Page 1 of 3 123 LastLast
Results 1 to 10 of 30
  1. #1
    Supporter and Investor!
    Join Date
    Jan 2008
    Posts
    2,009

    Red face Iraqi Central Bank announced on Thursday, for the withdrawal of 50 dinars currency

    Iraqi Central Bank announced on Thursday, for the withdrawal of 50 dinars currency from circulation category,

    pointing out that the replacement will continue for two months.

    The bank said in a statement received " Alsumaria News ", a copy of it, he was" given to stop the public from trading cash paper category 50 dinars, he decided to withdraw this banknote from trading on the basis of the powers vested in Article 36 of the Bank Act No. 56 of 2004 ".

    The bank added that "the banks and their branches will start replacing these banknotes presented to it and without fee or commission," noting that "banks will be deposited at the bank and its branches for the purpose of being the equivalent value in the accounts we have."

    Bank restores Iraqi Banknote Printing "new images and protect the more"
    Low central bank sales on Tuesday to $ 61 million
    He noted the bank that "the term that will replace these banknotes will begin on the first of March to 30 of April next," stressing that "the end of the period of replacement will be banknote void and have no discharge power will not be accepted in Iraq."

    It is noteworthy that the Iraqi Central Bank issued after 2003 and banknotes from the category of 50 dinars, but he is not traded due to the high prices of the products offered in the market.

  2. #2
    Supporter and Investor!
    Join Date
    Sep 2008
    Posts
    1,552
    ---------------------------------------------------------------
    "Sumerian News", that "the real value of the coin is the value of goods received by the individual and on the strength of the national economy"

  3. #3
    Supporter and Investor!
    Join Date
    Jan 2008
    Posts
    2,009
    The central bank decides to withdraw currency from the category of 50 dinars trading
    Date: 26/02/2015 21:18





    Information / Baghdad / ..
    Iraqi Central Bank decided on Thursday to withdraw the coin 50 dinars from circulation, noting that the banks will be replaced in starting from the beginning of next March. BLC
    The central bank said in a statement received by the agency / information / copy of it, he was "given to stop the public from trading cash paper category 50 dinars, he decided to withdraw this banknote from trading on the basis of the powers vested in Article 36 of the Bank Act No. 56 of 2004".
    "The banks and their branches will start replacing these banknotes presented to it and without fee or commission, and will be deposited with the bank and its branches for the purpose of being the equivalent value in the accounts we have."
    The statement pointed out that "the term that will replace these banknotes will begin on the first of March to 30 of April next," stressing that "the end of the period of replacement will be banknote void and have no discharge power will not be accepted in Iraq.

  4. #4
    Supporter and Investor!
    Join Date
    Jan 2008
    Posts
    2,009
    Experts: 50 dinars born "dead" .. and canceled due to fraud and the deletion of zeros

    27/2/2015


    Range / Amer Mohi
    A source in the CBI revealed that the bank has decided to withdraw the currency of 50 dinars from circulation category because of fraud and conflict with other categories when deleting zeros from the currency, and while experts confirmed that the abolition of the small category guide to take prices upward trend, said the 50 dinars born "dead" because they are too small and can not be accepted compared to other groups.
    The Central Bank of Iraq, the day before yesterday, the currency was withdrawn from the category of 50 dinars from circulation due to "low value and stop the audience from the circulation," according to a statement of the bank. A source in the CBI told the "term" that "the Bank does not want a conflict between the currency category of 50 dinars and 500 dinars in case of deletion of zeros from the last," noting that "the central decided to cancel the deal with 50 dinars category formally instructed banks government and private bring this group to the bank in order to burn them. "
    The source, who declined to be named, said "the Bank issued a decision not to deal with a class of 50 because of a major fraud after reprinted in 2003", adding that "the citizen is no longer handles this category because of the small cluster of cash for this currency, and because the cheapest thing in the market to be sold for 250 dinars for it canceled the same. "
    He pointed out that "the citizen who owns a coin 50 dinars category can replace it in the bank within a specific number, it is impossible to bring people billions of dinars in this category are demanding to replace them because they certainly false."
    For his part, said an expert on economic affairs Maytham Laibi "long" that "the decision to cancel the coin 50 dinars very painful, because it shows that the presence of an upward trend of prices, so that Tfariv currency has become not used in daily use," noting that "after ten years of the 50 dinars coin presence and lack of circulation dramatically means that the Iraqi market tended to handle large groups rather than to deal with small groups, indicating the money supply expanded significantly. "
    Laibi and pointed out that "most of the countries of the world do not put such a condition when you drag the currency market, but they can be non-acceptance of the currency in circulation at the same time be accepted in the banking system, especially as the term is too short, which is up to two months only," but he also said "The decision can not be considered wrong in its entirety, because it has become a reality if the result of the use of this currency, and to identify specific timeframe for ending the deal in this category is the only weak point in the resolution."
    In turn, said economist Ahmed Sabih told the "term" that "this group of Iraqi currency issued in the light of expectations down price levels to be smaller class can be traded among the public," noting that "the category of 50 dinars stillborn because it is very small Currency and can not be accepted in circulation compared to other groups that make up some of the complications. "
    He Sabih saying that "the 50 dinars as long as calculated on the Iraqi currency bloc, it is better to replace the category of other more acceptable as a class 250 dinars, which represents smaller currency accepted by the public in circulation", adding that "this decision administrative true and does not reflect any economic effects is carried at liquidity or a reflection of the state of inflation, but it is a good procedure followed by many banks to get rid of the categories is acceptable in circulation. " The bank said in a statement received "long", a copy of which, the day before yesterday, that "due to stop the public from trading cash paper category 50 dinars, he decided to withdraw this banknote from trading on the basis of the powers vested in Article 36 of the Bank Act No. 56 of 2004".
    The statement added that "banks and branches will begin to replace these banknotes presented to it without fees or commission," he said, adding that "banks will be deposited at the bank and its branches for the purpose of being the equivalent value in the accounts we have."

