, 9 tweets, 5 min read
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Let’s go back in history to see our first major crash in the mid 80s and how BDL creatively and ingeniously printed useless cash to keep the cycle running. Follow me closely as this requires triple PHDs to catch @HuseinNourdin @lebfinance @AzarsTweets @Skazzi @OmarTamo19
We printed the 250 lira starting 1978, it devalues until 1985 when it became totally useless. So to create more liquidity BDL printed an anomaly; they added a new serial for the 1985 notes in the center, effectively creating a new floating amount independent from previous issue
And then went further by printing runs with serial numbers (in the center) NOT matching the serial on right. And gave it the sexy name “Short Cycle” below is a bill with two identical numbers
And to confuse things further and print more cash we issued our final 250 lira in 1988 when that note was worth a dime. And we introduced a totally fictional Prefix
And to make matters worse we actually printed notes with central Control numbers and some without and from the same printing runs! Like below.
Now what does that mean? BDL has always been creative in managing numbers and problems and had mostly run unchecked since I dought there was anybody checking and comparing.
It also means that they perhaps assume they can still do whatever they want now and still get away with it.
Also means we must observe the 2019 issues more closely than you usually do; record anything and everything and understand how many, why, where to and what next
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