News source: Ali Salman
Section: Economic page
November 19, 2015 9:36 am
Experts in the subject, issuing new currency the 50,000 dinars are among the steps taken by the Central Bank of Iraq to fix the economic situation in the country, while others called for a long-term strategy plans to reform the domestic economy.
Economic expert Ikram said Abdulaziz Al-Aqil, that "the version of 50,000 dinars can contribute to reduce the proportion of liquidity traded between individuals."
"The trend toward issuing such currency comes by the reforms pursued by the Central Bank recently to restructure local currency especially large circulation category in the market were relatively few, and naturally that this procedure could facilitate the accounting of financial transactions in the domestic market with regard to banking aspects."
Al-Aqil said that "there is no effect of this currency at the rate of inflation and to control several aspects of chiefly as regards the demand for commodity supply as well as variables security, lived life, the inflation rate is subject to the relationship between the money market and the real market and the labour market".
The "delete or raise zeros procedure followed by the Monetary Authority to influence the money supply and monitor trends in currency and liquidity management and has a great influence on the stability of the currency as well as containment and control of liquidity." The action could entail simplifying procedures for cash transactions and ease financial accounting, possession, carrying, and cons can crystallize in the financial and administrative aspects of corruption and in the context of money laundering operations in light of the current situation of the country ".
In turn, economic expert said Abbas Ibrahim Al-bahadili, "a central bank containing his work raised the 50,000 dinars would contribute to inflation in the local market, the already high despite erroneous reports by the Ministry of planning.
"Initial indications suggest that the local market will gradually decrease to currency trading result groups of small new currency causes problems when cash shopkeepers who sell single items as well as special transport for the owners that when paying 50,000 dinars will make the driver or his assignee puzzled how to return funds remaining.
Al-bahadli said "delete zeros shortened a lot of steps that contribute to the strengthening of the national currency against other currencies and reduce liquidity in the local market which helps in controlling banking transactions between individuals and State institutions."
The "orientation towards electronic money such as ATM and Visa card contribute to reducing cash circulation for the paper groups and strengthen the confidence of the citizen towards the national currency as in economically advanced countries."
He asked Danny about "stratigh plans established by previous Governments to steer its economy toward a force, not just stumble and ill-considered steps contributed to delays and confusion in the local market."
He noted that "the country possesses good cash reserve could face financial crises, but needs a solid and efficient management to manage the economic file in accordance with evolving data away from political influences".
The Central Bank announced, Wednesday (11 November 2015) issue banknotes (50) thousand dinars, and noted that the new category is dominated by light brown color with a number of security and technical marks, confirmed that the paper included sketches of the Euphrates, Iraq marshes waterwheels.
The Central Bank said that "for the purpose of completing the structure of Iraqi banknotes and develop high-value category in circulation, the Central Bank is pleased to announce to the public issuance of banknotes (50000) dinars (IQD 50,000) dimensions of 65 mm width, 156 mm length, and predominantly light brown color except decoration framework took bold," adding that "banknote was printed using high quality print paper with a number of technical and security tags.
The Central Bank said in its statement that "new banknote Hijri and Gregorian dates, the signature of the Governor of the Iraqi Central Bank Agency (Ali Mohsen Ismail), as well as the serial number of the paper consists of breaking the numerator includes the letter yaa and denominator sequences Edition, in addition to the paper fraction sequence and put the number in the right-hand vertical image in down the left side of the paper horizontally.
The statement noted that "the face of the paper included a picture of Euphrates waterwheels and Palm in the center of the paper and the image of a Kurdistan falls on the right side of the paper, as well as a security mark printed in magnetic ink color variable (spark) changes color from blue to green when tilted sheet".
The statement drew attention to "the other side of the paper contains an image of Iraq marshes, Reed House contains a number of fishermen and a group of animals (buffaloes and birds) and Iraq with Palm Pictures layout the Tigris and Euphrates rivers within a map of Iraq," adding that "cash is paper coating protective coating to extend the life of paper and protect it from dirt and dust."