November 28th ~ Iraqi Central Bank to Issue New Notes

Bumped ... UN lifts Libya Sanctions ~ It means that Libya's government will now have full access to the significant funds needed to help rebuild the country ...

and .. New Libyan Currency By Year End ~ new currency will be brought by the end of this year and exchanged with the older one as soon as it arrives in banks

If this is what they do, the RV will start at 1 IQD = .86 cents USD ...Iraqi Dinar (IQD) US Dollar (USD) 0.00086 11/28/2011 11:20 AM Table Graph Convert IQD to USD link

November 28, 2011

Iraqi Central Bank to Issue New Notes

AKnews reports that the Iraqi Central Bank (ICB) has confirmed it will issue a new bill with a value of 50,000 IQD ($43) but marked as 50 dinars.

Deputy chairman of the ICB Dr Muzher Saleh said the bank is working to issue this new money in addition to coins in both Arabic and Kurdish in an effort to address the liquidity problem in Iraq.

The largest currency in the country is now 25,000 Iraqi dinars (pictured) and its purchasing power is about $23.

The new currency will include symbols that reflect the diversity of Iraq’s sects and cultures including the Kurdish culture. “Iraq needs to support its economy and its currency through the issuance of a currency similar to foreign ones like the $100 bill,” Saleh added.

The main tasks of the ICB are to maintain price stability, implement monetary policy, manage reserves of foreign currency, issue and manage the currency and regulate the banking sector.

The inflation rate in Iraq stood at 7.3% in September.

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