Article discussing the need for new currency in Iraq; Coins, Deletion of Zeros, New categories

Posted: October 26, 2013 in Iraqi Dinar/Politics
Tags: , , , , , , ,

Re-coin claims of financial dealings


It is rare to find in a purse citizens shoppers and commuters in taxis coin sound monetary, are often torn or Mthrih for frequent use and exposure to different climates of heat and cold and frequent trading, the important thing of all, they have become a source of concern to them, as frequented a lot of sellers and owners of cars fare in receipt of such money after that became old, was pasted the Ripper them under the pretext of the difficulty of dealing with, suffering of many daily obsolescence paper currency and fears of fraud that have occurred in them, and the lack of action by the authorities concerned, they need to be reconsidered in grandfather to fit with the reality in which they live citizen.

Here says the citizen Musab Abdul Sattar (Ret.): This phenomenon exists in all countries of the world, but they are dealing with naturally contrary to what exists in our country, it is assumed that the banks isolating banknotes affected and printed new alternatives her; even facilitates the trading of those currencies are constantly wondering, why are not printed new currency instead المتهرئة the distribution?. This is what we suffer through pension Tkadhina our salaries every two months, are often Torn.

Suffering and suggestions

Fadel citizen Hamid (employees) adds that the majority of Iraqi banks impose those currencies on account managers, who in turn distribute salaries among employees, who will suffer in the dispensing commands to later in markets that are not accepted by.

While pointed Haidar Alwan (taxi driver) that our currencies National made of paper is good, and print is good, which displays it to be damaged, sometimes we are forced to accept these currencies damaged citizens after the despair of the existence of other good, indicating that our situation if the rest of the as citizens do not accept these currencies during our dealings

She drew Suad Ibrahim (employee) to consider the need to be replaced ministry Currency damaged and pumped to the market a new currency from the currency shabby itself, and the launch of currency small; to stop the rise in prices as a result of the absence of these categories, as well as re-work coin to preserve the paper currency from damage.

Complained Nadia Mohamed (housewife) rejection of most of the shop owners and taxi receipt of some currencies under the pretext of damage to note that I obtained through Tdaa the needs of the home of one of them, the currency was imposed on us by the state did not announce expiration must be accepted to deal with whatever happens .

The peace Mustafa (dealer), referring to another problem experienced by the majority of colleagues his career from the Iraqi currency, which it does not fit in business dealings; because the largest category in which a small value to our work, as well as the speed of damage to the poor quality of the paper used in the industry, so we have to dealing in foreign currencies (the U.S. dollar) for easy carrying and the difficulty of forgery and good quality.

And after all that alone citizen bears the results of currency shattered and subsequent fraud, which led to an asylum a lot to deal in foreign currency and the most important of the dollar, but this does not preclude that some citizens are contributing to tear the currency paper through poor conservation and bend the paper more than once, as well as Intentionally writing on them, as they prepare Kuwait to convert leaves its currency to the “plastic” and polymer material, resistance to heat, humidity and dust, and had thus preceded by Canada, Australia and some other countries, due to several advantages enjoyed by them: the difficulty of forgery, and resistance to moisture and dust, what keep it clean for a long time, in addition to the ability to resist damage plastic, which prolongs the life of the banknote is made of plastic material by more than two and a half times compared to those currently used, as well as low-cost of printing on plastic compared to the other.

Adversely affected from the damaged

Director of the bank, Dr. Hilal Taan explained that the currency is currently composed of six categories: twenty-five, and ten thousand, five thousand, and this is very good not complain of any problems, but the imbalance is happening in the categories of Alpha and Alkhmsmih and two hundred and fifty dinars being smaller and frequent trading in them.

He added that the Iraqi currency printed by a foreign entity and difficult to forge, but the younger categories suffer rupture being the most in the deal, nor harm from dealing in these currencies as a general situation in all countries of the world and naturally used and accepted by everyone.

He stressed that if citizens could repeat this case back to the banks and replace damaged currency with new ones, and this issue does not constitute a threat to the movement of the Iraqi market.

