Finance parliamentary likely to issue a new edition class (50) thousand dinars

Finance parliamentary likely to issue a new edition class (50) thousand dinars
 
 
BAGHDAD / JD / .. attributed the parliamentary finance committee, the reason for issuing a new edition to the category of the (10) thousand dinars to the emergence of a large counterfeiting of currency, noting that the process of printing new currencies will include the categories of the (5) thousand dinars and (25) thousand dinars , while likely to issue a new currency class (50) thousand dinars during the coming period.
The committee member said MP Hassan al-Bayati told / JD /: "There are cases of forgery of currency appeared in the recent special category of (10) thousand dinars, prompting the central bank to issue a new edition safer, and a mechanism for withdrawing the old currency without feeling citizen. "
He added: "The central bank will be a restructuring of the Iraqi currency through the issuance of new editions carrying blades major security difficult to forge, and this process will include the categories (5) thousand dinars and (25) thousand dinars."
And likely a member of the Finance Committee, that "the central bank issued a new currency class (50) thousand dinars during the coming period, in support of monetary policy in the country."
The central bank had earlier announced the launch of banknotes category (10000) ten thousand dinars new in the local market, as pointed to the continued circulation of the two categories in the market. / Finished / 8 /

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explanation for those who forgot!>>>>  [You must be registered and logged in to see this link.]
[You must be registered and logged in to see this image.] by [You must be registered and logged in to see this link.] on Thu Apr 24, 2014 6:27 am
Divergent views about the central bank's intention to issue a new currency alongside the existing



23/04/2014 17:56

Ali Abdul-Hussein
The effects of central bank announced recently about the issuance of a new currency, along with the existing current remarkable variation among everyone, as some felt that this step Stmtn the local currency against attempts to falsify, especially since the new currency will contain features larger than its predecessor.
Newspaper (public opinion) and found that some people discuss about this matter, to get to know some of the differences in opinions about it, and were as follows:
Economic expert Murad Ali said the subject of the issuance of a new currency, is the subject of an administrative regard to improving the system of cash payments and has nothing to do by inflation permanently.
He added, "This project is an old introduction to the project to delete the zeros to take advantage of improving the cash payments and the issuance of new editions of cash."
He continued, "The issuance of the new currency will be in line with the old currency, this does not mean that the old currency is good but it must evolve, since this matter will improve the system of cash payments will not affect the currency, but will be part of the natural growth of currency cash."
No different opinion, an economist Morteza Abdul Hussein Murad Ali opinion, which confirms that the issuance of a new currency unrelated to the process of inflation.
Abdul-Hussein said that "the action taken by the central bank to issue a new currency is a kind of simple structure, to issue new banknotes sophisticated technically and technologically in order not to visit and the distinctive marks."
He pointed out that there are proportions of the consumption of the old currency must be changed after a period of 10 years on the print.
He said, "This will make it the biggest issue coins devoted to the process of trading in large quantities, as the dinar will remain in circulation because the monetary value of machining large reduce the use of multiple sheets and purchasing power will not be affected and will not be eligible for inflation."
On the other hand criticized the parliamentary Finance Committee member Abdul Hussein al-Yasiri, measures the central bank to issue a new currency, noting that the bank's economists believe the currency like a simple thing they can manipulate it at any time.
He said that the currency is subject to the law of supply and demand, the greater the money supply in the market, the less demand for them, and this leads to inflated currency in the local market, adding that the presentation of the new currency, along with the old currency will affect the state of the market, according to economic theory concerning the dynamics of prices.
He called Yasiri, the central bank to take measures and steps are better than the issuance of a new currency.
Otherwise describe a member of the parliamentary finance committee for the Kurdistan Alliance, Ahmed Hassan Faizullah, printing new banknotes as "a waste of time."
He said: "The currency currently in circulation do not require replacing appropriate" and called on the central bank to "put a positive plans for the stability of the Iraqi dinar against the U.S. dollar, instead of issuing a new currency to overwhelm the Iraqi market."
And saw an economist Mohammad Hadi said the decision to replace the Iraqi Central Bank Iraqi currency is a good step, but it "is an inflationary pressure in the period of political tension that is currently taking place in Iraq and with the season approaching parliamentary elections."
Hadi said that the circulation of the new currency with no withdrawal of the old currency, would be a significant monetary inflation in the domestic market. "
He noted that "the central bank issued previously currency monetary metal after the change, but it disappeared from circulation and the effect that some actors smuggled abroad to take advantage of mineral makeup where" pointing to release monetary metal is a qualitative improvement whatsoever in circulation, but the important thing is to space who will be the trading currency. So wholesome saw Elias Abbou adviser North Bank for Finance and Investment, said that the subject of the issuance of the new currency will be certain specifications include specifications and lack of safety in cases of fraud will be issued along with the current monetary currency that is pulling the old currency later.
He said, "This case is not open and an absolute inject new cash currency without withdrawing the old currency because this would lead to an increase in prices and create some kind of inflation."
The Central Bank of Iraq, announced the re-printing the banknotes of Iraq, noting that the new images will be printed and include more protection.
He said in a statement, "The currency will continue to be traded now, and the new currency will help the blind to see the value of these categories," explaining that he would be included in the currency of the new dates Hijri and Gregorian and the signing of the Governor of the Central Bank and the Agency Abdul Basit Turki Saeed, with the addition of some signs of security.
He pointed out that "the current banknotes will continue to be traded with the new will not be pulling rolling them currently or in the future."

