[Shredd] tlm724 question for ya
[Shredd] these many articles of late about the reprinting of notes, some of them mention coins but denom sizes are not mentioned for coins
[Shredd] don't we have documentation of what denoms will be coins? and what will be paper?
[Shredd] like this one: http://www.bondladyscorner.com/t91681-d-the-appearance-of-mohammed-saleh-new-editions-of-the-coin-challenge-of-fraud?highlight=coin
[Shredd] only mentions denoms of mid notes
[tlm724] well BondLady found the statement from one site about the printing, it was a banknote site and we have the link in her last chat
[tlm724] I remember fils being mentioned
[Shredd] Other Iraqi media reports state that the new currency will be issued in denominations of 5, 10, 25, 50, 100, and 200 dinars for banknotes and 25, 50, 100, 250, and 500 fils, plus 1 and 2 dinars for coins
[tlm724] Shredd n , pl fils a. a fractional monetary unit of Bahrain, Iraq, Jordan, and Kuwait, worth one thousandth of a dinar http://dictionary.reference.com/browse/FIL
[Shredd] tlm724 there we go, ok tyvm
[tlm724] Shredd thats all I could find on the spur of the moment
[cybercat] Shredd Turki is saying the 3 zeros will not be removed until there is stability in the government and finances
[Shredd] tlm724 np, ty
[tlm724] Shredd 1 thousandth of a dinar, impossible to do the math at 1166
[Shredd] tlm724 agreed and regarding the current releasing of the mid notes,
[tlm724] in practical life situations
[Shredd] we can deduce quite a bit already regarding rate - as far as practical, yes
[tlm724] I am sure a mathematician like you could do the math , the average citizen not so much
[cybercat] Central Bank: Delete the zeros from the currency is linked to the stability of the political and economic situation
[Shredd] well, generally speaking, the mid sized notes being released into circulation means they need to be relied upon
[tlm724] cybercat they have always said that, no surprise
[Shredd] for transactions, etc....
[tlm724] Shredd right
[Shredd] so, if the rate stays the same, they are useless if the rate stays less than a penny, they are useless
[cybercat] I know- but how can they introduce the smaller denominations with them having no value?
[Shredd] if the rate goes much above 40-50 cents, they would be less useful and too large so, we also need to consider if the CBI plans on using the dollar for the street too or if they intend to start dedollarizing with the mid notes
[Shredd] if that's the case, the rate would need to be at least a dime
[Shredd] cybercat that's just it.........they can't with the massive cost of reprinting and adding the spark technology the CBI plans on using them
[Shredd] so, very interesting to consider the options that's why I was inquiring about the coins
[therealbubbie] Shredd they won't change there monetary rate until they get rid of the dollar .. am I correct?
[Shredd] therealbubbie no they will need the dollar in transition
[therealbubbie] Shredd *hallelujah*
[Shredd] the USD 1 and 5 are used the most the 5 more than the 1 in fact so, that's what I'm saying about the mid notes we are reading so much about, they will either supplement the USD in the transition or have the purpose to begin dedollarization....or both, either way, the rate needs to be much more practical
[therealbubbie] Shredd above a dollar ?
[Shredd] so like I was saying, if the rate changes to a penny or around there, the mid notes would be equivalent to coin values or if the mid notes will facilitate replacing the USD, the rate would need to be more around a dime or so.
Lastly,if the mid notes will supplement the USD and be the higher notes like 20s, 50s, etc, then the rate would need to be in the 20-40 cent range, so among those three scenarios, the release of the mid notes have a purpose we just need to see what it is per the CBI
[Shredd] either way, it will be exciting to see them activate the plan...........the rate staying low, even up towards a penny is not practical given the cost of reprinting with all the tech
[therealbubbie] Shredd you think the printing of the large notes won't matter to us ..
[Shredd] well the large notes aren't going to be circulated. they are only printed because the whole book of legal tender was updated.
[Shredd] so they need to print a certain inventory, but not large quantities for circulation
[therealbubbie] so our large notes should be good
[therealbubbie] Shredd ty ty ty !!
[Shredd] most definitely
[therealbubbie] I'll be interested to see if they change the market rate in may like they did in April
[Shredd] yeah, now is the time to watch that closer, for sure
[therealbubbie] April 3rd it went from 1222 to 1218
[Shredd] it needs to sink
[therealbubbie] I figured it out that let's say they drop the market rate every month at 4 pips by Dec the market rate would be around 1176