CBI News 10/07/2018

[6ly410]

13 hours ago, yota691 said:

The Central Bank of Iraq announced on October 4, 2018, the launch of large amounts of currency for small groups next week, adding that the groups will include a change in form.

One more bump .. let’s go RV

[stangernan]

8 hours ago, dinarham said:

This move by cbi baffles me as well. But it is movement towards changing the banknotes . Iraq is gearing towards joining first world countries who have value to their currency , the euro ,pound ,dollar , canadian dollar , peso , in fact all countries who have access to ATMs .This requires smaller denoms ,100's ,50's and 20's . Security features will go down as the notes go down to lesser denominations . No one ,and I mean no one , can reproduce the security features of the higher notes . It would be absurd to counterfeit these notes as it is easier ,much cheaper , and legal to buy the real notes . Take a look at your 25000k notes under a black light. You will be amazed . The one smart thing that the US did was to pay DeLaRue to produce these notes, which are uncounterfeitable . For those who detect a strange odor from the 25000k's , it's the real oxblood they used for the red. Keep the faith ,dudes . We're coming in like a herd of turtles, but we're coming in !

 

7 hours ago, 10 YEARS LATER said:

 

Agreed dinarham - ( what a mix ) -Baffling, Gearing up, ATM's at the ready & . . . the 25k notes are impressive as hell . . . at some point ( hoping ) the herd of Turtles becomes a " Stampede " - I've got a roping horse; wouldn't mind trying my hand at roping a stampeding Turtle. 

 

Have a great Sunday 

Speed Turtle!!!    

   Love this!!

[zul]

17 hours ago, yota691 said:

The Central Bank of Iraq announced on October 4, 2018, the launch of large amounts of currency for small groups next week, adding that the groups will include a change in form.

 

Clearly, 25k and 10k are not currency for small groups.

These could be an error in reporting. At least I hope so.

[yota691]

Central Bank confirms the continuation of circulation of current banknotes

 

Banks Economy News _ Baghdad The Central Bank of Egypt (CBE) confirmed on Monday that the current banknotes of the categories (25000, 10000, 1000, 500 and 250) will continue to be traded with the new categories issued by the bank without any intention to withdraw them. The bank said in a statement received by the "Economy News" that the variables on the new categories were as follows: For the categories (25000, 10000, 500, 250) dinars, included writing the name of the governor instead of signing it in the old version, in line with what is Is now practiced in other countries, and the dates Hijri and Gregorian dates were modified to date (1440 H-2018 AD). He added that "the category of (1000) dinars was changed the face of the banknote, where the slogan" the inclusion of marshes and the effects of southern Iraq on the list of world heritage, "instead of the image of the Islamic dinar in the old design, based on a decision in this regard in addition to writing the name of the governor also instead From his signature in the old version and the modification of the Hijri and Gregorian dates to the two dates (1440 H-2018 AD) ". The Central Bank of Iraq announced on October 4, 2018, the launch of large amounts of currency for small groups next week, adding that the groups will include a change in form.  Views 59   Date Added 10/08/2018

[yota691]

Put the name of the governor on the currency .. Legal calls to prevent circulation and expert considers it a "serious mistake"

 

Monday, October 8,

-   +

 

 

Alsumaria News / Baghdad The name of the governor of the bank on the new currency coins raised many questions and surprise about the meaning behind it.  At the time considered by some officials as a step not returned by Iraq and in violation of the law of the Central Bank demanded an economist to counter the currency and prevent circulation.  A member of the parliamentary legal committee Saeb Khader told Alsumaria News, "The Legal Committee will work in the next few days to discuss the issue of the existence of the name of the Governor of the Central Bank on the currency of cash that has been printed recently."     Khaddar added that "putting the name of the governor of the Central Bank on the monetary currency is something we did not have previously," adding that "in case there was a violation of the laws in force will work on the Committee to develop treatments for this matter and presented to the House of Representatives to take the necessary measures and legislation."  For his part, called for a coalition of state law, Abdul Salam al-Maliki, the presidency of the House of Representatives to "drawer this subject on the agenda of the next Council for discussion and hosting the Governor of the Central Bank to know the motives behind this measure," stressing that "the official currency and within the law of the Central Bank in force does not give to the Governor The right to put his name, but only put the word governor and under the signature. On the other hand, a member of the legal representative MP Sheikh Ali Sheikh Ali told the House of Representatives "to issue a resolution to prevent trading and deal with the Iraqi currency printed recently containing the name of the Governor of the Central Bank of Iraq, rather than just sign only."  The economic expert Louay Khatib stressed in a blog post on the social networking site Facebook to withdraw and destroy this new version of the currency and correct this mistake, "calling for" to be the signature of the Iraqi currency by the Minister of Finance by title without mentioning the name. " "The dollar, for example, is signed with the Treasury Secretary and Treasurer's address without mentioning the names, as is the case for the Sterling Sterling signed by the Chief Cashier with the title without mentioning the name." He called on all Iraqi people to "participate in this corrective action to be Beginning of the reform process in all aspects of government work and its contexts. "  On Sunday, the Central Bank issued its second edition of banknotes for the categories (25,000, 10,000, 1,000, 500 and 250) dinars. He pointed out that the new currency included the writing of the name of the governor instead of signing it in the old version, in line with what is now practiced in Other countries, as amended dates AH and Gregorian dates (1440 H-2018).

