DELTA: HELLO FAMILY: I’M GLAD THE FORUM IS BACK … I WILL JOIN FRANKIE IN THE NEXT CC TO EXPLAIN TO YOU IN MORE DETAILS ABOUT THE 50 K.
Rivdw: IMO Dr Shabibi is doing this RV for the Iraqi citizens not us. The CBI has told the banks to stop using USDs and issued a 50 000 dinar note. IMO the Iraqi citizens have pockets full of USDs and Dr Shabibi wants them to have pockets full of Dinars when he pulls the trigger. What good would a pocket full of USDs be when they RV, Shabs wants the citizens to benefit from all his hard work.
SMorris wrote:Just curious, when the new 50k notes are used for normal daily expenses, how are the persons using it to receive “change”? Do they receive lower denominations (5k, 10K, 25k, etc). If this is the result, it seems to be redundant by releasing the same currency, just brought into the bank, back onto the streets. Maybe I am am overthinking this. Just a question. Thanks
iggy » November 14th, 2015, SMorris IMO…i think thats when the LD’s will start to come into play…they will continue to give change just like now until all the big bills are pulled in then introduce the LD’s…maybe
Zerb: XE APP
1USD = 1116 IQD 1IQD = .ooo9 Notice the zeros are shrinking LOL
Cshessman: I agree Zerb! The money supply is shrinking due to the “TOOLS” that Shabibi is deploying with the 50K notes and the 100K notes. Something struck me this morning about the USD’s history. Funny how quickly we often forget the past…study what the links below and maybe things will click for some…but let’s think back, shall we… Let’s recall that the US once had very large denominations and they too were not used for long nor truly for the citizens at large but more as tool for the banks at their respective times of need for them.
Check out these 3 sites regarding the history of the USD.
Aggiedad77: Good Morning Family,We wake up to some great articles provided to us by WalkingStick….thank you sir….for this and for your service….I didn’t get to say that to you and our other Vets on Veterans Day because of our state of flux at the time.
So what do we find in this particular gem..(See article below) .many nuggets….many nuggets of gold. If you have been a student of the CC’s this week I believe you will see they are speaking of things that were talked about 3 and 4 days ago….yes they catch up…..they always seem to catch up….even in the title…”Precautionary Measures”…..this is very close to how Frank has described this 50k introduction this week.
We spoke this week at least once, maybe more…..to the idea that this 50k may not be used on the streets….and we see them talking here that it will “fit with volumes of bank trading and large commercial transactions…meaning that the main objective of which is not intended for trading daily generally few.”….bank volumes and large commercial transactions….far far above the level of the typical Iraqi citizen…..sweep in the 10k’s that still exist, sweep in the 5k’s, the 25k’s……
But let me ask you….how on earth would you pay a taxi driver with a 50k note….it won’t work will it…..logical thought…..BUT….as Frank explained to you….IOO….this 50k should be short-lived…serve its purpose and die a slow death….WHY….the LOWER DENOMS are about to be introduced……at 1166….no….they too would be meaningless at that level…..but thanks to what this 50k will do for the Iraqi citizens….they lives are about to be enhanced….praise to this “tool”….remember Frank using that term.
Now we are seeing Iraqi economic “experts” being all over the map…this will hurt the dinar….this will improve the dinar……yes the media is becoming friendly….but there are still those out there that would prefer to be hurtful and confusing to the people….watch what you read….exercise caution in running with a sliver of supposed information…..for it may simple evaporate in your hand.
What is likely to happen…..IOO…..is the LD’s need to be brought forward….why else would they have risked moving them from the US to Baghdad….to the CBI……not to bring them out…..what purpose would that serve……but to bring them out….they need value….something far greater than 1166 as a value…..have patience…..be strong today and stronger tomorrow…..the BEST is yet to come.
Walkingstick: Experts: the new currency category 50 000 is a precautionary measure to raise the value of the dinar
BAGHDAD / JD / .. A number of experts and specialists in the financial and economic affairs, asylum central bank to issue a new currency category 50 000 dinars as a precautionary measure to raise the value of the dinar in transactions and re-Hikh national currency, stressing that it will facilitate the calculation operations in banks, while ruled that have a direct impact on the trading of the Iraqi economy in general operations.
