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Restructuring the Iraqi currency
Project delete three zeros and thousands of cash transactions
January 2012
Dr. Appearance of Mohammed Saleh Qasim
Deputy Governor of the Central Bank of Iraq
January 2012
_
Under volatile economic and financial conditions and monetary inflation pressures that have been resolved
Our country has previously had negative effects on the regularity of the commercial market, labor markets and production and the standard of living of the citizen, has caused many distortions in economic structures and relations among them was the presence of a large mass of zeros that were of little value and disproportionate to developments coming in the present and future of the Iraqi economy, which requires a solution to these circumstances and its offsets. One of these solutions is the reform of the monetary management system through its structure and deletion the zeros of them to control flow and manage the cost of the cash mass optimally.
The circulation of monetary mass exported more than 30 trillion Iraqi dinars in various categories
Which is reflected by the number of traded securities amounting to 4 billion banknotes is the product of a long period of inflation and economic decline, for example, the consumer price index
Basas 1993 from 100 to 200,000 in the middle of 2003 which means that the commodity that
They were sold for 100 dinars and were sold for 200,000 dinars ... and so on. And under such circumstance
And the deterioration of the value of the currency increased the category of currency greater than 25 dinars to 25 thousand dinars, which means that
Inflation is added by these zeros.
* The current currency categories do not match the current and future economic situation. For example, just before the outbreak of the Iran-Iraq War, Dinars equivalent to 75 dollars purchasing power for that time or the equivalent at the present time 300 thousand dinars. He added inflation in the country over
Three decades of zeros to the currency and in spite of that did not lift those zeros from the purchasing power of the largest category of the currency is the 25 thousand dinars
Which is now worth $ 21. Today we need to restructure the currency. Large porpoises mean a large mass of cash in trading today 30 trillion dinars, which requires direct cash circulation and a large cost in counting and sorting and the time spent and spatial and security characteristics. In the system
Prices, the price is the value expressed in cash and therefore the structure of costs and payments of wages and salaries and the processing of all transactions did not
Commensurate with the need of the country to a monetary management system consistent with the structure of the real sector and price levels reached. The country needs an easy cash system
Dealing is one of the small and large categories that reflect the cost of that real structure (see details in the next page margin).
It should be noted that during the period 1990-2007 the consumer price index increased
To 400,000% In order to simplify, the commodity was sold for one hundred dinars before the start of the war in Kuwait in 1990, it was sold at 400,000 dinars in 2007. Note that the value of the dinar
The Iraqi economy declined twice during the period 1990-1998 by more than 99% against the dollar
American. The first decline was in 1990 and the other was in 1997
And by 2.93%, which made the total decline in the exchange rate of the Iraqi dinar against the dollar
(99.99%) at the end of 1998 and during this period alone reached
Inflation in consumer price index. %
As we know, inflation means for itself the rise in the price of money
And services (ie how much money we need to exchange for a certain package of goods and services
The amount of money allocated for exchange on the package itself increases, meaning there is inflation or
Rise in money prices). Noting that the value of money is inversely proportional to the price of money, and that
Price is the value of goods and services expressed in cash *
(*) Social studies indicate that the Iraqi doctor's monthly income was not equal to purchasing power in the nineties of the last century only to buy 30
A chicken egg and 20 pieces of bread that month and over the years of economic siege. Many workers in the various institutions have also left
Because the monthly return does not cover transportation costs to the workplace. Let us not forget how distorted markets were created in the country to trade used materials
Of furniture, durable goods and clothes to buy flour or sugar and fill the minimum household needs for food. The agricultural sector itself is a sector
A food producer whose conditions have deteriorated since the 1970s because of the deterioration of the countryside and the absorption of oil revenues in public jobs
And the militarization of the country during the period 1972-1982, for example, the annual growth rate in the agricultural sector (minus 1.1%) while the growth rate
In the sector between 1962-1972 was 1.7% annually. With the view that all commodity sectors have experienced a deterioration in growth in years 1990s, especially the agriculture and industry sectors.
