[tlm724] Deputy Governor of the Central Bank the appearance of Mohammed Saleh Deputy Governor of the Central Bank the appearance of Mohammed SalehAlsumaria News / Baghdad Central Bank of Iraq, Saturday, has signed a contract with a British company to replace the currency damaged with new ones, stressing that the replacement process will be the beginning of the month of November, as pointed out that these currencies are only 1% of the currency in circulation in the market .
said Deputy Governor of the Central Bank the appearance of Mohammed Saleh in an interview for "Alsumaria News", "Bank has contracted with a British company specialized printing currency to print in small denominations which the 250 dinars and the JD 1000, for the purpose of replacing damaged with new ones," noting that "this company is of large companies, which are printed approximately 60% of the currencies of the world. "
Saleh added that "the month of November will start replacing currency damaged with new ones from the small groups," adding that "all these currencies damaged constitute only 1% of the Currency traded, which are many but the value of a few. "
Read More Link On Right
and citizens suffer from the difficulty of purchasing groups of small markets because of damage and rupture most especially the categories of the 250 and 1000 dinars. carried the CBI, on the tenth of April 2011, bank management responsibility currency traded damaged in the markets, warning to impose fines on banks uncooperative to the point of suspension,
as he emphasized that what is being replaced from the currency damaged in the bank does not exceed 30% of the damaged physical. noteworthy that the Iraqi Central Bank, with headquarters in Baghdad and has four branches in the provinces of Basra and Sulaymaniyah, Irbil and Mosul,
founded the bank independent Iraqi under the law of the Central Bank of Iraq issued on March 6, 2004, and is the responsibility of the bank is responsible for maintaining price stability and the implementation of monetary policy, including exchange rate policies a management, as well as regulate the banking sector. http://www.alsumarianews.com/ar/3/50266/news-details-.html
[Shredd] love that article gold star of the day!
[tlm724] how about this
[tlm724] April 30th, 2012 The high volume of petrodollars flowing into Iraq’s economy could push up the price of goods and services, a dynamic exacerbated by continued growth in public-sector wages.
The CBI’s base policy rate held steady at 6% for the eighth consecutive quarter, and the official exchange rate for Iraqi dinar strengthened marginally against the U.S. dollar, selling at 1,166 per dollar through much of the quarter.
That rate is down slightly from 1,170—a level that had held constant for the past three years. However, a spike in demand for dollars generated by merchants from neighboring Iran and Syria—suddenly unable to procure sufficient amounts of the U.S.currency at home because of international sanctions—helped drive the unofficial street exchange rate above 1,320 dinar in mid-April.
In April 2012, the CoM postponed indefinitely plans for a currency reform that would have removed three zeros from the Iraqi dinar in 2013 and required the issuance of new currency notes. The reform would have made the dinar’s value slightly less than $1. It is currently worth less than one tenth of a cent. http://www.sigir.mil/files/quarterlyreports/April2012/Report_-_April_2012.pdf#view=fit
[Shredd] thats USD
[tlm724] thats taken from page 83-84 of US congressional report , combined with currency art has me going hmmmm....
[Shredd] suddenly unable to procure sufficient amounts of the U.S.currency at home because of international sanctions the massive pull back of USD to syria and iran cannot go on for long but......imo if iraq moves to a stronger dinar they can decide what is released there
[Shredd] right their own currency
[tlm724] required the issuance of new currency notes. The reform would have made the dinar’s value slightly less than $1.
[Shredd] thats from the inspector general report
[tlm724] yes to congress
[Shredd] so, T, what are your thoughts on this dinar news? of the 250 and 1000
[tlm724] makes me wonder why they would go to the expense of printing new currency or more currency
[Shredd] exactly T i mean, the 250 dinar note move the decimal three places
[tlm724] seems usless at the current rate
[Shredd] is .22 cents based on value of dollar not even a penny
[grashopa] the thing that makes me wonder.............them saying the 250's and 1000's on make up 1% of the circulated.....Hmmmm
[Shredd] but......perhaps they use these notes like we use pennies and nickels
[tlm724] gras i read that as saying only 1 % in circulation
[cowboy1] grashopa gm SIR
[Shredd] as pointed out that these currencies are only 1% of the currency in circulation in the market .
[grashopa] see that
[Shredd] 1% of currency
[grashopa] and they wanna fix the 1%......Ummm????