He says economist Maitham coffee, “I do not expect any negative effects when it is the category of 50 000 dinars in circulation, and it falls within the alignment between the existing categories and volume of transactions, as the largest current category 25 000 dinars, which is equivalent to up to $ 20, a category that is small compared to the size of large transactions in the Iraqi economy.
“He added Laibi Agency / JD /:” The country needs a large class, such as the 50 000 dinars to fit with the volume of bank trading and large commercial transactions , meaning that the main objective of which is not intended for trading daily generally few.
“He explained that the revelation of this category compared to the disappearance of the 50 dinars category, gives us an indication that there is a tendency towards high volume of transactions, although there inflation in transactions and prices .. but this is the result of a long stage precedent, and do not necessarily it will be a reason to rise later prices mean.
“He noted that the” decision-old was taken over a year ago, accompanied with decision 10 thousand category, which carried out before him, “stressing that the category of 50 000 dinars, will facilitate the calculation operations in banks and adult dealers and money changers.
“For his part, ruled out the economic expert on behalf of Jamil Anton, affected by the decision of currency issuing the category of 50 000 dinars on the Iraqi economy and the national currency, in what was seen then as a procedure to restructure the national currency.
said Anton told / JD /, that” the decision Central Bank of the judge to issue currency category 50 000 dinars is a restructuring of the national currency, because the highest Iraqi faction now 25 000 dinars, equivalent to $ 20, while he was in the previous highest category of 25 dinars.
“He added that” This measure will facilitate the process of accounts and trading currencies in the local market, as well as to its trustees in banks both in terms of repayments and payments, in addition to that it is a precautionary measure to raise the value of the dinar in the event of exposure to any shocks. ”
As an expert on financial affairs Raed al-Hindawi, has warned of the issuance of class 50 000 dinars, confirming that this measure will reduce the value of the dinar and cause him damage in the future.
He said al-Hindawi told / JD / “This measure will lead to the withdrawal of a small currency market currency and become the category of 1,000 dinars are the lowest in the market instead of 250 dinars, and this will reduce the value of the Iraqi dinar “but he also said perhaps the move came as a prelude to the implementation of the project to delete the zeros of the three of currency on account of the project will make the category of 1,000 dinars is one dinar and therefore will be the currency at least in the trading
and added that this decision will also lead to higher prices inflation also in the market, well that cause problems with the owners of the shops that sell materials retail as well as for the owners of taxis and buses, because the citizen when paying 50 000 dinars will make the driver or the owner shops at a loss on how to recover the remaining funds.
“The central bank, announced earlier, for issuing a new banknote category fifty thousand Dinars, attributing it to complete the Iraqi Securities monetary structure and the development of high-value category in circulation, as he emphasized that it contains “structures against counterfeiting attempts Balastantsak” ./ ended / 8 /
cleitus I recall Frank saying that when the 50k’s are introduced one of the tools that banks will use is electronic banking. A credit to ones account and then the people will use a DEBIT card to purchase goods. Makes perfect sense.
CSHessman: yes indeed. More and more the Iraqi economy will echo that of the modern world and likely even lead the charge in today’s and the future of electronic transactions.
Much of Iraq still likes the feel of their cash currency but they are quickly being turned on to today’s digital trends. IMO, the younger generations will quickly embrace the use of the debit cards as those also in the Iraqi gov’t, who will basically have no choice but to use the digital monetization tools (electronic debit/credit cards) for their monthly salaries will see all that they can do on a daily basis with their digitally monetized currency.
Especially as the internet becomes ever more prevalent for the average Iraqi citizen now and into the future. When they see the benefits of not being robbed of their cash being held at gun or knife point or beat senselessly for their cash on hand, but instead have a debit card that’s harder to take advantage of, they will come over to the digital side.
When the poorer citizens are given their gov’t subsidies via an electronic card for food and medicine and identification purposes it will be embraced quickly among the people i believe.
Iraqis will quickly step into the future when they can see and feel they have a hope and a bright future ahead because of the wealth and history of their country and are no long war torn or under sanctions.
As i was saying the 50k and 100k are likely temporary tools that Shabibi is using to slowly yet quickly raise the value of the Dinar as he reduces the money supply by collecting all the more 000 notes, the value of the currency goes up.
When Shabibi reaches his desired goals of the MR he will likely start introducing the lower denoms and a new exchange rate in the nearest future. We pray, watch, wait and see…as usual.