Today, the average annual per capita income of Iraq has risen to more than $ 5,300, up from $ 750
Before 2003. The average income of the government employee is almost twice the average per capita income of the gross domestic product estimated at about 10,000
Per annum.
Money is anything that society agrees to become an exchange broker and a storehouse of value
And the unit of account, the money (legal) issued by the monetary authority under the law and the same
The power of discharge is defined as a social institution, where it becomes more efficient
Economy and its processes in moving the exchange efficiently of that social institution ie money and vice versa
On the contrary. Continuous inflation has led to a rise in the currency number from 23 billion dinars
In 1991 to about (30) trillion dinars at present, and the rise of the largest currency category of
25 dinars to 25 thousand dinars over time. Inflation has thus set new currency figures
Traded by adding three zeros, which increased the amount of nominal cash transactions and cost levels
Producing large quantities, accompanied by storage, distribution, counting, and accompanying checks
At double levels, the operational risks associated with Risk Operational increased
Given the price stability and optimism in Iraq's development future, it is necessary
To make a radical reform of the currency management system by restructuring its structure and structure
New and stable prices and wage and salary levels, which differed significantly from
In the past 30 years, as well as dealing with a large, weak monetary mass in its components
The largest currency category is now only 21 US dollars. They denote that height
Iraq's gross domestic product (GDP) reached $ 140 billion at the end of 2010
300 billion dollars at the end of 2015 will raise the cash issued from 30 trillion dinars
To about 70 trillion dinars. The weak structure of the currency structure as mentioned above has been taken
Adds a cost called the cost of cash transactions in terms of trading them both among the individuals themselves
Individuals and banks and within the banking system itself. **
** The demand for the US dollar (especially the $ 100 class) has ended an urgent need to settle cash transactions in the market ___________________________
Domestic markets beyond the will of monetary policy as the market looks to larger categories that are not currently available but are embodied in the large US currency category for ease of carrying and trading to reduce the cost of cash trading or cash transactions. So the system Iraqi cash has become in urgent need of an administrative reform of the system of cash payments to have high cash purchasing power categories
In trading easy to carry and possession, which facilitates the exchange of cash for the purposes of transactions or trading in the structure or structure of the current monetary units has deepened the problems (dollarization) that arranged undesirable effects on the effectiveness and performance Monetary policy.
In Sweden, for example, one of the best systems is currently available
Cash payments in the world However, the cash circulation cost of counting
Sorting, transporting and storing the currency will cost the national economy its share of 4% of GDP
Of Sweden. How can we compare this in a country like Iraq that manages such huge amounts of cash?
Which adds to the cost of cash transactions that may be as high as 8% or more of GDP
The total, a burden borne by the individual in his dealings, which reduces the efficiency of cash as an institution
Social support for various institutions of the economy including the market and the evidence is limited
Large cash transactions to pay in US dollars, which means replacing the currency of another country in
Trading to support cash transactions due to the decline in efficiency and composition of the current cash mass.
The multiplicity of zeros on currency categories and the low purchasing power have many difficulties
Including the difficulty of expressing monetary value as well as the difficulties of cash operations themselves and problems technical in recording statistical data and recording in accounting books and changing computer systems
Settlement systems as well as showing prices with long numbers sometimes difficult even to meters or
Digital devices to read their zeros at gas stations or other digital devices.
On this basis, it became necessary to reform the system of monetary payments through
The following advantages:
First: At the horizontal level: delete the three zeros
- Conversion of 30 trillion dinars to 30 billion dollars by deleting three zeros of the currency
And replace it with a new currency, which facilitates the calculation of transactions with numbers that are less numerous in terms of federal budget accounts, budgets of banks and companies as well as
Budgeting the monetary family (individuals) without making any change or change in income or wealth
Cash for natural and moral persons as well as its impact on contracting
And obligations between natural and legal persons. It is generated by generating a function
Zero Degree of Function Homogenous,
As long as the amount of new money is the smallest number covered in the exchange commodity package itself
In the old money with the largest number. On this occasion he resembles (76 - 1711) Hume David
(A pioneer of classical pre-school economics in his famous book Political Debate
Or the political controversy of 1752 (the effect of price levels
Nominal with the use of the amount of money such as the transition from Roman numerals to Arabic numerals
(Which is currently English), this transition does not alter the basic principles of science
Math or math. The increase in the amount of money leads to higher prices for
Itself without impact on the results of the real economy.
