CBI source denies issuance of a 50,000 IQD as it was an old plan; Says bank in process of switching

Posted: November 21, 2011 in Iraqi Dinar/Politics
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Central Bank of his intention to deny the issuance of currency in 50 thousand dinars
Source: the new currency will contain 12 categories, including coins

11-21-2011

Denied a source in the Iraqi Central Bank Matnaqlth Alketronah some sites about the government’s intention to issue a class of Iraqi currency (50) thousand dinars

The source, who preferred anonymity in an interview (the citizen) that “the Iraqi currency is currently in the process of switching after lifting the three zeroes, and it is not possible to issue a new currency at the present time,” adding, “There was intent in the past to issue the currency of a large class to facilitate the deal, but the idea of ​​lifting the zeros replaced this idea or intention of the Iraqi Central Bank to issue currency of a new category,

“stressing that” the plans on the new version after the lifting of zeros take into account the issue of balance and the actual need for the trading currency (Cache), where there will be no less than 12 categories of including a number of mineral groups in addition to the paper, and certainly the last category will contain a large currency to facilitate the transactions as is the case in all countries of the world. “

Regarding the appointment process will raise the yolk between the “central bank ended a prepared full plans for change was submitted to the concerned authorities note that the issue of changing the currency was assigned to the Central Bank by the government which he is not a proposal or project adopted by the Bank and of course the decision of when to hold the process will be the prerogative of the party that adopts the project of any government. “

This has indicated some of the news sites about the intention of the Iraqi Central Bank to issue a new Iraqi currency of the class (50) thousand dinars

The deputy chairman of the Central Bank of the appearance of Dr. Saleh told the Kurdish news agency (Rn) that “the Iraqi Central Bank is working to issue a new currency, a large class (50) thousand dinars due to the lack of coins in a big country.”

Saleh pointed out that “the largest currency in the country is now (25) thousand dinars and the purchasing power it does not exceed $ 23.”

Saleh added that “the central bank is also working on a version of small coins to the lack of these
categories that facilitate the process of buying and dealing between citizens and the Iraqi market that you need to return to the small metal coins had some dealings with the Central Bank.”

Salih stressed that “the new currency will be in the Kurdish language in addition to Arabic and symbols reflect the civilization of Iraq and the diversity of sects and civilization, including the Kurdish culture.”

And Saleh stressed that “Iraq needs to support its economy and its currency through the issuance of currency, similar to major foreign currencies, including the $ 100 bills.”

Saleh added that “in the cash transactions in the Iraqi market, you need to finance the cash (cash) large and therefore difficult to transfer the money in the form of bags in case of large transactions.”

He cautioned that the “Iraqi banks do not accept deposits, sometimes because of the problems and the account number of the large amounts of money.”

The increased benefit of earlier Iraq was seeking to reduce the monetary mass (Cache) from 25 trillion dinars to 15 billion dinars. “Noting that” the central bank fixes the payments system in Iraq and the policy of the monetary authority. “

Saleh pointed out that “it will soon be through the issuance of new currency and the elimination of three zeros from the new currency.”

Salih stressed that “this action is an important part of the reform of currency management and will facilitate the payments system and the elimination of the vestiges of inflation, the former by treating the mass of a strong monetary and easy,” adding that “instead of have to deal with large amounts of money to buy a small quantity of goods, we will deal in a little money to buy a large quantity of goods. “

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