A New Currency For Iraq In Review
There have been a lot of questions raised when CBI announced last June 2012 that they are to circulate new currency for Iraq. What will happen to our Iraqi Dinar notes? It seems that Iraq will not be the only one to face a great challenge, but also the people who have involved in the currency. However, time will come that all the important details that we need to know and understand will be revealed.
When will the new currency be put in circulation?
Central Bank of Iraq had just forwarded the date for the circulation of the new notes last July 4, 2012. They said that most likely, the new currency will begin to circulate by January 1, 2013. This will be effective after lopping off the zeros. According to CBI Governor, Sinan Shabibi, “There are many procedures and many misgivings Bank is keen to implement them in order to be the process of replacing the currency safe and easy..” So, this could mean that Iraq and the rest of the world shall welcome a new currency just when New Year knocks on their doors.
What are the categories to be expected from the new notes?
It is wise to know the categories of the new currency. As a matter of fact, it is a necessity otherwise; one could just go lose on his or her investment.
Straight from Finance Committee member Najiba Najib, noted from “Integrity of Electronic” Today Iraq last July 3, 2012, “The deletion of zeros will be for two years and that the government banks will be a place to change and take the old currency and replace currency El Jadida and will have several advantages which will be a coin a large Iraqi equivalent of $ 180 As for the new currency with a category about 50 dinars and 100 dinars and 200 dinars and 250 dinars, and in addition to the new currency will be issued in accordance with the Constitution of the Arab-Kurdish language in English and there will be symbols reflect the civilization of Mesopotamia from Zakho to Basra, Iraqis are proud of them.”
It was also noted by Finance Committee of the Liberal bloc MP Magda El-Tamimi, that “For smaller groups, it will issue class (25, 50.100) Fils as well (250, 500, ½, 1, 2) JD.”
Having 50 fils and 250 fils is not bad after all, isn’t it? This could mean a faster transaction with lesser cash involved. However, there is one dilemma for some investors and people who got involved in Iraqi Dinar.
Where to exchange the old Iraqi Dinar?
Although CBI has not yet released the final statement as to where exactly can we exchange our old dinar, we can still base the situation from the last redenomination that happened from October to January 2004. During this period, people were able to exchange their old notes from Iraqi banks and other official locations such as post offices situated throughout Iraq. There were no fees charged.
During those times (which we could hope that it would be the same this coming year), people who got bank accounts would see their current balances being converted automatically. Salaries were even pain in the new dinar in the earliest possible time. There were also some dinar traders who offer this type of service but, with certain transaction fee. However, whether the processes for exchanging our old notes to new ones will change or not, we can still have control over our money as long as we keep ourselves updated. Besides, CBI won’t risk going lose on proclaiming things that might hurt their people and foreign investors, will they?
What about exchanging your dinars outside of Iraq? It has been anonymously confirmed that some of the larger more reputable Dinar dealers will be doing these exchanges in America and other common wealth countries for a small fee. Assuming that the exchange is of no cost on the streets of Iraq, you can ethically expect a small fee which should be taken into consideration when calculating your return on investment in the future. It could be a small price to pay to stay in the game.
Written by DrDinar This article can be reprinted
online or offline as long as this ad remains and is