Islamic State orders businesses to use its currency

[webfact]

Islamic State orders businesses to use its currency

 

An Islamic State flag is seen in this picture illustration taken February 18, 2016. REUTERS/Dado Ruvic/Illustration/File Photo

 

BEIRUT/CAIRO (Reuters) - Islamic State ordered shopkeepers and traders to price goods in its currency, the dirham, as of Tuesday and set the value at 1,000 Syrian pounds (1.41 pounds) per dirham, seeking to steer its own monetary policy even as its territorial grip is shaken.

 

The announcement, circulated in an audio statement on Islamic State-run messaging platforms, said two Syrian banknotes - the 1,000 pound note and 50 pound note - would be banned in the areas it controls as of July 25.

 

The militant group has lost swathes of territory in Syria and Iraq, and is under siege in its de facto Syrian capital at Raqqa as U.S.-backed forces press an assault to capture the city. It is also on the brink of defeat in the Iraqi city of Mosul.

 

The group is believed to have moved its leadership to the Syrian town of al-Mayadeen, southeast of Raqqa, close to the Iraqi border in Deir al-Zor province.

 

The IS decree made no mention of a ban on the 500 Syrian pound note. It said exchange rates for the IS currency would be declared on a daily basis. Islamic State declared the launch of its own currency in 2015.

 

(Reporting by Omar Fahmy in Cairo; Writing by Tom Perry Editing by Jeremy Gaunt)

 

-- © Copyright Reuters 2017-06-28

[darksidedog]

I bet every currency trader on the planet is wishing they were able to short the IS Dirham. Like the dollar is nicknamed the buck, maybe an appropriate nickname for the IS Dirham would be the Titanic.

[tonray]

Does their 1 "dollar' note have a picture of their leader cowering in a basement ?

[Scott]

I wonder where they are getting their money printed.

 

[AhFarangJa]

32 minutes ago, Scott said:

I wonder where they are getting their money printed.

 

I could be wrong Scott, but I think they just use coins......

http://www.smh.com.au/world/islamic-state-to-mint-own-coins-20141113-11mesj.html

[Scott]

2 minutes ago, AhFarangJa said:

I could be wrong Scott, but I think they just use coins......

http://www.smh.com.au/world/islamic-state-to-mint-own-coins-20141113-11mesj.html

The OP says they are using banknotes, but thanks.  

[AhFarangJa]

Yes, I see that now, maybe my link is outdated, ...

[darksidedog]

4 minutes ago, Scott said:

The OP says they are using banknotes, but thanks.  

Actually the only bank notes mentioned in the OP are the Syrian ones. There is no mention of if the Dirham would be notes or coins. It simply uses the word currency.

[tonray]

3 hours ago, darksidedog said:

Actually the only bank notes mentioned in the OP are the Syrian ones. There is no mention of if the Dirham would be notes or coins. It simply uses the word currency.

It could be women.

[Jonmarleesco]

Mickey Mouse in a dishdasha.

[ilostmypassword]

According to this link, http://www.newsweek.com/isis-islamic-state-iraq-syria-oil-jihad-terrorist-terrorism-site-284211 it looks like the IS dirham is only coins. Given that paper money didn't exist back when and Isis is all about bringing back back when, this seems consistent with their beliefs.  My design suggestions would be for one side of the coin to read "In "Allah We Trust"  and on the other side "Minted Not Printed"  

 

[baboon]

Dunno what you're all laughing at. It might become a better option than the Great British Peso at exchange counters...

[halloween]

50 Syrian pounds is about 7p - don't spend it all in the one shop.

[darksidedog]

21 minutes ago, ilostmypassword said:

According to this link, http://www.newsweek.com/isis-islamic-state-iraq-syria-oil-jihad-terrorist-terrorism-site-284211 it looks like the IS dirham is only coins. Given that paper money didn't exist back when and Isis is all about bringing back back when, this seems consistent with their beliefs.  My design suggestions would be for one side of the coin to read "In "Allah We Trust"  and on the other side "Minted Not Printed"  

 

Well it is highly unlikely that we will see Allahs head on the coin, eh?

As for the wording, maybe, "Murdering for the religion of peace." on one side and "Bring back the Dark Ages." on the other.

[halloween]

They should use coins shaped like washers aka annulus. I'm sure you can work out why.

[Moonmoon]

Should be easy to counterfeit the ID dirham, but what can it buy me? 

[ilostmypassword]

45 minutes ago, Moonmoon said:

Should be easy to counterfeit the ID dirham, but what can it buy me? 

Something that would appeal to lots of nostalgists in the American South: slaves.

[Redline]

Soon to come ISBit electronic currency:  safe, secure and you will pay

[Stargeezr]

These Daesh dogs, need a bullet in their heads every time they bring up one of these suggestions, or orders. Kill them all and be done with it.

Geezer