Thread: In Light of New Article.....

Originally Posted by Seaview

Posted from Mr I from Warka Bank

Dear Warka Investors,

I would like bring to your kind attention that 25 and 100 Dinar coins will be removed from circulation on the 31st of January 2008.

Best regards,

Mr. I
Deputy Managing Director
International Affairs

follow up from Mr I........

"The coins will be replaced with the current denominations. No plan to print any new notes!"

In the follow up...what is he trying to say???? ....well somthing has to be replaced with the bills in place as the lowest denom is a 50... There has to be something unless they just plan on giving you a 50 dinar bill for a 25 dinar coin??? I am so curious to know where you got this info from or if this is first hand straight from you from warka? This is what also make me think that this could possibly be made up Bs. No Plan to print any new notes! What the hell is that....?????? But ill take your 25 dinar coin and give you what??? Is the question folks.

Interesting,

If we think about it for a minute, what is being said plays into what has been assumed for ages, that these smaller denoms are already in existance, so yes, Warka is right, they will not be printing new notes, just using what already exists. (g)

No matter if this was an accurate statement, true or not, it makes little difference since as was pointed out, how would they handle the exchange of a 25 dinar coin unless they were giving U.S. dollars back. lol We know there has to be another set of coins introduced at some point for there is no such thing as a country without coins as part of their currency system.

Heck, it will be fun to see what happens, I am just glad to see something happening, even if it is a small change, it is better to see something than nothing. Why would they choose now to remove coins instead of next year, or the year after, or whenever the restoration is planned? It would make no sense to remove or change any currency if not for a reason, so can anyone think of another reason? As hard as I try to think of another reason, I can't, so time will tell. lol

Good luck and health to all, Mike

Hi dinartank,

This came straight from Mr I. He has his own thread elsewhere now, where he will post relevant information as and when. He does not post often but when he does post I will post it here.

I take this as good and bad news. Bad because - 'no new notes' says 'no new denoms' - to me. I don't know what will happen should someone take in 525 dinars, I just don't think it is a likely event to happen. I don't think the coins are used, if at all, so I really don't think it is that big a deal in Iraq that they are being taken out of circulation. At this point I think it is wait and see. Maybe 'lower denoms' are already printed - therefore 'no new notes' to him is true as they may already be in the Bank. Bit of a stretch I suppose. (oops - just noticed OWS has said the same thing above.)

However, I take this as 'Good News' because 'no plan to print new notes - with an exclamation mark at the end' tells me this reinforces the 'no lop' option, as, for a lop, new notes would need to be printed.

Also, there is a 'National Holiday' (again) tomorrow in Iraq - so don't be surprised if there is no auction.

Hope that makes some kind of sense - you've caught me after a few beers.

Exchanging Coins with Paper Notes Currency in Kurdistan Region Banks

PUKmedia 2008-01-07 13:35:01

A source from the Regional Ministry of Financial Affairs, in condition of anonymity, said “the ministry decided to exchange the 25, 50 and 100 Iraqi dinar coins. Banks are going to receive these coins from the citizens and to be exchanged with a paper currency.”

“The decision starts to be implemented from 3-1-2008 to 1-2-2008”, the source added.

PUKmedia :: English - Exchanging Coins with Paper Notes Currency in Kurdistan Region Banks

Originally Posted by Offshore-Wealth.com

As hard as I try to think of another reason, I can't, so time will tell. lol
Good luck and health to all, Mike

It all adds up to the gradual process with the transition... nice and easy even too darn slow for some (but heyyy, its their country... not the DEMs...) and speculators all cursing and feeling like going aground with impatience.

the humble Wait is the virtue here Mike and "WAIT we shall"... we have all the time stacked with them notes!!! No problemo...

Originally Posted by Seaview

Exchanging Coins with Paper Notes Currency in Kurdistan Region Banks

PUKmedia 2008-01-07 13:35:01

A source from the Regional Ministry of Financial Affairs, in condition of anonymity, said “the ministry decided to exchange the 25, 50 and 100 Iraqi dinar coins. Banks are going to receive these coins from the citizens and to be exchanged with a paper currency.”

“The decision starts to be implemented from 3-1-2008 to 1-2-2008”, the source added.

PUKmedia :: English - Exchanging Coins with Paper Notes Currency in Kurdistan Region
Banks

More great news and another conformation. Just wonder how soon will they start this as the translation here makes no sense."“The decision starts to be implemented from 3-1-2008 to 1-2-2008”, the source added. This time has already elapsed if Im reading or understanding correctly and I have yet to see or hear about the 100 or 25 dinar bill or whatever paper currency they are speaking of. Well we know something is happening soon...let just see how right Mr I is with his date of the 31st of this month. Thanks for posting seaview

In "Arablish" 3-1-2008 to 1-2-2008 is Jan 3d to Feb 1st.

I meant 3rd

Originally Posted by MelloMel

In "Arablish" 3-1-2008 to 1-2-2008 is Jan 3d to Feb 1st.

Thanks as I did not catch that....my brain has been on overdrive lately lol. Well this fits in to what Mr I is saying!! Will be interesting in weeks to come...I just hope the Poop hits the fan in a good way. As with this to come I do not think a LOOP is in the question if they issue new dinar paper denoms in the form of 25 and 100 dinar notes. Or is it.? I dont think they will. As there would be news about a currency swap out there. I think things are looking good. Just let us get lucky one time as we took the high risk gamble on such a speculation...but thats the name of the game in the end but I think we made a good one(risk). I've been on this dam rollercoaster ride seems like forever and Im ready to get off at the right price. Tank

Could this be a ploy to force more Iraqi's to open bank accounts? Put the non divisible change into an account? Just thinking out loud.