[yota691]

Economist: The signature of the Governor of the bank on the currency precedent dangerous not seen in the world

Release date: 2018/10/7 23:46 • 889 times read

[Ayna-Baghdad] 
Economic expert Loay Khatib, the signature of the Governor of the Central Bank Ali al-Alaq on the Iraqi currency "dangerous precedent" has not seen the world.

"The Iraqi Central Bank issued a statement on the new version of the Iraqi currency signed the name of acting governor Ali Mohsen Ismail in a dangerous precedent and a violation of all contexts universally recognized and Iraq, except dictatorships," Khatib said on the site of the social access [FIBSOC] today. 
"The dollar, for example, is signed by the secretary of the treasury and the treasurer without mentioning the names, as is the case for the sterling pound signed by the treasurer, Chief Cashier, without the name." 
Khatib said, "So as an Iraqi citizen, I request that the signature of the Iraqi currency by the Minister of Finance by the title without mentioning the name, and the withdrawal and destruction of this new version and correct this grave error."
He called on all Iraqi people "to participate in this corrective action to be the beginning of the reform process in all aspects of government work and its contexts." 
The Central Bank of Iraq issued its second edition of the banknotes of the categories [25000, 10000, 1000, 500, 250] dinars, indicating that the variables on the above categories were as follows, for the categories [25000, 10000, 500, 250] The name of the governor instead of signing it in the old version, in line with what is now practiced in other countries, and the dates of the Hijri and Gregorian dates were amended to [1440 H-2018].

[yota691]

Invitation to hold the governor of the Central Bank to "crush the dinar" Iraqi

 Twilight News    
 2 hours ago

The Economist Salam Samisem said on Monday that the governor of the Central Bank / Agency Ali Alalak committed a "big violation" by putting his name on the Iraqi currency in its new form. 
"The change of signature is not something that is easy with a central bank governor. This signature is approved in the countries of the world, especially in international banks, which are members of the International Monetary Fund," Samisem told Ashqelat. "Is there any currency for a strong country where a person is named? ? Has the Iraqi dinar been crushed to such a degree that it is carried out in the name of a person? " 
"He pointed out that" what he has done a major violation, especially as a conservative acting, and should be held accountable for what he did in Iraqi currency, "noting that" the relationship wanted to put his fingerprint illegally with the end of the current government and his departure from office. " 
The economic expert said that "
In this regard , the central bank said that during the clarification on that "these currencies included writing the governor name instead of his signature in the old version, in line with what is the practice now in other countries, as modified dates Hijri and Gregorian dates (1440 -2018 m.) 
Saw Last week, the Central Bank of Iraq launched small amounts of coins to the market with changes in its design 
The new edition of the category of thousand dinars of surah Al-Ikhlas, where the new currency mediated by an Assyrian star preceded by the design of a statue, surrounded the circle where the Assyrian star phrase on the occasion of the inclusion of marshes Arra On the list of World Heritage 2016 
and has added the name and signature of the Acting Governor Ali Mohsen Ismail on the new design of the coins.

Keywords: 

[yota691]

Parliamentary calls to stop trading in the new currency

08-10-2018 11:58 AM

Readers

 

Baghdad News -

 

 

The head of the Tamdun coalition called on the House of Representatives to issue a decision to stop trading and deal with the new currency.

