Central Bank of Iraq decides to withdraw coinage of the categories (100, 50, 25) dinars

The Republic of Iraq
The Seccretariat of the Council of Ministers-the National Center for Information Media Relations Press Release Press Statement Monday 10-12-2007

(100, 50, 25) The National Center for Media: Central Bank of Iraq decides to withdraw coinage of the categories (100, 50, 25) dinars

The Iraqi Central Bank decided to withdraw the coins categories (100, 50, 25) dinars now in circulation in the market.

The Bank announced in a statement that he will be replaced Akiem mineral equivalent paper currency to the banks and branches scattered in Iraq without charge or commission.

CBE confirmed that the duration of the replacement beginning on the date of 3/1/2008 until 31/1/ 2008, contending that the currency mineral null will be deliberate or acceptance of the Republic of Iraq after the expiration of the term replacement.

Translated version of http://nahrain.com/d/news/07/12/10/nhr1210g.html

What does anyone suppose the 25 dinar coin will be replaced with? :biggrin: as the article quite clearly states that the currency will be replaced with the equivalent paper currency.

a 25 dinar note.

erm - yes :smile: ..........

Seaview,
Is this a good thing for our cause? will it make the RV of the Dinar any Different? and will it bring about the opportunity to cash in and make a profit?
BOB

Hello Bob1940,

Well I think it makes the liklihood of a lop less of a proposition. Not impossible, but very unlikely. :party: I, for one, feel more relaxed about that notion since this was published.

I've never been to Iraq but it's probably fair to say that the 25 dinar coin is not used much, if at all, by society and has almost non-existent value. I think this suggests that the 25 dinar note will at some future time have the worth of it's face value.

It could, and this is only a thought, be paving the way for new lower denom coins being introduced at some point. But that still could be sometime away.

A contingency plan is good and never forget the high value dinars. I know many don't believe these are vulnerable, but they could possibly be down the road. Iraq can do anything they like with their currency, de****e what you read - just something to bear in mind.

I'll have a clearer picture next week after I have spoken with someone who has a firmer grasp on finance and currency than I. So will be able to add a more informed opinion then.:cheers:

Does anybody else have any thoughts?

Quote:

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Originally Posted by Seaview

CBE confirmed that the duration of the replacement beginning on the date of 3/1/2008 until 31/1/ 2008

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Interesting, this clearly states that there will be something to exchange the 25 dinar coins for in January.

Hello all,
my understanding is that the coins are being withdrawn from circulation due to the fact that a vast amount of the 25 and 100 Dinar coins are being smelted back down and their composition metals being seperated and sold, from memory this has happened before in Iraq in the early 90s, I also recall that the Central Bank of Iraq put out tenders for the sale of coins that were removed from circulation, again back in the 90s.
Just a thought!

Thank you,

Ian.

seaview,
when i first read the article, i thought "hmmm, we already have a 50 note...and with all the infor. flying around that lower denoms may already exist (i always thought they'd be a 1,5,10,20) and this says that the 25, 50, and 100 coins will be replaced with paper notes of = value, does this mean that the "lower denoms" would be a 25, 50, and 100?

anyone's guess, at this point; i just didn't see it as positive, b/c that L word crept up again in my brain......:new:and there is already a 50, so.....:help:

I thought that we were waiting for 7 lower denom bills. Could that be 1, 5, 10, 20, 25, 50, and 100?
:woohoo:

It might be. I think there should be a 2 dollar bill in there.

Interesting,

One thing for sure, it is progress. Obviously, there is no need for existing coins when the restoration of value of dinar does finally happen, so I look at this as a positive, expecially when the announcement is made so soon to the actual exchange, a rarity in Iraq. Usually they announce something and it never happens. lol

We know they have to have coinage, as this is how it always was, so no doubt in my mind that smaller denom coins will follow shortly after all the existing coins are exchanged for new paper currency. OK, think about this for a minute, wouldn't this indicate these smaller denom notes are alreasy in existance, just as the rumors have stated for last couple years?

Like most of us, we are burned out on false information and rumors, but this is logical strategy to set the stage for a restoration of dinar to former value. How else could they secretly introduce smaller denoms ahead of announcement?

Makes you think, is this the strategy, to remove coins, which would be necessary with revalue any which way you look at it, and to introduce these new needed notes which would become the main currency in use with revalue, while phasing out the larger denoms which will no longer be needed. And while they are replacing coins, we all know they have to introduce new coins, and they will certainly be of smaller value, right?

Heck, it sounds like a strategy to me, and when you think about it, as I am sure we all have, it makes sense. The current coins would not have to be replaced if there was nothing happening behind the scenes. The current coinage is what all Iraqi's are use to using, and few run around with the larger notes, so I do see this as a step in the right direction, a BIG step. lol

Happy Holidays to all, Mike

Interesting,

With this announced exchange to remove coinage from maket, not a peep on what is going on with this move, as if it was never announced. Here we are near the end of the month and no news on what the new notes will be or look like, sure is strange, but then again, what isn't strange in Iraq. lol

Good luck to all, Mike

Quote:

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Originally Posted by Offshore-Wealth.com

Interesting,

With this announced exchange to remove coinage from maket, not a peep on what is going on with this move, as if it was never announced. Here we are near the end of the month and no news on what the new notes will be or look like, sure is strange, but then again, what isn't strange in Iraq. lol

Good luck to all, Mike

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Yea its kinda like the old announcement they made a few years back about giving the people of iraq 15k dinar handout over radaman or some holiday like that....well that never happened and there was no conformation for it.....so we just sit and wait and see what happens
Remember the big hype concerning that....with folks saying they must be planning to RV at that time that way it will give every iraqi a nice bost and if they don't rv and do it weeks or months down the road there be blood in the streets and yada,,,yada yada...what a joke that was ..LOL