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Citizens are afraid to enter large cash categories


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(Iraq-news / index.html /) is now Iraq News

 


Experts they consider a new achievement

 

BAGHDAD - Abbas Al passengers

Details Created On Friday, 22 May 2015 23:19

 

Iraqi government may offer sometimes steps not only benefited a class or a specific segment of Iraqi society, while the ordinary citizen is affected first and last of those steps that Ataud benefit him. Iraqi street was trading days since the news that the Ministry of Finance, represented by the Central Bank will issue a new currency from the category of "50" thousand dinars and then followed after issuing another currency of a larger category of a "100" thousand Iraqi dinars.

 

The moves in light of the suffering severe the country as a result of fiscal austerity that has ravaged the country about more than a year and a large deficit in the state budget since, through a multitude of objects of expenditure and the adoption of the government to only rentier economy, oil and some industries light of, in addition to the face of the country to organize Daash terrorist war against it, and having to reduce staff in the public sector wages as well as stop the financing of some projects as a result of austerity Almala.acanutor appearance of Mohammed Saleh adviser to Prime Minister for Economic Affairs, he said: I am with this trend in the introduction of large cash categories because it will raise the efficiency of large payments and categories system large cash facilitate the trading of large parliamentary blocs so they shortened the monetary amounts by half or more and solve the problem of the transfer of those quantities, Iraq is still handles cash Order Cache and not the card that requires time and effort and the culture of the visa regime.

 

He adds that the benefit of this project was due to work done for years, which does not contradict with the project to delete the zeros because reform, there is no need to fear the introduction of these large groups to the market because the financial institutions in the country studied the subject from all sides and is a guarantor of safety.

 

Some citizens believe that the "large cash categories" to enter the market now is tantamount to adding new burdens on the ordinary citizen as simple salary categories will be hard to break or turn them into smaller in order to dispose of Bha.oathmun State to make decisions in their best interest to Atsb never categories, through This confusion decisions is well thought out economic feasibility and benefits desired, but are skeptical about a lot of them that there are mafias significant financial and whales want to take advantage of the introduction of these large groups that might cripple the market movement and the elimination of small groups of two categories of "250" dinars and the "500" and " 1000 "dinars final and the first affected by it is to cancel the taxi buses that operate within the alleys and removed from the" 500 "to" 1000 "and the abolition of the pricing" ticket "hospitals, the government's" 500 "dinars, also due to lack of loose change final of daily trading, and will be traders

 

They are the first beneficiaries of this decision because they would import goods from outside Iraq through that currency instead of running and currency behind the US dollar or the euro European volatile in terms of demand and supply and the purchase price as well. To Aikhvi citizen "Abu Zahraa al-Moussawi," 34-year-old fear of this sudden decision to us and says that his fear Mtota of greed merchants, exploitation and opportunists of them, because large denominations were a big problem in one day, especially in after the former regime fall of 2003 as traders to Aigmon take unzip large currency, which was at the time 10 000 dinars and 25 thousand, but buy eggs layer or a dozen full of cigarettes or any other commodity is determined by the dealer himself, citizens are forced to acquiesce to buy some of the issues they do not need them perhaps some people to Aadechn or unwilling to buy eggs table of the market and other goods

 

He adds that the ordinary citizen fears of a repeat of the same scenario, especially since there is chaos in Iraq and the absence of economic sergeant in the market now is Maahdja traders on foot to carry out earning profits is due and multiply. It recalls that monetary categories in the country has gone through many stages and each time increased in number Ocefarha and pulls small currencies "loose change" and rising prices and growing, while large currency chasing small currencies remain as it says modern economic base, and increasing numbers of financial Warraq entering the market and the corresponding gold .

 

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Iraq is saying they want the people to take their money out of banks in other countries & inside their mattresses & invest in Iraqi banks.

 

No flippin' likely with ISIS running uncontrolled throughout the country! Even the capital is threatened at this point.

 

LOL

 

No one is THAT stupid! ;)

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everything is running together and now my eyes are crossed!! Can someone make since of this mess?

everything is running together and now my eyes are crossed!! Can someone make since of this mess?

Nope. Not a soul can make sense of this. 

 

Remember just like any other news agency they sell News. They will spin these articles as they see fit. I am very cautious to trust most of the journalism here in the USA let alone Iraq.

 

Thanks Markinsa

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why would they be afraid lol ....... I can remember when I lived in Ireland and we changed to the euro, before that we had the Irish pound or "punt" the biggest note I had ever used was a £20, the biggest note I had ever seen was a £50 but only a few times and never in my wallet lol ...... when we changed to the euro the notes were 5,10,20,50,100,200,500 ....... after a few years the €50 was the most used note in the country !!

 

I have to say I was scared ....... I knew what was coming with notes that size in general circulation, now look where the euro is...... albeit it was doing better against the dollar for a good while reaching €1 =$1.60 (when introduced to the market it was at €1=$1.17) ........ today its at €1=$1.10

 

but for the general population prices skyrocketed, for example I can remember going out for a few pints with friends before the euro and paying £1.70 a pint (in irish pounds) these days your lucky if you can find a bar in dublin that charges less than €5.50 for the same thing.

 

time will tell, but history has already got a good grip on what will happen to the dinar against other currencies if they go ahead with this.

Edited by The Machine
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They're talking about lower denomination. 50 and 100 notes with more value

The new 50 dinar note will be equal $42

42÷50=0.85

Just my opinion

 

I really hope they are ..... but the article says 50,000 & 100,000 and many many other articles have said the same.

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What it sounds like is, in 2003 when the 25K and 10K notes were introduced, the vendors would say they didn't have change when someone who only had a 25K or 10K note went pay for something that cost less than 25K or 10K.  So they ended up  having to buy something that they didn't need in order to get their money's worth.

 

They're afraid that's going to happen again.

 

I went back and edit the Article and Bolded the relevant text.

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