 
Sheikh Ali said in a blog post on his own Twitter account 'I wrote on our website that the members of the House of Representatives and called on the Council to issue a decision to stop trading and deal with the new currency'.

 
Sheikh Ali added that his request was accepted by the majority of deputies, as he put it.

The economic expert, yesterday, the existence of the name and signature of the Governor of the Central Bank Acting Ali Mohsen Ismail on the new Iraqi currency, as a 'dangerous precedent and a violation of all contexts universally recognized and Iraqi except dictatorships'.

The expert asked Luay Khatib in his post that the signature of the Iraqi currency by the Minister of Finance by the title without mentioning the name, and the withdrawal and destruction of this new version and correct this grave error.

The Central Bank of Iraq recently issued its second edition of the banknotes of the categories {25000, 10000, 1000, 500, 250} dinars, indicating that the variables on the above categories were as follows, for the categories {25000, 10000, 500, 250} To write the name of the governor instead of signing it in the old version, in line with what is now followed in other countries, and the dates were amended Hijri and Gregorian to the dates {1440 H - 2018 m} '.

 

 

 

[yota691]

 

Deputy calls for non-exchange of new currency: must print other without the name of the governor

 

14:10

Last updated

The time now is 02:15 PM

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BAGHDAD (Reuters) - 

Deputy Mohammad Ali al-Zein on Monday called for the new currency not to be named after the governor of the central bank, stressing its isolation and printing new ones without the name of the tripartite governor. 

"There is great opposition to the name of the central bank governor on the new currency," Ali al-Zein told Al-Ghad Press. "It is not reasonable to put the triple name on a currency that the Iraqis will trade for a long time." He called for "not to exchange, in the street".

 

He stressed the need to "isolate and print another new without the name of the tripartite governor."

The Central Bank of Iraq announced on Sunday its second edition of the banknotes of the categories (25000, 10000, 1000, 500 and 250) dinars, stressing that he will continue trading the banknotes currently traded from the above categories with the new categories without any intention to withdraw from circulation. 

The bank said in a statement that "for the categories (25000, 10000, 500, 250) dinars, included the writing of the name of the governor instead of signing in the old version, in line with what is now practiced in other countries, and the dates were amended Hijri and Gregorian dates (1440 H-2018 CE) ".

[gregp]

I say this was a deterrent for the real issuance of the lower denoms. That’s why these notes aren’t on the official CBI note list.  

[yota691]

 

Legal expert: mentioning the name of the relationship to the currency is not a "crime" but a wrong administrative act

 

13:20

Last updated

01:35 PM

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BAGHDAD / 

Tariq Harb said Monday that the governor's name on the second edition of banknotes issued to some groups was not considered a "crime" but a wrong administrative act. 

"The Iraqi currency was issued in 1933 instead of the Indian currency rupee introduced by the English, and since the date of the issuance of the Iraqi currency so far did not mention the name of the governor, but his character only without the name, both in the royal era or Republican "He said

He added that "legally, the law did not address the mention of the name of the governor and if the law wanted to mention the name of the governor to mention in a legal text, and here the law spoke about a governor and not a name." 

The economic expert Abdul Rahman al-Mashhadani said in a statement to "Al-Ghad Press" that "the process does not need this uproar, there are economic problems surrounding the country and can not be the name of the governor is a fundamental problem, especially as the central bank has a special law and independence in full in making the appropriate decisions." 

He pointed out that "the Council of Ministers and the Economic Commission has given this authority to the Governor of the Central Bank," pointing out that "some Arab countries have in their currency the name of the governor." 

Mashhadani said that "

The Central Bank of Iraq has announced on Sunday, the second edition of the banknotes of the categories (25000, 10000, 1000, 500, 250) dinars, stressing that he will continue trading circulation of cash currently traded from the above categories with the new categories without any intention to withdraw from circulation . 

The bank said in a statement that "for the categories (25000, 10000, 500, 250) dinars, included the writing of the name of the governor instead of signing in the old version, in line with what is now practiced in other countries, and the dates were amended Hijri and Gregorian dates (1440 H-2018 CE) ".

[justchecking123]

Interesting...they MIGHT have lower denoms sitting somewhere if it isn't on the CBI website while swerving some folks... MAYBE. 

 

[NEPatriotsFan1]

This may be the final layer of fog just before we land this Big Bird ✈️ on the RV run way.......  

