First the CBI implements removal of the 50 dinar notes from circulation. One of the 2 main reasons stated was to eliminate confusion of value when the 3 zeros get dropped. As soon as the recall on the 50's is completed the CBI clearly states a new 50,000 dinar note will be introduced. What happens if we run the numbers when considering these two points? Okay let's do the math...if we remove 3 zeros from 50,000 what are left with? 50? Bingo! Would recalling the 50's help reduce confusion of value if 3 zeros were "deleted" from a 50,000 dinar note? You bet it would! You'll hear and read lots of explanations about how it's a translation error or for one reason or another how it just can't be but none of those explanations will be explained with perfect clarity because....because it simply doesn't add up. There's no error in the translation, only errors in explanation. The CBI has so far and is continuing to do exactly as they've stated, "delete the zeros"....50,000 - 3 zeros = 50. It's simple and it fits what they've said all along to a perfect T unlike what all of the "translators" have been saying. If we aren't seeing the light at the end of the tunnel by now it's simply because we're choosing not to accept it.
GLTA legitimate investors because we're most certainly going to need it.
The latest explanation is that it's really not a 50k note but instead is a 50 note worth $43.00 If we do the math at today's rate, 50,000 x .00086 actually does equal $43.00 but that's 50,000 x .00086 not 50 x .00086. If we're saying that then let's keep it real and multiply 50 x .00086 = $0.043
Nowhere is the CBI, Abadi or anyone else with influence over this saying any of this.
If we're totally honest about this, 50 dinar notes don't even legitimately exist within the Iraqi currency as it stands today. A 50k note is exactly that, a 50k note and it's worth $43.00
The explanation of it being a 50 note has been generated out of nothingness in an attempt to keep the masses believing. The idea doesn't exist in print anywhere official.
If today's 50k note does become a 50 note worth $43.00 at some future date that's a lop plain and simple. A currency neutral event. However and this is the tricky part, the currency instantly gains a lot of strength. 1,000,000 IQD becomes 1,000 but it's backed by the same amount of gold as the million was. It's only confusing if you allow it by interjecting all of the explanations and opinions. If you go by what the CBI and the Iraqi government has always said it's very simple. Delete the zeros means the zeros on the currency we hold no longer exists. 25,000 dinar will become 25 dinar and it will be multiplied by approximately .00086 when converted to USD.
Or, if we give into the logic that the 50k note will be a 50 note worth $43, that same logic dictates that our 25k notes will become 25 dinar notes worth $21.50 It's still a currency neutral event either way you slice it if you leave out the fancy explanations and opinions.
"Kaperoni (Dinar Guru) - Article: “The central bank issued banknotes fifty thousand Dinars category“ Its officially on the CBI site now under announcements."
Didn't virtually every owner of a humble opinion and high profile contacts in the know say they didn't believe a 50,000 dinar note would ever be issued? Didn't they also say that if the 50k note were issued it would be bad for investors? Well guess what, it got issued. Humble opinions on how long it will take before these same people re-spin this into a positive?