An invitation to re-work the cash Balmeskukat

8/27/2014 0:00

The fact that the paper currency printed perishable and costly
Baghdad - Mostafa Hashemi

 In a time when the world advanced in payment methods Financial represented by instruments and credit cards and mobile Bankink lost Iraq in the nineties of the last century, a generation whatever means of payment, while proceeded to work through sophisticated to keep pace with global progress in this area, but he -obhsp an economist - The remains of the old payment methods means that the task can not be eliminated as long as dealing with diffuse significantly among the public.

In this context, said economic expert, Dr. appearance of Mohammed Saleh that whatever emerged from the modern methods and advanced payment can not cancel other payment means whatever reasons, stressing that despite dealing currency cash paper to be re-work Balmeskukat cash because they contribute significantly to the revitalization of trading small is in the modes of transport and markets.

Saleh said in a statement (morning) that he can not dispense coins in circulation, despite the lack of a culture of trading since the nineties of the last century, indicating the need to boot to re-work it out through the monetary authority by firing coins, silver or gold Kthaih psychological and mental re-work coin.

The coin coin is a cutting of metal is divided into categories specific cash and by certain sizes take into account the central bank to be Madenha equivalent value in exchange for the value price, also takes into account that carry national symbols and the date of minting, The minting of coins already issuing paper currency, according to evidence historical.

He called for the issuance of metal coins equivalent monetary value, due to non-implementation of the project to delete the zeros from the currency where it is possible to refer to the lower classes for the implementation of small transactions that take place where the largest circulation in the country.

He explained that the continuation of dealing currency paper presented to the damage quickly while coins last for many years without damage, but if it deliberately, explaining that the average life span of banknotes in Iraq is estimated at 5 years, while the coin has lived default longest reach duration to a minimum of 30 years, indicating the importance of a return to work in Iraq for these reasons.

Salih stressed that handles transactions of small business are the various segments of society need to be more coins than they need to paper with small groups requires re-work Balmeskukat cash.

He continued: because the currency printing is expensive in terms of economic feasibility and investigation find that there are countries that adopt and focus on dealing Balmeskukat cash while confined their currencies with large groups on paper currency.


And damage the Iraqi Central Bank rate is ranging between 1 to 2 percent annually from the size of paper currency in circulation because of its exposure to consumption and damage.

He noted that banks need to be preparations to accept the deal out and create reservoirs to its own side of the scales for the weighing and packaging and then re-injected to the public, as well as re-working mechanics of counting in each of the banks and the central bank, stressing the need to create infrastructure before releasing coins to the public.

According to the Central Bank of Iraq has one of the most advanced electronic payment systems in the world, which is the system responsible for the exchange of payment orders between banks and automatically using the network safe and effective.


The system consists of three Iraqi Payments Systems is a gross settlement system in real-time, and automated clearing system, and the system of registration of government securities.


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