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Sunday, August 28, 2016

KTFA UPDATE, 28 AUGUST

SlappySquirrel: Avg. Minister in the GOI makes 15 million dinar per month, which is equivalent to 15 thousand US cash.    40 (25K) notes  = 1 million dinar  15 x 40 = 600 (25K) notes.

Are we trying to raise the value while reducing the Higher denomination note count in Iraq? If they are going digital with their currency, does it matter anyways?  

DELTA:  YES......EVEN IF THEY GO DIGITAL THERE IS A LOT OF CASH WITH CITIZEN. THEY NEED ALL OF IT BACK.

Pappa-J:  YES DELTA THE CBI MIGHT WANT IT ALL BACK BUT THERE IS ABOUT A SLIM TO NONE CHANCE THAT WILL HAPPEN IF THERE IS NOT ENOUGH PURCHASING POWER ON THE DINAR GIVEN TO THE CITIZENS TO FORCE/ENCOURAGE THEM TO TURN IN THEIR DOLLARS FIRST FOR LD'S IN TURN GETTING THE 25K NOTES BACK ON LARGE PURCHASE ITEMS! BUT WHAT DO I KNOW?

Bonservant888:  They will work on a dual system cash and digital, but as Delta says, there is A LOT OF CASH out there. They don't have to bring it all in, but some of it to get things going, to promote use of the banks, etc. And then over time, they will continue to collect the large bills. IMO

A new rate will help motivate them. Oh, just saying that, makes me so happy!

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