Economists: Class 50 Alpha will increase inflation

11/16/2015 (00:01 pm)


BAGHDAD / Ibrahim Ibrahim

Said experts in economic affairs, on Sunday, that the issuance of the new currency of the 50 class thousand dinars are among the steps taken by the Central Bank of Iraq to repair the economic situation in the country, while others called for the development of a long strategy-term plans for the reform of the local economy.

She said an economic expert Akram Abdel Aziz Al-Aqil in an interview for the "long", that "the issuance of 50 thousand dinars a class that could contribute to reducing the liquidity ratio traded between individuals."


"The trend towards the issuance of this coin comes from reforms pursued by the central bank in the recent restructuring of the local currency, especially as the large category traded in a relatively small market, and naturally that this computational procedure can him that facilitates financial transactions in the local market with respect to aspects of banking. "

She said Al-Aqil that "there is no impact of this currency to the rate of inflation so as to control several aspects and on her head with respect to the demand for the commodity supply, as well as security and life lived variables size rate of inflation is subject to the relationship between the cash market and the real market and the labor market."

It showed that "delete or raise zeros action pursued by the monetary authority to influence the money supply and monitoring currency trends and liquidity management and have a significant influence on the stability of the currency value as well as liquidity to contain and control them."

She noted that "the action taken can have him simplify cash transactions procedures and ease the financial settling accounts and possession and carrying of money, and has a cons can crystallize in the aspects of financial and administrative corruption and enters in the contexts of laundering money in light of the current situation of the country."

In turn, the economic expert, Abbas Ibrahim Bahadli said in an interview for the "long", that "a central bank containing the currency of 50 000 dinars raised would contribute to the rise in the domestic market inflation, already high, despite erroneous reports presented by the Ministry of Planning."



"The initial indications are that the domestic market will decrease gradually to categories of small currencies as a result of trading the new currency is causing the owners of shops that sell materials retail cash problems as well as for the owners of private transport because the citizen when paying 50 000 dinars will make the driver or the owner of shops in puzzled on how to return the remaining funds. "

Bahadli said that "the process of deleting the zeros shorten a lot of steps that contribute to the strengthening of the national currency against other currencies and is working to reduce the liquidity in the domestic market what helps in controlling banking transactions between individuals and various state institutions."

He said the "trend towards the electronic exchange of money, such as ATM and Visa card contribute to reduce cash circulation of the paper categories and enhances the confidence of citizens towards the national currency, as the case in economically developed countries."

Bahadli wondered about "the existence of Stratejp plans developed by the previous governments and to guide the country's economy about power, not just distressed and ill-considered steps contributed to the delay and confuse the local market."

He noted that "the country has a good cash reserve could be his response to the financial crisis, but it needs to be solid and efficient being able to manage the economic file management according to the evolving data away from political influences."

The Central Bank of Iraq, on Wednesday (November 11, 2015) to issue banknotes category (50) thousand dinars, and as pointed out that the new category is dominated by light brown with included a number of security and technical signs, confirmed that the paper included photographs planning to paddle wheel Euphrates and marshes Iraq.

The central bank said in a statement, received (range Press), a copy of it, that "for the purpose of completing the Iraqi banknotes structure and the development of high-class value in circulation, the Central Bank of Iraq is pleased to announce to the public the Holy issuing banknotes category (50000) dinars (Fifty thousand dinars) dimensions of 65 mm width 0.156 mm length, predominantly light brown except Framework motifs taken bold color, "noting that" banknote was printed using high-quality printing paper quality with a number of security and artistic marks. "

He said the central bank in its statement that "the new banknote include dates Hijri and Gregorian, and the signature of Governor of the Central Bank of Iraq Agency (Ali Mohsen Ismail), as well as the serial number of the paper consists of break includes rugs letter Z and primarily sequence edition, in addition to the paper sequence in the fracture and put the decimal number in the right vertically at the bottom of the left side of the paper horizontally. "

The statement pointed out that "the face of the paper included schematic picture of a paddle wheel Euphrates and palm trees in the middle of the paper and a picture of a Kurdistan Falls on the right side of the paper, as well as the presence of a security tag has printed magnetic ink variable color (Spark) in color from blue to change to green when the note is tilted." .

The statement, that "the other side of the paper contains a graphic image of the Iraqi Marshlands, includes a reed house and a number of fishermen and a group of animals (buffaloes and birds) and images of palm Iraq with Tigris and Euphrates rivers planning within the map of Iraq," adding that "it was the banknote paint coating markets in order to extend the life of the paper and protect it from dirt and dust. "


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