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Central Bank announces the withdrawal of the coin "50" DT and replaced as of today


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Central Bank announces the withdrawal of the coin "50" DT and replaced as of today

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 BAGHDAD - Iraq Press - March 1 / March: The Central Bank of Iraq announced the start replacing the coin 50 dinars as of this March after his decision to drag. 

 

 

  He added that the bank "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 banks and their branches will start replacing these banknotes presented to it without fee or commission, and will be deposited with the bank and its branches for the purpose of restricting the corresponding value in the accounts we have. "

 

 

 

"The term, which will replace the banknotes will begin on the first of March to 30 of April next," he said, adding that "the end of the replacement period banknote will be null and void and has no discharge power will not be accepted in Iraq." Admiral ended 

 

 


CBI pulls smaller paper currency

 
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3C11657E-4681-48A0-8EF2-B77A9302FF32_w26Banknotes Iraqi
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01/03/2015

Iraqi Central Bank decided to smaller paper currency which is the withdrawal of 50 dinars value of trading after it no longer needed due to the low value and stop circulation, as well as the lack of acceptance in the banks. Said an official statement issued by the Central Bank that citizens can switch possession of Banknotes fifty dinars category in government banks.

In an interview with Radio Free Iraq, economic advisor to the prime minister the appearance of Mohammed Saleh pointed out that fifty-class dinars were printed after 2003, but an increase in the rate of inflation in 2006 after raising fuel prices has led to the erosion of the currency and the difficulty of trading them to become the 250 dinars smaller category paper currency at the moment.

He said economic expert Hilal Taan that inflation witnessed in Iraq led to the extinction of most of the small coins of the fifty-class dinars and 100 dinars, and become the 250 smallest currency and thus the government is forced to destroy the small coins. He expressed his opposition Taan printed currencies of large groups because this will lead to price hikes and a decrease in the value of the Iraqi dinar "because inflation based in Iraq comes because there is a large cash currency."

As an economic advisor to the prime minister called for the appearance of Mohammed Saleh to the need to print large coins for circulation in the market, considering it of health phenomena and noting that Iraq is in the monarchy printed currency 100 dinars worth the time, "as there are coin 500 euros, equivalent to more than 600 US. "

Saleh also said he "was supposed to delete the zeros from the currency, a project has been prepared in advance and prepared the floor, however, many reasons led to the postponement of an unknown time," pointing to "the need to reduce turnover in Iraq since the deal today talking about trillions while strive to be trading billions. "

Central Bank statement said that the time that the replacement of these banknotes will be which is among the first of March to 30 of April next, stressing that once the replacement period banknote will be null and void and will not be accepted in Iraq.

It is noteworthy that 50 dinars category is the smallest process paper of paper within the categories that also include 250 dinars and 500 dinars and a thousand dinars and 5 thousand dinars and 10 thousand dinars and 25 thousand dinars, which were issued after 2003 in the wake of the overthrow of the former regime.

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Imagine if the UST did this with Pennies

 

I wish they would. The merchants would have to stop with the $1.99 or $9.99 and just label it what it is $2 and $10. That .99 is just to make it appear cheaper to the consumer or so the merchants think.

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Does this mean that they intent to make these notes null and void?

Will we be able to exchange them for new notes at the same value? It does not appear that there will be an increase in value until all these notes are recovered.

Central Bank statement said that the time that the replacement of these banknotes will be which is among the first of March to 30 of April next, stressing that once the replacement period banknote will be null and void and will not be accepted in Iraq.

It is noteworthy that 50 dinars category is the smallest process paper of paper within the categories that also include 250 dinars and 500 dinars and a thousand dinars and 5 thousand dinars and 10 thousand dinars and 25 thousand dinars, which were issued after 2003 in the wake of the overthrow of the former regime.

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Does this mean that they intent to make these notes null and void?

Will we be able to exchange them for new notes at the same value? It does not appear that there will be an increase in value until all these notes are recovered.

 

It's in country only. You'd have to go there and exchange them for whatever they give you in that exchange. From my understanding after the exchange period the 50 bill is no long legal tender. In other words, toilet paper other than the ability to sell them to a collector in years to come.

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2015-03-01-191637%D8%A7%D9%84%D8%A8%D9%8

Central Bank

19:16

01/03/2015

Central Bank of Iraq announced the start replacing the coin 50 dinars as of this March after his decision to drag. He added that the bank "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 banks and their branches will start replacing these banknotes presented to it without fee or commission, and will be deposited with the bank and its branches for the purpose of restricting the corresponding value in the accounts we have. " "The term, which will replace the banknotes will begin on the first of March to 30 of April next," he said, adding that "the end of the replacement period banknote will be null and void and has no discharge power will not be accepted in Iraq."

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But now they are planning on the same action for the other dems.... 5k, 10k, and 25k. Same result?

 

Not that I'm aware of at this time. It's only being done to the 50 bill because apparently it's the most counterfeited and underused. Just like over here in the States the most counterfeited bills are $20, $50 and $100.  Some suggest this is being done to the $50 because there are so many of them and when an RV does occur and people run to the banks to exchange their dinar it takes off a heavy load on those delarue machines that check for authenticity of those bills. Something like that.

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TBomb can you just give up on trying to figure this thing out???? It's Iraq.. You will NEVER get it figured out no matter how many articles you read! Can you just wait for it to happen? It is still going to happen at an unknown rate and an unknown time..

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What I do not like is: "was supposed to delete the zeros from the currency"

 

Delete the zero's from the currency does not sound like what I want to hear! My 25,000 bills will be worth 25 dinars each!

 

Delete the zero's from the exchange rate sounds better!
 

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TBomb can you just give up on trying to figure this thing out???? It's Iraq.. You will NEVER get it figured out no matter how many articles you read! Can you just wait for it to happen? It is still going to happen at an unknown rate and an unknown time..

 

I WILL WHEN YOU STOP ANALYZING EVERYONE'S POST TRYING TO FIGURE THIS THING OUT...LOL

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