Governor of the Central Bank: 2016 will see a new Asaddarviat of paper currency to the Iraqi banknotes series

by Goldiegirl Mon Jun 01, 2015 12:22 pm

Governor of the Central Bank: 2016 will see a new Asaddarviat of paper currency to the Iraqi banknotes series

2015/05/31

Governor of the Central Bank: 2016 will see a new Asaddarviat of paper currency to the Iraqi banknotes series %D8%B9%D9%84%D9%8A-%D9%85%D8%AD%D8%B3%D9%86-%D8%A7%D9%84%D8%B9%D9%84%D8%A7%D9%82-800x500_c

Said Governor of the Central Bank of Iraq and Ali Mohsen Keywords agency, that early 2016 will see the issuance of new categories of paper currency is the dinar and 50 000 100 000 dinars, the Iraqi currency notes series.

Keywords and said, "The work at the present time is to take the necessary measures to directly measures Add new categories 50 000 dinars and 100 000 dinars to smooth the Iraqi currency notes, adding, that the issuance of these two categories does not affect the Iraqi dinar exchange rate against the US dollar."

He added, "The categories 50 thousand and 100 thousand will be the beginning of the promulgation in 2016 and quantities covering the market need, adding that" the issuance of two classes will not have a relationship to revive the Iraqi dinar against the dollar. "

As for fraud, stressed Keywords that "the advantages of the two categories Cetkonan good recipes are difficult and they falsified Sthmlan sophisticated and high protection such as transparent window and a sign of the Spark, which limit the counterfeiting operations security signs."

Keywords stressed, "The issuance of high categories will improve the performance of the Iraqi dinar and reduce dependence on the dollar in terms of large transactions will be performing large transactions in Iraqi dinars large groups.

Keywords and continued saying: "The central bank has no intention to withdraw from circulation categories for the time being except the 50 dinars category that have been withdrawn from circulation in the first of the month.

And he was a member of the Economic Committee MP for the Kurdistan Alliance Najiba Najib confirmed the development of new measures by the central bank and the Finance Committee in the House of Representatives for the issuance of pumping 50 class thousand dinars and a class of 100 000 dinars in the local market as a measure to reduce the demand for foreign currency and support the local currency.

http://www.almustaqbalnews.net/202823

by Goldiegirl Mon Jun 01, 2015 12:23 pm

I believe the comments are pretty clear here. They plan to use them for everyday citizens so they don't have to use many of the 25K notes AND so that people stop using foreign currency, meaning USD.

IMO this is going the wrong way. No RV this year and maybe not for years.

by **BritishBulldog** Mon Jun 01, 2015 1:18 pm

Goldiegirl wrote:I believe the comments are pretty clear here. They plan to use them for everyday citizens so they don't have to use many of the 25K notes AND so that people stop using foreign currency, meaning USD.

IMO this is going the wrong way. No RV this year and maybe not for years.

Agreed. Seems to me like they are issuing these notes because the value is going down, not up. Let's be real if the average Iraqi is carrying around a couple 100k notes...and there is a Tony level RV...they are going to be carrying around the damn near 3/4 of a million dollars...in 2 notes!!!! Not gonna happen...

by **Kevind53** Mon Jun 01, 2015 2:00 pm

You are correct, and in fact, the CBI flat out stated about a month ago that they planned to lower the value of the dinar over the short term. The article's here someplace in the new section.

by Goldiegirl Mon Jun 01, 2015 2:31 pm

Feeling somewhat crushed and deflated with all the negative news lately. I'm not a Debbie Downer and am one of the most optimistic humans I know, but I think the writing is on the wall now.

question

BBDog, you are correct. I thought the same thing this morning. Who is going to carrying around that kind of cash when it RV's.

flame

by **Kevind53** Mon Jun 01, 2015 2:44 pm

I am not at all sure we will see the 50 and 100K notes on the street. The articles seem to be indicating that they will be used for interbank transfers and the like. I am certainly far from positive about that .... but that's my sense.