  5. #5
    Supporter and Investor!
    Join Date
    Sep 2008
    Posts
    1,552

    Another angle

    I think this really is driven by the fact the 50iqd is = or less than the US penny and it just is not practical nor is it done to carry around pockets full of money that in all would total 5 bucks. They are removing the 'penny' (50 dinar note) from circulation. I assume the 250 will be next. After that they can easily lop and do an orderly exchange period with a new currency if Iraq still exists a year or two from now.
    ---------------------------------------------------------------
    "Sumerian News", that "the real value of the coin is the value of goods received by the individual and on the strength of the national economy"

  6. #6
    Senior Member
    Join Date
    Aug 2013
    Posts
    525
    Quote Originally Posted by BatmaninIraq View Post
    The central bank decides to withdraw currency from the category of 50 dinars trading
    Date: 26/02/2015 21:18





    Information / Baghdad / ..
    Iraqi Central Bank decided on Thursday to withdraw the coin 50 dinars from circulation, noting that the banks will be replaced in starting from the beginning of next March. BLC
    The central bank said in a statement received by the agency / information / copy of it, he was "given to stop the public from trading cash paper category 50 dinars, he decided to withdraw this banknote from trading on the basis of the powers vested in Article 36 of the Bank Act No. 56 of 2004".
    "The banks and their branches will start replacing these banknotes presented to it and without fee or commission, and will be deposited with the bank and its branches for the purpose of being the equivalent value in the accounts we have."
    The statement pointed out that "the term that will replace these banknotes will begin on the first of March to 30 of April next," stressing that "the end of the period of replacement will be banknote void and have no discharge power will not be accepted in Iraq.
    Hey BM - did you add this photo or was it part of the article (no link) ....My 50s looks nothing like this - mine looks like the 50 on the English CBI site - this looks like a new bill heavy on security features. What's up with that? Create a new 50 then reel it in ... was this bill in circulation ? Any ideas people ?- they said part of the reasoning was that it lacked security features (this one looks loaded) can't find the currency pics on the Arabic side of the CBI site. Things are getting odd.
    Last edited by ChinaGirl; 02-28-2015 at 09:32 PM.

  7. #7
    Senior Member
    Join Date
    Aug 2013
    Posts
    525
    Found the original 50 on the Arabic side... looks nothing like the photo above. So are they exchanging old for new then killing the old 50 in 60 days ? these Arablish articles can be misconstrued easily...

    http://www.cbi.iq/index.php?pid=Banknotes&lang=ar
    Last edited by ChinaGirl; 02-28-2015 at 09:49 PM.

  8. #8
    Supporter and Investor!
    Join Date
    Jan 2008
    Posts
    2,009
    Quote Originally Posted by ChinaGirl View Post
    Found the original 50 on the Arabic side... looks nothing like the photo above. So are they exchanging old for new then killing the old 50 in 60 days ? these Arablish articles can be misconstrued easily...

    http://www.cbi.iq/index.php?pid=Banknotes&lang=ar
    but what is the value of the this new 50 bills? any????

  9. #9
    Senior Member
    Join Date
    Aug 2013
    Posts
    525
    Quote Originally Posted by BatmaninIraq View Post
    but what is the value of the this new 50 bills? any????
    Not sure ..all the articles I have read said they were pulling it because the 50 was virtually worthless and no one was using it - so they print more expensive bills ??? This is Iraq so anything sensical would surprise me - this is true to form.

  10. #10
    Senior Member
    Join Date
    Aug 2013
    Posts
    525
    Quote Originally Posted by BatmaninIraq View Post
    but what is the value of the this new 50 bills? any????

    And some articles are saying "replacing" the 50 ..... with a photo of the original 50 ...??? If so, why replace a worthless bill with another ?

    http://www.iraqpressagency.com/ar/20...F%D9%8A%D9%86/
    Last edited by ChinaGirl; 03-01-2015 at 12:46 PM.

Posting Permissions

  • You may not post new threads
  • You may not post replies
  • You may not post attachments
  • You may not edit your posts
  •  
Powered byvBSocial.com and Block Facebook