Damaged Currency a Problem for Iraqi Citizens; Replacement Currency Due in November 2012
|November 13, 2012||Filled under Iraq Daily News|
Car stopped Kia middle of the road forcing all passengers to disembark after scuffles, the amount of 1000 dinars was enough to ignite a sharp disagreement between the driver and one passenger after paying the last 1000 dinars ripped rejecting change pretext that most currency is damaged.
Repeated this problem with all citizens in all time and place, the employee Mayada Mohamed says in her “long” “Take the four cars in the day when you go back from my work and the problem of money damaged repeated every day.
Wondering, “Why not exchanged between each period and another. Especially in small denominations because they are more commonly used.
Inflation And Currency Damaged
His part, member of the Association of Iraqi private banks Anwar Mustafa, in his “long” that “inflation is an essential part in the problem currency damaged, explaining that” the currency damaged composed because there enormous mass of money circulating in the market.”
Adding that “the mechanics replaced a great burden on the central bank and the government and private banks, suggesting” replaced coin instead of paper and remove zeros because it will be the amount of cash in the market lower.
Explaining that “package mechanisms to solve this problem linked third multiple government and not official about a particular sector and those responsible for the currency and its movement are banks, borders and economic environment, control and audit.”
Noting that “the mechanics of changing the currency almost agreed a matter of time after placing control mechanisms so as not to spill currency transferred by the central bank” currency Small more susceptible to damage economic Raad Janabi told the “term” that “small currency is more susceptible to damage, such as class 250 and 1000 dinars .. The more value be less susceptible to damage and paper currency, while up to a certain stage of damage should be replaced. ” and stressed that “the currency represent Iraq as a state and the people and civilization is defective to find papers torn and collage and appearance offends the feelings and affects the concept of aesthetic stuff.”
Specifications currency good professor of economics at the University of Mustansiriya Maytham Ismail al-Tamimi said the “long” specifications currency good, adding that “the Iraqi currency current made of paper is tamper-proof and can not be easily damaged and light transport and trading and easily distinguish between different categories in terms of color and size,” noting “These specifications and not monetary value.”
Said Tamimi, “The currency exposed to damage in general and in all countries of the world, even if we compare the current currency Balti was used prior to 2003, we find that the currency currently holds the international standards of good, because the old was printed Bmtaba local and colors The original and the nature of the paper was not based not afford to international standards. ” explaining that “the proportion of damaged currency to Iraq today and even a few that were damaged are legal with Ibraa power and remain valuable even if Ttaul economy. Stressing that “the monetary authority should accept this currency without differences and when replaced in the bank must replace the same amount of material it and without paying any difference because they issued from the state, which is the legal.”
Offense and confirmed al-Tamimi said that “refusal to deal currency damaged is wrong illegal and legal, pointing out that “the rejection of banks currency exchange damaged illegality.” and said the “replacement does not mean issuing currency or print a new currency does not affect the economy and the market anything.”
The Iraqi Central Bank announced last month signed a contract with British company to replace the currency damaged with new ones, stressing that the replacement process will be the beginning of the month of November, as pointed out that these currencies are only 1% of the currency in circulation in the market.
Said Deputy Governor of the Central Bank the appearance of Mohammed Saleh in an interview, “The Bank has contracted with a British company specialized printing currency to print in small denominations which the 250 dinars and the JD 1000, for the purpose of replacing damaged with new ones, “noting that” this company is one of the large companies, which are printed approximately 60% of the currencies of the world.
“Saleh added that “November will begin replacing currencies damaged with new ones from the small groups,” adding that “all these currencies damaged constitute only 1% of the currency in circulation, which are many but the value of a few.”
And citizens suffer from the difficulty of purchasing groups of small markets due to damage and rupture most especially the categories of the 250 and 1000 dinars. carried the CBI, on the tenth of April 2011, bank management responsibility currency traded damaged in the markets, warning of fines on banks uncooperative to the point of suspension, as he emphasized that what is being replaced of damaged currency in the bank does not exceed 30% of the actual damaged.
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