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.