Second: On the vertical level: the restructuring of the currency and its composition
- Since the large category of JD 25,000 alone constitute (two-thirds of the amount of paper
The issue of larger categories means reducing the four billion traded notes
Currently, it will be converted into a number equal to (180.1) billion banknotes
Of the currency is about 80-90% of the total new categories exported to
Trading (eg categories 50, 100,200 new dinars).
Based on the above, the cost of cash transactions between individuals and banks and between
Individuals themselves natural or moral will inevitably decrease in terms of counting costs
As we know, the notes are circulating on average over a period of time
Five years, which means replacing a huge mass of poorly installed and costing printing costs
With a high security specification, which is another burden of the authority of the cash issue
The remnants of a monetary management system generated by the previous economic deterioration and became irrelevant stability and economic progress.
In conclusion, the reasons for the change in the current currency reflect the fruit of economic stability
And the success of the policies of the Central Bank of Iraq in maintaining stability
The stability of the exchange rate of the Iraqi dinar and the fall of inflation to the rank of one-tenth and building
Foreign reserves supporting the Iraqi dinar at levels not previously achieved during the thirtieth
Last year, which is the cover of the Iraqi currency. In addition to improving the payment system
Cash and make it leave its adhesion and its current composition to the past and its economic imbalances
And rebuild it on the future of economic development and its real and nominal data.
Therefore, the Central Bank of Iraq has prepared a viable long-term strategy
In the future when the appropriate opportunity and gradually in accordance with clear instructions and regulations
Guidance that provides protection for various rights and interests in accordance with the stage of prosperity
And expected economic growth as average per capita income increases over the years
Coming more than once and the economy will take steps towards progress, which will require reform
For the remnants of the stages of inflation and may require some legislation in this regard.
[You must be registered and logged in to see this link.]
Project delete three zeros and thousands of cash transactions
January 2012
Dr. Appearance of Mohammed Saleh Qasim
Deputy Governor of the Central Bank of Iraq
January 2012
_
Under volatile economic and financial conditions and monetary inflation pressures that have been resolved
Our country has previously had negative effects on the regularity of the commercial market, labor markets and production and the standard of living of the citizen, has caused many distortions in economic structures and relations among them was the presence of a large mass of zeros that were of little value and disproportionate to developments coming in the present and future of the Iraqi economy, which requires a solution to these circumstances and its offsets. One of these solutions is the reform of the monetary management system through its structure and deletion the zeros of them to control flow and manage the cost of the cash mass optimally.
The circulation of monetary mass exported more than 30 trillion Iraqi dinars in various categories
Which is reflected by the number of traded securities amounting to 4 billion banknotes is the product of a long period of inflation and economic decline, for example, the consumer price index
Basas 1993 from 100 to 200,000 in the middle of 2003 which means that the commodity that
They were sold for 100 dinars and were sold for 200,000 dinars ... and so on. And under such circumstance
And the deterioration of the value of the currency increased the category of currency greater than 25 dinars to 25 thousand dinars, which means that
Inflation is added by these zeros.
* The current currency categories do not match the current and future economic situation. For example, just before the outbreak of the Iran-Iraq War, Dinars equivalent to 75 dollars purchasing power for that time or the equivalent at the present time 300 thousand dinars. He added inflation in the country over
Three decades of zeros to the currency and in spite of that did not lift those zeros from the purchasing power of the largest category of the currency is the 25 thousand dinars
Which is now worth $ 21. Today we need to restructure the currency. Large porpoises mean a large mass of cash in trading today 30 trillion dinars, which requires direct cash circulation and a large cost in counting and sorting and the time spent and spatial and security characteristics. In the system
Prices, the price is the value expressed in cash and therefore the structure of costs and payments of wages and salaries and the processing of all transactions did not
Commensurate with the need of the country to a monetary management system consistent with the structure of the real sector and price levels reached. The country needs an easy cash system
Dealing is one of the small and large categories that reflect the cost of that real structure (see details in the next page margin).
