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WHY no lower denoms !


rockfl9
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It  is illegal for anyone to transport IQD out of Iraq. It must be smuggled out and that is a form of corruption.  Why would anyone take the risk to move a pile of small notes  when it would be easier to hide a smaller number of large  ones.  Then there is the added cost to pack and ship to a dealer. 

I also suspect that the CBI hasnt been wasting the money to keep up the supply of LDs so few of the preferred uncirculated note are not available in Iraq,.

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Iraq Customs, Currency & Airport Tax regulations details

Iraq country information overviewPrint

Customs

Import regulations:

Free import for:
1. Nationals of Iraq:
a. 200 cigarettes or 200 cigars or 10 cigarillos or 250 grams of tobacco;
b. 1 liter of alcohol or 2 liters of wine or 8 liters of beer.
2. Other nationals: a reasonable quantity of goods for personal use.

Pets:

 

Must be accompanied by:
- a pet passport, and
- a health certificate issued by the competent veterinarian authorities at point of origin, and
- a permit from the Ministry of Agriculture & Water Resources.

 


Currency

Currency Import regulations:

Local currency (Iraqi Dinar-IQD) and foreign currencies: must be declared on arrival.

Currency Export regulations:

1. Nationals or residents of Iraq being older than 18 years of age:
a. local currency (Iraqi Dinar-IQD): up to a maximum of IQD 100,000.-;
b. foreign currencies: up to a maximum of USD 10,000.- or equivalent.
2. All other passengers: up to the amount imported and declared.


Airport Tax

 

No information available.

 

https://www.iatatravelcentre.com/IQ-Iraq-customs-currency-airport-tax-regulations-details.htm

 

Pretty sure its not illegal Rock

Edited by SocalDinar
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21 hours ago, SocalDinar said:

Iraq Customs, Currency & Airport Tax regulations details

Iraq country information overviewPrint

Customs

 

 

 


Currency

Currency Import regulations:

Local currency (Iraqi Dinar-IQD) and foreign currencies: must be declared on arrival.

Currency Export regulations:

1. Nationals or residents of Iraq being older than 18 years of age:
a. local currency (Iraqi Dinar-IQD): up to a maximum of IQD 100,000.-;
b. foreign currencies: up to a maximum of USD 10,000.- or equivalent.
2. All other passengers: up to the amount imported and declared.


Airport Tax

 

No information available.

 

https://www.iatatravelcentre.com/IQ-Iraq-customs-currency-airport-tax-regulations-details.htm

 

Pretty sure its not illegal Rock

Hi SOCAL.

If you CAN't take out MORE than you brought in, WHERE can the dealers get more dinar.?

If you try to take out more by hiding it that is SMUGGLING , a CRIME (in most countries).

Keep those "yard goats " rolling . we need the stuff.

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Here's what the U.S. Customs and Border Protection website writes: “It is legal to transport any amount of currency or monetary instruments into or out of the United States,” But anyone carrying more than $10,000 must declare the amount by filing a Report of International Transportation of Currency or Monetary ..

 

 

So if you declare $50,000 USDS when leaving US and entering Iraq you can  then leave with that equal amount in dinars?? Not sure.  I cant find any CBI law stating you cant leave Iraq with dinar.

 

Maybe im misreading this.

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My point is by Iraqi regulation 

Iraqis can't take out more than 100K dinar ( pocket change).

Non Iraqis can't leave with more than they entered with. 

There must be a law . 

They probably can't retain non Iraqis but the money will be confiscated.

So the dealers can't get fresh IQD.

They can only sell what is already here.

Of course DVers think that means we are close! ..

 

 

 

 

 

 

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But why wouldn't the CBI want IQD to leave the country especially the higher valued notes.  Many will just sit in a shoebox somewhere becoming worth less and less and the Central has USDS in hand.  Its a win win trading a 25K note for dollars.

Sure it shows up on their M-1 but its not a liability if people cant easily get into Iraq to cash them . Costs us about 5.4 cents to print a dollar bill. 

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Currency Export regulations:

1. Nationals or residents of Iraq being older than 18 years of age:
a. local currency (Iraqi Dinar-IQD): up to a maximum of IQD 100,000.-;
b. foreign currencies: up to a maximum of USD 10,000.- or equivalent.
2. All other passengers: up to the amount imported and declared.

 

Sounds like the price of the Dinar will be 10 cents each.

100,000 Dinar times .10 = $10,000,

Just like the allowance for every other currency.

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On 1/1/2022 at 5:44 PM, SocalDinar said:

But why wouldn't the CBI want IQD to leave the country especially the higher valued notes.  Many will just sit in a shoebox somewhere becoming worth less and less and the Central has USDS in hand.  Its a win win trading a 25K note for dollars.

Sure it shows up on their M-1 but its not a liability if people cant easily get into Iraq to cash them . Costs us about 5.4 cents to print a dollar bill. 

SD . The most important function of the CBI is to be sure there is ample dinar in circulation IN IRAQ. The merchants can't sell or make change if there is not enough . When dinar is stored in a shoebox or a mattress it is not available. This forces the CBI to print more and that is an unnecessary expense. 

It costs about $1K to issue 1 million dinar and delivery could be months. 

It is very likely that shoebox dinar will not be returned but the CBI  must account for it UNTIL it is officially demonetized ( a redenomination)

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So you think the most important function of the FED is to print money?

You don't think controlling inflation is just as important if not more?

The Fed is the worlds largest Ponzi scheme.

Unlike you, I don't think any inflation is a good thing. 

Its a tax on our savings. Nothing less.  

Those idiots tell us its at 6.8 % HAHAHAHA

My materials have gone up nearly 100% in the last year. Seriously!

I just pass these costs onto my customers who then pass them on to consumers.

But on a good note I mark my materials up 15-20% so the more it costs the more I make.

 

Inflation hurts the poor the most.

And Brandon said he would not tax the poor. HAHAHA  ya right....

You get what you pay for and i guess the majority wanted to be bent over. 

Aftercall that's what they voted for.

I usually get a kiss first

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On 1/6/2022 at 2:32 PM, rockfl9 said:

SD . The most important function of the CBI is to be sure there is ample dinar in circulation IN IRAQ. The merchants can't sell or make change if there is not enough . When dinar is stored in a shoebox or a mattress it is not available. This forces the CBI to print more and that is an unnecessary expense. 

It costs about $1K to issue 1 million dinar and delivery could be months. 

It is very likely that shoebox dinar will not be returned but the CBI  must account for it UNTIL it is officially demonetized ( a redenomination)

A major difference between our FED and the CBI is that the FED issues to buy US credit instruments , the dollars ,mostly electronic are used by money centered banks to fund private projects that are intended to enhance our economy. Those banks borrow from the FED at 1-2% and loan it at 4-6%  .  There is no such market in Iraq .

I will admit the current WORLDWIDE ( not just our current administration) inflation problem is complex and has many roots.

Some parts of it are here to stay, but not all. We had relatively low inflation for several years and the pressure built.  There is not just one solution. First we need to get people back to work even if they don't want to. 

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Sure are right that people don't want to work. I am extremely busy with work. I could hire 4 people right now, but I'm tired of looking. Had a guy apply for a material handler position  and he wanted $35.00 an hour.  Not gonna do it. I'm done looking. Just gonna feed my crew all the overtime they want and use a labor resource.

 

I heard the illegals seeking work in front of Home Depot want $30.00 an hour.  HAHA Thats cash money! 

Thats insane

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