New Bills

[Dancer]

By reading this article it looks like there will be new bills with less zeros, however it does not indicate there will be any change in the value of the present dinar. In other words, it looks like the bills we have will be honored but they will incorporate the new bills and try to weed out old bills. This article may already be here, but just thought it was interesting.

Clever money -- bilingual bills will "eliminate inflation"

21/11/2011 14:48

Baghdad, Nov. 21 (AKnews) - The Iraqi Central Bank (ICB) will produce new denomination bill as well as coins in both Arabic and Kurdish languages. The 50,000 dinar notes will hopefully address the liquidity issue in Iraq, halting inflation, the ICB said on Monday.

Deputy chairman of the ICB Dr Muzher Saleh told AKnews the largest denomination bill in the country is 25,000 dinars and its purchasing power does not exceed $23.

"The new currency will include symbols that reflect the diversity of Iraqi sects and civilizations including the Kurdish culture. Iraq needs to support its economy and its currency through the issuance of high value bills."

"In the financial transactions in the Iraqi market large amounts of cash are needed and therefore there is difficulty in transferring the money in bags. Sometimes Iraqi banks do not accept deposits because of counting problems for the large amounts of money."

"The ICB is seeking to fix the payments system in Iraq and the monetary policy. Soon new currency will be issued and three zeroes will be canceled from the new notes. This procedure will help the payments system and eliminate inflation. Instead of needing large amounts of money to buy a small quantity of goods, we will need small amounts of money to buy more goods."

WJ

RN/JS/AKnew

http://www.aknews.com/en/aknews/2/273741/

Hope this is good news.

[armondtoth]

By reading this article it looks like there will be new bills with less zeros, however it does not indicate there will be any change in the value of the present dinar. In other words, it looks like the bills we have will be honored but they will incorporate the new bills and try to weed out old bills. This article may already be here, but just thought it was interesting.

Clever money -- bilingual bills will "eliminate inflation"

21/11/2011 14:48

Baghdad, Nov. 21 (AKnews) - The Iraqi Central Bank (ICB) will produce new denomination bill as well as coins in both Arabic and Kurdish languages. The 50,000 dinar notes will hopefully address the liquidity issue in Iraq, halting inflation, the ICB said on Monday.

Deputy chairman of the ICB Dr Muzher Saleh told AKnews the largest denomination bill in the country is 25,000 dinars and its purchasing power does not exceed $23.

"The new currency will include symbols that reflect the diversity of Iraqi sects and civilizations including the Kurdish culture. Iraq needs to support its economy and its currency through the issuance of high value bills."

"In the financial transactions in the Iraqi market large amounts of cash are needed and therefore there is difficulty in transferring the money in bags. Sometimes Iraqi banks do not accept deposits because of counting problems for the large amounts of money."

"The ICB is seeking to fix the payments system in Iraq and the monetary policy. Soon new currency will be issued and three zeroes will be canceled from the new notes. This procedure will help the payments system and eliminate inflation. Instead of needing large amounts of money to buy a small quantity of goods, we will need small amounts of money to buy more goods."

WJ

RN/JS/AKnew

http://www.aknews.com/en/aknews/2/273741/

Hope this is good news.

Well there was an article yesterday stating that there was no 50,000 dinar note on the horizon.

[tampa1000]

It all sounds good, I hope they don't print the 50K notes. That would be going in the wrong direction....

[redsand]

This article is very similiar to yesterday. It pretty much words-it a funny way. It sounds like good news but its hard to trust what it is saying- just like yesterday.

[MovieMaker]

Come on small denoms! Show your pretty little colors, Iraq, Arabic, Kurdish faces! What ever...we ready! I bet you are pretty! come-on.. don't be shy!

[hoopdog]

This was part of an old plan. Not going to happen.

[gakman]

Think about this- What about this?

A two currency Revaluation!

For simplicity sake- assume a 1 to 1 Revaluation Rate

CBI comes out with new bills- $1, $5, $10, $20 or $25, $50 and $100 - These are orth face value

Our current Dinar notes that we hold are also worth face value! A $10,000 note is worth $10,000 U. S. and a $25,000 note is worth $25,000 U. S. As our larger notes are turned in, they are paid of and destroyed!

[WTX_Danny]

"Instead of needing large amounts of money to buy a small quantity of goods, we will need small amounts of money to buy more goods."

-This part sounds pretty good, and I'm trying not to read into it too far.

[John in Kuwait]

Think about this- What about this?

A two currency Revaluation!

For simplicity sake- assume a 1 to 1 Revaluation Rate

CBI comes out with new bills- $1, $5, $10, $20 or $25, $50 and $100 - These are orth face value

Our current Dinar notes that we hold are also worth face value! A $10,000 note is worth $10,000 U. S. and a $25,000 note is worth $25,000 U. S. As our larger notes are turned in, they are paid of and destroyed!

How can the CBI issue US dollars?

Edited November 22, 2011 by John in Kuwait

[redsand]

How can the CBI issue US dollars?

He doesn't mean U.S. Dollars - by accident he put the dollar sign there

[zigmeister]

Again I don't think the 50,000k note is a bad thing. I don't think it will be issued to the people as hard currency, I do believe it will be for banking purposes or used as bonds. They said they wanted to go in the direction of issuing bonds this year. Bonds make a lot of sense financially for them. Especially if they are hard pressed to join the WTO, as well as encouraging people to invest in these bonds, along with paying for infrastructure, and doing business with foreign countries. Bonds also pull the money in, we want that. In my mind while an RD was one way of reigning in on the cash flow bonds do it as well. You would not want to RD if you are moving in the direction of bonds btw.

I noticed yesterday they were speaking of the new currency would not have the zero's and there is no mention of the currency used today. Maybe that is what they have been saying all along, but now it is getting closer to the big move, they are becoming clearer. They may have also realized the scaring the bejezzus out of the people about lopping off the currency they hold today. People were going to back room banks on the streets and turning in their dinar for dollars. Not what CBI intended. So they needed to clarify their intentions.

Why back tracking yesterday, then saying it again today....I don't know. Perhaps someone let the cat out of the bag before some were ready, or just more confusion.

That is just my two cents worth.

[John in Kuwait]

He doesn't mean U.S. Dollars - by accident he put the dollar sign there

Gotcha.