Low Denominations Now in Use?

[magawatt]

I saw somewhere else that the lower denominations are now in use and causing problems because prices on the street haven't changed. The higher (000s) bills are getting scarce and vendors don't like to take bundles of LDs- so they give a discount to payers with HDs and charge extra for excepting LDs. You'd think if this were the case we would have some pictures.

[bluejay]

I don't now how true that is that the lower denom's are actually in use...

[VIZIOIRAQI]

No worries it's not true

[keepmwlknfny]

There would be real articles all over about issuing a new currency if this had any truth to it.....and your right we would have pctures flooding the forums....not to mention no one would probly be here lol. Lower denoms = RV......

[timborders]

Cash in small denominations and minds of the public servantsPosted: March 19, 2011 by THE CURRENCY NEWSHOUND - Just Hopin in Iraqi Dinar/Politics

Tags: CBI, Central bank, Central Bank of Iraq, denomination, Dinar, Finance, Government, IQD, Iraq, Muhammad, Revaluation, Saleh, shabibi 0

Currency Newshound Commentary: This is an interesting article discussing the small denominations currently circulating in Iraq..not the small denom’s we are waiting for but those smaller notes like the 25,000, 10,000 and 1,000 IQD notes. IMO, more like notes such as 50 to 500.

The article states that retailers, banks, and government offices will not take the smaller denoms currently in circulation (CBI: current exchange rate of 1170 IQD to 1 USD).

Some believe the large denoms are actually being extracted from circulation (in ultimate preparation for RV) thereby leaving smaller notes in circulation. Those cashing the smaller IQD notes have to use several if not hundreds of bills to buy even the cheapest of items. Thereby giving tons of the Iraqi currency to services such as retailers who are finding it difficult to store in registers, boxes, and safes.

The expert economist quoted in the article is calling on the CBI to do something so the citizens will not have to endure this much longer.

I suggest an RV! What do you think?

19.03.2011

Become a problem denominations small and one of the vocabulary of the daily suffering of the Iraqi citizen, while the receiving government employees are the largest segment of the workforce in the country, since almost a year of their monthly salaries to these groups, they suffer two to persuade the owners of shops and taxis to accept them.

And refers the citizen Tariq Hadi, a staff of the Ministry of Industry and Minerals in Iraq, to ​​the suffering and his colleagues in this regard, saying, “This will be repeated monthly, and even banking offices, banks, government refuses to receive these categories from us, what should we do note that the percentage of them have up to one third extinct or on the the edge of extinction, will be the fruit of our efforts for a whole month like this? “.

And recognizes the adviser to the CBI the appearance of Mohammed there was a problem categories petty cash some time ago, Yassa infrequently, and the suffering of the citizen juniors, noting that “this suffering associated always and regulations of the cash payment direct to the countries that still support this kind of systems in completing financial transactions.”

He acknowledged in favor of Lake Central Bank about the continuing problem of small denominations, which “would be to put a lot worse after a few years if it continued on what it is now.”

For his part, the economic expert called on the government to short-Ala Accounting Central Bank of Iraq over the level of abuse with the current suffering of the citizens with small denominations.

He also called for short the central bank and the government to issue legislation to punish anyone who does not accept the receipt of cash in small groups of citizens seriously, because such legislation will ensure the protection of the Iraqi currency.

radio free europe

[sierra2]

The lowest denominations I have received here in Iraq is 500 from the local economy. Nothing smaller.

[Snatcher]

I believe i read on here that the lower denominations spoken of are the 500,250 and the never used 50 dinar notes...

[jericho]

I'm not sure I believe it would be all over the news. I do believe that some evidence would surface somewhere. If vizio says its not true, that's what is true. He's usually spot on when he offers info.

[Roadrunner]

I've never seen a 500. I've seen plenty of 1000s and a few 250s. I heard of 100s and 50s but don't know that for a fact. I haven't been in country since December and probably won't be back til late April or early May so I am not sure what may be available right now.

[sierra2]

I just asked Moe485 aka my coworker / buddy what he has.. He has 250 and 50 dinar notes. So yes 50IQD is the smallest that we know about in use on the local economy here in Iraq.

[CAJUNCADD]

I have 15 - 50 Dinar in my stash. I don't think I ordered them they just added them extra with my order for a Thank You.

