Iraqi Dinar Discussion Board

[Aerospace]

The CBI explains the "currency outside banks" figure.
Line 65 of this document... 20.978 Trillion
http://www.cbi.iq/xl&wr/key%20financial.xls

This is how it is explained
http://www.cbi.iq/pdf/Key%20Financial%20Indicators%20Documentation.pdf
a - Currency outside banks, i.e., the currency component of the money supply as shown in the Analytical Balance sheet (Item 8) which is derived from the following sources (currency put into circulation reported by Issuing Dept. less vault cash(item 8.1 of Analytical Balance Sheet) reported by Research & Statistics Dept.). From December 2003, currency in circulation is the new currency issued by the CBI less redemption of old and damaged new currency notes.

They clearly state that this is their currency in circulation number... and they clearly state that this number takes into account any REDEEMED old and damaged currency.

Redeem means to buy something back… so as currency is bought back (for whatever reason) it is taken into account in the figure.

So if they issue 100 dinars… and two get redeemed because they are damaged and ten get redeemed in currency auctions then their currency in circulation number would be 88.
In other words… the number they report takes everything into account, you don’t have to guess how much is removed because of damage or auctions.

Now… if I have some dinar stashed in my house, and my house burns down, then the CBI has no way of accounting for that type of stuff. But I’d say that’s a pretty insignificant amount.