by Goldiegirl Mon Jun 01, 2015 6:20 pm

Kevin, you have too many negative positives in your post for it to make sense. I have no idea what you are trying to say. Does anyone else?

question

by **Kevind53** Mon Jun 01, 2015 6:31 pm

I thought it was very clear, I suspect, but am not at all certain, that we will not see the 50 and 100K notes on the street.

by Goldiegirl Mon Jun 01, 2015 7:22 pm

Kevin that is NOT what the articles leads us to believe. They do not say it will not hit the streets. What it implies is that the large notes will be used instead of many smaller notes. That means there is NO RV in sight. Otherwise, they would be bringing out the smaller notes. You don't let big notes get out and then increase the exchange rate. It will be used for larger transactions maybe not with the brick layer but the storekeeper for sure. Your thoughts don't hold bearing to the words in the article.

by **Kevind53** Mon Jun 01, 2015 10:38 pm

No not in that article, however there have been articles, implying that they would be used only for "large transactions" to me that most likely is business to business or interbank transactions. To put this in perspective, the average annual income is about 7M IQD/Year, or about 134K a week. That would be like the average person here taking their wages with a $500 bill and a few smaller ones. The 100K and even the 50K notes just make no sense for everyday business.

by Goldiegirl Tue Jun 02, 2015 12:40 am

Kevind53 wrote:No not in that article, however there have been articles, implying that they would be used only for "large transactions" to me that most likely is business to business or interbank transactions. To put this in perspective, the average annual income is about 7M IQD/Year, or about 134K a week. That would be like the average person here taking their wages with a $500 bill and a few smaller ones. The 100K and even the 50K notes just make no sense for everyday business.

Oh and you believe those articles but not the other one. Really, you seem to flip and flop back and forth like a fish dying on the beach. God forbid should you be wrong.

by **FS4Enthusiast** Tue Jun 02, 2015 10:01 am

Kevind53 wrote:No not in that article, however there have been articles, implying that they would be used only for "large transactions" to me that most likely is business to business or interbank transactions. To put this in perspective, the average annual income is about 7M IQD/Year, or about 134K a week. That would be like the average person here taking their wages with a $500 bill and a few smaller ones. The 100K and even the 50K notes just make no sense for everyday business.

This isn't true. The average is 7m a year but that's because a vast number of people are unemployed and living on handouts or subsistence goat farming or whatever. If you look at the average salary of Iraqis that actually have jobs it's more like 36 million IQD a year which means the 50k and 100k notes make just as much sense for everyday business as the 50 dollar and 100 dollar bills we have. More sense, actually, since Iraq is so much more physical cash focused than the US.

The "large transactions" are more like buying a television or a used car or paying your rent, not million dollar interbank transfers.

Governor of the Central Bank: 2016 will see a new Asaddarviat of paper currency to the Iraqi banknotes series

Governor of the Central Bank: 2016 will see a new Asaddarviat of paper currency to the Iraqi banknotes series

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Re: Governor of the Central Bank: 2016 will see a new Asaddarviat of paper currency to the Iraqi banknotes series

Re: Governor of the Central Bank: 2016 will see a new Asaddarviat of paper currency to the Iraqi banknotes series

Re: Governor of the Central Bank: 2016 will see a new Asaddarviat of paper currency to the Iraqi banknotes series

Re: Governor of the Central Bank: 2016 will see a new Asaddarviat of paper currency to the Iraqi banknotes series

Re: Governor of the Central Bank: 2016 will see a new Asaddarviat of paper currency to the Iraqi banknotes series

Re: Governor of the Central Bank: 2016 will see a new Asaddarviat of paper currency to the Iraqi banknotes series

Re: Governor of the Central Bank: 2016 will see a new Asaddarviat of paper currency to the Iraqi banknotes series

Re: Governor of the Central Bank: 2016 will see a new Asaddarviat of paper currency to the Iraqi banknotes series

Re: Governor of the Central Bank: 2016 will see a new Asaddarviat of paper currency to the Iraqi banknotes series

Re: Governor of the Central Bank: 2016 will see a new Asaddarviat of paper currency to the Iraqi banknotes series