Economist: delay the restructuring of the political positions currency

Economist: delay the restructuring of the political positions currency

11/18/2013 13:44:00




Print An employee at one of the banks Dispelled employee of the Central Bank of fears of a decline in the use of denominations of the Iraqi currency, while economic expert stressed the need to restructure the Iraqi currency.

The employee said Jalal Solomon in talk for PUKmedia, said on Monday that there is a real shortage of the local currency market with small groups and this Manlaekaya through daily dealings with the owners of the shops and taxi drivers and with the continued refusal by them to take the damaged currency.

And between Suleiman said the Iraqi Central Bank did not issue any instructions and circulating regarding currency trading damaged while we find in all the neighboring countries are traded if the coin is damaged, as well as the cynicism of tourist Iraqi who refuses currency damaged and demanding replace it with another best while those countries deal with being a bearing force unchanged if the new legal condition that carry the numbers in the banknote, stressing that the Iraqi government did not take notice of the existence of financial economic conspiracy in Iraq by trying some internal parties to empty Iraq of its currency in circulation.

He said Suleiman that small groups in the local market latest reprint it is 2006 did not issue new editions of the Iraqi Central Bank in this regard, and this caused the scarcity of the currency in the domestic market, while the conventional trading Banknotes term not exceeding four years, adding that there are combat psychological citizen Iraqi currency if it refuses damaged by him and sometimes are forced to tear it apart.

Solomon challenged any Iraqi official to issue a statement or a circular demanding that all stakeholders dealing damaged currencies despite the presence of dozens of media organizations and television and newspapers.

The owner of a shop owned by Hassan al-Jaafari expressed through PUKmedia, deplored the lack of currency trading with groups as small as (250 dinars, 500 dinars, 1,000 dinars) and this is a big problem and a real we encounter daily when you buy some widgets because of the scarcity in the domestic market as well as the refusal of some people For those currencies with small groups damaged, while we see when we were in Syria and Jordan are traded currency damaged them, demanding stakeholders Basdr the currency printed and pumped into the market with issuing instructions calling for a halt to trading currencies damaged.

For his part, General Manager version and cupboards in the Central Bank Hassan al-Yasiri, for PUKmedia, he had more than fifteen statement with the directives, circulars and penalties for banks that refuse to deal currencies damaged, we published also in local newspapers, including Al-Sabah newspaper فالمصارف impose Banknotes cash worn and damaged Salaries and refrain receive these Securities Vsdrna specific guidance and strict and deterrent measures on banks.

Among Yasiri that the issue of the scarcity of paper currency monetary small van with the Central Bank leaves sufficient cash from all categories, including small groups and are available and the quantities required by the banks and meet the needs of the public in the local market, inventory cash paper enough for four to five years, we have a new edition of the Currency paper for cash (1000) dinars issued in 2010 and 2013.

He Yasiri that the issue of the scarcity of currency Small and refuse receiving Currency damaged we we directives and instructions and penalties on banks فالمصارف has scalability is limited and they do not have the enthusiasm to meet all the needs of the public and within توجيهاتنا banks receive all banknotes including damaged in any way they are traceable to the Central Bank for destroyed as well as our demand that the banks come to in order to receive banknotes with new small groups and non-current to be distributed within the Subscription for pumped into the local market and to solve a health problem if any.

He Yasiri that any bank refuses to receive banknotes damaged and torn and small are exposed to financial penalties and punitive determined by the Department of Banking at the bank through its committees inspections that monitor and follow up the work of banks, because the function of the central bank and banks have the concept * Clean trading * of the Securities worn Every bank is obliged to receive all securities in any case.

In response to the question why are not taken to deal currency cash to overcome the damage suffered by the banknotes Yasiri said: We have a project to restructure coins metal but this project Matrouh but became lingered in it, because the objective conditions is ripe for it in 2003 after the fall of the regime طبعنا categories of small cash Metal with (25, 50, 100) and distributed in salaries but the audience did not accepted by being small-sized Vodtrina to withdrawn from the market, stressing that the project raise three zeroes deferred offline at the same time in the event of implementation of the project will be SEC currency denominations mineral in the project itself.

The economic expert Majid picture told PUKmedia, that the loss of currency Small and refused currency trading damaged phenomenon exists in the local market but there is hearsay will be the restructuring of the currency through the legalization of currency in circulation at the same time issuing currency monetary metal with paper, stressing that the metal longer use than Paper and refused to be used at the present time being exploited by a lot in order to raise prices.

The damaged Banknotes monetary confirmed figurehead that the banks under the guidance of the Central Bank replaced with the bank, but all banks refuse to receive Banknotes cash, especially small most damage leads this to abuse of the process of the currency exchange due to the lack of clear instructions in this regard is not in the interest of banks to receive such Currency damaged with small groups in order to replace them with the bank.

He figurehead that instructions and directions insufficient by the government and the World Bank in this regard, although its existence, but is not implemented, the reality is the actual and practical must be currency trading small, we find paper currency of class fifty dinars withdrawn from circulation, and was supposed to restructure the currency since the time but delay in this matter due to political attitudes.

And the figurehead that structuring currency restore confidence currency related category of small and large, stressing that refused to currency trading, including the damaged caused by the incompleteness of Culture cash in Iraqi because it needs the teachings and directives and laws to impose use and comply with the instructions on the currency by traders singular and wholesale with the terms of currency exchange damaged by new between citizens and banks for their destroyed by the Bank, describing a process of tearing currency damaged by the citizens that the sinner must summon all currencies damaged and find appropriate mechanisms for their replacement.

It is noteworthy that the Iraqi dinar is the official currency of Iraq and issued by the Central Bank of Iraq and is divided into 1,000 fils to the dinar, but that high rates of inflation in the late twentieth century caused the abandonment of metal coins that were minted Fils where outside التدوال become.

After the liberation of Iraq in 2003, the Coalition Provisional Authority to issue Iraqi dinars New October 15 2003 to January 15, 2004 where the new currency printed in the Press Dallarro in Britain and was printed with good specifications difficult to forge was used in all parts of Iraq, including the Kurdistan Region and has a currency exchange, replace each dinars printed in Iraq or China new Iraqi dinar The Iraqi dinar printed in Switzerland Vtm replaced 150 dinars newly.

And the categories of the new currency is 250, 1000, 5000, 10000 to 25000 dinars and designs similar to the designs issued by the Central Bank of Iraq in the seventies and early eighties of the last century as they were not currency Iraqi bearing the image of the dictator Saddam Hussein, has been issuing paper of class 500 dinars in 2004.

PUKmedia Laila Al Shammari / Baghdad

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