Parliamentary Finance: Print new monetary categories in preparation for the deletion of zeros from currency

[k98nights]

 

 

 

 

13/05/2015 10:01 GMT

  Parliamentary Finance: Print new monetary categories in preparation for the deletion of zeros from currency

 

 

 

BAGHDAD - and babysit- said the Parliamentary Finance Committee member Masood Haider, that directed the central bank to issue and print new cash categories will be preceded by the preparation of the decision to delete the zeros of the currency.

 

 

Haider said, that "the central bank decided to print large cash classes in preparation for the application of the decision to delete the zeros of the currency in the coming period."

 

He added that "the parliamentary Finance Committee discussed with the Governor of the Central Bank on the Keywords subject of printing new categories in the event of cash availability after the rise in oil prices and achieve financial abundance."

 

The member of the Finance Committee, said that "the Central Bank has decided to reprint some of the larger denominations to prepare the application of the decision to delete the zeros of the currency in the coming period."

 

He pointed out that "the decision has undergone extensive study to assess the economic feasibility and to be implemented depending on the timing proposed by the administration to the central bank."

 

Haider said that "the new denominations to be printed will be of category 50 100 thousand Iraqi dinars."

 

http://www.alrayy.com/141738.htm

[TexasMike1958]

I think this is great news, but I am not sure what to make of it.  Someone smarter than I am please explain what is happening here.

[eburt]

Hmm I agree need more explanation of the breakdown of this article...Thanks

[magawatt]

This falls into the" Yes, yes a thousand times No" catagory.

[Laid Back]

Printing more 000's notes in preparation to delete 000's. It doesn't make sense

I believe they're taking about lower denomination notes.

Increase the exchange rate, collect all the 000's notes from circulation and at the same time introduce lower denomination notes and coins.

Just my opinion.!!

[NeedRv]

Agreed Laid Back... 

 

no sense in printing more 000s then take them all out to THEN introduce lower denoms and coins... they will most likely go on a collecting campaign getting all the 000 notes off the streets then introduce the lower denoms and coins.... I assume they will want to do denoms like the US has 1, 5, 20, 50, 100 types... 

 

GO RV 1:1 or close to it... .86

[TQueezy]

A central bank can't collect all the cash from circulation and simultaneously introduce new lower denomination notes and change he exchange rate. Someone somewhere along the line is gonna get screwed over, either citizens or small banks and businesses or maybe everyone except CBI.

Deleting three zeroes is redenomination and is not what we desire them to do.

[Boozer]

coming period = SOON,,,, Remove the 000s off the rate not the notes... same         as last year, come back next year same

[jeepguy]

this  really  sounds like  print more larger notes  so we can tell the  people  out in the streets .  ----  you have a 50,ooo  note ,  tell your customers  it is  a  50  note .....  also  the 100,ooo   is  a  100  note  ------   they will believe you ,  and still not use dinar !    there has too be  some sort of  rise in the value ,  for  the dinar to move on the streets ,   with  the  other article  -----   refugees  amounts in the 100  thousands  or more ,  here is  your  dinar users ,   these  folks  are the only  people  that  can obtain a currency  worth nothing  so they can get  robbed at the markets   { if  that is what they call them } ........   

[gixxerfrog]

I don't understand y removing the larger notes is a big deal... instead of ppl having 4 - 25000 notes now they got 1 - 100,000 what does that do? Most of the time when u go to a store and they give u change back u don't say O can I have 2-5s instead of a 10 I mean it is nice so u don't have a pocket full of bills but I would think if they are going electronic (bank cards) whos going to use cash/paper anyways?

[SocalDinar]

 "the Central Bank has decided to reprint some of the larger denominations to prepare the application of the decision to delete the zeros of the currency in the coming period."

 

 

Thanks K98

 

 

[Officiallytook]

So much confusion in news propaganda I love it...

Think about it... 100,000.00 turns into 100.00 easy

Edited May 14, 2015 by Officiallytook

[new york kevin]

Now, I will believe it when they print them and enter them into circulation, and not before.

[Officiallytook]

Guess you get negged for people simply not understanding...or having an all out explanation of your posts...

[DinarBam]

Haven't seen anywhere stating that the larger notes are meant for circulation, just large commercial/bank transactions. Citizens will never have their hands on a 100,000 Dinar note I don't think.

[Jaygo]

Haven't seen anywhere stating that the larger notes are meant for circulation, just large commercial/bank transactions. Citizens will never have their hands on a 100,000 Dinar note I don't think.

Correct