And the complicity of some of Trustees of funds in bank branches with the staff of the accounts departments to receive salaries from groups large to get rid of small torn between in the event of a disruption of this kind in any branch of the bank branches can be reported abuser of the Office of the Inspector General in the Ministry of Finance and will take the right measures strict, but he also said the General Administration of banks provide their affiliates with all denominations meals evenly distributed among the beneficiaries, calling on banks to staff the respect of citizens and treat them well.

With regard to the lack of small coins as a result of exposure to damage, said that the possibility of the needs of these groups refer to the banks and replace the large groups that possession of small ones and new ones.

Handle foreign Dinars

Speaking about the Iraqi currency between our currency denominated gold, the Iraqi central bank has more than 30 tonnes of gold and currency reserves of more than 76 billion instead of the balance of the coin, the Iraqi Accordingly فالعملة the strong and now owns an asset internationally began dealing in global markets.

He touched on during his speech that the Iraqi dinar witnessed the support and motivation of the moral strength that استمدها of Iraq would emerge from Chapter VII proved that Iraq is not a threat to international peace and security and then is a security and stability of the region, strength of the dinar based on three factors: first balance currency of gold and the U.S. dollar, and the second factor indirectly is the mineral wealth such as oil, phosphate, etc., as well as the psychological factor (psychological) to the extent of accepting Iraqi citizens and foreign of the Iraqi dinar, believing that we have achieved success in this aspect, as it began to deal in all Arab and foreign countries.


In light of the problems caused by paper currency must be addressed to the coin that افتقدها Iraqi street for many years as a result of economic crises experienced by inflation, which began suffering, they are capable of solving the problem of wear and tear, but for those involved in other opinions in this aspect, as confirmed Director of the banks that the draft coin exists in all countries of the world, but in Iraq need to be a period of time to accustom citizen them again, as well as the implementation of the plan to delete the three zeroes, pointing out that in the earlier agreement was reached between concerned to postpone the project until the end of 2015, deleting zeros means “the currency’s strength in dealing small in size” becomes there is a need to launch a coin.

The need for major currencies

Member of the Finance Committee MP Najiba Najib said: It is necessary to restructure the Iraqi currency; because the existing currency is consistent with the size of state revenues and Iraqi currency in circulation and investment which will hopefully happen in the coming period, فالعملة cash does not suffice; because traders, whether they are companies or people resort to deal in foreign currencies كالدولار for easy portability and trading.

She added that the biggest currency cash is from the category of “25” thousand dinars, which is not equivalent to inflation in the markets, we must provide large groups such as “200” thousand or approximately “100” dollars, as well as having the coin to cover all the requirements of market and the citizen.

And increased engine that fiscal policy is cash, which helps to level the financial system “to get small and large groups means امتلاكنا the new cash currency and proportionate to the revenue increase year after year, with oil revenue growth,” and this in turn allows the strengthening of the country’s economy.

And drew attention to the project to delete the zeros from the currency is not as easy as envisaged by some, as it needs to be studied by the central bank and the parliament and the government and the cooperation of legislative and executive powers, otherwise there will be big problems increase the damage and negatives, stressing the need for accuracy and transparency and sobriety destroying old currency to avoid impaired souls.

Reconsider Baltalv

Professor of research and critical theory at the Higher Institute for Research and Studies cash and accounting at the University of Baghdad, Dr. Bashir Alwan al-Lami stressed the need to reconsider in relation to money damaged by the central bank by toggling the damaged ones with new ones فوجودها is a nuisance to the citizens, especially in their dealings markets and mobility.

He hinted that in all countries of the world there is a rate of 5 percent can be added by the Central Bank to currency trading related to gross national security and the financial result of the damage and to increase the number of residents and transactions, as well as trade activity, and this is what is working even in countries with economic systems conservative, adding that the Government of Iraq credit card is weak and adoption of macro-trading cash should be considered in the renewal of banknotes damaged and distributed among citizens in order to facilitate their dealings, stressing the role of the law in this aspect, since there is no need to impose a fine on those who do not accept the money.

Turning to the subject of the currency, saying: It is weak in light of inflation, which we suffer, it is difficult to carry a citizen of large quantities of this currency to contend in the markets and shops “in light of inflation weaken the value of small units,” referring to another problem which counterfeit currency, which affected negative in the Iraqi currency, which led to a lack of confidence of citizens and avoid handled by a lot of traders فتنحصر the transactions in dollars.


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