Iraq: the issuance of currency in 50 thousand dinars and coins in both Arabic and Kurdish
21/11/2011 11:14

Baghdad, November 21 (Rn) - The Central Bank Monday that he is working on issuing a new currency in 50 thousand dinars Coins and small in both Arabic and Kurdish to address the liquidity in Iraq.
The appearance of Dr. Saleh, Vice Chairman of the bank, told the Kurdish news agency (Rn) that "the Iraqi Central Bank is working to issue a new currency, a large class (50) thousand dinars due to the lack of coins in a big country."
Saleh pointed out that "the largest currency in the country is now (25) thousand dinars and the purchasing power it does not exceed $ 23."

Saleh added that "the central bank is also working on a version of small coins to the lack of these categories that facilitate the process of buying and dealing between citizens and the Iraqi market that you need to return to the small metal coins had some dealings with the Central Bank."
Salih stressed that "the new currency will be in the Kurdish language in addition to Arabic and symbols reflect the civilization of Iraq and the diversity of sects and civilization, including the Kurdish culture."
And Saleh stressed that "Iraq needs to support its economy and its currency through the issuance of currency, similar to major foreign currencies, including the $ 100 bills."

Saleh added that "in the cash transactions in the Iraqi market, you need to finance the cash (cash) large and therefore difficult to transfer the money in the form of bags in case of large transactions."
He cautioned that the "Iraqi banks do not accept deposits, sometimes because of the problems and the account number of the large amounts of money."

The increased benefit of earlier Iraq was seeking to reduce the monetary mass (Cache) from 25 trillion dinars to 15 billion dinars. "Noting that" the central bank fixes the payments system in Iraq and the policy of the monetary authority. "
Saleh pointed out that "it will soon be through the issuance of new currency and the elimination of three zeros from the new currency."

Salih stressed that "this action is an important part of the reform of currency management and will facilitate the payments system and the elimination of the vestiges of inflation, the former by treating the mass of a strong monetary and easy," adding that "instead of have to deal with large amounts of money to buy a small quantity of goods, we will deal in a little money to buy a large quantity of goods. "