Central bank: printing banknotes cost Iraq about $ 450 million

2/16/2016 0:00

Encouraged citizens to electronic trading
 BAGHDAD - Omar Abdel-Latif


A senior official at the Central Bank revealed, for carrying the public treasury of the Iraqi state since 2003, and so far, about 450 million US peer banknotes printed and counted, sorted and stored and then destroyed the damaged Mnha.oukal director general release in the «central bank» Ahsan Yasiri, in an interview with «morning»: the «trading source of funds came to 45 trillion dinars mid-2015, these amounts reduced measures from the central bank for up to 38 trillion dinars end of last year», returned this thing «strange, after it was in 2003 Trading sources of 3 trillion, meaning it has doubled 15 times, because we did not use alternative tools ».


He added that «the amounts exported for trading, securities and cash totaling about 4.7 billion paper, these papers if we wanted to move them from one place to another bank needs to 1,500 trucks per load with a capacity of 25 tons».


He continued: If I want to store it, that needs more than 15 dunums, calling for the need to switch to digital transactions rolling the fact that this figure «horrible», as described.


The official bank, he explained that the central bank carry during the period from 2003 until now more than 377 million dollars to print the papers Alnkadih.vdila all carry up to 120 billion dinars for the operations of counting and sorting, storing and destroying the papers and sent to the landfill because of the harm caused to human health, where the damaged bank during the same period more than 1.8 billion banknotes printed at a cost of more than $ 72 million.


Despite his assertion that counterfeiting in Iraq is still in its lowest and easily detected by grocers or traders not to mention the banking system, but the Yasiri warned that fraud «will continue to prevail as long as there is a tremendous amount of banknotes in circulation».


The official called the bank, to the use of the payments system in the reduction of armed robbery and robbery crimes, in addition to the reduction of the crimes that you get as a result of this case by the citizens deal with the tax that ask them to bring a certified check worth amounts circles exposing them to criminal operations on their way to banks.


It is said that the central bank, is seeking to increase the effectiveness of monetary policy to be supportive of a policy of economic stability and support for the goals of development and trends in investment, so as to ensure a state of consistency and harmony with economic policy in general and finance in particular, through a set of policies and reform measures Kalastmrar in addressing rates inflation and enhance opportunities for sustainable and meaningful stability to maximize economic growth.


The bank also aims to stimulate credit activity of the government and private banking as well, by keeping the interest rate in order to encourage the private sector and enhance its capabilities in financing the implementation of development projects, so as to enhance his status as an active partner in the development.


Add to encourage real investment and strengthen the development opportunities through the Bank's lending to banks and the secondary market to provide liquidity as necessary to help them deepen financial intermediation and raise energy credit supporting real development activity.


The bank, also to maintain the stability of the local currency by continuing to install its exchange rate against foreign measures, and building a strong foreign currency reserves lead to the construction of the pillars keeps the internal and external economic stability, and provide a favorable climate for the start of the investment.


Bank and worked during the last period, to stimulate the banks about to go to the market while seeking to expand the role of private banks in the granting of credits, and activating the financial and developmental role of the stock market, by increasing the capital of public companies, and the expansion of the credit market in order to stimulate leasing activity.




http://www.alsabaah.iq/ArticleShow.aspx?ID=110612

BAGHDAD / Baghdadi News / .. central bank announced on Tuesday reduced its sales of auction sale of foreign currency to its lowest levels since the months to sell $ 101 million.

The bank said in a press statement received / Baghdadi News /, a copy of the "size of the amount sold today reached 101 million, 450 thousand dollars at the exchange rate in 1182 dinars to the dollar, and with the participation of 28 banks and 21 financial company to convert."

"The amount of remittances and credits totaled $ 89 million, while the quantity sold was 12 million in cash, and 450 thousand dollars."

"The amounts transferred to accounts in banks overseas sale will be priced at 1190 dinars per dollar, and the cash sales price shall be the price of 1182 dinars per dollar." It ended 21 / g


http://www.albaghdadianews.com/economy/item/94082-AkBlK-AkLEKen--AlgJAzh-LBnIAb-LeAD-AkILkة-AkAvlBnة-AkO-ADlO-LYObNnAbmA-Lld-yomNE-BBnI-101-LknNl-DNkAE.html

Mon, February 15, 2016 16:13
Central Bank announces its sales drop to $ 118 million auction sale of foreign currency



BAGHDAD / Baghdadi News / .. Central Bank announced on Monday reduced its sales to $ 118 million in an auction sale of foreign currency, after it sold yesterday 123 billion dollars.

The bank said in a press statement received / Baghdadi News /, a copy of the "size of the amount sold today reached 118 million, 137 thousand and $ 24, priced at 1182 dinars exchange rate against the dollar, and with the participation of 29 banks and 21 companies for the fiscal transfer."

"The amount of remittances and credits amounted to 101 000 537 thousand and $ 24, while the quantity sold was 16 million in cash, and 600 thousand dollars."

"The amounts transferred to accounts in banks overseas sale will be priced at 1190 dinars per dollar, and the cash sales price shall be the price of 1182 dinars per dollar." It ended 21 / g


http://www.albaghdadianews.com/economy/item/94022-AkBlK-AkLEKen-nIkl-AlgJAzh-LBnIAbm-AkO-118-LknNl-DNkAE-BLeAD-BnI-AkILkة-AkAvlBnة.html

I have been watching the auctions over the past couple of weeks, they have been reducing almost every time except for one or two days, but today just shocked me.

If I am correct there is something that I remember that Iraq has to be accomplished by the end of this month with the IMF.