March 5, 2015
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For the document itself, I was not satisfied with just having the English translation. I wanted it translated line by line with the Arabic right above or below the English translation. This is my 2nd post of official CBI documentation. This article focuses on the CBI statement of removing the note from circulation before May 1, 2015. The last day to sell Iraqi Dinar notes in the 50 denomination is April 30, 2015. There is not much time left.
The first document translated was here: http://dinarrvnews.net/50-iraqi-dinar-removal-translated-cbi-document/
Arabic is shown followed by the English translation. I hope you enjoy this. It was not cheap, and please like this page and share the link with the dinar world. As far as I know guys, I am the only one translating the complete CBI documents like this.
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Central Bank of Iraq – Removal of the 50 Iraqi Dinar Banknote From Circulation
This was originally published on February 25, 2015 in Arabic only by the Central Bank of Iraq:
بيان صادر عن البنك المركزي العراقي
Statement issued by the Central Bank of Iraq
نظرا لتوقف الجمهور عن التداول بالورقة النقدية فئة 50 دينارا و استنادا للصلاحية المخولة بالمادة 36 من قانون البنك المركزي العراقي رقم 56 لسنة 2004 فقد تقرر ما يأتي:
Due to the end of trading the banknote of 50 dinars and on the basis of the authority vested in the Article 36 of the Iraqi Central Bank Law No. 56 for the year 2004, it was decided as follows:
1ـ سحب الورقة النقدية من فئة 50 دينارا من التداول.
- The 50 dinar banknote is to end being traded.
2ـ على المصارف و فروعها استبدال الأوراق النقدية المقدمة إ ليها من دون رسوم أو عمولة، و تقوم المصارف بإيداعها لدى البنك المركزي و فروعه لغرض قيد ما يقابل قيمتها في حساباتها لدينا.
- Banks and branches have to replace the banknotes provided to them without a fee or commission, and the banks will deposit them in the Central Bank and its branches for the purposes of having the equivalent value in their accounts.
3ـ تكون مدة استبدال الفئة أعلاه شهرين إبتداء من 01/03/2015 لغاية 30/04/2015
- The period of replacing these banknotes above is two months starting from 03/01/2015 up to 04/30/2015
4ـ بعد انتهاء مدة الاستبدال تصبح الورقة النقدية لاغية و ليست لها قوة إبراء و لن يتم قبولها في جمهورية العراق.
- After the replacement, the banknote becomes void and of no legal tender and will not be accepted in the Republic of Iraq.
البنك المركزي العراقي
Central Bank of Iraq
My Thoughts on the Central Bank of Iraq’s Statement
Obviously, the lower denomination notes are worthless. Four cents is all this 50 dinar note is even worth. Don’t forget practiciality, it’s better to simply use coins then use bills. The other thing is that these bills weight a lot, and they have little value. The attention to detail used to create these bills, and the security features in them, nearly cost more than the bill itself. Why would you spend five cents to print an IQD worth only four? The answer is, you wouldn’t.
The gurus were quick to point out how big of a change this is, it’s not, it’s just showing again how wrong they were.
For years we have heard the following:
Selling Iraqi Dinar – Guru News
If you are asking yourself, “How do I sell my Iraqi Dinar?” then you just simply call up, or visit the place you purchase it from and tell them one of the following:
- I want to redeem my 50 dinar notes for Silver.
- I want to redeem my 50 dinar notes for higher denom notes (like 5,000 or 10,000 and even 25,000 notes).
- I want to exchange my 50 dinar notes for Dollars (or whatever your local currency is)
So what do we have at this point? Just speculation that the Dinar will revalue eventually. What is shocking is the fact that not one dinar guru was able to let everyone know the notes were being pulled until the CBI made the statement.
I thought the gurus had “sources inside of Iraq” I thought they had boots on the ground. Weren’t we told the rates were on the screens and that the call centers were manned (think back to December – February 2014) and what about the statements that the RV already happened, it was international? The whole #wearethepeople was a waste of time also.
As it points out everyone, not only were their RV predictions false, but they couldn’t even give you a one day notice about the change in CBI policy.
My final question to you is this, “Why do you still trust known liars?”
Only you can answer this question. Like this page and share it on Facebook. I will talk to you all soon.