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CBI will issue new denomination bills


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BAGHDAD, Nov. 24 (AKnews) – The Iraqi Central Bank (ICB) has confirmed it will issue a new bill with a value of 50,000 IQD ($43 USD) but marked as 50 dinars.

Deputy chairman of the ICB Dr Muzher Saleh said the bank is working to issue this new money in addition to coins in both Arabic and Kurdish in an effort to address the liquidity problem in Iraq.

Economic adviser Abdul Hussein al-Ankabi said last September that this ploy to knock off some zeros will increase the phenomenon of money laundering.

The largest currency in the country is now 25,000 dinars and its purchasing power does not exceed $23 USD.

The new currency will include symbols that reflect the diversity of Iraqi sects and cultures including the Kurdish culture. “Iraq needs to support its economy and its currency through the issuance of a currency similar to foreign ones like the $100 bill,” Saleh added.

The main tasks of the ICB are to maintain price stability, implement monetary policy, manage reserves of foreign currency, issue and manage the currency and regulate the banking sector.

The inflation rate in Iraq stood at 7.3% in September.

http://bit.ly/uzA4v2

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Lol! Man I am a go RV guy all the way.....its pretty damn clear they talkin about an .86 cent RV The one thing I dont see any comments on is how they keep referring to the 25k note being the highest

If this mentioned the old 50 note at all I wouldnt think of this being so bad....but they arent saying anything about the old 50 note getting the value of what 50k dinar is now.....only the new 50 the

I love it..... but......

What about the 50 dinar note they have now? Is that going to have the new value? If not, guess the phase out the old in with the new?

Do all of our old notes get the new value, or only the new notes?

This just raises more questions than it does answers.

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I find the part where it states the new bill is equal to 50,000 iqd a bit problematic..

As should everyone else...it says nothing about the rate of the old bills going up, just that the NEW 50 dinar note will be worth 50000 IQD, which is what we all own. Just curious what the new symbol will be for the new dinar since IQD represents what we all own.

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As should everyone else...it says nothing about the rate of the old bills going up, just that the NEW 50 dinar note will be worth 50000 IQD, which is what we all own. Just curious what the new symbol will be for the new dinar since IQD represents what we all own.

None of us own the 50,000 bill.

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I think (hope) it is a step to educate the people and say it without saying it, that the values are changing.

They can't come out and say exactly what they are doing before they do it, but also need to start educating the people BEFORE they do it. So, to me, this lets them see what kind of purchasing power they will have.

:huh:

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As should everyone else...it says nothing about the rate of the old bills going up, just that the NEW 50 dinar note will be worth 50000 IQD, which is what we all own. Just curious what the new symbol will be for the new dinar since IQD represents what we all own.

I think it said its worth 43.00 dollars but marked as a 50 note in a round about way.

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None of us own the 50,000 bill.

The Iraqi Central Bank (ICB) has confirmed it will issue a new bill with a value of 50,000 IQD ($43 USD) but marked as 50 dinars.

HELP what am I missing here, I don't understand this part marked as 50 dinars, can anyone explain??? :lol::lol:

Edited by mrref
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I don't see why they would just create a new 50 K note and raise the value of it and not the existing notes and denominations. That would seem to create one heck of a confusion storm and that I believed is what they were trying to prevent.Thanks for post.

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To me it is saying that 50 dinar will have the same purchasing power that the 50,000 dinar has now (if it was in circulation). Not that the 50 dinar and the 50,000 have the same value. So if you purchase something now and it costs 50,000 dinar when they rv it will then only cost 50 dinar. It's not saying that the 50,000 is equal to 50.

Not sure if that sounds right....it sounds good inside my head until I start typing it out :blink:

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None of us own the 50,000 bill.

But Several Humans and a Bot have 50's. Been around since day 1 of this craziness. See CBI website. Anyhoohoo. Good Ruck to all. DinarBot doubts this is true. More curbing of speculation. Many here have Warka Accounts too. CBI going to chop 000 off of Bank accounts now. That will go over well with Iraqi's. They fear the banks as it is. Only 9% have bank accounts. Do that and you'll be back to 0 % real fast.

News > Iraqi business leaders gather at Balad

Iraqi business leaders gather at Balad

by Senior Airman Wes Carter

332nd Air Expeditionary Wing Public Affairs

JOINT BASE BALAD, Iraq (AFNS) -- Iraqi banks and business leaders met at Joint Base Balad at the Banking on Iraqi Business Conference March 31.

The conference began building the relationships that are so important to doing business in Iraq.

"Only 9 percent of Iraqis have a bank account," said Army Capt. Shaun Miller, an Army Central Command banking officer. "The main thing we're trying to do is connect Iraqi businesses with Iraqi banks."

The low incidence of Iraqis with bank accounts is attributable to a variety of reasons including negative experiences associated with the previous Iraqi political regime.

http://www.af.mil/news/story.asp?id=123198293

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To me it is saying that 50 dinar will have the same purchasing power that the 50,000 dinar has now (if it was in circulation). Not that the 50 dinar and the 50,000 have the same value. So if you purchase something now and it costs 50,000 dinar when they rv it will then only cost 50 dinar. It's not saying that the 50,000 is equal to 50.

Not sure if that sounds right....it sounds good inside my head until I start typing it out :blink:

To me it looks like there saying issuing a new 50 bill with the value of 43 dollars

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To me it looks like there saying issuing a new 50 bill with the value of 43 dollars

Me too :):)

If you live somewhere other than Iraq...there it just pertains to how much they can buy with the 50 dinar...$43 worth of goods rather than needing 50,000 dinars to buy the same $43 worth of product. Or I guess if they exchanged their dinar for dollar they would get $43....but that seems silly...like us exchanging our US Dollar for Canadian to purchase things in the US...when the exchange is pretty close. I understand the reason they use US Dollars now....because they can carry fewer to buy more. Once they rv they can use the dinar. :D:D

GO RV....and I would be happy at .86.....really!

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I love it..... but......

What about the 50 dinar note they have now? Is that going to have the new value? If not, guess the phase out the old in with the new?

Do all of our old notes get the new value, or only the new notes?

This just raises more questions than it does answers.

The 50 dinar note they have now would never get the new value.....its being replaced just like every other bill in the plan to delete the zeros (RD)

Thats the whole problem with these new batch of articles about issuing a new 50 dinar note.....they are stating they would print this new bill AFTER redenominating by deleting the zeros....if you hold a 50 now, it would remain at its current value and would most likely be exchanged for a new fil or coin.... (.50)

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