Thread: 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? as the article quite clearly states that the currency will be replaced with the equivalent paper currency.

a 25 dinar note.

erm - yes ..........

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. 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.

Does anybody else have any thoughts?

Originally Posted by Seaview

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

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......and there is already a 50, so.....

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