*************** Parliamentary economic announces near the new version of currencies category 50 and 100 thousand dinars

13/04/2015 (00:01 pm)



BAGHDAD / Rami al-Salihi



Economic Commission parliamentary revealed near issuing new coins from the category of 50 to 100 000 dinars, as shown that the central begun issuing new designs for the new currency, an economist said that the deletion of zeros and the issuance of large groups will help to raise the value of the Iraqi dinar, ruling out the implementation of the project in time current.


She said the parliamentary Economic Committee member Najiba Najib in an interview for the "long", that "the agreement on the issuance of new currency of the 50 and 100 000 dinars category has been, in addition to issuing the CBI 25 thousand dinars category of the new model."

She said Najib saying that "the project to delete the zeros from the currency will not be implemented because of the lack of success of the project appropriate economic environment, despite being one of the objectives of the Central Bank," adding, "was equipped to issue coins of type 50 100 thousand dinars by the central bank, has been designed the form of those currencies. "

She member of the parliamentary Economic Committee, "not to the Iraqi currency harmony with trading volumes and revenues," noting that "the big issue of currencies will help to carry large amounts of money is simple and sizes without the need for bags to carry cash."

For his part, member of the Finance Committee Masood Haider in his speech for the "long", that "put two currencies cash prizes of class 50 000 dinars and 100 000 dinars a project by the Central Bank of Iraq," noting that "the project has been discussed with the Finance Committee in the House House dust is not it. "

However, Haider saying that "the current financial situation may prevent speeding up the process thrown into the market during the current period," pointing out that "the Central Bank has provided an outline of those currencies by identifying colors and logos and symbols that will be used in the new banknotes." He continued by saying, "in If the lifting of the zeroes from the Iraqi currency, it will include two new categories in return. "

In the same context, said economist Maytham Laibi in an interview for the "long", that "the project of issuing the currencies of the 50 thousand and 100 thousand is a good project for trading currency in the Iraqi market," ruling out "the implementation of the project soon, considering that this project needs to be a stable market "He added," The lifting of the zeroes and the issuance of the currencies of the 50 thousand and 100 thousand will help to refer to the currency of the dinar and therefore will raise the value of the dinar in the States, "explaining that" the project will help the citizen to reduce the circulation of small currency. "

The Central Bank of Iraq, had announced (18/01/2015), the financial reserve equivalent to Iraq and a half times the weakness of the money supply, they returned it was "best rates" in the countries of the world, as he emphasized that Iraqi financial institutions are "unable" to cover the deficit financial, stressed the need to re-examine the structure of the budget and spending and diversify sources of income and achieve investment more broadly to address the decline in oil prices.

The study estimated that the local government banks' capital reached until October of 2012, the last end, a total of 754 billion dinars, compared with more than four billion dinars for private banks, and investment balances in banks operating in Iraq recorded up to 10/31/2012, a sum nearly six billion dinars (5.947), the share of government banks which amounted to 4.929 billion, compared to 1.018 billion for private banks.


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