 

a boy can dream. 

 

Maybe this is part of the reeducation process that the denominations ions will be changing and to look for differences on the notes..... they just might be entirely different after the big reveal........ we’ll see..... hopefully the 100, 50, 25,10,5,1 come out too! 

 

GM DV 

[DWS112]

The Central Bank of Iraq issued an explanation on the new edition of the currency

Date Added 10/08/2018

 

Economy News Baghdad:

The Central Bank of Iraq, issued an explanation on the existence of the name of the Governor of the Central Bank of Iraq Ali Alalak in the new edition of the currency.

 

The Central Bank of Iraq said in a press statement received by the "Economy News" that "one of the basic functions of the work of the Central Bank of Iraq and provided for in Article IV of Law No. 56 of 2004 amending the" Issuance of the Iraqi currency and management as stated in Articles 32 and 33 of the same law where " The Central Bank of Iraq alone without the right to issue currency currency paper and metal for the purpose of circulation in Iraq . "

 

"Under the regulations, the CBI has the right to determine the categories of paper and metal currencies, their measures, their forms, their material, their content, their weight, their design and other features . "

 

He pointed out that "the banknotes in various countries contain the signature of the Issuing Authority, which is the Governor of the Central Bank. Central banks have always put signatures of their governors on these securities in different forms." Among them are the signature of the Governor, In the handwriting of the governor in the form of the name combination with a signature with special significance to the banknotes. Many central banks use this combination (name of the governor by hand) without signing to document the stage of issuance of the banknote.

 

He continued, "Of these examples Iraqi currency issued in 1932 as signed by the same formula Governor of the Central Bank of Iraq in 1964 and followed the approach of the central banks of Egypt, Saudi Arabia, the UAE, Lebanon, Turkey and others, so the Central Bank of Iraq decided to include the name of the governor when reprinting or issuing any cash , In line with what was stated and with the latest trends found in the signature alone, the lack of significance required by the word (governor) on the banknote and that the currency committee in the Central Bank of Iraq concerned has taken this decision for months in accordance with all legal considerations and Organizational and international practices ".

[NEPatriotsFan1]

The dinar was introduced into circulation in 1932, by replacing the Indian rupee, which had been the official currency since the British occupation of the country in World War I, at a rate of 1 dinar = 11 rupees. The dinar was pegged at par with the British pound until 1959 when, without changing its value, the peg was switched to the United States dollar at the rate of 1 dinar = 2.8 dollars. By not following the devaluations of the US currency in 1971 and 1973, the dinar rose to a value of US$3.3778,

 

i dont know if the 1932 and 1964 are a hint in the previous article I just thought it interesting that I really like any rate for the dinar between 1932 and 1973  

[Freedomwish]

6 hours ago, DWS112 said:

He continued, "Of these examples Iraqi currency issued in 1932 as signed by the same formula Governor of the Central Bank of Iraq in 1964 and followed the approach of the central banks of Egypt, Saudi Arabia, the UAE, Lebanon, Turkey and others, so the Central Bank of Iraq decided to include the name of the governor when reprinting or issuing any cash , In line with what was stated and with the latest trends found in the signature alone, the lack of significance required by the word (governor) on the banknote and that the currency committee in the Central Bank of Iraq concerned has taken this decision for months in accordance with all legal considerations and Organizational and international practices ".

 

3 hours ago, NEPatriotsFan1 said:

The dinar was introduced into circulation in 1932, by replacing the Indian rupee, which had been the official currency since the British occupation of the country in World War I, at a rate of 1 dinar = 11 rupees. The dinar was pegged at par with the British pound until 1959 when, without changing its value, the peg was switched to the United States dollar at the rate of 1 dinar = 2.8 dollars. By not following the devaluations of the US currency in 1971 and 1973, the dinar rose to a value of US$3.3778,

 

i dont know if the 1932 and 1964 are a hint in the previous article I just thought it interesting that I really like any rate for the dinar between 1932 and 1973  

 

Me, right now at my desk......mindblown of the possibilities!!! 

[Butifldrm]

Well it appears the Government of Iraq is not too happy About Alak Issuing new notes without the government's permission!  In the constitution it is the reponsiblity of the Federal Government to approve on currency issuance.  In 2012 Shabibi went to the government for their approval and later that year he had an arrest warrant issued while he was out of the country.  Alak may have a battle on his hands.

