CBI issuing currency in 50 thousand dinars and coins

[TonyDownTheShore]

Iraq: the issuance of currency in 50 thousand dinars and coins in both Arabic and Kurdish

November 21st, 2011 06:59 am · Posted in NEWS (Iraq & World Currency)

Baghdad, November 21 (Rn) – The Central Bank Monday that he is working to issue a coin a new category of 50 thousand dinars and coins small in both Arabic and Kurdish to address the liquidity in Iraq. The appearance of Dr. Saleh is vice president for Kurdistan News Agency (Rn) that “Central Bank of Iraq is working to issue a new currency, a large class (50) thousand dinars due to the lack of coins significant in the country.” Saleh pointed out that “the largest currency in the country are currently (25) thousand dinars and the purchasing power it does not exceed $ 23 .

” Saleh added that “the central bank is also working on issuing coins of small non-existence of these groups that facilitate the process of dealing and purchase between the citizen and Iraqi markets that need to return to the currency with small metal had some dealings with the Central Bank.” Salih stressed that the “currency new will be in the Kurdish language in addition to Arabic and symbols reflect the civilization of Iraq and the diversity of sects and his or her own civilization including Kurdish. ” stressed the benefit that “Iraq needs to support its economy and its currency by issuing coins large, similar to the foreign currency, including $ 100 bills.” Saleh added “In cash transactions in the Iraqi market, you need to finance the cash (cash) large and therefore difficult to transfer the money in the form of bags in the event of trading large.” and warned that “the Iraqi banks do not accept deposits, sometimes due to problems in number and the account of the large amounts of money.” and increased benefit in the earlier Iraq was seeking to reduce the cash block (cache) of 25 trillion dinars to 15 billion dinars. “noting that” the central bank fixes the payments system in Iraq and the policy of the monetary authority. ” Saleh pointed out that “it will be soon through the issuance of new currency and the elimination of three zeros from the new currency. ” Salih stressed that “this action is an important part of the reform of currency management and will facilitate the payments system and the elimination of the vestiges of inflation, the former by treating the mass of a strong monetary and easy,” adding that “instead of the dealing with large amounts of money to buy a small quantity of goods, we will deal small amounts of money to buy a large quantity of goods. ” From: Sam and dry, the Open: Peace Baghdadi

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[gbosh]

Let's all 'color up!' Seems like this is counter intuitive to a reval.....

[truthful1]

Doubling the highest value from 25,000 to 50,000 dinar note. Thats a great way to reduce the money supply. .not

[sportfisher]

I'll take some 50k notes

and coinage

Edited November 21, 2011 by sportfisher

[precious1]

This is confusing to me..they have been saying how they need smaller denominations, but now why the 50k notes? Edited November 21, 2011 by precious1

[TonyDownTheShore]

it will be soon through the issuance of new currency and the elimination of three zeros from the new currency. ”

This paragraph is confusing, they want to issue a 50 thousand note and then eliminate the three zeros from the new currency.

[DinarBot]

Bull.Spit.

[Adam Montana]

Hmmm... well, it's either a bad sign or a complete misdirection play by Iraq.

With any luck, today or tomorrow we'll see a completely opposite article.

Thanks for sharing, Tony!

[harleyrider1]

Seems to me like he is talking in circles. What would be the benefit of issuing a 50k note and then deleting the 000's?

[4aprofit]

Larger notes than a 25,000?...lol.......smaller coins than the 25...this sounds logical, and smaller ones will be needed for the future, but why mention you need smaller if you need bigger?...Typically smaller denoms depict a raising of the value, larger notes the opposite...lol........IMO, all a smokescreen....they have put out numerous times that they want to raise the value of the currency...the economic indicators depict it must be raised, as they have all of the opposite stats of a country that would do the opposite....(or that has ever done the opposite)....I would say that this looks good, and it is another indicator that we are close to an RV!....If not, why are they so worried about the currency, as I've said before, any country that has ever done the opposite, just does it, period..end of story....why have they aggravated and worried themselves to death for years over this...lol......deliberating over, debating over, voting on, hashing and re-hashing the issues regarding the same...unless there were large plans and a drive to keep speculation down until they initiate the program...all IMO...we will see...

