The Central Bank of Iraq, abbreviated CBI, has released new 50,000 (50k) Iraqi dinar notes. This is a move by the CBI to avoid having to use the United States Dollar as a primary currency.
For many years, the people in Iraq have used the dinar (IQD) for day to day transactions, however, if they are making large purchases, they have a tendency to use the USD instead.
I have looked at a few websites from different people who live in Iraq, or who have lived in Iraq, and I hear consistently that at the bazaars the Iraqi people enjoy the US Dollar as their favored currency. Even in the local bazaars the USD sees more use for larger transactions, if not most.
This is not the country’s first attempt to revalue its currency to stimulate the market. Earlier efforts that began in 2012 have been stalled by perpetual wars which have plunged the economy into recession. The value of the dinar that was once worth $3 in US currency in you s currency has rapidly decreased since the 2003 war. The move which has risen against the backdrop of long-simmering corruption is likely to cause an adverse impact on an economy already on its last legs.
The notes are brown, green, yellow, and blue. On the front: The jug is created using SPARK technology by DeLaRue, their own color shifting ink technology. The patch contains a water wheel on the Euphrates river; palm trees; flying birds; Gali Ali Beg waterfall in Kurdistan; palm tree as registration device.
On the reverse are a palm tree; fishermen poling canoes through marshes with flying ducks, water buffaloes, reed house; outline map of Iraq showing Euphrates and Tigris rivers; palm trees. varifeye (see through window cotton containing banknote paper with a clearly defined opening that is sealed by a transparent laminated fill) thread with spiral minaret, Malwiya Tower, at the Great Mosque of Samarra and 4-mm wide purple-to-green RollingStar Cube (security technology which combines movement with changing colors for the first time using a windowed security thread with demetalized Arabic text). Watermark: Horse head. Printer: (G&D or Giesecke & Devrient ). 156 x 65 mm.
a. ٢٠١٥ – ١٤٣٦ (2015/AH1436). Signature 18. Prefix ي/٨٨. Announced: 11.11.2015.
For this Iraqi Dinar Twitter page you can see that there is a lot of disinformation out there regarding the Iraqi Dinar.
Press release on the new Iraqi Dinar banknotes. (Please note, this link has been updated on 2/3/2016)
As of 2/3/2016, we have still been hearing news that the 100k (100,000) Iraqi Dinar banknotes will be released sometime later in 2016. It’s anyone’s guess what will happen in the coming years. The Presidential Election of the United States of America is due around the October/November time period. How will the new President deal with the ISIS situation?
Keep checking back for updates.