Frank26 and KTFA Members "Pennies from Heaven" 8-19-19
Don961: Talk about re-work coin and delete the zeros from the paper
arabic 19/08/2019 - 10:18
Posted in Economy / Iraq basnews
A member of the Parliamentary Finance Committee revealed that there is a tendency to reintroduce the coin that has been used for decades in the country, while another member of the Committee proposed to pre-empt the coining process by “deleting zeros” from the current currencies so that there would be value for the small monetary categories.
The committee member, MP Hanin al-Qadu, that "during meetings and discussions with officials at the Central Bank stressed the need to re-work coins that were used in Iraq during the past decades, rather than paper that is damaged and printed in large quantities again."
He explained, "The use of metal categories and their descent for trading gives a notional value of the currency," noting that "a number of neighboring countries (exchange rates are very high against the dollar) and yet we find that it has a coin in order to preserve the currency and not need to request more papers Cash, especially in small categories. ”
He expressed surprise at the "policy of the Central Bank, which does not favor the introduction of coins for circulation in the Iraqi market."
The Central Bank of Iraq announced in April 2005 to offer coins of denominations of 25, 50 and 100 dinars for circulation for the first time after they were canceled by the regime of Saddam Hussein after the Gulf War in 1991.
The Iraqi currency was canceled in 1991 when the international economic embargo on the country to increase the rate of inflation in Iraq by 1000%, and the result of the situation under the economic siege and a significant rise in prices led to the destruction of the value of the Iraqi currency and reaching a very low and severe exchange rate , Which made the coin and the few currency denominations without value.
It is noteworthy that the Iraqi dinar, which was equal to 3.22 dollars before the occupation of the former Iraqi regime of Kuwait in 1990, its value fell to one dollar equivalent to three thousand dinars by 1996.
Another member of Parliamentary Finance said, “The cost of a coin is more than paper money, and it is more difficult to carry it on the citizen.”
The MP Ahmed al-Saffar that "inflation in the economy prevents the minting of coins and make them circulation among citizens," suggesting that "there is a step to delete the zeros preceding the coinage process to be a value for small groups to large." link
Popeye7: Boy Don... The coins just keep on dropping... Cha Ching, Cha Ching...
MilitiaMan: Sure looks like they want to talk about metals.. lol ~ MM
TheSnod: At high levels, they are now, for the first time, talking about the consummation of our theories. The cat’s head is out of the bag. I’m really interested to see what happens with the Kurd’s now. Once they are in lock step with 140, it appears the gun is assembled with a finger on the trigger......
2cents: The launch of the finality of the Education process for the citizens!!!!........IMO, This is part of what we have been waiting for.......the other part is the Kurd/Baghdad Agreements....
IMSO, we would not be seeing the finality of the education process if the Kurd/Baghdad Agreement isn't very close or even AGREED behind the scenes.........
It was strongly believed that the "finality of the Education process for the citizens" would require two weeks.........Kurds coming and agreeing over the coming weekend along with the "finality of the education process for the citizens" commencing today makes Islamic New Year's weekend look extremely appealing........All IMO, of course!!!!!
Frank26: PENNIES FROM HEAVEN