IQD CALLS Chat Sunday Evening 9-22-19
IQD CALLS Chat Sunday Evening 9-22-19
Larrykn I was doing some reading and I came up with this that came out 5 yrs ago, thought it was interesting
larrykn Five Trillion Dinars in Circulation Now, Tlar Saleh
5 years ago by Iraq123 News Comments Off on Five Trillion Dinars in Circulation Now, Tlar Saleh
Tlar Saleh, the noted member of parliamentary finance committee of Iraq told that more than 4 trillion Iraqi dinar with the value of 250, 500 and 1000 are already in the circulation in the country.
The central bank of Iraq printed more than 5 trillion Iraqi dinars in the same value. Printing of these notes in the same quantity shows the clear policy of central bank of Iraq.
The central bank of Iraq will replace the whole amount of these denominate in the circulation. The four trillion dinars will be renewing with the new printed notes and remaining will be kept as left over for the economic back up.
According to media reports, these notes will be in circulations by the next of the week and people will be given a month to return back all old notes in the backs unless they will be banned after the specified date.
These notes will also not be accepted if they are torn, dirty, and written on the back or front. Central bank of Iraq is of the view that these notes will stabilize the currency of Iraq in the local and international market.
Tags: CBI, Five Trillion Iraqi Dinars, Iraq News, Iraqi Currency Circulation
larrykn Iraq Said To Be Planning Currency Overhaul, Redenomination
June 24, 2011 16:03 GMT BAGHDAD -- A senior Iraqi Central Bank adviser says the government has adopted a two-pronged plan to restructure the national currency in order to facilitate large transactions and make government accounts more efficient, RFE/RL's Radio Free Iraq reports.
Mudhhir Muhammad Salih, a member of the bank's advisory panel, told RFE/RL on June 23 that in the short term, larger banknote denominations of the dinar would be issued to simplify major transactions.
He said that because so many Iraqis still dealt mainly in cash, it was cumbersome to carry bags full of money to pay for expensive items like cars. The inconvenience leads people making such purchases -- as well as many entrepreneurs -- to use dollars for those kinds of transactions instead of dinars, something the government wants to end.
He added that large denominations equivalent to around $100 would be issued to simplify major purchases, and new coins and lower denominations would be introduced for smaller transactions.
In the longer term, Saleh said a redenomination was needed wherein three zeros will be dropped so that the 25,000-dinar banknote -- currently the largest denomination -- becomes a 25-dinar note.
He said the change was inevitable, considering the economy is expecting high growth in the coming years with a planned increase in oil production to finance reconstruction projects.
Saleh said there were currently some 29 trillion dinars in circulation in Iraq, represented by some 6 trillion banknotes of various denominations, most of them quite small. He said this also caused complications for the Central Bank and government, as well as commercial accounting departments.
larrykn Saleh said the monetary-restructuring plan was drawn up with the help of foreign experts and financial institutions, including the International Monetary Fund, of which Iraq has ben a member since 1945.
The plan will soon be presented to the cabinet, which is expected to subsequently send a bill to parliament.
Saleh noted that until 1980 the Iraqi dinar exchange rate was 1 dinar/$3.3 compared to $1/1,168 dinars now due to hyperinflation that occurred during the latter part of the late ousted leader Saddam Hussein's reign. https://www.rferl.org/a/iraq_said_planning_currency_overhaul_redenomination/24245867.html
larrykn this was back in 2011 so , things have changed but the idea was still there
spankie 25000 = 25 = hmmm
spankie i think 58 bil in circulation before they got demonitized to 1166, that 58 bil in iqd now is worth around 58 tril in iqd now
larrykn spankie this came out in 2011 that was way after they went to I believe it was as low as 3000 iqd to $1
larrykn I was also reading that they said some of that money that is out there came from the CBI reserves that were stolen and was expecting to get some of that back
larrykn now I wonder who stole that money, hmmmm
WilderIran says they are ready for all out war. https://time.com/5683186/iran-us-tensions-saudi-oil-attack/
Doug_W Wilder yes and Sadam promised "the Mother of all battles" too but after taking a pouynding by B52 for 2 weeks they RAN to the Americans to give up
Baxter R WEE RICH YET
Baxter R THE DIMES A FLOWING
Baxter WANG DANG Has a call tonight.... He needs money
xyz Iraq receives an official invitation to participate in the World Economic Forum
The President of the Republic Barham Saleh, at his residence in New York, President of the World Economic Forum Klaus Shawalba, on Sunday, on the sidelines of the meetings of the United Nations General Assembly.
"The need to build a new economic order in the region that supports civil peace in all countries," the president said, stressing the need for the economy as a supporter of peace through the links created by the labor market. ".
For his part, Shawalba appreciated the president's economic orientations and expressed his hope for concerted efforts to create a positive economic environment for work.
Saleh received an "official invitation from the World Economic Forum to participate in the Davos Forum, and thanked Shawalba for this invitation." is over
Zig I would love to know how much some of the con artists out there make via donations.....
Baxter well... I know with PTR.. they gross about 40 grand a month... minus their exspenses
Baxter they have 2000 members.. at 20 bucks a pop
Baxter thats 40 grand.. I think
Baxter if my zeroes are correct
Matt Baxter Wow $$
Baxter yep.... thats awful close... course I dont know what their expenses are
Matt expenses are not 40k a month i know that
Sandyf @larrykn Five Trillion Dinars in Circulation Now, Tlar Saleh
People really need to understand the difference between currency in circulation and currency circulated. The CBI accounts show an amount in respect of their liability for currency in circulation which includes all currency such as bank deposits and out of the country.
The article is referring to circulated currency, do people really think that currency in bank accounts and out of Iraq gets worn out and damaged and in need of replacement.
As for the auctions, just part of the circulation mechanism.
One of the methods used to convert the USD income revenue into dinar to fund the budget. The 2019 budget was around 130 Trillion dinar, where does the money come from if not from converting USD to dinar.
Young_SC sandyf http://economy-news.net/content.php?id=17644
Young_SC In addition to the results achieved on the scope of monetary policy applications internally and convince global financial organizations, the most important official reports issued by them confirmed the success of the policy of the Central Bank to achieve an important transition to the Iraqi economy and achieve stability in the exchange rate and the recovery of the Iraqi dinar and raise its purchasing power, one of the objectives of strengthening the economy.
Young_SC Sandy F are you going to do a drive by with a response to the article i posted saying its a translation error or nah?
Young_SC sandyf The "Finance Committee in the Iraqi Council of Representatives announced on Monday (19-August-2019) the" government direction to reinstate the currency and delete zeros from paper currency in order to strengthen the national economy
Young_SC Translation error or nah?
Jo Real Eyes, Realize, Real Lies!
Xyz Tebow 9-22-2019 Intel Guru RayRen98 Even though it's Sunday and MOST banks are closed up tight today...Some exchangers did report to their respective exchange center locations and have been working "on location" for seven straight days now, hmmmmmm?
A bank in Virginia was reported having a full parking lot and armed security officers escorting people to their cars as they exited the bank. Say What?