Edited November 21, 2011 by 4aprofit

[mogirl463]

I hate to sound stupid....but I guess I will....if I have 25,000 notes, does this mean that they will be worthless when they put out the larger denomination bills?? Sorry, I really am a newbie as my profile states...

Thanks for any help!

[hame55]

it will be soon through the issuance of new currency and the elimination of three zeros from the new currency. ”

This paragraph is confusing, they want to issue a 50 thousand note and then eliminate the three zeros from the new currency.

It is confusing in an RV context. Why go to the trouble of printing a 50K when the value is supposedly going up soon? This new currency would NOT facilitate cash transactions - people spending that much after an RV would be going through banks, not using cash.

If it is smoke and mirrors and Saleh is issuing propaganda (which I believe) then it works - there would be a 50 dinar note/coin that would be useful if they RD and drop three zeros off the nominal value. It would be worth $50 to $200 depending on the RV rate after an RD (LOP)

Just because they say they will be printing this new currency doesn't make it true. But if true, it doesn't rule out an RV either.

GO RVVVVVVVVVVVV!

[Papster]

NO fears.........whats the point in issuing a 50,000 note........imo........just a bunch of mumbo jumbo..........hopefully we will see soon............GO DINAR

[Nelg]

If the wanted to camouflage what they are doing, they have certainly done so with this article. I can't imagine what the Iraqi merchant is thinking. If they wanted to educate the populaces, they need to go back to the drawing board. IMO.

[TimS]

Sorry folks...but if they come out with a 50,000 dinar note.....we are screwed!!!!!!!!!!!!!!!!!!!!!!!!!!! Next they'll produce a 100,000 note.......once they have bigger bills in circulation, they can pay for things without suitcases full of cash to cover them AT THE CURRENT RATE IF EXCHANGE!!!!!!!!!!!!!

if it's true....this is VERY BAD NEWS.........VERY BAD

It is confusing in an RV context. Why go to the trouble of printing a 50K when the value is supposedly going up soon? This new currency would NOT facilitate cash transactions - people spending that much after an RV would be going through banks, not using cash.

If it is smoke and mirrors and Saleh is issuing propaganda (which I believe) then it works - there would be a 50 dinar note/coin that would be useful if they RD and drop three zeros off the nominal value. It would be worth $50 to $200 depending on the RV rate after an RD (LOP)

Just because they say they will be printing this new currency doesn't make it true. But if true, it doesn't rule out an RV either.

GO RVVVVVVVVVVVV!

It's not confusing at all....they don't intend to RV any time soon. So producing these larger bills allows the citizens to carry less paper around. Looks pretty obvious to me...... open your eyes and see what is happening instead of denying the facts at hand

[gbosh]

WRT 50k notes/coins, I'm just going to file it with all the OTHER articles that insist that Iraq is 'raising' or 'deleting' the zeros from their currency. No one here REALLY knows what they are going to do.

It's all smoke and mirrors until the RV occurs.

[DinarBot]

Sorry folks...but if they come out with a 50,000 dinar note.....we are screwed!!!!!!!!!!!!!!!!!!!!!!!!!!! Next they'll produce a 100,000 note.......once they have bigger bills in circulation, they can pay for things without suitcases full of cash to cover them AT THE CURRENT RATE IF EXCHANGE!!!!!!!!!!!!!

if it's true....this is VERY BAD NEWS.........VERY BAD

Just be chasing their tails. The new currency will be less the 000. Or what is the point. Do they have CatNip for Humans.

[bigcity Bob]

Hmmm... well, it's either a bad sign or a complete misdirection play by Iraq.

With any luck, today or tomorrow we'll see a completely opposite article.

Thanks for sharing, Tony!

Is this the strt of the heavy smoke n mirrors we are waiting for?