It should be noted that during the period 1990-2007 the consumer price index increased
To 400,000% In order to simplify, the commodity was sold for one hundred dinars before the start of the war in Kuwait in 1990, it was sold at 400,000 dinars in 2007. Note that the value of the dinar
The Iraqi economy declined twice during the period 1990-1998 by more than 99% against the dollar
American. The first decline was in 1990 and the other was in 1997
And by 2.93%, which made the total decline in the exchange rate of the Iraqi dinar against the dollar
(99.99%) at the end of 1998 and during this period alone reached
Inflation in consumer price index. %
As we know, inflation means for itself the rise in the price of money
And services (ie how much money we need to exchange for a certain package of goods and services
The amount of money allocated for exchange on the package itself increases, meaning there is inflation or
Rise in money prices). Noting that the value of money is inversely proportional to the price of money, and that
Price is the value of goods and services expressed in cash *
(*) Social studies indicate that the Iraqi doctor's monthly income was not equal to purchasing power in the nineties of the last century only to buy 30
A chicken egg and 20 pieces of bread that month and over the years of economic siege. Many workers in the various institutions have also left
Because the monthly return does not cover transportation costs to the workplace. Let us not forget how distorted markets were created in the country to trade used materials
Of furniture, durable goods and clothes to buy flour or sugar and fill the minimum household needs for food. The agricultural sector itself is a sector
A food producer whose conditions have deteriorated since the 1970s because of the deterioration of the countryside and the absorption of oil revenues in public jobs
And the militarization of the country during the period 1972-1982, for example, the annual growth rate in the agricultural sector (minus 1.1%) while the growth rate
In the sector between 1962-1972 was 1.7% annually. With the view that all commodity sectors have experienced a deterioration in growth in years 1990s, especially the agriculture and industry sectors.
Today, the average annual per capita income of Iraq has risen to more than $ 5,300, up from $ 750
Before 2003. The average income of the government employee is almost twice the average per capita income of the gross domestic product estimated at about 10,000
Per annum.
Money is anything that society agrees to become an exchange broker and a storehouse of value
And the unit of account, the money (legal) issued by the monetary authority under the law and the same
The power of discharge is defined as a social institution, where it becomes more efficient
Economy and its processes in moving the exchange efficiently of that social institution ie money and vice versa
On the contrary. Continuous inflation has led to a rise in the currency number from 23 billion dinars
In 1991 to about (30) trillion dinars at present, and the rise of the largest currency category of
25 dinars to 25 thousand dinars over time. Inflation has thus set new currency figures
Traded by adding three zeros, which increased the amount of nominal cash transactions and cost levels
Producing large quantities, accompanied by storage, distribution, counting, and accompanying checks
At double levels, the operational risks associated with Risk Operational increased
Given the price stability and optimism in Iraq's development future, it is necessary
To make a radical reform of the currency management system by restructuring its structure and structure
New and stable prices and wage and salary levels, which differed significantly from
In the past 30 years, as well as dealing with a large, weak monetary mass in its components
The largest currency category is now only 21 US dollars. They denote that height
Iraq's gross domestic product (GDP) reached $ 140 billion at the end of 2010
300 billion dollars at the end of 2015 will raise the cash issued from 30 trillion dinars
To about 70 trillion dinars. The weak structure of the currency structure as mentioned above has been taken
Adds a cost called the cost of cash transactions in terms of trading them both among the individuals themselves
Individuals and banks and within the banking system itself. **
** The demand for the US dollar (especially the $ 100 class) has ended an urgent need to settle cash transactions in the market ___________________________
Domestic markets beyond the will of monetary policy as the market looks to larger categories that are not currently available but are embodied in the large US currency category for ease of carrying and trading to reduce the cost of cash trading or cash transactions. So the system Iraqi cash has become in urgent need of an administrative reform of the system of cash payments to have high cash purchasing power categories
In trading easy to carry and possession, which facilitates the exchange of cash for the purposes of transactions or trading in the structure or structure of the current monetary units has deepened the problems (dollarization) that arranged undesirable effects on the effectiveness and performance Monetary policy.
