29 Jul 12 Dianr Recaps finally hits on something

http://www.banknotenews.com/files/tag-iraq.php



Iraq discloses designs for redenominated banknotes slated for July 2013


Jul 21, 2012 08:17 AM Category: Middle East
According to Iraq's semi-official Alsabaah newspaper, the finance committee received specimens of the new Iraq banknotes from the Central Bank of Iraq. The specimens were of the 25, 50, 100, and 200 dinars. The committee urged the central bank to delay the introduction of the new currency from January 2013 to July 2013 to study all the aspects of the process.

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. The designs have been already chosen for banknotes and coins:

5 dinars: Beck waterfall and palm tree
10 dinars: dinar coin minted in the reign of the Umayyad dynasty and lighthouse Hadba in Mosul
25 dinars: King Hammurabi receiving the law and farming of Iraqi Kurdistan
50 dinars: King Codaa and Fort Ukhaydir
100 dinars: Central Bank building in Azwaip area in Baghdad and ziggurat
200 dinars: bridge and school


I think they are publishing dates later than when the RV will occur - but it does solve some question as to the stage of developement we were wondering about.

Not tremendously new I think. I believe the original article showed up here about a week or so ago. Shabibi has already stated they have enough of the smaller denominations to proceed so I don't believe this will effect the timing in any way.

I had not seen the article before, my apologies, but this is the first time I found something on that site that had a verifiable link and decisive information...There have been a few postings about delay, so I thought bringing this one would debunk the delay ones.

I doubt it changes timeing either, just more confirmation in MHO that CBI is ready - it is just about the timing....so we wait.

NO harm, no foul Just thought I would get that out before folks started getting all wound up, especially about the July date.

I will happen, all in due time, and then we'll be rollin in untill then we just need to be

SHABIBI wants JANUARY!

I wish people would get 'OFF' the January kick- Dang!

I'm hoping the "January" thing is a diversion. I'm liking August 1 ... Anyone agree?

Back from vacation, and there will be a little learning curve to see what's been going on lately.

Yes I do agree- Welcome back, Seb- Hope your vacation and trip were a resounding success! And as far as catching up, it has actually been fairly quiet the past two weeks, other than the 'Squeaking' of the gurus, other than that, not much to catch up on, most of the time just hanging out and raising holy 'ol particular h-e-double toothpicks-

I wish august 1'st

The RV is lurking in the shadows.

Do I go with the flow and be happy:

1) All the naysayer articles about the "face of the currency" is debunked !!!

2) All the naysayer articles about "feasibility studies" needing to be done debunked !!!

3) we know CBI is what is responsible in Iraq to contol the currency - not the rest of Parliment.

4) We know Shabibi has stated he WILL do it when it is time.

5) We know there has already been this plan in place - it is NOT a new idea - just new to Iraqi citizens.

YAY - 5 POSITIVE THINGS

OR

Do I do some naysaying of my own personal thoughts (not stating fact - just common sense that in my opinion applies) ???

How do they phrase it .. uh .. SPOILER ALERT .. in other words - if you like what was said so far and want to keep your "high" ... STOP HERE

Accounting. Such a boring subject for most, and most people don't like balancing thier checkbook. But there are certain accounting PROCESSES and TIMELINES....like for instance fiscal year, quarterly reporting...remember that. "Transparancy" - a word you've seen before.

Iraq has a fiscal year just like we do, and it runs from Jan 1 - Dec 31.

Iraq has business dealing, and a stock market, that they are pushing investors to join.

Quarterly reports apply to almost if not all companies on any stock exchange.

Iraq is currently in Q3 - JUL AUG SEPT . Q4 is OCT NOV DEC

For accounting purposes - INCLUDING CBI , I do not believe that they will change value mid quarter - but they could change at quater change, and they could do it at Q4 to give people time to adjust before the new year.

NOW

Does that mean that the new denoms (I'm ready to call them demons) cannot be put out sooner that later - NO. In all reality regardless of what te face value says - you could pay your 25,000 IQD bill with 1 25,000 IQD note OR 100 250 IQD notes. An IQD is an IQD.

I believe the new notes will be REQUIRED to be out before the RV, because when the value changes you won't need so many zeros on your bill. I believe they will do like the EU did when they changed (like Germany) from the country currency to Euros. There were 2 prices on the shelves - Mark and Euro. Both were accepted together. No fee for using one currency over another. Then they set the date - and would no longer be accepting the Mark. The Euro was the new country currency.

The Germans hoarded their Marks. They were unsure - wary - against the process of joining thier money with other countries - but Germany joined anyway. They had only a small window after the drop dead date to exchange what they had - or it would be "collector value" only - even the banks wouldn't take them. ( I speak of Germany because I was there when it happened)

I do believe we will see the new notes in circulation in September - but whether Shabibi gives the go ahead in time for Q4 - or waits til the new year - unknown.

I would like to see them in September, with an RV for Q4 at end of SEP beginning OCT.

Accounting principal is just against it being any other way - sorry....

IQD4us, well written with common sense.