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The Central Bank strengthens banks in local currencies of small groups


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The Central Bank strengthens banks in local currencies of small groups Economie 15:11 Last updated 03:15 PM

Thank You For The Great Comments TigerGorZow and Butifldrm!    When I first saw this this morning, I did a scan of the archives here at DV. I could not find a specific article that states the

It should be noted that a 1000 dinar note times a $0.10 RV would equal $100. That is what Adam Montana has been saying for over 10 years.

45 minutes ago, Botzwana said:
It is the reprinting of some lower notes for the purpose of making change. Due to use.  Not lower denoms.

 

10 minutes ago, newbieDA said:

 

I agree too :twothumbs:

ty for noticing this and telling us :jester:

 

forgot the main quote dangit

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6 hours ago, yota691 said:

(202,500,000) Dinars (two hundred and two million five hundred thousand dinars) category of 500 dinars, "adding that" the Central Bank of Iraq pays to the Rafidain and Rashid Bank an amount of not less than (200 million) dinars (two hundred million dinars to change) in almost every withdrawal of its own assets.

any one  do the math on these numbers ?  202.5  and they pay back  --not less than 200  in  millions   ---- around  .86 ?   just  a thought

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simply my opinion and we never get to see the full central bank plan same as any country you reside in but i tend to agree with king bean comment on page 1........... 

 

"When we hear about 1's, 5's, 10's and 20's......

we can all do our special "happy dance"

 

what they are calling lower denoms may be in relation to a 25K note but these denominations are nothing new they are in circulation as we type in fact they have a 250 note but it probably is used so little there is no need to print more , on the flip side if they reveal the true LD's ( below the 250 ) are fixing to be released it would signal a rate change and that will never be told before hand , myself and every other speculator would buy everything we could so as this goes we simply remain rational and wait ..... cheers dv  

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3 hours ago, SnowGlobe7 said:

Oh they are working on things for sure...e just still have a ways to go. 

 

(I want to be proven wrong!)

We live in hope SnowGlobe7 that your are proven wrong ..But even now and then they dangle a carrot that keeps the momentum of hype going...😊

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DV,  My 2 cents added something is going on behind the scenes IMHO we are not privy to.   Once PM Abadi announce "Total Victory of ISIS" on Saturday then "Security & Stability" is done.  We pray the CBI will get the approval to RV / RI the IQD.

 

GO GO GO RV / RI....😁😊

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1 hour ago, 3n1 said:

simply my opinion and we never get to see the full central bank plan same as any country you reside in but i tend to agree with king bean comment on page 1........... 

 

"When we hear about 1's, 5's, 10's and 20's......

we can all do our special "happy dance"

 

what they are calling lower denoms may be in relation to a 25K note but these denominations are nothing new they are in circulation as we type in fact they have a 250 note but it probably is used so little there is no need to print more , on the flip side if they reveal the true LD's ( below the 250 ) are fixing to be released it would signal a rate change and that will never be told before hand , myself and every other speculator would buy everything we could so as this goes we simply remain rational and wait ..... cheers dv  

 

Yes, the lower denoms we need to see would literally have no value at the the IQD's current rate.  This is why the CBI retired the $50 Dinar note.  The reason this article states that the CBI is supporting the Banking sector with lower denominations of $500 and $1000 is because one of the biggest complaints from the citizens is that when they make a purchase there is a shortage of lower denominated notes to make change.  For example... someone goes into a store to buy a pack of cigarettes which cost $5.00 USD or 5,920 Dinars and they only have a 25K note and the shop keeper has no 1000 or 500 notes for change.  The citizens have been losing a lot of money from  liquidity problems within the markets.  IMO, the CBI is just making the case that they have been supplying these notes to banks and therefore the market.  The lower denoms described in this article have been being printed since 2003.  https://cbi.iq/page/89

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If they are printing and distributing these lower denominations I think the logic behind it is to help get more of the larger denominations off the streets faster. 

Edited by Rmc10
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1 hour ago, tigergorzow said:

DV,  My 2 cents added something is going on behind the scenes IMHO we are not privy to.   Once PM Abadi announce "Total Victory of ISIS" on Saturday then "Security & Stability" is done.  We pray the CBI will get the approval to RV / RI the IQD.

 

GO GO GO RV / RI....😁😊

 

46 minutes ago, Butifldrm said:

 

Yes, the lower denoms we need to see would literally have no value at the the IQD's current rate.  This is why the CBI retired the $50 Dinar note.  The reason this article states that the CBI is supporting the Banking sector with lower denominations of $500 and $1000 is because one of the biggest complaints from the citizens is that when they make a purchase there is a shortage of lower denominated notes to make change.  For example... someone goes into a store to buy a pack of cigarettes which cost $5.00 USD or 5,920 Dinars and they only have a 25K note and the shop keeper has no 1000 or 500 notes for change.  The citizens have been losing a lot of money from  liquidity problems within the markets.  IMO, the CBI is just making the case that they have been supplying these notes to banks and therefore the market.  The lower denoms described in this article have been being printed since 2003.  https://cbi.iq/page/89

 

Thank You For The Great Comments TigerGorZow and Butifldrm! :tiphat:

 

When I first saw this this morning, I did a scan of the archives here at DV. I could not find a specific article that states the lower denominations have been printed. I only found opinion pieces, etc stating the lower denominations would be printed along with the fils. So, here is a collection of articles that may be of interest:

 

Opinion piece on the "penny":

 

 

Specific notation on the denominations intended to be printed along with the fils intended to be minted:

 

 

Here is a highlight from the above article:

 

The solution is not to delete zeros or dinar floated, but substituting new Iraqi dinars and linking its exchange rate to the US dollar

The issuance of any new Iraqi dinars equivalent to the dollar in the exchange rate

It consists of one hundred per dinar fils and groups: one dinar, five dinars and ten dinars, and twenty dinars, and fifty dinars, and one hundred dinars.

