****** Director of Issuance Department of the Central Bank of (Mada): The size of the printed currency exceeded 11 billion and 600 million dinars

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****** Director of Issuance Department of the Central Bank of (Mada): The size of the printed currency exceeded 11 billion and 600 million dinars

Post  Admin on Sun Apr 09, 2017 1:01 pm

2017/04/08 (21:01 PM)

 Baghdad / Zahraa al-Jassim

Perhaps most of the steps of the Central Bank of Iraq are subject to the political and legal environment of the country, especially with regard to the deletion of the zeros, which were considered specialists in the earlier direction of a sensitive and dangerous, but remains the central institution most important in terms of the need to control financial management in light of the financial crisis suffocating The Iraqi economy, which must be able to address the problems, whether related to the citizen or the work of the Central Bank itself.

Questions concerning the important files put forward by the (range) in this meeting on the director of the Department of Issuance and Treasury at the Central Bank Abdul-Abbas Khalaf, and with being answered in a brief manner, he pointed to the most important points that showed the size of the currency is not valid for circulation deposited with the Central has exceeded one billion and a quarter million dinars Which is not a small amount if it is compensated from the banknotes stored in the bank as some believe, and at a time between the size of the printed currency exceeded the "11 billion and 600 million dinars, urged citizens not to keep large amounts of homes or buried in the ground , The fact that the process of replacement in the case of knowledge "The rate of counterfeit currency is still within the internationally accepted limits, with the central bank trying to launch an information campaign to educate the public on how to distinguish between the original and counterfeit currency," Khalaf said. Asked about the possibility of higher issues (50000) ) Dinar?

- There is no intention at the present time to issue a class higher than the class (50000) dinars.

* What about the subject of deleting zeros and why the delay?

- The decision on the deletion of zeros can not be taken in isolation from the political and legal environment existing in the country under the security conditions prevailing as a result of terrorist acts and the exit of a number of provinces outside the control of the State for the years 2014, 2015, 2016, which certainly leads to delay in the implementation of this project in addition to This should be done in coordination with all State departments and the private sector.

It should be followed by changing the clauses in the various laws which include a reference to the payment of fees or fines in lump sums, and changing the financial and statistical records in order to comply with the zeros deletion project. On the other hand, technical preparations are underway.

* How much is the replacement and replacement cost of the damaged currency?

First, there is no substitute for a damaged one annually. Instead, the bank seeks to issue new securities with advanced security specifications. Therefore, the cost is reduced in this way.

The cost of issuing new banknotes with better specifications is used to replace the damaged currency from previous editions .

We are seeking an information campaign to distinguish between the original and counterfeit currency

* How much is the finder's counterfeit currency?

- The Central Bank of Iraq resorted to the use of sophisticated counting and sorting machines that can detect the counterfeit currency, in addition to directing banks using modern techniques in the examination of the currency, but the problem is that the shopkeepers did not make sufficient efforts to use machines to examine the currency, To inform the public about how to distinguish between the original currency and counterfeit currency by issuing a brochure and posters for this purpose and will be distributed to banks and major shopping centers. In any event, the percentage of counterfeit currencies remains within internationally accepted limits. T ratio (0.000025) (Twenty-five million paper sheet).

* What currency damaged by fire or poor storage of citizens compensation mechanisms?

- While we hope that citizens do not keep large amounts of houses or bury them in the ground, and instead put them in banks, as the process of replacing the burned or damaged currency cost the central bank financial burdens and administrative cost is not justified, however The bank receives citizens whose savings are exposed in the Iraqi currency for fire accidents provided that they are documented by the Civil Defense Department and that their source is legitimate. As for the (buried) currency, the sources of these funds are limited. Entebbe The Iraqi currency and that this bank does not receive any commission for its replacement.

We applied security methods with modern technology advanced counting and sorting currency

What are the future central bank plans for the currency and printing?

- The Central Bank of Iraq seeks to keep abreast of the development in the printing of currency and modern technologies, both in the printing currency or in counting devices and sorting the currency where it is constantly adding new security specifications in addition to the acquisition of sophisticated machines to count and sort the currency, and was permanently dispensed with the process of manual counting and sorting.

How much is the size of the torn currency and how much is the printed currency?

- The number of non-negotiable banknotes deposited with this bank (1,277,049,543) was banknotes of various categories, which were compensated by the banknotes stored in this bank. The number of banknotes printed was 11,615,265,154 banknotes of various categories.



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