CBI postpones deletion of zeros, new coins and banknotes. Says, Change in system may cause fear in the market (points to new $100 bill)

Posted by on Dec 09, 2013 | Leave a Comment

 

For fear of confusing the Iraqi market .. Central Bank of retreating from the deletion of zeros and the issuance of a new currency

 

Stressed the central bank, yesterday, his inability to delete the zeros of the Iraqi currency, or add new banknotes, for fear of confusing the Iraqi market.

 

As confirmed by a parliamentary committee that it “supports the decision of the bank, which was taken in consultation with the Council of Ministers,” to protect the stability of the Iraqi market.

 

This came in conjunction with the controversy in the stock market on the entry of the new paperback edition of $ 100 U.S. currency into the country, as bankers said that Iraqi citizens are still hesitant of circulating widely.

 

A source familiar with the management of the central bank in a press statement that “the head of the central bank, and after consultation with the officials and advisers in the bank, decided to postpone any new process relating to cash the Iraqi currency, including the addition of new categories of paper or delete the zeros.”

 

The source said, “was to raise this issue in a session hosted by the Council of Ministers, during which the central bank head and talked about the obstacles that could affect the levels of the market and the Iraqi economy in general, considering that the Iraqi experience does not resemble the experiences of other countries.”

 

He added, “the central bank is unable to control the foreign currency flowing into Iraq and some of them may be false because Iraq has become an open market and the money will be transferred by banking offices and remittances, and by people traveling to and from Iraq.”

 

In a related context, the source said, “counterfeit currency of denominations of $ specifically percent of very few in Iraq, especially since the Interior announced that Iraq is free of any machine or fraud gangs after foreign currencies in 2008 after a set number of gangs are trading the dollar counterfeiter was set a few Thousands of counterfeit dollars in a timely manner. ” On the other hand, said Ahmed Hassan Faizullah, a member of the parliamentary finance committee, that the committee “discussed with the Governor of the Central Bank of the file to make changes to the Iraqi currency, and reach everyone convinced the difficulty of deletion of zeros or add new currencies and even coins, and so for several reasons, including the absence of a real study to the Iraqi market and the possibility of confusion in the event of starting a new pumping coins or deletion of zeros. “

 

Faizullah said, in an interview yesterday, said that “the currency is a sensitive issue and a very expensive and a direct impact on the Iraqi street, (…) It is not easy to start such a project.”

 

But Faizullah believed that the central demands of solving the problem of damage to the existing currency, “The Finance Committee addressed the central bank regarding certain categories of low cash that must be replaced because they are related to Bakot poor.”

 

He added, “Replacing the categories of low metal ones is very expensive because the coins are heavy and cost reprinted be higher, and this cost the country more bleeding than it is now at a loss Banknotes low, which can be treated with the establishment of the central bank to replace them.”

 

Furthermore, Mohammed said Mohan, owner banking office in Baghdad, said that “a new currency from the category of one hundred dollars to slowly entered the Iraqi market.”

 

He added, “paper currency bearing the new specifications of the finest ancient specifications cent dollars, because they include Vsforh extra fees and hidden more than the previous currency.”

 

Mohan confirmed, that “the new currency was launched in 2009 but reached the Iraqi market for the last date of production, almost a year ago, was going to talk about not traded in the market because they carry an informal specification and can be forged.”

 

He continued, “Citizens of the currency surprised because it is very modern, especially since the shape differs somewhat from the currency used by the people, and there have been some problems on them.”

 

And ease of circulation, said Mohan, “in banking offices do not find mind an deal with them because we know it’s an official currency and can be replaced by remittances so accept replaced without charge, or succumb to the desire of the citizen, who hesitated to deal with it, and asked to replace them.”

 

For his part, said a source at the central bank, said that “auctions held by the central bank had not handled the new dollar, the presence of adequate stocks of dollar product in previous years.”

 

He pointed out that “offices receive remittances class without fear because they know their eligibility and lack of seriousness of the subject that sent reassuring, and became a citizen beyond such things.”

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