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Parliamentary Finance: Directed to reintroduce the coin and remove the zeros from the banknote
19/8/2019
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Parliamentary Finance: Directed to reintroduce the coin and remove the zeros from the banknote
19/8/2019
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Rudaw - Erbil
announced the parliamentary Finance Committee in the Iraqi parliament, on the trend to re-work in the currency and delete zeros from banknotes, in order to strengthen the economy.
"During meetings and discussions with Central Bank officials, we stressed the need to re-operate the coins that were used in Iraq during the past decades, rather than paper that is damaged and printed in large quantities again," committee member Hanin al-Qadu told the official Al-Sabah newspaper.
He continued that "the use of metal categories and their descent for circulation gives a notional value of the currency," saying that "a number of neighboring countries - exchange rates are very high against the dollar - and yet we find that it has a coin in order to preserve the currency and not need to ask for more banknotes, especially With small categories. "
He pointed to the surprise of the policy of the Central Bank, which does not favor the introduction of coins for circulation in the Iraqi market.
Ahmed al-Saffar, a member of the committee, said, "The cost of a coin is more than paper money, and it is more difficult to carry it on the citizen."
He pointed out that "inflation in the economy prevents the minting of coins and make them circulate among citizens," suggesting that "there is a step to delete the zeros preceding the coinage process to be a value for small groups to large."
The Committee on Economy and Investment in the Iraqi Council of Representatives, revealed in 2014 that the Central Bank completed its preparations for the issuance of coins of seven small categories gradually in a project that takes between four to five years to complete.
The Iraqi currency was abolished in 1991 when the international economic embargo on the country increased the rate of inflation in Iraq by 1000%, and the situation under the economic siege resulted in a large and continuous rise in prices, which destroyed the value of the Iraqi currency and reaching a very low exchange rate, which made Coin and few currency denominations without value.
It is noteworthy that the Iraqi dinar, which was equal to 3.22 dollars before Iraqs invasion of Kuwait in 1990, its value fell so that the dollar became equivalent to three thousand dinars by 1996, and the value of the exchange rate of the Iraqi currency significantly after 2003, but returned to stability at about 1200 dinars Per dollar.
announced the parliamentary Finance Committee in the Iraqi parliament, on the trend to re-work in the currency and delete zeros from banknotes, in order to strengthen the economy.
"During meetings and discussions with Central Bank officials, we stressed the need to re-operate the coins that were used in Iraq during the past decades, rather than paper that is damaged and printed in large quantities again," committee member Hanin al-Qadu told the official Al-Sabah newspaper.
He continued that "the use of metal categories and their descent for circulation gives a notional value of the currency," saying that "a number of neighboring countries - exchange rates are very high against the dollar - and yet we find that it has a coin in order to preserve the currency and not need to ask for more banknotes, especially With small categories. "
He pointed to the surprise of the policy of the Central Bank, which does not favor the introduction of coins for circulation in the Iraqi market.
Ahmed al-Saffar, a member of the committee, said, "The cost of a coin is more than paper money, and it is more difficult to carry it on the citizen."
He pointed out that "inflation in the economy prevents the minting of coins and make them circulate among citizens," suggesting that "there is a step to delete the zeros preceding the coinage process to be a value for small groups to large."
The Committee on Economy and Investment in the Iraqi Council of Representatives, revealed in 2014 that the Central Bank completed its preparations for the issuance of coins of seven small categories gradually in a project that takes between four to five years to complete.
The Iraqi currency was abolished in 1991 when the international economic embargo on the country increased the rate of inflation in Iraq by 1000%, and the situation under the economic siege resulted in a large and continuous rise in prices, which destroyed the value of the Iraqi currency and reaching a very low exchange rate, which made Coin and few currency denominations without value.
It is noteworthy that the Iraqi dinar, which was equal to 3.22 dollars before Iraqs invasion of Kuwait in 1990, its value fell so that the dollar became equivalent to three thousand dinars by 1996, and the value of the exchange rate of the Iraqi currency significantly after 2003, but returned to stability at about 1200 dinars Per dollar.
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