 

SECTION FOUR: POWERS OF THE FEDERAL GOVERNMENT

Article 106:

The federal authorities shall preserve the unity, integrity, independence, sovereignty of Iraq, and its federal democratic system.

Article 107:

The federal government shall have exclusive authorities in the following matters:

First: Formulating foreign policy and diplomatic representation; negotiating, signing, and ratifying international treaties and agreements; negotiating, signing and ratifying debt policies and formulating foreign sovereign economic and trade policy;

Second: Formulating and executing national security policy, including creating and managing armed forces to secure the protection, and to guarantee the security of Iraq's borders and to defend Iraq;

Third: Formulating fiscal and customs policy, issuing currency, regulating commercial policy across regional and governorate boundaries in Iraq; drawing up the national budget of the State; formulating monetary policy, and establishing and administering a central bank;

Fourth: Regulating standards, weights and measures;

Fifth: Regulating the issues of citizenship, naturalization, residency and the right to apply for political asylum.

Sixth: Regulating telecommunications and mail policy.

Seventh: To draw up the general and investment budget bill.

Eighth: Plan policies relating to water sources from outside Iraq, and guarantee the rate of water flow to Iraq and its fair distribution, in accordance with international laws and norms.

Ninth: General population statistics and census.

Article 108:

Oil and gas are the ownership of all the people of Iraq in all the regions and governorates.

Article 109:

First: The federal government with the producing governorates and regional governments shall undertake the management of oil and gas extracted from current fields provided that it distributes oil and gas revenues in a fair manner in proportion to the population distribution in all parts of the country with a set allotment for a set time for the damaged regions that were unjustly deprived by the former regime and the regions that were damaged later on, and in a way that assures balanced development in different areas of the country, and this will be regulated by law.

Second: The federal government with the producing regional and governorate governments shall together formulate the necessary strategic policies to develop the oil and gas wealth in a way that achieves the highest benefit to the Iraqi people using the most advanced techniques of the market principles and encourages investment.

(Antiquities and antiquity sites, traditional constructions, manuscripts and coins are considered part of the national wealth which are the responsibility of the federal authorities. They will be administered in cooperation with the regions and governorates, and this will be regulated by law.)

Article 110:

The following competencies shall be shared between the federal authorities and regional authorities:

First: To administer customs in coordination with the governments of the regions and governorates that are not organized in a region. This will be organized by law.

Second: To regulate the main sources of electric energy and its distribution.

Third: To formulate the environmental policy to ensure the protection of the environment from pollution and to preserve its cleanness in cooperation with the regions and governorates that are not organized in a region.

Fourth: To formulate the development and general planning policies.

Fifth: To formulate the public health policy in cooperation with the regions and governorates that are not organized in a region.

Sixth: To formulate the public educational and instructional policy in consultation with the regions and governorates that are not organized in a region.

Seventh: To formulate and organize the main internal water sources policy in a way that guarantees fair distribution. This will be organized by law.

http://www.washingtonpost.com/wp-dyn/content/article/2005/10/12/AR2005101201450.html?noredirect=on

[Laid Back]

I thought the main goal of the CBI was to control inflation and reduce the note count

in the local market from 4 billion notes to 1 billion notes.

 

Now the CBI has a plan to release more 000 notes to the market 25k, 10k, 5k, 1k, 500

notes.... why?.... This will increase the note count......The CBI is worried in how to collect 30 trillion in chunky cash stashed under the mattress, and now they are planning to release more 000 notes... it doesn’t sound logical to me.

 

Can somebody give me a logical explanation about the new 000 they want to

release to the market?

 

The 000 notes (2003 edition) we hold already have the latest security features.

 

I remember somebody told me that we will see a lot of misinformation when

we are closer to an increase of the dinar exchange rate.

 

just my humble opinion 

 

[SupraRacer]

1 hour ago, Laid Back said:

I thought the main goal of the CBI was to control inflation and reduce the note count

in the local market from 4 billion notes to 1 billion notes.

 

Now the CBI has a plan to release more 000 notes to the market 25k, 10k, 5k, 1k, 500

notes.... why?.... This will increase the note count......The CBI is worried in how to collect 30 trillion in chunky cash stashed under the mattress, and now they are planning to release more 000 notes... it doesn’t sound logical to me.

