BLC Admins Chat 50 Dinar Note Replacement 02/26/2015 Part 1
Central Bank Announces Withdrawal Of 50 Dinars A Class Of Trading
26/02/2015 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 by "direction Press", a copy of it, he was "given to stop the public from trading cash paper category 50 dinars, he decided to withdraw this banknote trading based authorized to article 36 of the powers 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."
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. sa
[tlm724] Thank you Rocky for posting this for us !
[therealbubbie] The bank added that "the banks and their branches will start replacing these banknotes presented to it and without fee or commission,"
[therealbubbie] imo their coming out with the new notes !!
[tlm724] therealbubbie I have emailed Shredd and while we are waiting on Shredd lets go over this please
[tlm724] everyone be patient while we get our heads around this, there is a very important line in this article
[tlm724] "the end of the period of replacement will be banknote void and have no discharge power will not be accepted in Iraq
[therealbubbie] tlm724 ummmmm !!
[tlm724] this is saying that once the 2 month period is over the old 50's will no longer be valid, now don't freak out , lets think about a few things first
[dogznova] so the 50 dinar note is worth approx .004 cents.. How many people actually use the 50 note in Iraq ?
[tlm724] dogznova that is what I said to BL the 50's have such nominal value what would be the purpose of replacing them ?
[tlm724] let me type out loud for a moment
[RCS1947] test run?
[tlm724] lets imagine for one moment that the CBI is on the threshold of releasing the lower denoms and the new 50 notes they are issueing are going to be the highest valued note in Iraq ?
[tlm724] are you with me so far ?
[therealbubbie] yes !
[dogznova] I was hoping the 500 note would be the highest note in Iraq
[tlm724] okay so the new 50 is the most valued note and then they may issue notes similar to ours, say a 20,10,5, 1 and the fil coins
[tlm724] dogznova maybe the 500 has one too many zero's on it ? just typing out loud because I don't know
[dogznova] 50 seems too low for the largest note in circulation..
[therealbubbie] dogznova agreed !
[tlm724] is it, we have 100's but how many times do we use them ?
[dogznova] unless each dinar is worth 10 us dollars lol
[tlm724] well lets for arguments sake say it's par with the dollar
[dogznova] tlm724 the 100 note gets used in the US quite a bit..
[tlm724] ok I can accept that only I don't use many
[dogznova] I agree it's not as much as the 20.. but it gets used
[tlm724] RCS1947 I like the test run comment you made
[tlm724] it is the lowest note on the market right now
[dogznova] I own some of the 50 dinar notes as do some of you ... It seems the 50 dinar is missing the securety features the larger notes have.. maybe thats why they are replacing them
[dogznova] the test run comment.. I like that idea as well
[tlm724] dogznova great point !
[RSP1] they do like their test runs!
[tlm724] so replacing the lowest note hmmm still seems like there is something missing here.
[dogznova] So it looks like the value is going to increase.. Because why else would they be caring about a 50 dinar note.. I say maybe the 50 dinar note is missing the securety features ?
[dogznova] let all get our 50 notes out and look at them through the light.. look and see if you can find any securety features
[tlm724] dogznova I have one close by brb
[dogznova] cool beans
[tlm724] k got it
[dogznova] I could be wrong.. there could be security features on the 50 note
[tlm724] it has a security strip in it
[dogznova] k anything else?
[tlm724] has a horses head incognito
[dogznova] ok.. Thank you
[tlm724] those are the only 2 that are apparent in the light but there could be more
[dogznova] now that art makes zero sense to me why would they be discontinuing them?
[tlm724] dogznova you may still be right though, remember they wanted 10 security features on every note, these new notes will probably have them
[tlm724] yes maybe
dogznova] can't see more then 1% of the notes in the market being the 50 dinar note..
[tlm724] are they starting with the easiest notes dogznova ?
[dogznova] well it's definatly the least amount of note in the market
[RCS1947] the article says replacing and that's what we been waiting for so long... I like it , it's a start.
[dogznova] see replacing them is one thing.. But canceling the current ones is another... The question is ... Why?
[tlm724] RCS1947 great point !
[tlm724] dogznova yes that is an unknown right now but there is a 2 month window for the old to be turned in !
[tlm724] I think back to last few years when the CBI said that when they delete the zero's the notes we hold will run concurrently for 2 years, the 50, 250 and 500 notes are "not" 3 zero notes !
[dogznova] ya.. Cool beans
[RCS1947] it gets the people to the bank....maybe open accounts and if the future is electronically the notes won't matter.
[dogznova] tlm724 yep.. hopefully the banks will start taking dinar by then.. other wise we have to turn them in to a dealer.. this goes against .. The note will run side by side
[therealbubbie] dogznova who would the dealer turn them into ?
[tlm724] this could be a good thing, we will have to let it play out, the CBI seems to have a pattern of announcements, 1 day before they start making their moves they put the word out !
[Shredd] howdy. just got out of back-to-back meetings. reading emails/news........... dogznova I tend to agree with you regarding the above, the 50 denom is going to be a useful denom note and this one does not have security features
[Shredd] also, what are the denoms of the fils? the coins will satisfy the small denoms once the rate is strong so I was happy to see the word "REPLACE"
[dogznova] right.. but it says they are gonna replace it.. not remove it
[Shredd] if they were simply removing it, I'd be scared
[Shredd] amen.. like minds..........
[Shredd] so imo, this is good but I too hold some so oh well
[dogznova] yeah.. but the part that scares me is.. the old will no longer be used
[Shredd] that was my plan B
[JohnnyZ] I like replace the rate
[Shredd] yeah, me too dog.....I hope they don't use the same 60 day window for removing the 000 notes
[Shredd] we have old articles saying they will coexist but so much is new now
[dogznova] well at least your honest
[dogznova] I hope this is just a scare tactic from the CBI
Comments may be made at the end of Part 2 Thank You