[Shredd] not 1% of value
[tlm724] right gras seems counter productive to me Shredd right 1% of "currency" only
[Shredd] so, i think we all agree that economically, it doesn't make sense as the rate stands today
[Shredd] so, imho, this is encouraging for an upcoming rate increase but for some reason, the peeps are using these now they are worn out from being used so maybe they are just replacing them because they are damaged and thats all
[tlm724] Shredd i don't believe the peeps are using them, jmo
[Shredd] but T, they are worn out some of the article links have pics
[grashopa] which would accompany the ld's
[tlm724] Shredd yes there are worn out bills but the usd is prevalent
[grashopa] all fresh new currency ] funny how they didn't mention the 500's
[Shredd] tlm724 right so, the question is, are they worn out from being used day to day whomever has contacts in iraq could find out pretty easily if iraqis are using these denoms daily
[Shredd] grashopa right....i wonder what coins we use the most....perhaps the penny and quarter
[Shredd] grashopa hmm, ok so if thats the case across the board then the reason to replace these denoms is for anticipated increase in usage = increase in value its gotta be one or the other
[tlm724] Central Bank warns of the presence of fake banknotes of a five thousand dinars Saturday, October 27 1 / Okrudolf 2012 10:01 Twilight News / An official source in the Iraqi Central Bank, on Saturday, the existence of "quantities" of counterfeit coins from a five thousand dinars, is currently circulating in the country, warning citizens of "becoming victims of dealers."
The committee confirmed the economy and investment parliamentary confirmed that counterfeit currency circulating in Iraq is "at least" compared to the proportions in the countries of the world, pointing out that the central bank "failed" the action taken to reduce the foreign exchange rate against the Iraqi dinar
The source, who asked not to be identified for " Twilight News "," The Central Bank noted in a recent presence quantities of counterfeit currency from a five thousand dinars to be dealt with in the banks and markets in the cities and provinces of the country, "warning citizens of" falling in trap fraudsters who are pumping money in the markets and government and private banks. "
[tlm724] Shredd remember the fires at the 2 banks
[Shredd] yup bondlady mentioned them in our chat yesterday
[Shredd] good point
[tlm724] i was just thinking about that coins?? pretty hard to counterfeit a coin and how many coins would they need to buy a pack of smokes couple thousand just saying
[Shredd] problem is with the fires, the article's context is replacing.....give me bad for good one....article says "begin replacing"......seems to indicate a process i dunno.....but no matter how you look at it imo, its great news
[tlm724] i believe that the next few weeks alot will come out in the wash
[Shredd] so these are really the equiv of our quarter and dollar did we ever ship coins over to iraq? US coins i mean?
[tlm724] Shredd I don't know gras do you know?
[grashopa] no....I don't
[tlm724] Shredd so what were you thinking about the coins?
[Shredd] you mean in the context of counterfeiting?
[tlm724] Shredd yes and you mentioned US coins also
[Shredd] well i agree, counterfeiting coins is something i've not heard of before and if we shipped us coins over there and they are using them totally dollarized than thats even better news for us ] in regards to this article i mean, why print these if peeps aren't using them why print them cuz the cost is high
[tlm724] i was just going to say its not cheap
[Shredd] and if the new kurd language stuff is coming out next year, why the urgency it all adds up to potentially awesome news
[tlm724] whats so darn important that they need these now?? at this time
[Shredd] yes exactly and fast too i mean they announce today and will begin REPLACEMENT the beginning of Nov
[tlm724] perhaps they have kept this info under their collective hats til now, maybe already be printed just speculating folks
[Shredd] or maybe this is the first step directed by Maliki via Turki
[tlm724] Shredd could very well be Shredd i was saying that i don't believe printing currency can be done super fast
[Shredd] tlm724 very good point T
[grashopa] my point with that PDF is............I think they can print their own old dinar............
[Shredd] grashopa yes sir.....strange they reference the british company
[grashopa] I think when they ref. the German Co.......................way back........it was the company providing the paper
[Shredd] right, ok, i thought i remembered a german company but today's article says british
[grashopa] DeLeRue is British
[d6j8] I remeber that .........I also remeber the art of the incinerators so they can destroy thier own dinar also
[tlm724] grashopa DeLeRue is British and the royal mint
[grashopa] I understand that 25k notes are VERY hard to find
[grashopa] mostly using 5k notes..........and usd
[tlm724] grashopa ty for that