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Central Bank Rejects Redenomination of Dinar

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dizzydee
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Central Bank Rejects Redenomination of Dinar

Post by dizzydee on Sat 09 May 2015, 8:53 pm

Central Bank Rejects Redenomination of Dinar
Iraq, May 9, 2015

The parliamentary economic and investment commission has reportedly said that the Central Bank of Iraq (CBI) is not able to redenominate the Iraqi dinar, deleting the three zeros.

According to a report from Shafaq News, this is “due to the unstable economic situation.”

Instead, new banknotes worth 50,000 dinars are to be printed, while the introduction of a new 100,000 dinar note is to be postponed.

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Re: Central Bank Rejects Redenomination of Dinar

Post by weslin3 on Sat 09 May 2015, 8:55 pm

Spy
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Re: Central Bank Rejects Redenomination of Dinar

Post by Proven on Sat 09 May 2015, 9:19 pm

Contrast the above disinformation with:

He stressed: that the printed larger groups make easy payment and replaces packets carry large ones and smaller books instead of dealing the U.S. are treated Iraqi books a good thing, but the strategic solution for the currency is to raise three zeroes.


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According to an article on Iraq-Business News dated 28 November 2011, the Central Bank of Iraq confirmed it will issue a new banknote valued at 50,000 dinars (US$43), but marked as 50 dinars. Deputy Chairman 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. Currently the largest denomination in Iraq is the 25,000-dinar note (Pick 96). The new currency will include symbols that reflect the diversity of Iraq’s 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.

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Re: Central Bank Rejects Redenomination of Dinar

Post by Neno on Sat 09 May 2015, 9:24 pm

And they will.... wink


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duck2000
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Re: Central Bank Rejects Redenomination of Dinar

Post by duck2000 on Sun 10 May 2015, 5:44 am

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Feb 25, 2012 07:26 AM Category: [You must be registered and logged in to see this link.]
According to an [You must be registered and logged in to see this link.], the Central Bank of Iraq has agreed with the Economic Committee of the Iraqi parliament to introduce new banknotes in September 2012, and withdrawl old notes within a year of that date. The new notes will be denominated in dinars, which will have three zeros removed to revalue them 1:1000 compared to the existing notes. The new 50-, 100-, and 200-dinar notes will be printed in Europe and feature Arabic, English, and Kurdish text.

imagine if the notes as it stands comes out as marked.. 50 dinar..but worth 50000 dinar at present time without the zeros dropped.. meaning from the RATE not the note! as some have claimed!
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Re: Central Bank Rejects Redenomination of Dinar

Post by duck2000 on Sun 10 May 2015, 5:50 am

ariblish IS NOT ya.ll top thingy no! lol!
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Re: Central Bank Rejects Redenomination of Dinar

Post by duck2000 on Sun 10 May 2015, 5:52 am

so in plain cajun ... its 50 dinar and 100 dinar notes coming out!
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Re: Central Bank Rejects Redenomination of Dinar

Post by duck2000 on Sun 10 May 2015, 6:32 am

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      Sunday   10   May   2015 | 11:34
 
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Print large cash project categories not related to monetary policy but the payments system management
 
 
Said Advisor to the Prime Minister of Iraq for Economic Affairs, the appearance of Mohammed Saleh in a statement to «life», that the draft Print Central Bank of Iraq large cash categories, an important step on the road to monetary reform, which supports the country's economy, pointing to a market need for large denominations, and that handle very large monetary blocs in Iraq, especially that cash payments outweigh the instruments to deal cards and electronic payments.
He pointed out that printed large cash categories not related to monetary policy but the payments system project management, pointing out that this plan will be condensed amounts of money, especially large groups that make up 90 percent of the money supply in circulation.
He explained that the launch of these large groups is to put the same amount of monthly money supply in the market but different categories, and not increase the original amount. He ruled out the potential for inflation by the implementation of the project, pointing out that the central does not lend the government and said, in the event of lending to the government and the issuance of large cash categories can get inflation in prices, The country suffered a contraction in liquidity both in dinars or in dollars with Abalg monetary bloc in Iraq size less than 40 trillion dinars (about US $ 31 billion).
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Re: Central Bank Rejects Redenomination of Dinar

Post by Neno on Sun 10 May 2015, 6:42 am

Thanks duck. "The Payment System". Pretty much tells you that the larger notes will be sucked into a even larger note for that system.

I like the fact how it is being said here not part of the electronic system or basically citizen use.

These will conceive 90% of today's currency use. That statement pretty much tells the tell of the use and the plan of smaller use to be.


Last edited by Neno on Sun 10 May 2015, 6:53 am; edited 1 time in total


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Re: Central Bank Rejects Redenomination of Dinar

Post by wciappetta on Sun 10 May 2015, 6:52 am

Bottom line it still sounds like Saleh is not advocating larger notes  like the title says rather he is saying larger value is how you condense bank note supply in country ... Value is the only way to dedollarize. Banknotes with bigger numbers on them only serve to drive people to the dollar because of it's convenience and perceived stability.

I agree it can only mean 50,100 dinar notes....


Last edited by wciappetta on Sun 10 May 2015, 8:40 am; edited 1 time in total

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