 

Can somebody give me a logical explanation about the new 000 they want to

release to the market?

 

The 000 notes (2003 edition) we hold already have the latest security features.

 

I remember somebody told me that we will see a lot of misinformation when

we are closer to an increase of the dinar exchange rate.

 

just my humble opinion 

 

 

Hey LB I'll take a stab at this and how I see it.  And this is just my humble opinion only.  If the CBI is the same as the federal reserve in the US then there is your hook.  The federal reserve can change the characteristics of the notes at any time as we have seen quite often over the last 20 or so years.  All in the name of preventing counterfeiting with several new security features.  Yes the dinar we hold have a lot of the latest security features however there is still counterfeiting run amuk.  So the release of the new dinars is not to me a big deal.  If they are doing it for the right reasons.  What are those?  This is Iraq so who knows.  But hopefully its to prevent any further counterfeiting.  A 1964 $100 bill still has the same value as a 2018 $100 bill but the looks are completely different.  So if that is the case then I do not think that any of the dinars we hold would ever lose any value.  But again this is Iraq so who knows.

 

Now to take this a step further.  The US at one time had $1000 bills a long time ago in a galaxy far far away.  Do those bill still hold the same value?  Absolutely.  But they are not used by any layman today, but by major banks.  However with the digital age those bills are probably not used as they once were but held in bank safes.  Now with the amount of dinar held by anyone outside of Iraq would any value actually be lost?  I don't think so.  Once saddam fell and the GOI made a decision that a new currency was needed so they printed the new dinar we hold.  Why?  Because it was out with the old Iraq and in with the new Iraq.  So just because they print new currency they would have to call in each and every dinar from all over the world.  I don't see that happening either.

 

As to Alak putting is name on the new dinar.  Who instructed Iraq on forming a new country so to speak?  The US of course.  Now back to the Federal Reserve.  Each and every denomination of US paper currency has the Secretary of the Treasury's signature on it.  So isn't the Governor of the CBI the same as the Secretary of the Treasury??  So I'm not sure what all the hubbub is with regard to Alak putting is signature on the new currency.  If it is a new added security feature great the more power to them.  I don't know just guessing here.

 

Anyways that's my which used to be 2 copper coins now I don't know what they are made of. 

 

SR

[davis411]

16 minutes ago, SupraRacer said:

Now to take this a step further.  The US at one time had $1000 bills a long time ago in a galaxy far far away.  Do

Not sure if matters

canada had a 1000 also

i just sold my last one

they are fully getting rid of it 

no value at all soon

say the dark side like drug dealers etc is all that uses them

 

like I said not sure if matters

just some good ol Canadian history

 

[Butifldrm]

19 minutes ago, SupraRacer said:

 

Hey LB I'll take a stab at this and how I see it.  And this is just my humble opinion only.  If the CBI is the same as the federal reserve in the US then there is your hook.  The federal reserve can change the characteristics of the notes at any time as we have seen quite often over the last 20 or so years.  All in the name of preventing counterfeiting with several new security features.  Yes the dinar we hold have a lot of the latest security features however there is still counterfeiting run amuk.  So the release of the new dinars is not to me a big deal.  If they are doing it for the right reasons.  What are those?  This is Iraq so who knows.  But hopefully its to prevent any further counterfeiting.  A 1964 $100 bill still has the same value as a 2018 $100 bill but the looks are completely different.  So if that is the case then I do not think that any of the dinars we hold would ever lose any value.  But again this is Iraq so who knows.

 

Now to take this a step further.  The US at one time had $1000 bills a long time ago in a galaxy far far away.  Do those bill still hold the same value?  Absolutely.  But they are not used by any layman today, but by major banks.  However with the digital age those bills are probably not used as they once were but held in bank safes.  Now with the amount of dinar held by anyone outside of Iraq would any value actually be lost?  I don't think so.  Once saddam fell and the GOI made a decision that a new currency was needed so they printed the new dinar we hold.  Why?  Because it was out with the old Iraq and in with the new Iraq.  So just because they print new currency they would have to call in each and every dinar from all over the world.  I don't see that happening either.

 

As to Alak putting is name on the new dinar.  Who instructed Iraq on forming a new country so to speak?  The US of course.  Now back to the Federal Reserve.  Each and every denomination of US paper currency has the Secretary of the Treasury's signature on it.  So isn't the Governor of the CBI the same as the Secretary of the Treasury??  So I'm not sure what all the hubbub is with regard to Alak putting is signature on the new currency.  If it is a new added security feature great the more power to them.  I don't know just guessing here.

