Badara

[Drax]

DINAR REPLACING BDR
 
MANARA  ALBRAYD SRIA AL-MUSAMI
(If it’s in the Monsoon, it’s got to be true)
 
Central Bank, May 21, 5646:  Central Bank Managing Director Faisal Abu Saq, asked by the Monsoon if a new currency was in the works, responded.
 

Yes it will be gradual, but yes. The BDR is just of too little value. It is truth be told sort of a despised baby currency.  We are not going to immediately or necessarily entirely stop using it, but Central Bank will remove portions from circulation and replace BDR with Dinars. This has been  authorized by the Majlis. Central Bank will set an official exchange rate and adjust regularly.
 
 As we begin the Badaran Dinar will be worth 50 BDR. However the rate of exchange of both will float, and at any given removal the current official exchange rate will be used for conversion.
 
Individuals will be able to exchange BDR for Dinars at most banks and at special locations established by Central Bank. Our citizenry will be encouraged to exchange BDR for Dinars.  Much of the bulk conversion will be for taxes collected which have been assigned as appropriated funds to Ministry accounts.
 
Other currencies may be exchanged for Dinars as well. The largest source of bulk exchange of foreign currencies will be the royalties and crude oil sales payable to the state owned Petroleum Development Company (PDB).
 
Two things are quite likely.  The Majlis may in future authorize new Dinars to be issued and, when the BDR actually becomes rare, it is probable a coin, the fulu in point of fact, representing a portion of a Dinar could be issued as well.

Central Bank Managing Director Faisal Abu Saq