Author Topic: Iraq: New 50,000 Dinar Banknote Planned (50 Dinar after Currency Reform)  (Read 792 times)

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Offline Bimat

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CBI: Iraq plans to issue a new currency in 50 dinars after deletion of zeros

November 27, 2011

According to the information published (Rn), two days before the central bank is working on the version of class 50 thousand Iraqi Dinars. Category that occurs while the Bank issued in the future is 50 dinars, and this is done after deletion of zeros.

It examines the Iraqi Central since June last deleting three zeros from the local currency in an attempt to promote the value of currency in circulation, external and internal.

The Kurdish language will be added to the new currency as well as Arabic.

The deputy governor of the Bank in favor of the appearance of the Kurdistan News Agency (Rn) that “the Central Bank of Iraq is working to issue new paper currency after deletion of zeros will be the class of 50 dinars which is equivalent to the current 50 thousand dinars.”

And Abdul Hussein Al-Anbuge economic adviser in the Iraqi government has said (Rn) in September / September The process will delete the zeros of the phenomenon of money laundering.

The class of 25 thousand Iraqi dinars largest currency in the country in terms of value. Saleh said that the purchasing power of the currency does not exceed $ 22.

Saleh added that the Central Bank is also working on re-issue coins to the absence of these categories at the moment.

The Central Bank of Iraq issued after the fall of the former regime, Coins of the categories of 25 and 50 and 100 dinars after a break of more than 15 years.

Saleh said, “will be the new currency in the Kurdish language in addition to Arabic. Will include currency symbols reflect the civilization of Iraq and the diversity of sects.”

Economic analysts say that because of the low-lying value of the coins, the central bank had been withdrawn since 2009.

According to Trade Bank of Iraq that the lifting of the zeroes from the currency will not affect the economy.

The Ministry of Finance of Iraq that the deletion of zeros will liberate the Iraqi economy from the constraints and enhance the value of the dinar in the International Monetary Fund.

He expressed the IMF in August / August, his support for the Iraqi economy in the event of its number of economic measures, including raising three zeros from the local currency.

The Iraqi dinar is the official currency in the country and issued by the Central Bank.

The value of one U.S. dollar is less than 1,200 dinars.

The main tasks of the Central Bank in managing monetary policy in the country and raise the level of the value of Iraqi dinar and tackle inflation in the country.

The Central Bank of Iraq four branches in Basra and Sulaymaniyah, Erbil and Mosul. (Source) CBI

Source


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Offline Bimat

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Iraq: New 50,000 Dinar Banknote Planned (50 Dinar after Currency Reform)
« Reply #1 on: January 17, 2012, 04:39:53 PM »
Iraq Central Bank plans to issue three large banknotes after deletion of zeros from Dinar

January 16, 2012

Saleh added that "the three banknotes consist of 200 dinars, which is equal to 200 thousand dinars at present time and a 100 dinars, which is equal to 100 thousand dinars, and a banknote of 50 dinars, which is equal to 50 thousand dinars, in addition to the one & two dinar coins as well as half, quarter of a dinar and 100 fils and dirham (50 fils)".

Saleh indicated that "the deletion of three zeros from the Iraqi dinar would shorten the number of banknotes of four billion paper, which is equal to 30 trillion dinars exist in the Iraqi market to one billion and 800 million paper only," asserting that "the currency exchange will not affect the per capita income or over its wealth or its contractual obligations."

Saleh pointed out that "the Board of Directors has approved the decision to delete the zeros after the completion of designs currency bearing the legacy of Iraq and its history, civilizations, as well as for discussion by the Financial and Economic Committee of the Council of Ministers," noting that "the Bank pending the Board's approval to begin the replacement of the new currency which must be with the new financial year and proposed by the Bank with the beginning of the year 2013."

Salih stressed that "the process of replacing the currency will take two years to prevent any disruption in the process of delivery and receipt," explaining that "the banks will continue to receive the old currency for ten years as rights and not negotiable."

The central bank has been accused in the (12 September 2011), government agencies of obstructing monetary reform and vowed to sue, blaming the authorities responsible for exposing the financial interests of the country to danger.

The adviser to Prime Minister for Economic Affairs said on (25 August 2011), to raise zeros from the currency is the biggest corruption in Iraq if it was during this period, and fall under the name of tampering with the economic, warning of "mafias currency" is preparing to rig the trillions of Iraqi dinars to replace them during the planned changes.

The Iraqi Central Bank Governor Sinan Shabibi, stressed during independent corps meeting with Prime Minister Nuri al-Maliki, which took place in the (June 19, 2011), his willingness to create all the preparations to replace the Iraqi currency.

It is noteworthy that some economists believe that Iraq is ready for the time being to delete the zeros of the Iraqi dinar, pointing out that the deletion needs to be a security and political stability as well as economic stability.

Source: eDinar Financial
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Offline Bimat

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Iraq: New 50,000 Dinar Banknote Planned (50 Dinar after Currency Reform)
« Reply #2 on: April 18, 2014, 08:03:51 AM »
New Iraqi banknotes to be printed in Arabic and Kurdish languages

9.4.2014 

BAGHDAD— The Central Bank of Iraq (CBI) announced printing new banknotes with new photos, confirming that the current banknotes shall be used now and future, Aswat al-Iraq reported.

It added that the new banknotes will help the blind to recognize its price.

New security and anti-forgery signs were added, as reported.

On November 2013, the CBI announced intention to put into circulation higher banknotes of 50.000 dinars in Arabic and Kurdish languages.

Need to be mentioned that the Central Bank of Iraq (CBI) has been attempting to delete three zeros from the Iraqi currency since 2003. This project has raised many concerns among the Iraqi publicwww.Ekurd.net and within the business community, and Iraqi economists are divided. While some support the project and consider it a chance to decrease inflation and unemployment, others warn of economic shocks that may prevail over the Iraqi market as a result of the project’s implementation.

An economic expert believes that the zeros will not be removed from the Iraqi currency because the Iraqi budget is highly dependent on oil revenue.   
 
Najiba Najib, a member of parliament (MP) from Iraq’s finance committee said in January 2014 “There is no draft law in parliament about removing zeros from the Iraqi currency,”

Source: Ekurd
Caution. The low-hanging fruits are still there maybe for a reason.