Economists: the need to issue coins for small groups to keep them from damage
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Economists: the need to issue coins for small groups to keep them from damage


02-12-2013 10:36 AM





Baghdad (news) .. Report / Bushra Khalil / .. Suffering of the Iraqi street of the scarcity of the currency of a small category (250, 500 and 1000) dinars, and found it undamaged and Mthtrh, and became citizens upset of used and especially the owners of taxis and commercial markets, but they accepted the deal out to preserve the continuation of their work in a streamlined way. attributed the number of economists in their talk with the Agency (news): the reason for the scarcity of the currency of a small category and ease of damage to the poor quality of paper used and the lack of printing works, stressing that the central bank discussed the possibility of issuing coins of small denominations to be a substitute for paper. said a member of the committee of economy and investment MP / coalition Iraq / Nora Albjara, the scarcity and damage to the currency of a small category due to the weakening value of the deliberative and the poor quality of paper used for printing. added Albjara (of the Agency news): that the central bank will Basaddaramlh metal categories of small alternative paper, noting that the new currency will be the quality of good and easy to handle and meet the needs of citizens. showed: that the bank will start next year by issuing new currency, and will dispense paper currency damaged gradually, adding that the currency small is of great significance in the market by re-remaining amount (scrap). denied Albjara: that the scarcity of the currency of the small category associated with higher rates, asserting that Artaf prices due to the greed of the merchants and the lack of goods in the market and exploited by others. For his part, member of the Economic Commission MP / National Alliance / Ibrahim stirrup, that the currency of a small category have no value Large trading and buying and selling, so it has been dispensed with and became its presence virtually non-existent in the market. added stirrup (of the Agency news): The central bank will issue coins, metal, alternative damaged after a process of deletion of zeros in the next parliamentary session, which Tattabramlah reform management of the coin cash. said: that the central bank is printing the currency of a small class, but the lack of value have vanished in the market, being a Ataatlaúm with the size requirements of the citizens. his part, the banking expert Majid picture, that the restructuring of the currency and delete the zeros calls to increase the groups the nominal value of the few, and issued coin to ease in trading and non-damaging, indicating that small groups can also lead to facilitate the process of policy-making price and reduce the cost of trading operations. between: he does not have a specific time for the issuance of the coin and the application of the law to delete the zeros because of this law and faced major conflicts in political terms, and through government intervention the central bank. attributed the Central Bank of Iraq, the presence of scarcity in Banknotes drinking with a small category in the markets to the weakness in the mechanism of receiving damaged. pointed out that Hariassaly not treat citizens or markets currencies damaged, because it works to replace constantly, while stressing his possession confounded much of those currencies potable ready to put up for trading. / Finished / 5. b. PVC /

that the restructuring of the currency and delete the zeros calls to increase the groups the nominal value of the few,

Highly unlikely that they introduce this note. This is Turki's idea alone. If they do this then it is a clear sign of a delay in the revalue. We will see what happens with the new CBI gov, I'll bet this idea vanishes soon after...


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 proposalto 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 tothe 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 broughtthe 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 theissuance 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 ofcoins 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.


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Jul 21, 2012 08:17 AM Category: [You must be registered and logged in to see this link.]
According to [You must be registered and logged in to see this link.], the finance committee received specimens of the new Iraq banknotes from the Central Bank of Iraq. The specimens were of the 25, 50, 100, and 200 dinars. The committee urged the central bank to delay the introduction of the new currency from January 2013 to July 2013 to study all the aspects of the process.

[You must be registered and logged in to see this link.] state that the new currency will be issued in denominations of 5, 10, 25, 50, 100, and 200 dinars for banknotes and 25, 50, 100, 250, and 500 fils, plus 1 and 2 dinars for coins. The designs have been already chosen for banknotes and coins:

5 dinars: Beck waterfall and palm tree
10 dinars: dinar coin minted in the reign of the Umayyad dynasty and lighthouse Hadba in Mosul
25 dinars: King Hammurabi receiving the law and farming of Iraqi Kurdistan
50 dinars: King Codaa and Fort Ukhaydir
100 dinars: Central Bank building in Azwaip area in Baghdad and ziggurat
200 dinars: bridge and school

Courtesy of Mosab K. Ibrahim.

at least it is something new. looks and sounds like they are finally going to do it, it's going to be interesting to see how this plays out.