50 dinar no more !Central bank announced on Thursday, the withdrawal of 50 dinars currency from circulation category

 This is very much interesting

Central Bank announces the withdrawal of 50 dinars a class of trading

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.

http://aletejahtv.org/index.php/permalink/48421.html

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Central Bank announces the withdrawal of 50 dinars a class of trading

Sumerian News / Baghdad
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 more protection."
> Lower 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.

http://goo.gl/Pq0rlK

THis makes a person wonder what's going on over there in Iraq ,????

THey will be exchanging those 50 from the citizens of Iraq this must be accomplished before April 30th of this year starting March 1st , H"MM interesting

THe reason may be because they have very little security built in them ,Let's not jump the gun this could be a great sign here,

I copied this from DV site as another possible explanation which I thought made sense.

"At the end of 2013, there was 9 Billion 50 Dinar notes Issued.  Only 800 Million was on deposit at 3 Banks.  It could be to bring those notes back in for deposit, or allow them to be written off. "

Thank you for another perspective Saint !  Anyone else have thoughts on this?

great! more money down the drain,whats next ,the 10,000 notes....Thanx Obama

Ummm actually if they were planning to redenominate or to significantly increase the value of the Dinar, then the 50s would become more important. Right now, they are small change. Having read several versions of the article, I THINK that it may just be a simple replacement of the old, worn out bills with the new ones they have been talking about for a while. It's always hard to be 100% sure with these translations exactly what is meant, but for right now, that is the way I am going to interpret it. Time will tell if I am right.

Tony says there is no problem.We will get our money.

1. I don't see how there's any doubt that they're removing the 50 and not replacing it with a new 50.  We've all seen articles where they talk about replacing a note (i.e. the 25,000) with a new 25,000 that has more languages or better security features or whatever, and those articles look absolutely nothing like all the articles about the 50.  They say they're withdrawing the 50, and they say that they're doing it because it isn't worth much in the marketplace.  Which it isn't, around 4 cents.

2. Regardless of that, they're quite clear that these will only be exchanged for 2 months and after that they're worthless.  This is likely to leave anyone gullible enough to buy the lower denoms in the lurch.    If you have a significant quantity of 50s I'd start trying to sell them to a dealer immediately, but I wouldn't be surprised if they don't want to take them.  But they may, thinking they can get them back into Iraq in time, or can sell them to some sucker that hasn't heard the news.  Someone on DV has already contacted Dinartrade/XOA and they told him to go pound sand, they wouldn't buy the notes (or exchange them for higher denoms).

3. It's no big surprise that they'd remove the 50 dinar note.  It's only worth about 4 cents and unlike the pennies and nickels that we have in the US, it's paper.  Paper notes typically last 18 or so before they're shot and need replaced, whereas coins can last many decades before they need to be replaced.  The 50 dinar note likely costs more to print than it is actually worth (which our penny and nickel does as well, but as I said, coins can be circulated for decades, notes can't).  So printing the note causes Iraq to lose money, and isn't of much value in the marketplace due to its low value and the relative high cost of goods, so why not get rid of it?

4. As far as "what this means", I don't see how anyone can try and spin this as good news.  The 50 is actually the note that would be needed the MOST after your massive RV.  Whether you're in the 1 cent RV camp, all the way up to the 3 dollar camp, the 50 would be useful in all scenarios, worth between 50 cents and 150 dollars.  So I'd say getting rid of the 50 is another strike against The Big RV, but there's already dozens of proofs why The RV will never happen and almost everyone ignores them, so people will just ignore this or convince themselves that this is more good news and means the RV is coming any second (as some people do with EVERY Iraqi news article).

Markinsa on DV (who is a massive moron, but managed to do something productive for once), posted a table showing all the notes and quantities in circulation over at DV.  Of course he doesn't realize that his table shows that theres around 35 trillion dinar outside banks at the moment (proof positive that a big RV is completely impossible).  What it does show is that theres relatively VERY FEW 50s issued.  Less than 8 million USD worth of 50s in the wild, compared to ~100 million worth of 250s and ~20 Billion in 25,000 notes.  The articles are right, the 50 isn't used much, might as well save the trouble of reprinting it and just get rid of it.

I doubt they'll drop any other notes, but they could, and if you've got any significant number of 500s I'd be worried about that one next.  The 250 note is over 6 times as common as the 500 note, and if they got rid of the 500, giving people 2x250s notes instead wouldn't be much of a hassle.  There's no legitimate reason to hold these lower valued notes.  They're not "lop insurance" and they won't allow you to avoid tax obligations or fincen reporting.  I'd exchange them for the higher value notes that are less likely to be demonetized (or, better yet, just exchange them back for USD and go on your merry way).

@FS4Enthusiast,  So, I was not wrong in thinking that it could be a negative thing.  Boy, I can't tell you how much flack I got the other day from some people saying it could be a bad thing.  Sometimes, I have a different way of looking at things and I end up doubting myself when it seems like I am marching to a different beat than everyone.


@Purpleskyz - Thanks so much for the video !

you're most welcome!

anybody want to buy some 50"s??

NO WAY!!!  Do you really have them?

I don't know! I never opened the packages once I received them. I should look.

OOOHH !! Ya, i think you better!  You only have until April to change them ! LOL