Printed currency volume exceeded 11 billion and 600 million dinars

Posted on April 8, 2017 by TRC

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Cost of the Iraqi Central Bank steps are subject to political and legal environment of the country, especially in regard the deletion of zeros that specialists counted earlier trend sensitive and dangerous may still be, but the central bank remains the most important institution in terms of the need to adjust the financial management in light of the financial crisis experienced by the the Iraqi economy, which must have to deal with dilemmas, whether with regard to the citizen or the work of the central bank itself.

Questions concerning important files posed in this meeting, the director of the release department and the Treasury in the Central Bank Abdulabbas Kalaf Sultan being answered by briefly he pointed out the most important points that showed that the currency in circulation has exceeded one billion and a quarter of a million dinars an amount that is not a little if they were compensated by the stored banknotes at the bank, as some believe, at the time between the printed currency size has exceeded the 11 billion and 600 million dinars, he urged citizens on the need not to keep large amounts in homes or buried in the ground, the fact that the process of replacing in the event expose to burn or damage costs the central bank administrative and financial burdens, stressing that the counterfeit currency rate is still within the internationally accepted borders, with the central bank quest to carry out an information campaign to educate the public on how to distinguish between the original currency and counterfeit on a question about the possibility of having higher versions of a class (50000 ) dinars?
No at present intention to issue a higher class category (50000) dinars.
* What about the subject of the deletion of zeros and the reason for the delay?
the decision on the deletion of zeros can not be taken in isolation from the political and legal environment in the country under conditions the security situation as a result of terrorist acts and exit from the provinces outside the control of the state for the years 2014,2015 and 2016 which prevents certainly to wait in the implementation of this project, in addition to that this must be done in coordination with all state departments and the private sector, where it should be followed by changing the paragraphs contained in the various laws, which include a reference to fines or lump sum collection of fees, must also change the financial and statistical records in order to conform with the process the deletion of zeros. On the other hand, the technical preparations are underway by us.
* How is the cost of the annual replacement and replacement of damaged currency?
First there is no substitution instead of a damaged annually, as the bank instead seeks to issue new notes for security specifications developed, so the cost is reduced in this way it is the cost of issuing new banknotes specifications better used at the same time damaged to the replacement of currency from the previous editions.
We seek to carry out an information campaign to distinguish between original and counterfeit currency.

* How discovered the size of counterfeit currency?
The Central Bank of Iraq resorted to the use of machines to sophisticated counting and sorting which can detect counterfeit currency, in addition to banks guide using modern techniques in the currency examination, but the problem is not shopkeepers doing enough efforts to use the machines to check the currency, as the bank seeks to campaign media to sensitize the public on how to distinguish between the original currency and counterfeit currency by issuing a booklet definitions and (posters) for this purpose and will be distributed to banks in major shopping malls, in all cases, the counterfeit currency rate is still within the internationally accepted borders, where even T ratio (0.000025) (Twenty five million paper sheet).
* What currency damaged by fire or poor storage of citizens compensation mechanisms?
While we hope the citizens do not keep large amounts in homes or buried in the ground, to do instead in the deposit with the banks, as the replacement of the burnt currency process or damaged it costs the central bank financial burdens and administrative Cost unwarranted, however the bank is to receive citizens whose savings in Iraqi currency to fire accidents provided that they are documented by the civil Defense Department and be sourced from the project, either in terms of currency (buried) are sufficiency statement on the sources of these funds, in this regard we call on citizens not to accept the mediation of any to The Iraqi currency and that this bank does not receive any commission for its replacement.
We applied security methods with modern technology advanced counting and sorting currency.

* What future plans for the central bank currency and print?
Iraqi Central Bank seeks to keep pace with the evolution of printing currency and modern technologies both in currency printing or counting devices and sorting the currency where they are constantly adding new security features in addition to the acquisition of advanced machines counting and sorting currency, was dispensed with final counting and manual screening process.
* How much is the size of the torn currency and how much of the size of the printed currency?
The number of banknotes unfit for circulation deposited with this bank (1,277,049,543) cash paper of various categories, where they are compensated from the stored banknotes have this bank, as the number of printed banknotes (11,615,265,154) cash paper of various categories.