I guess they are real.. LOL

[sierra2]

Roadrunner

Now you have

[Roadrunner]

My bad. I just checked and I have a couple of 50s and six 250s. The 50s are purple and have the palms on the back and some building on the front. The 250s are blue. There also quite a bit smaller then the 25000 that we are all used to seeing.

Thanks for the pic of the 500s. By the way I wasn't doubting you, just saying I hadn't seen them.

Edited March 21, 2011 by Roadrunner

[sierra2]

I know brotha. Have you come across any horrible fake currency yet? I saw some morbid attempts on American a few times.

[Roadrunner]

Yeah we got a bunch of fake US bills in Baqubah. Mostly 20s and 10s. they were horrible and would never pass here in the states, but the locals didn't know any better.

[Ore]

Looks like 14 denomination were originally printed: http://www.cipe.org/regional/mena/iraq/pdf/bttv_synopsis_ep6.pdf

Only 7 (or 9 is you count the 2 non-released coins) have been released: http://www.cbi.iq/index.php?pid=Banknotes

So we'll just have to wait and see...

[zaborniake]

I posted this in the "opinions" forum, but I just placed an order at a Key Bank and will be receiving the entire amount in new 250 notes.

[keepmwlknfny]

Looks like 14 denomination were originally printed: http://www.cipe.org/regional/mena/iraq/pdf/bttv_synopsis_ep6.pdf

Only 7 (or 9 is you count the 2 non-released coins) have been released: http://www.cbi.iq/index.php?pid=Banknotes

So we'll just have to wait and see...

Thank you for bringing that up again.....made a post about that months ago with the links for that....seems thats the ONLY talk I have ever been able to find about more denoms printed then whats availible to us now....wish I could find more info on them but its yet to be seen....I would assume those are the ones we are waiting for and I would venture they would have an annoucement about the other denoms when it comes time or comes close to the end of our ride.......hopefully we find out this year!!

[0331]

I just asked Moe485 aka my coworker / buddy what he has.. He has 250 and 50 dinar notes. So yes 50IQD is the smallest that we know about in use on the local economy here in Iraq.

Can you post a pic of the 50???

[abcmec26g]

Hello This is a good picture of 50, 250, 500 Sorry cant get the picture up

[pontiyak]

You can buy complete gift sets (7 notes) from some of the dealers.

I have 4 sets

50,100,250,500,1000,5000,10000,25000

you will pay a premium for them.

the smaller notes get increasingly smaller in physical size as they go down in value.

Nice looking currency.

pictures of what appeared to be the new upcoming lower redenomination notes 25,50 & 100 were posted on the opinion board last month.

not sure if they were real...they looked real ?

yak

Edited March 21, 2011 by pontiyak

[Snatcher]

I've never seen a 500. I've seen plenty of 1000s and a few 250s. I heard of 100s and 50s but don't know that for a fact. I haven't been in country since December and probably won't be back til late April or early May so I am not sure what may be available right now.

Check Ebay... I pick up 50,000 in 500 notes and 25000 in 250 notes at a steal back in November if my memory serves me right. Now the price is to inflated.

[akeskimo]

wow! what a day! I'm so (still) exasperated!!!!!!!!hahahahahahaha~!!!!Ya'lls makin this eskimo exited!!!!I'll be able to purchase a newly carved out igloo!!

[TimS]

I've never seen a 500. I've seen plenty of 1000s and a few 250s. I heard of 100s and 50s but don't know that for a fact. I haven't been in country since December and probably won't be back til late April or early May so I am not sure what may be available right now.

So with these smaller bills, we now have Iraqi currency worth in circulation... let's round off for simplicity to 1000 dinar per dollar:

1000 dinar = US$1

500 dinar = US$0.50

250 dinar = US$0.25

100 dinar = US$0.10

50 dinar = US$0.05

I don't know if this is good or bad, at firsts I thought it was a good sign.......but now that I think about it, it looks like they can make change very easily to buy every day stuff in country?????

Confused even more

[butkus51]

But, if this is true about the 50's and 250's. so much for lopping 3 zeroes, but do you think, they could lop 1. So, you 25,000 note becomes 2500 and the RV comes in for around 3 = $7500. So a million dinar would be worth $750,000 - in effect the RV is at $0.75. This makes absolutely no sense does it? Good!!!!! Want to make sure that there is a consistency to my posts.