[Shelley]

I'm just as confused as the rest of you !!!!! BUT I think all these articles are meant to confuse.... No one is going to know whats happening until it actually happens I'm trying really hard not to pay too much attention to the articles, but more on whats going on.... There is really big money going in Iraq, big contracts being signed... The big boys flying to other countries for business

You have to believe that it is all for SOMETHING !!!!! My worth

Tony thank you for the post

[trooper]

Do you guy remember this article.... 100,000 ARTICLE.. I think it falls in line with drooping the zero's in 2013

Erbil 22 December (aknews) – economists believe in Iraqi Kurdistan, the currency of class 100,000 Iraqi dinars will be good for the economy of the country, and will not terminate trading in US dollars in business dealings but will increase the opportunities for corruption.

Was economic advisor in the Central Bank of Iraq, the appearance of Mohammed, recently announced that the Bank intended to produce work of class 100,000 dinars, in order to encourage citizens to deal with Iraq currency, because they deal with the US dollar over dealing with local currency, because of convenience by comparing his country ".

Economist param Ahmed, Kurdistan News (aknews) that "the policy of Central Bank of Iraq is not successful, the currency of class 100,000 dinar will not add anything to the economy, it is worthwhile for small groups pumping Central Bank of currency as 50 dinars and less to the market, and made high prices, before Iraq to inflate prices."

Ahmed said that "the Central Bank cannot prevent US dollar currency circulation, as China and Japan — unable to pursue this policy", stating that "all that there is an interest by some persons in Central Bank behind the subject, but it has no economic benefit to the country, imports of Iraq come from" petrodollar funds, the currency of 100,000 dinars will increase opportunities for corruption ".

Member of Union of economists in Kurdistan, Northern Nuri, l (aknews) that "currency etc of class 100,000 Iraqi dinars, would harm the economy, because the Iraqi market suffers from inflation", arguing that the purpose of issuing the currency, strengthening the country's economy but corruption and access some persons, of contracts to be concluded to print that class, with companies in this field ".

Nuri said that "Iraqi currency categories of 25,000 and 10,000 have caused inflation, while talking about the issuance of 100,000 class", pointing out that "citizens expect Government to tackle inflation not exacerbated.

[TonyDownTheShore]

Hmmm... well, it's either a bad sign or a complete misdirection play by Iraq.

With any luck, today or tomorrow we'll see a completely opposite article.

Thanks for sharing, Tony!

No problem Adam, but lately they've been putting out articles that contradict each other, they've mastered how to cofuse people.

[4aprofit]

Does anyone realize actually what would happen if Iraq or anyone else of monetary authority...ever just said, folks...buy dinars, the price will soon shoot up....there would be a cash liquidity run on that market and for that country...and the plan even possibly might not work, as those that have large funds, as per the even the billionaires that have not been watching this thing, would swoop up everything to be found on the planet...it could possibly be like when the Hunt Brothers tried buying up all of the silver and caused a crash...this is from the best of my remembrance?...Someone else maybe can explain this better?...But, anyway, I can see where all previous bargain basement deals in investing in almost any investment that has ever been around, that people mopped up on, or that ended up being a landslide winner as per gains...HAS NEVER BEEN PUBLICIZED...OR AT LEAST THE WAY WE WANT IT TO BE...OR SOME THINK THAT IT SHOULD BE!!!...AND PEOPLE THINK THAT THIS SHOULD BE "ANY" DIFFERENT...HOW RETARDED!!!....For what it's worth.....

[ArrowheadMagic]

actually might be good news. Large denoms are used for bank to bank transactions., just like the US does now. The plan all along was to have both languages on the currency.

[TonyDownTheShore]

I hate to sound stupid....but I guess I will....if I have 25,000 notes, does this mean that they will be worthless when they put out the larger denomination bills?? Sorry, I really am a newbie as my profile states...

Thanks for any help!

no, your money won't be worthless, the new and the old are going to be on the market side by side until they remove and destroy the old one.

[Carrello]

actually might be good news. Large denoms are used for bank to bank transactions., just like the US does now. The plan all along was to have both languages on the currency.

Correct! This has been discussed here many times regarding the large notes needed for bank-to-bank transactions. Don't panic. Yes, the article is confusing, and could be translation, but the 100,000 notes are not an anomoloy.

Before the brush fire speads, do a search here for 100,000 notes and see what you find. Put away the razor blades and do some research.