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Central» is heading to the big printed currency to reform the payments system


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Central» is heading to the big printed currency to reform the payments system

Post by dizzydee on Sun 10 May 2015, 9:26 pm

May 10, 2015

40 trillion dinars, the currency bloc in Iraq size

Central» is heading to the big printed currency to reform the payments system

Baghdad - Counting adviser to Prime Minister for Economic Affairs, the appearance of Mohammed Saleh, that the draft Print Central Bank of Iraq large cash categories, an important step on the road to monetary reform, which supports the country's economy, among that Iraq is suffering a contraction in liquidity both in dinars or in dollars as a cash cluster size in Iraq about 40 trillion dinars.

Saleh said, in a press statement, that «the market need for large denominations, and to handle a very large monetary blocs in Iraq, especially that cash payments exceed dealing instruments, cards and electronic payments.

He added that «project printing large cash categories not about monetary policy but the payments system management.

Saleh pointed out that «this plan will be condensed amounts of money especially since the big categories constitute 90 per cent of the money supply, as a monetary bloc in Iraq size of about 40 trillion dinars» ($ 31 billion) .

He explained that «put these large groups is to put the monthly same amount of money supply in the market but different categories, and not increase the original amount». 

He ruled out the Adviser to the Prime Minister for Economic Affairs, the potential for inflation by the implementation of the project, pointing out that the «Central» No lends the government.

He said that «in case of lending to the government and the issuance of large cash categories can get price inflation».

He traders in the currency market fears of new cash currency high amounts version, pointing out that such a measure would lead to the loss of monetary value as not must be aimed at any action to activate the economic sectors.

He quoted economist described the policy now in Iraq with «Deflationary», and this issue needs to process a balance in the exchange rate can not be spending on the investment side because of a lack of imports and mismanagement of funds in the last period and the absence of productive sectors, also warned of the continued misguided policies on monetary policy level, calling on government officials to recognize the importance of the subject in connection with economic sectors as a whole.

He ruled out economic expert contrary goldsmith feet «Central» Iraqi on the process of removing zeros from the currency in the current circumstances because of the economic situation is stable, and therefore such a procedure does not lead to increased economic activity because the cash value comes from the size of the country Activity in sectors that contribute to the support of exchange power.

The governor of the Central Bank announced before the economic and investment commission in the House of Representatives that the bank in the process of printing new securities category of 50 thousand dinars to enhance the efficiency of the payments system.

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