new bill in the class of 50 dinar AFTER the deletion of zeros ~ which is equivalent to the current 50 thousand dinars.”

Anyone remember this?

FROM NOV 2011:

According to the information published (Rn), two days before the central bank is working on the version of class 50 thousand Iraqi Dinars. Category that occurs while the Bank issued in the future is 50 dinars, and this is done AFTER deletion of zeros.

It examines the Iraqi Central since June last deleting three zeros from the local currency in an attempt to promote the value of currency in circulation, EXTERNAL and INTERNAL.

The KURDISH language will be added to the new currency as well as Arabic.

The deputy governor of the Bank in favor of the appearance of the Kurdistan News Agency (Rn) that “the Central Bank of Iraq is working to issue new paper currency AFTER deletion of zeros will be the class of 50 dinars which is EQUIVALENT to the current 50 thousand dinars.”

and here:-

http://dinarvets.com/forums/index.php?/topic/92858-central-bank-will-issue-new-denomination-bills/

Edited by zul
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What the 50 dinar note could have been worth after a rv.

 

15 cent rv 7.50 wouldnt be needed

 

1/1 50.00 rv 50.00 would work fine

 

3.50/1 rv 175.00 not neeeded

 

4.00/1 rv 200.00 not needed

 

5.00/1 rv 250.00 not needed

+1 thinking my style

These bills are old, tattered, torn, un-used in commerce, and cost more to replace than they're worth.  In another word, they're obsolete.  The CBI is doing away with the 50 and throwing the citizens a bone to transfer what ever they have in them into electronic dinars. These electronic dinars in Iraqi banks will experience the exact same increase in VALUE that our dinars will experience upon any RV. 

 

I'm particularly encouraged to the 50s will be in "conflict with other categories when deleting zeroes from the currency."  So this tells me that (1) this move is a step in the deleting the zeroes project, and (2) this category will not be needed after they delete the three zeroes.  Not nearly a rate and date, but certainly a move forward on both pieces of this puzzle.

And create that subtle demand for theeee.....

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Rabbi the article shows us that the 50.00 not was not used after the 2003 reprint becuase its value was to low, today a 50.00 note would be worth .04 usd take 50.00 x .00085 = .0425, remember that the dinar in 2003 was worth almost half what it is today also so it was even much lower back then. Most of these notes were circulated outside of Iraq buy dinar dealers. You really pegged it on your second paragraph though.

 

This article has me very excited, esp after reading this sentence

 

They show us there could be confusion between the 50.00 and the 500.00, this tells me that a 50.00 would somehow be close to the value of 500.00. We have to remember that over there they dont just use the dinar they use the us dollar alot and it would be easy to get confused, so now we can understand why they would stop the auctions of usd in Iraq becuase people need to use the dinar only.

How would there be confusion? They would both increase in value, right?
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Does anybody have that? $1000 worth of 50s would be 25,000 notes. Talk about bringing a wheelbarrow to the bank.

A friend of mine had 5000, 50 dinar notes... That cost him about $3300

Breitling told him that the 50's would be safe if Iraq decided to lop. Which is actually not true. Lol

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If my math is correct. The dealers had those 50's marked up over 1300%. Lol

Breitling is good buddies with the owners of the Treasury Vault, probably the biggest seller of the lower denom notes. Those owners are roger(D INAR DADDY)and Angela Dorman. Lol

What a racket.

Edited by bsims25
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I would think Roger and Angela should close up shop and count their profits somewhere else.  There are gonna be some pretty upset people.  I don't even know about currency stuff and I would never buy like that.  What a mess.  I'm happy to have a wheelbarrow of 25Ks.  I wish. haha

Edited by DWitte
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Encouraging on one hand and discouraging on the other. If they are going to drag this out for 2 months, that puts us in May before anything else would develop. Then they have to evaluate the process, effectiveness of the plan and when to move up to the next denomination. By then, Ramadan will be coming up, elections to follow, then the new budget negotiations, etc... and hear we go again. Not to mention ISIS and the US Presidential elections and all the drama with how that is going to effect the RV when the next administration deals with the Mid East situation....uhg! I'm tired...lol

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