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Thread: Iraq to revalue dinar and introduce new notes in September 2012

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    Default Iraq to revalue dinar and introduce new notes in September 2012


    Iraq to revalue dinar and introduce new notes in September 2012

    Feb 25, 2012 07:26 AM Category: Middle East
    According to an artilce in The Kurdish Globe dated 25 February 2012, the Central Bank of Iraq has agreed with the Economic Committee of the Iraqi parliament to introduce new banknotes in September 2012, and withdrawl old notes within a year of that date. The new notes will be denominated in dinars, which will have three zeros removed to revalue them 1:1000 compared to the existing notes. The new 50-, 100-, and 200-dinar notes will be printed in Europe and feature Arabic, English, and Kurdish text.


    http://www.banknotenews.com/files/0b...060f9-1988.php

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    Default Re: Iraq to revalue dinar and introduce new notes in September 2012


    I think he is trying to say a 1 dinar note will have the value of a 1000 now. What do you think?


    1000 iqd to 1 usd = 0.8574

    http://www.forexticket.us/en/currency/converter-IQD-USD

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    Default Re: Iraq to revalue dinar and introduce new notes in September 2012


    Sounds good to me Guardian let get it done.....And thanks for what u do!!!!

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    Default Re: Iraq to revalue dinar and introduce new notes in September 2012


    Banknote Production

    Iraq To Introduce New Banknotes In September


    By Trevor J. Murphy ⋅ February 27, 2012 ⋅

    This week, the Central Bank of Iraq announced its intentions to redenominate its currency and print a new series of banknotes by September 2012.

    According to an article published by The Kurdish Globe, the central bank will introduce three new banknotes: 50 dinars, 100 dinars and 200 dinars.

    The denominations are a change from old Iraqi currency as the country prepares to undergo a redenomination process, said Economic Committee Member of Parliament Abdul-Hussein Abtan. At a press conference this week, he announced that the new banknotes would remove three zeroes from the denominations starting in September and anticipates this process will take a year to accomplish.

    “The process of removing zeros from the currency will contribute to dealing better with inflation, facilitate economic cooperation with international banks and reduce the differences in [standards of] living in society,” Abtan explained.

    The redenomination process doesn’t come without its critics. Some members of the Iraqi government warned that deleting the zeroes could have a negative impact on financial trade in the stock markets.

    However, Mahma Khalil, another member of the Iraqi Parliament, said the that move would help the country’s economy.

    “The objective behind this move is to appreciate the value of the Iraqi dinar against the U.S. dollar, which would in turn increase the balance of the Iraqi dinar and there would be sufficient reserves of that currency,” he said.

    Old banknotes will circulate with the new series for a period of one year until so the outdated series can be effectively removed from circulation.

    The process must be gradual, said Khalil.

    “According to the agreements, the new bill will be printed by a European company and introduced to the market gradually and in a well-planned schedule to ensure it will not result in shocks and would not have a negative impact on the market,” Khalil explained to The Kurdish Globe, adding the exchange rate between the new banknotes and the old ones would be 1:1,000.

    The new notes, however, will be printed in Arabic, English and Kurdish. To date, no details about upgraded security features for the new series have been released.

    SOURCE:
    The Kurdish Globe: “New Banknotes To Be Introduced In September”




    http://globalpapersecurity.com/iraq-...-september.htm

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    Default Re: Iraq to revalue dinar and introduce new notes in September 2012


    opinions from banknotenews.com & globalpapersecurity.com...i like their opinions since they deal in banknotes.

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    Med is offline "ASK NOT WHAT YOUR COUNTRY CAN DO FOR YOU" BUT "WHAT CAN YOU DO FOR YOUR COUNTRY"
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    Default Re: Iraq to revalue dinar and introduce new notes in September 2012


    Excellent job on the research guardian. I only have my iPhone tonight. Hard to pick it apart on such a small screen. Lol

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    Default Re: Iraq to revalue dinar and introduce new notes in September 2012


    thanks Guardian what a great post

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    Default Re: Iraq to revalue dinar and introduce new notes in September 2012


    Thanks Guardian, the more conformation the better. This one gives a little more detail on the process that continues to confirm what we already knew. It still looks like an RV timeline starting now (soon) but definitely before September. And with an exchange rate of 1 New dinar equal to 1,000 Old dinar. I like that. Great Post!

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    Default Re: Iraq to revalue dinar and introduce new notes in September 2012


    Quote Originally Posted by Med View Post
    Excellent job on the research guardian. I only have my iPhone tonight. Hard to pick it apart on such a small screen. Lol
    You poor guy...now that is dedication lol.

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    Default Re: Iraq to revalue dinar and introduce new notes in September 2012


    What does the 1 dinar = 1,000 old mean is it 1 to 1 or 25000 dinar is now 25 dinar ?

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