Iraq Business Directory - 09/25/2012 - 2:41 pm

Warned Director of Inspection and Control in the Rafidain Bank Abdulhussain Mundhiri from falling into the same mistakes that occurred during the replacement of the currency after the fall of the regime.

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This talk comes at a time moving the central bank to adopt a plan to replace the current national currency after deleting three zeros.

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He said banking expert Abdul Hussein Mundhiri in an exclusive interview (morning): The debate about replacing the currency is still Mtuwalia for many reasons, the promise of this procedure without appropriate at this time because it does not help to tackle inflation.

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He noted that the prices of goods in the Iraqi market is stable and acceptable, especially the prices of imported goods from neighboring countries and called to take advantage of the philosophy of China's efforts to keep its currency low against other currencies. He pointed out that the Iraqi market with counterfeit currency, most of which are printed in printing presses outside Iraq, where sneak these currencies (counterfeit) easily to our markets through more than an open border and port is controlled with the aim of promoting these currencies in the markets and Iraqi banks so they can be taken out later by banks and money transfer companies.

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He added: CBI to hasten to activate its role and intensify its intervention in the monetary authority is prescribed exercise pressure on the dollar balloon again and again, especially that he is capable of it whenever he wants and that he wanted to put away the corrupt currents that sneak into inside surreptitiously on the one hand and the other hand contributes to return him to normal size, or at least to prevent the continuation of this phenomenon for more, taking into consideration that the Iraqi dinar is covered by more than sixty billion dollars can be increased day by day, which eventually lead to the disappearance of zeros automatically one after another and publicly come back to this topic again after several years of seeing positive returns that emerged due to the prudent policies and legislation.

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Mantheri pointed out that the deletion of zeros on the benefits of banking is that it reduces the size of the money supply and this helps in reducing the number of banks of Trustees of the Fund up to (75) percent, which lead to a reduction in salaries banking staff.

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As the deletion of zeros help raise the value of the currency in terms of calculation, which helps banks to use ATMs ATM card through withdrawal because the number of securities will be less and less issuance and trading volume and devote the money in the coffers of the banks and vulnerability to damage and theft sometimes also helps the bank in the implementation of the program overall system because the company is executing the project program is only 12 digits, while our bank balances trillion and with the bankruptcy means 15 digits and this hinders the system.

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Mantheri revealed that the problems that have accompanied many previous replacement process, including the central bank to report non-receipt numbered 192 edition of category 10000 after a period of 15 days from the start of the currency exchange and receipt section of this edition, which incurred cashier hundreds Millions of fines and still some of them suffering from weight Some have been jailed and the other was fined and still pay the premium rate of 50 percent of his monthly salary.

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As well as the money that was stolen handed banks to the Central Bank of cremation sites of the Central Bank were carried out to remove the red ink that I have receipts and re-injected into the banks again have been reported amounts of counterfeit discovered is not installed seals Trustees of the Fund to Pilate banks and Madia know the name of the bank and the name of the treasurer reveals much confusion winning the Central Bank not to create the necessary capabilities to carry out the replacement.

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And increased Mundhiri saying: switch $ trillion, one hundred and twenty-six billion in Bank Alrphian and appeared exaggerated fake up to 28 billion and representing 4/1 percent of the ratio of counterfeit amounts to amounts Replaced a few to 28 Pilate seals The names of the Trustees of the Fund and noon $ 16 billion dinars does not carry seals and the names of the Trustees of the Fund and represents a percent of the ratio of the amount detected to rate amounts Replaced sum of these percentages is 5 percent, and if we take this rate, we have compiled with the total received other banks, the volume of counterfeit money discovered will not represent more than 5 percent and was on the central bank incurred and extinguished, but he refused to do so and get it to the banks and the Trustees of the Fund.

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