Experts: the new currency category 50 000 is a precautionary measure to raise the value of the dinar
BAGHDAD / JD / .. A number of experts and specialists in the financial and economic affairs, asylum central bank to issue a new currency category 50 000 dinars as a precautionary measure to raise the value of the dinar in transactions and re-Hikh national currency, stressing that it will facilitate the calculation operations in banks, while ruled that have a direct impact on the trading of the Iraqi economy in general operations.
He says economist Maitham coffee, "I do not expect any negative effects when it is the category of 50 000 dinars in circulation, and it falls within the alignment between the existing categories and volume of transactions, as the largest current category 25 000 dinars, which is equivalent to up to $ 20, a category that is small compared to the size of large transactions in the Iraqi economy.
"He added Laibi Agency / JD /:" The country needs a large class, such as the 50 000 dinars to fit with the volume of bank trading and large commercial transactions , meaning that the main objective of which is not intended for trading daily generally few.
"He explained that the revelation of this category compared to the disappearance of the 50 dinars category, gives us an indication that there is a tendency towards high volume of transactions, although there inflation in transactions and prices .. but this is the result of a long stage precedent, and do not necessarily it will be a reason to rise later prices mean.
"He noted that the" decision-old was taken over a year ago, accompanied with decision 10 thousand category, which carried out before him, "stressing that the category of 50 000 dinars, will facilitate the calculation operations in banks and adult dealers and money changers.
"For his part, ruled out the economic expert on behalf of Jamil Anton, affected by the decision of currency issuing the category of 50 000 dinars on the Iraqi economy and the national currency, in what was seen then as a procedure to restructure the national currency.
said Anton told / JD /, that" the decision Central Bank of the judge to issue currency category 50 000 dinars is a restructuring of the national currency, because the highest Iraqi faction now 25 000 dinars, equivalent to $ 20, while he was in the previous highest category of 25 dinars.
"He added that" This measure will facilitate the process of accounts and trading currencies in the local market, as well as to its trustees in banks both in terms of repayments and payments, in addition to that it is a precautionary measure to raise the value of the dinar in the event of exposure to any shocks. "
As an expert on financial affairs Raed al-Hindawi, has warned of the issuance of class 50 000 dinars, confirming that this measure will reduce the value of the dinar and cause him damage in the future.
He said al-Hindawi told / JD /
"This measure will lead to the withdrawal of a small currency market currency and become the category of 1,000 dinars are the lowest in the market instead of 250 dinars, and this will reduce the value of the Iraqi dinar
"but he also said perhaps the move came as a prelude to the implementation of the project to delete the zeros of the three of currency on account of the project will make the category of 1,000 dinars is one dinar and therefore will be the currency at least in the trading [my note: looking like the plan right?]
and added that this decision will also lead to higher prices inflation also in the market, well that cause problems with the owners of the shops that sell materials retail as well as for the owners of taxis and buses, because the citizen when paying 50 000 dinars will make the driver or the owner shops at a loss on how to recover the remaining funds.
"The central bank, announced earlier, for issuing a new banknote category fifty thousand Dinars, attributing it to complete the Iraqi Securities monetary structure and the development of high-value category in circulation, as he emphasized that it contains "structures against counterfeiting attempts Balastantsak" ./ ended / 8 /