* CBI source denies issuance of a 50,000 IQD as it was an old plan; Says bank in process of switching

The source, who preferred anonymity in an interview (the citizen) that “the Iraqi currency is currently in the process of switching after lifting the three zeroes
“stressing that” the plans on the new version after the lifting of zeros take into account the issue of balance and the actual need for the trading currency (Cache), where there will be no less than 12 categories of including a number of mineral groups in addition to the paper, and certainly the last category will contain a large currency to facilitate the transactions as is the case in all countries of the world. “

Dr. Saleh told the Kurdish news agency (Rn) that “the Iraqi Central Bank is working to issue a new currency, a large class (50) thousand dinars due to the lack of coins in a big country.”

Saleh pointed out that “the largest currency in the country is now (25) thousand dinars and the purchasing power it does not exceed $ 23.”

Saleh added that “the central bank is also working on a version of small coins to the lack of these
categories that facilitate the process of buying and dealing between citizens and the Iraqi market that you need to return to the small metal coins had some dealings with the Central Bank.”

And Saleh stressed that “Iraq needs to support its economy and its currency through the issuance of currency, similar to major foreign currencies, including the $ 100 bills.”

Saleh added that “in the cash transactions in the Iraqi market, you need to finance the cash (cash) large and therefore difficult to transfer the money in the form of bags in case of large transactions.”

He cautioned that the “Iraqi banks do not accept deposits, sometimes because of the problems and the account number of the large amounts of money.”

The increased benefit of earlier Iraq was seeking to reduce the monetary mass (Cache) from 25 trillion dinars to 15 billion dinars. “Noting that” the central bank fixes the payments system in Iraq and the policy of the monetary authority. “

Saleh pointed out that “it will soon be through the issuance of new currency and the elimination of three zeros from the new currency.”

adding that “instead of have to deal with large amounts of money to buy a small quantity of goods, we will deal in a little money to buy a large quantity of goods. “

http://theiraqidinar.com/2011/11/21/cbi-source-denies-issuance-of-a-50000-iqd-as-it-was-an-old-plan-says-bank-in-process-of-switching/