ECB: coins & paper money large small

ECB: coins & paper money large small



27.11.2013


Planning section as central to issue coins in small groups and other paper categories. The coins would be from expected next year is written in both Arabic and Kurdish.

The World Bank is studying a proposal to issue banknotes of 50 thousand dinars. He said acting Central Bank Governor Abdel Basset Turki told the press that the Central Bank is now under the supervision of specialized committees for the issuance of a new currency of large groups.

The Turkish "that the largest category of coins now available is 25,000 Iraqi dinar which do not increase their purchasing power to $ 32. There was a proposal to put up more cash from circulation, banknotes up to 50,000 dinars.

The Central Bank left towards the issuance of banknotes in large groups, in contrast to previous projects to remove three zeroes from the local currency to the dinar is equivalent to approximately $ instead of over a thousand Iraqi dinars to the dollar, as is currently the case. But the Central Bank regardless of the idea of removing zeros in the decision of the Council of Ministers.

The Central Bank announced its intention to issue banknotes of great effects mixed reactions among politicians, observers and economists. While some welcomed such a move on the grounds that the majority of traders, companies and even many ordinary citizens prefer such large groups in their dealings. But others cautioned that the issuance of banknotes in large categories like 50,000 dinars was not necessary and could lead to high inflation.

Radio free Iraq met with former adviser at the Central Bank, Mohammad Saleh appearance which indicated that large cash version facilitates the counting process and reduce the amount of cash transferred by the weshwalat bags sometimes, or a technical economic sense that this procedure abbreviated cost of cash management, noting that the five and twenty thousand in the 1980s was the dinar equal to 25 dinars US $ 75 then.

Chancellor Mohammed Saleh to issue banknotes in large groups would not lead to inflation of the money supply, the currency will remain unchanged, but a new structure to facilitate transactions.

But Mohammad Saleh appearance despite the Chancellor welcomed the issuance of banknotes in large groups, this does not solve the problem that brought the Iraqis to account their dinars in the trillions and its complexities, noting that the fundamental solution is to delete the zeros, as it was before.

Chancellor Wendy valid need download new banknote to be issued with a 50,000 dinar security features that make them tamper-proof because they are not ordinary banknotes.

Member of Parliament's Economic Committee, Qusai Wed to await the issuance of banknotes in large groups and trading before taking such a move, especially since the Iraqi dinar has proven its stability against the dollar and do not need to perform this may adversely affect stability.

The Attorney reiterated Friday that the deletion of zeros removed due to fear of money laundering and fraud, pointing out that this concern is also on the issuance of banknotes in large groups, which concerns Iraq.

Economic analyst Majid mock expressed confidence that using papers and inks with high specifications and adoption of modern technology in authentication of coins will make possible counterfeiting very slim.

The Economist noted that Iraq needed to issue fake banknotes in large groups, especially for large operations, saying that fears of inflation due to this procedure are unfounded.

Mock said that issuance of banknotes of 50,000 and 100,000 dinars necessary as long as the draft restructuring of the Iraqi currency, delete the zeros on the shelf.

The Central Bank of Iraq Act 2004 as an independent mission, maintain price stability and the implementation of monetary policy official, including exchange rates.

Contributed to this report in free Iraq radio journalist in Baghdad: Ghassan Ali.


[You must be registered and logged in to see this link.]

Love this part


Chancellor Mohammed Saleh to issue banknotes in large groups would not lead to inflation of the money supply, the currency will remain unchanged, but a new structure to facilitate transactions.

But Mohammad Saleh appearance despite the Chancellor welcomed the issuance of banknotes in large groups, this does not solve the problem that brought the Iraqis to account their dinars in the trillions and its complexities, noting that the fundamental solution is to delete the zeros, as it was before.

I'm liking it all!

I agree, smaller notes & a revaluation is what is needed, not larger ones!

It's how we (Us that stick to the plan, lol) been saying for the last few years. Lets just hope Turki allows it to take place SOON!!.. ;)

Radio free Iraq met with former adviser at the Central Bank, Mohammad Saleh appearance which indicated that large cash version facilitates the counting process and reduce the amount of cash transferred by the weshwalat bags sometimes, or a technical economic sense that this procedure abbreviated cost of cash management, noting that the five and twenty thousand in the 1980s was the dinar equal to 25 dinars US $ 75 then. wrote:

Chancellor Mohammed Saleh to issue banknotes in large groups would not lead to inflation of the money supply, the currency will remain unchanged, but a new structure to facilitate transactions. wrote:

Mock said that issuance of banknotes of 50,000 and 100,000 dinars necessary as long as the draft restructuring of the Iraqi currency, delete the zeros on the shelf. wrote:

this article concludes displays the fact they have to do something different than what they're doing now. the opening paragraph of the article points out that they're going to bring in smaller denominations next year, which could mean January 1st. all the rest is just the bantering around of different ideas much like sports fans would do discussing possible trade proposals in the offseason.

Im hoping Jan 1st, Ward!