WHAT’S THE USE OF COINS AT THE MOMENT
BAGHDAD – Mawazine News: commented member of the Iraqi Economic Council Sadiq al – Mashat, on the statements of the Parliamentary Finance Committee on the Iraqi government ‘s quest to re – work coins.
Al-Mashat said in a statement received (Mawazine News) a copy, that “the Iraqi government going at the moment to re-work coins is not positive because the financial developments in most countries of the world go to electronic currencies,” indicating that “the work of electronic currencies in Iraq has been in great demand during Past few years”.
He added: “More useful to the state is to reduce the use of currencies in general and urged the Iraqi consumer to pay electronically,” indicating that “this measure provides the state the value of minting coins and the value of printing paper currency.”
Al-Mashat called through the statement to “the importance of working in electronic currency rather than return to cash and metal,” noting that “electronic currency can include small cash categories from one fils to one dinar and thus numbers upward for small cash categories.”
Al-Mashat said, “The banknotes will disappear after 30 years because of the high demand for electronic currency.”
“…The Finance Committee in the Iraqi Council of Representatives announced on Monday (19-August-2019) the direction of the government to reinstate the currency and delete zeros from paper currency in order to strengthen the national economy…”