CBI is working to put the two categories, one hundred fifty thousand dinars of currency

[Markinsa]

CBI is working to put the two categories, one hundred fifty thousand dinars of currency

 

Basenyoz | Xuan Alborznge views

 

04/25/2015 17:38

     

 

Iraqi parliamentarian said on Saturday, the Central Bank of Iraq intends to launch two new categories of the Iraqi currency and fifty thousand and two hundred thousand dinars.

 

Sarhan said Ahmed, member of the Finance Committee in the Iraqi parliament, the reporter "Basenyoz," The CBI will continue to work for the issuance of two new categories of currency fifty-two thousand, one hundred thousand dinars, "noting that" the central bank has taken the necessary preparations for that. "

 

He added that "the central bank looked at it and made the decision about it leaving only the allocation of funds for the printing of two new categories," pointing out that "Under the law will be charged the two new categories of currency writings in Kurdish language."

 

He said the Iraqi parliament to issue two new categories of the Iraqi currency in the preparations for a future plan that includes deleted several zeros from the currency.

[sandfly]

THANKS

[TQueezy]

Print larger denoms so we can remove them later. Right. That makes financial sense.

Sigh…

[Flamtap]

That's a minute of my life I can't get back. However, I do thank Markinsa for posting anyway.

[DinarThug]

THANKS

However, I do thank Markinsa for posting anyway.

Yo Snap - Apparently Some DV 'Thanking' Ninja Beat U To It !

[tommyboy]

"He said the Iraqi parliament to issue two new categories of the Iraqi currency in the preparations for a future plan that includes deleted several zeros from the currency."

Read more: http://dinarvets.com/forums/index.php?/topic/201418-cbi-is-working-to-put-the-two-categories-one-hundred-fifty-thousand-dinars-of-currency/#ixzz3YPdrYa2m

 

Kinda sounds like they're wanting to get more dinar off the streets, maybe so it will cost less to RV since the US $ seems to be the cash favored by the people.  A  lot of dinar has already been held by the banks and dollars sold.  

[Integrativedoc]

We still triple our money if this is the plan. Watching for announcement of demonetizing the 250 and 500. 

Print larger denoms so we can remove them later. Right. That makes financial sense.
Sigh…

It does for maintaining their country's wealth

[yota691]

Picture from the article 

 They have 3 goals...Issue new notes, slide the decimal..and give purchasing power to the IQD....IMO 

[SocalDinar]

Makes sense that they have a larger note if the don't plan on redenominating soon. After all a 25k note is only worth around $ 20

The U.S. Could use a $250.00 note. The $100 is not what it used to be

[Jaygo]

It's simple.. The people have a bunch of notes with 3 zeros... They want the smaller notes for ease of spending. So you make s 50,000 and 100,000 so when you you do remove the 3 zeros you now have a 50 and 100 note that goes right along with your 25. Use it for a couple 3 years until they have sucked up all 3 zero currencies and they are golden, JMO.

[Boozer]

Ok so we know they have NEW 25k, 10k, 5k, 500, 250 Notes printed and out, I bet the 50 and 250 has been printed also. maybe after the 30th when the old 50 are no longer good. these will come out. Put this with Adams email last week .The IMF and World Bank week before last. Maybe May 4th will hold something for us. JUST MY 

Edited April 26, 2015 by Boozer

[skeetdog]

Thanks Markinsa...These new notes will have the Kurdish language on it...I'd imagine there's a lot of Kurds that would prefer these notes...These notes can be a diversification to their portfolio...To obtain the smallest of note serial numbers can hold a prestigious collect of the ultra-rich....   

[staunch]

I am in no way trying to be a bummer here but, I cannot for the life of me figure out how printing higher denomination notes could be beneficial to us in any way, shape or form. Can someone break it down to me how it could be a good thing?

[skeetdog]

It can't help us at all, then again it aint all about us...but it makes for a hell-of've  international escrow ....Especially when now that the private sector have been given more power...It's a shot in either direction and then again has anyone seen these bills....

[staunch]

Good point. Could be talk as usual.

[dantach]

Good point. Could be talk as usual.

That's all they're good at.

[HowieC]

I'm having a tough time giving it a lot of credit....unless it's stated by the CBI.

[DWitte]

There was talk before, and I did read about it, that the zero's would not be printed on the new notes.  100,000 and 50,000  They would be 100 and 50 notes and the zero's would be implied.  Yes, I know that sounds bizarre but if you think about it, it does work with what they are saying now.  I am not proficient at researching old stuff so I leave it here.

 

Then go back to Jaygo's post.  After what he says, 3 years whatever, they can say the notes are now only worth only worth 50 or 100 dinars and they don't have to reprint them.  That's how I understood what I read before.

Edited April 26, 2015 by DWitte

[Laid Back]

Years of work to remove the 000's notes and to reduce the note count to 1 billion, to bring more 000's notes into circulation.

It doesn't make sense to me.!

[skeetdog]

I would think that the 25K notes would be a large enough note for international purposes...Just increase the dinar to its market worth and let it ride the market's ...This application might be a bargainin(g) chip behind closed doors...Shabibi aint gave the nod as far as I've heard on this issue...

[magawatt]

There are tons of counterfeit and stolen dinar out there. They can catch the counterfeit notes by voiding them when exchanging them for larger notes and maybe they have the numbers of the stolen notes to confiscate them also.

[skeetdog]

I hear ya ''Magawatt''...Whatever rout they're goin(g) to take, they need to get on with the program...Every start-up has its glitches and kinks to workout...Iraq needs to become their own entity by becoming(g) international and deal with the consequences...

[shydude]

This would explain why they took off the current 50 note. The New 50,000 note will be printed with only 50 on the bill and have the implication of the 3 zeros to be used as 50,000 (there was a pic of one sometime last year). You get everybody to trade in 2 25,000 notes for a fifty or 4 for a 100 and reduce the note count. After a certain amount of time you delete the zeros. The new 50,000 dinar note that only has 50 on it is used as a 50 dinar note. This will work unless they do the same for the other notes with 3 zeros and demand them exchanged. If this is true it may be 2 years before a rate change, because of the articles stating a 2 year that the notes will coincide with each other.

[shydude]

If they do a 25 dinar note for the 25,000, the 10 dinar note for the 10,000, the 5 dinar note for the 5,000, and the 1 dinar note for the 1,000, these will be their lower denom notes after deleting the zeros. We will still be in the money if we are not forced to exchange for the new notes. Otherwise we break even at 1:1 exchange with no RI

[DoD]

shydude, breath man, breath...lol  Their not printing a new 50.000 & 100,000 notes, they are talking about the value. But wait, didn't they just remove the 50 Dinar from circulation? Yes, and a new 50 Dinar note or (COIN) will be introduced, not 50,000...This has been talked about for years, nothing new but them talking about it again is a good thing.