 

Anyways that's my which used to be 2 copper coins now I don't know what they are made of. 

 

SR

Yes, Supra... Since 2003  there has been a conflict in Policy between the GOI and the CBI as far as who is in charge of issuing currency.  After Shabibi was removed in came Turki.  The government at that time had nothing to say about Turki signing new notes.  IMHO,  Alak could be in  the process of being removed.  They may be gunning for him.

 

 

https://www.google.com/search?q=image+Iraqi+dinar+signed+by+Turki&rlz=1C1CHBF_enUS753US753&source=lnms&tbm=isch&sa=X&ved=0ahUKEwjfvPz4k_jdAhVLSK0KHYEJDRAQ_AUIDygC&cshid=1539046780555000&biw=1686&bih=901#imgrc=HvEAeA6-WFBJZM:

[Laid Back]

29 minutes ago, SupraRacer said:

 

Hey LB I'll take a stab at this and how I see it.  And this is just my humble opinion only.  If the CBI is the same as the federal reserve in the US then there is your hook.  The federal reserve can change the characteristics of the notes at any time as we have seen quite often over the last 20 or so years.  All in the name of preventing counterfeiting with several new security features.  Yes the dinar we hold have a lot of the latest security features however there is still counterfeiting run amuk.  So the release of the new dinars is not to me a big deal.  If they are doing it for the right reasons.  What are those?  This is Iraq so who knows.  But hopefully its to prevent any further counterfeiting.  A 1964 $100 bill still has the same value as a 2018 $100 bill but the looks are completely different.  So if that is the case then I do not think that any of the dinars we hold would ever lose any value.  But again this is Iraq so who knows.

 

Now to take this a step further.  The US at one time had $1000 bills a long time ago in a galaxy far far away.  Do those bill still hold the same value?  Absolutely.  But they are not used by any layman today, but by major banks.  However with the digital age those bills are probably not used as they once were but held in bank safes.  Now with the amount of dinar held by anyone outside of Iraq would any value actually be lost?  I don't think so.  Once saddam fell and the GOI made a decision that a new currency was needed so they printed the new dinar we hold.  Why?  Because it was out with the old Iraq and in with the new Iraq.  So just because they print new currency they would have to call in each and every dinar from all over the world.  I don't see that happening either.

 

As to Alak putting is name on the new dinar.  Who instructed Iraq on forming a new country so to speak?  The US of course.  Now back to the Federal Reserve.  Each and every denomination of US paper currency has the Secretary of the Treasury's signature on it.  So isn't the Governor of the CBI the same as the Secretary of the Treasury??  So I'm not sure what all the hubbub is with regard to Alak putting is signature on the new currency.  If it is a new added security feature great the more power to them.  I don't know just guessing here.

 

Anyways that's my which used to be 2 copper coins now I don't know what they are made of. 

 

SR

Thanks SR for you input. I really appreciate your opinion.!

 

Like you said this is iraq so who knows.

 

Go RV 

Go $1:1

[Butifldrm]

xperts confirm to «Economy News» the right of the Central Bank to put the name of the governor of the currency

 