Minting coins from fils and five fils, ten fils fils twenty, and fifty fils, and one hundred fils

 

Here is an article describing the value of the fil. For Kuwait, the KWD Dinar = 1,000 KWD fils. Hey, why would Iraq mint coins worth 1/1,000th of an Iraqi Dinar???!!!

 

:o       :o       :o

 

 Here is an excerpt from the article:

 

List, published on Saturday, the State of Kuwait topped possessing a stronger national currency in the Arab world, with the dollar exchange rate amounted to 0.30 Kuwaiti dinars. The Kuwaiti dinar is divided into 1000 fils, and issued in 1960

 

Here is an article from July 14, 2012 (no joke, it has been that long) that Yota reposted also noting the IQD lower denominations and fils:

 

 

 

Here is an excerpt from the article:

 

 Included in category (1) BD image and reality are inspired from the displacement of Kurds Faili designed and prepared the Ministry of Culture. Has been developed on the category (500) fils image to fill a modern on the River Euphrates, and was intended to highlight the importance of water and means of storage and organization in Iraq, and on the category (250) fils putting pictures to fill Kut on the Tigris River, for the same purpose, and put on a category (100 fils), a picture of a lion Babylon, symbol of the power and vigor of the nation of Iraq. and put on a class (50) fils a picture of the palm, the symbol of Mesopotamia. and class (25) fils put a picture of the Ishtar Gate in memory of great Iraqis.

 

All this to say, sure looks funny they have been talking about the lower denominations and fils for this long with no action. Or is there?

 

For a stable transition to using the lower denominations and simultaneously pulling the remaining (or majority of the remaining) large denominations off the Iraqi streets, I suspect these lower denominations and fils would have to be available on short order (like only directly delivered to the bank). As such, I think (just me speaking here) the lower denominations and fils are a done deal and just waiting to be distributed to the banks.

 

I agree with TigerGorZow that things are going on behind the scenes and have been for some time. Although no confirming news articles, I suspect the opinion pieces are let to give the impression the revalue is down the road (no lower denominations printed or fils minted) to prevent wild speculation and encourage whatever means available for Iraqi citizens to relinquish their larger denomination notes.

 

To me, LOOKIN' GOOD and TOMORROW MAY JUST BE A BRAND NEW DAY!!! Well, OK, may have to wait for the ISIS eradication celebration to conclude and get a few other things in place. Now through the 1st Quarter 2018 seems to be favorable if in conjunction with the flood of reconstruction and economic development.

 

Go Moola Nova (YEAH, BABY!!!)!!!

:pirateship:

 

 

Edited by Synopsis
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2 hours ago, tigergorzow said:

Syn,  You are "Super" and must admit your analysis and breakdown of the articles is dead on IMHO.

 

GET READY!!

 

Thank You, TigerGorZow! I really appreciate all Your articles and comments as well! The Best Of Your Evening To You! :tiphat:

 

Go Moola Nova!

:pirateship:

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12 hours ago, yota691 said:

"the bank calls for the preservation of the local currency

This tells us that there won't be any currency replacement (as in lopping) anytime soon. The currency that we hold will be around for much longer until they remove them from circulation, gradually....calling on citizens to maintain and maintain Bank notes when trading.

12 hours ago, yota691 said:

He revealed that "the Central Bank has announced a tender for the printing of new banknotes (small categories) at the international printing companies." 

 

If this is about printing the same 1000 and 500 dinars, why tender it out? Wouldnt it be cheaper to use the same company/printers? I'm sure they would still have the mould.

They have reprinted their currency before with the same denominations and I dont remember seeing any new tender then....:rolleyes:

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and then we had this little teaser from 2012 .....

Iraq discloses designs for redenominated banknotes slated for July 2013

Jul 21, 2012 08:17 AM Category: Middle East
According to Iraq's semi-official Alsabaah newspaper, the finance committee received specimens of the new Iraq banknotes from the Central Bank of Iraq. The specimens were of the 25, 50, 100, and 200 dinars. The committee urged the central bank to delay the introduction of the new currency from January 2013 to July 2013 to study all the aspects of the process.

Other Iraqi media reports state that the new currency will be issued in denominations of 5, 10, 25, 50, 100, and 200 dinars for banknotes and 25, 50, 100, 250, and 500 fils, plus 1 and 2 dinars for coins. The designs have been already chosen for banknotes and coins:

5 dinars: Beck waterfall and palm tree
10 dinars: dinar coin minted in the reign of the Umayyad dynasty and lighthouse Hadba in Mosul
25 dinars: King Hammurabi receiving the law and farming of Iraqi Kurdistan
50 dinars: King Codaa and Fort Ukhaydir
100 dinars: Central Bank building in Azwaip area in Baghdad and ziggurat
200 dinars: bridge and school

Courtesy of Mosab K. Ibrahim.
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