Governor of the Central Bank of Iraq: We plan to delete zeros from the local currency

By Rodao 17/9/2018

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Different categories of Iraqi currency

Roudao – Erbil

The governor of the Central Bank, Ali Alaak, on Monday, the existence of a plan to delete zeros from the local currency, noting that "this plan needs to deliberate steps, so as not to be exploited in the fraud.

Al-Alak said in a statement to the official Sabah newspaper that "currencies with small categories, may lead the citizen to bid farewell to banks in the difficulty of storage."

He added that "the central bank has a future plan to restructure the Iraqi currency, including the deletion of zeros, but this plan needs to deliberate steps, and a stable situation in order not to be exploited in the work of fraud and others."

He explained that "the Central Bank has a reserve of foreign currency very comfortable, approaching close to $ 60 billion, compared to 43 trillion dinars, which means that it covers 170 percent of the size of the mass of cash."

On the launch of the currency of the category of 100 thousand dinars, the central bank governor pointed out that "these ideas are traded by the Central Bank, but at the present time regret it."

The central bank introduced in April a project to delete three zeros from the currency, in order to confront inflation and stimulate the economy, but was forced to stop because of the deterioration of the security and political situation in the country "to prevent manipulation and fraud of weak souls."


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Small denominations of currency

9/24/2018

Mustafa Mohamed Ibrahim
Economists define money as anything acceptable general acceptance of payment for economic goods or services, or for the repayment of
debts.

Money is the basic part of human life, especially after the end of the barter can not eat or drink or spend his work only with the availability of money has, after this simple illustration in this article explains the role of the Central Bank not to put it for small cash categories (250, 500) This is what I hear from most of the public when we rent a car or when we buy clothes or food.

Economic researchers are talking about why the central bank did not print small (new) monetary categories and which department is responsible for the currency.

The answer to this question is that I did not defend the Central Bank and did not make any effort in this matter, despite the fact that it is an important and sensitive subject.

There is a claim that the most important function of the Central Bank is issuing the currency.

I disagree with them on this point. The center is printing the Iraqi currency in the best printing presses in the world, namely (Germany) and therefore there is a department of issuance and the treasury is responsible for issuing and follow up this money, especially
(small).

The 250 currency currency has a life to reprint and the cash currency (500) has the same age to be reprinted.

The central is to replace the most used (damaged) cash categories (250, 500) from the public and banks without a commission. This is a step towards achieving The stability of the bank will be carried out by the Central Bank
successfully.

In addition to the withdrawal of a large amount of categories (damaged) from the public daily, the Department of the issuance and cabinets in the Central Bank of Iraq to withdraw these categories damaged from the public and replace them with new categories and then press and puncture and tearing in the sites of the Department of the issuance and then print new categories with
their cost .

The centralist has a great responsibility and is capable of this task, where he works to follow the reality of the cash circulation, and takes into account the circulation of the small group and non-acceptance of the damaged ones in simple daily transactions, so the solution was to work to put the
required categories .

http://www.alsabaah.iq/ArticleShow.aspx?ID=163548

The Central Bank announces the receipt of all dollar-specific issues

9/22/2018

The Central Bank of Iraq announced on Saturday that it will receive all the dollar-denominated issues, indicating that this comes to prevent judgment in accepting or rejecting some foreign currency notes.

The bank said in a statement received by Echo Agency that it will receive all foreign currency notes from all banks on the basis that the banknotes are good and according to the criteria set by the bank’s foreign bank receipt mechanism.

"The aim of this is for regulatory purposes in order not to get the jurisprudence of some banks or exchange offices to accept or reject some of the foreign currency (dollar) circulation."

It is noteworthy that some banking offices refuse to buy or deal with the category of $ 100 from previous editions before 2006, in addition to not dealing with the category of one dollar.

http://pressiraq.net/p=165049