Banks

Economy News _ Baghdad The process of putting the name of the governor of the Central Bank of Iraq on the new edition of the currency for a wide media, but a number of experts in the economy and law have confirmed the "eligibility" of the central bank to put the name of the new monetary categories, and the procedure is in place in most countries of the world.  The specialists said that "the uproar that some media institutions did not have knowledge and know-how in the economic affairs and monetary policy is to ignite the crises and the aim of personal squandering." In the opinion of the banking expert Majid al-Suri in an interview with "Economy News", "The head of the monetary authority has the right to carry out the process of signing with the name and there is no legal sense of any objection," noting that "the law of the Central Bank allows the name and signature of the Governor of the Bank to minimize Of counterfeiting the currency and makes it difficult to falsify and is one of the safety signals that are placed to protect currencies. "Many countries (such as the United States, the United Arab Emirates, Egypt, Turkey, Malaysia, Saudi Arabia and Jordan) are being named and signed by the governor," he said. Iraqi rather than a conservative person. " A UAE currency showing the name of the UAE Minister of Finance     For his part, said economic expert Bassem Jamil Antoine in an interview with "Economy News", "The uproar caused by the ignorance of many media about the role of currency, which is the economic front of the country." He added that the Central Bank did not violate its law, which stipulates that it is considered an independent body, which allows the governor to put his name and signature. And that discussion of the subject could be left to the House of Representatives away from media fallacies. He said. "A person can not be prosecuted and convicted unless there is a legal offense against him, and if this is not available, it is a personal demarcation process," he said. In turn, the legal expert Tariq Harb said in a press statement, "The name of the governor on the second edition of the banknotes issued to some groups is not a violation of any legal, but an administrative measure in force in most countries of the world." A Saudi currency bearing the name and signature of the Governor of the Saudi Arabian Monetary Agency   On Monday, the Central Bank of Iraq issued a clarification on the existence of the name of the Governor of the Central Bank of Iraq Ali Alalak in the new edition of the currency. The Central Bank of Iraq said in a press statement received by the "Economy News" that "one of the basic functions of the work of the Central Bank of Iraq and provided for in Article IV of Law No. 56 of 2004 amending the" Issuance of the Iraqi currency and management, as stated in Articles 32 and 33 of the same law where " The Central Bank of Iraq alone without the right to issue currency currency paper and metal for the purpose of circulation in Iraq. " "Under the regulations, the CBI has the right to determine the categories of paper and metal currencies, their measures, their forms, their material, their content, their weight, their design and other features." He pointed out that "the banknotes in various countries contain the signature of the Issuing Authority, which is the Governor of the Central Bank. Central banks have always put signatures of their governors on these securities in different forms." Among them are the signature of the Governor, In the handwriting of the governor in the form of the name combination with a signature with special significance to the banknotes. Many central banks use this combination (name of the governor by hand) without signing to document the stage of issuance of the banknote. He continued, "Of these examples Iraqi currency issued in 1932 as signed by the same formula Governor of the Central Bank of Iraq in 1964 and followed the approach of the central banks of Egypt, Saudi Arabia, UAE, Lebanon, Turkey and others, so the Central Bank of Iraq decided to include the name of the governor when reprinting or issuing any cash , In line with what was stated and with the latest trends found in the signature alone, the lack of significance required by the word (governor) on the banknote and that the currency committee in the Central Bank of Iraq concerned has taken this decision for months in accordance with all legal considerations and Organizational and international practices ". Egyptian currency showing the name and signature of the Governor of the Central Bank of Egypt

Number of views 34   Date added 09/10/2018 http://economy-news.net/content.php?id=13904

[yota691]

Central Bank withdraws a brokerage company to sell and buy currencies for violating the instructions

 

Banks Economy News _ Baghdad The Central Bank of Iraq announced on Tuesday the withdrawal of the license of a brokerage company to sell and buy foreign currencies for violating the instructions. The bank said in a statement received by the "Economy News" a copy of it, "in view of the violation of Al-Sarmad to mediate the sale and purchase of foreign currencies to the provisions of the regulations regulating the work of brokerage companies decided to withdraw the company's founding license." The bank called on the Ministry of Commerce to cancel the certificate of establishment granted to it by you, in addition to removing the name of the company from your records and to provide the Central Bank with the letter of liquidation certified. Views 20   Date Added 10/09/2018

[yota691]

Central Bank withdraws a brokerage company to sell and buy currencies for violating the instructions

 

Tuesday, October 9,

 

 

Baghdad  - The Iraqi Central Bank announced on Tuesday the withdrawal of the license of a brokerage company to sell and buy foreign currency for violating the instructions.  The bank said in a statement received by Alsumaria News, a copy of it that "in view of the violation of Al-Sarmad to mediate the sale and purchase of foreign currencies to the provisions of the regulations regulating the work of brokerage companies decided to withdraw the license to establish the company."  The bank called on the Ministry of Commerce to cancel the certificate of establishment granted to it by you, in addition to removing the name of the company from your records and to provide the Central Bank with the letter of liquidation certified.     The Central Bank of Iraq was established as an independent bank under its law of 6 March 2004 as an independent body responsible for maintaining price stability and implementing monetary policy. It supervises 10 commercial banks, 26 private banks and 16 Islamic banks, as well as 19 foreign banks. 6 financial institutions and 31 financial transfer companies.