In Sweden, for example, one of the best systems is currently available
Cash payments in the world However, the cash circulation cost of counting
Sorting, transporting and storing the currency will cost the national economy its share of 4% of GDP
Of Sweden. How can we compare this in a country like Iraq that manages such huge amounts of cash?
Which adds to the cost of cash transactions that may be as high as 8% or more of GDP
The total, a burden borne by the individual in his dealings, which reduces the efficiency of cash as an institution
Social support for various institutions of the economy including the market and the evidence is limited
Large cash transactions to pay in US dollars, which means replacing the currency of another country in
Trading to support cash transactions due to the decline in efficiency and composition of the current cash mass.
The multiplicity of zeros on currency categories and the low purchasing power have many difficulties
Including the difficulty of expressing monetary value as well as the difficulties of cash operations themselves and problems technical in recording statistical data and recording in accounting books and changing computer systems
Settlement systems as well as showing prices with long numbers sometimes difficult even to meters or
Digital devices to read their zeros at gas stations or other digital devices.
On this basis, it became necessary to reform the system of monetary payments through
The following advantages:
First: At the horizontal level: delete the three zeros
- Conversion of 30 trillion dinars to 30 billion dollars by deleting three zeros of the currency
And replace it with a new currency, which facilitates the calculation of transactions with numbers that are less numerous in terms of federal budget accounts, budgets of banks and companies as well as
Budgeting the monetary family (individuals) without making any change or change in income or wealth
Cash for natural and moral persons as well as its impact on contracting
And obligations between natural and legal persons. It is generated by generating a function
Zero Degree of Function Homogenous,
As long as the amount of new money is the smallest number covered in the exchange commodity package itself
In the old money with the largest number. On this occasion he resembles (76 - 1711) Hume David
(A pioneer of classical pre-school economics in his famous book Political Debate
Or the political controversy of 1752 (the effect of price levels
Nominal with the use of the amount of money such as the transition from Roman numerals to Arabic numerals
(Which is currently English), this transition does not alter the basic principles of science
Math or math. The increase in the amount of money leads to higher prices for
Itself without impact on the results of the real economy.
Second: On the vertical level: the restructuring of the currency and its composition
- Since the large category of JD 25,000 alone constitute (two-thirds of the amount of paper
The issue of larger categories means reducing the four billion traded notes
Currently, it will be converted into a number equal to (180.1) billion banknotes
Of the currency is about 80-90% of the total new categories exported to
Trading (eg categories 50, 100,200 new dinars).
Based on the above, the cost of cash transactions between individuals and banks and between
Individuals themselves natural or moral will inevitably decrease in terms of counting costs
As we know, the notes are circulating on average over a period of time
Five years, which means replacing a huge mass of poorly installed and costing printing costs
With a high security specification, which is another burden of the authority of the cash issue
The remnants of a monetary management system generated by the previous economic deterioration and became irrelevant stability and economic progress.
In conclusion, the reasons for the change in the current currency reflect the fruit of economic stability
And the success of the policies of the Central Bank of Iraq in maintaining stability
The stability of the exchange rate of the Iraqi dinar and the fall of inflation to the rank of one-tenth and building
Foreign reserves supporting the Iraqi dinar at levels not previously achieved during the thirtieth
Last year, which is the cover of the Iraqi currency. In addition to improving the payment system
Cash and make it leave its adhesion and its current composition to the past and its economic imbalances
And rebuild it on the future of economic development and its real and nominal data.
Therefore, the Central Bank of Iraq has prepared a viable long-term strategy
In the future when the appropriate opportunity and gradually in accordance with clear instructions and regulations
Guidance that provides protection for various rights and interests in accordance with the stage of prosperity
And expected economic growth as average per capita income increases over the years
Coming more than once and the economy will take steps towards progress, which will require reform
For the remnants of the stages of inflation and may require some legislation in this regard.
[You must be registered and logged in to see this link.]
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