The absence of small monetary categories is detrimental to the stability of the local economy

[DWS112]

The absence of small monetary categories is detrimental to the stability of the local economy

7/29/2018

 

In the middle of a clothing store, he stood up to me after chatting with one of the customers of the shop to go to his little desk at the end of his little place, and while he was busy talking while he was opening the table drawer, he drew an his face with signs of anxiety, as he did not find the small categories of local currency from P 250, 500 and 1000 dinars, and he said:
"Small cash groups are almost out of our shops, so how can we deal with customers, especially those who give us such large categories as 5, 10, 000 and 25,000 dinars, really it's a big problem."
Expert in economic and academic Affairs Dr. Hilal Al-Tahad the presence of small cash groups leads to lower prices in contrast to large groups, which increase inflation and price rises, especially in the categories of 25 and 50 thousand dinars, and it is known that any economy in which the small groups disappear For coins leads to the supremacy of the large and increase their market circulation at the expense of the small.

 

Notable absence
The shops and markets alone are not affected by the absence or scarcity of small cash groups, but also by banks, and the bank says they prefer not to be named:
"A short while ago we noted the absence of cash categories of 250 and 500 dinars, since we are unable to provide them and give them to citizens and employees alike, and if we are equipped with them they are very few compared to the real need for them, and no one knows why they are missing because we have not noticed any new edition in the market or in the sucking Irv, this is a threat to our economy because these categories are accessible to all and easy to handle as compared to the large ones that exist, such as 50,000 dinars, so banks have to accept and receive damaged currencies from the citizens. "
General manager of the Department of repair and storage at the central bank Abdul Karim Hassan said in a previous statement to "Morning:
"We have instructed the government and commercial banks to receive and replace, without any fines, the damaged banknotes from the citizens and to provide them with any quantity and the banks in contravention of those instructions are held accountable, and in respect of the burned or buried currency the citizen can hand over to the bank Exclusively for replacement as soon as they are submitted under certain controls. "

 

Financial cover
And while he's busy arranging the clothes inside his shop, he's full of wonders.
"What is the real reason for the absence of small groups earlier, we were noticing the existence of modern-day coins that are being dealt with, but today it is only the old and almost corrupted. Is this a harbinger of the occupation of large market groups and how a simple citizen can go along with this, which could lead to High prices of goods and merchandise?.
According to the bank, the custom is to print out the country's coins and provide a cover for printing according to a certain vision. Iraq provides this order of oil sales and perhaps the scarcity or disappearance of small cash categories is a sign of the failure of the printing process, and it is known that the previous system was printing Within the country are traded by the citizens of Iraq exclusively and unrecognized outside of it at the fall of the system this money is no longer valuable and has been handed over by the citizens to the competent authorities for the benefit of one way or another. Our current currency is internationally recognized and has value compared to the counterpart In the previous system. "
The Director-General of the Department of Repair and Storage stated that the central bank had processed the Rafidain and Rasheed Bank with banknotes and small categories for payment within the salaries of employees, and the bank was sorting out and compensating them with new papers, stating that the bank continued to print and improve banknotes In particular the small groups and their pumping instead of the damaged leaves, they are required to maintain and accept the currency, whatever its situation, as a symbol representing the country's sovereignty and to inform the bank if the banks refuse to receive the damaged currency from the citizens.

 

Iraqi dinar
After the British occupation of Iraq during the First World War, the occupying Power took over the currency of the Indian rupee as an official currency instead of the Ottoman lira, and in 1931 it was decided to establish an Iraqi Currency council with responsibility for the issuance of a special Iraqi currency, with the promulgation of Act No. 44 of 1931, which provided An Iraqi dinar equivalent in value to the pound sterling, divided into 1000 fils, as the first release of the dinar was shown in King Faisal I on the first day of April 1932, and the banknotes were in the quarter-and-half-dinar category, one dinar, five, ten dinars and a hundred dinars, while coins from Coins are in the category of Fils and fils, 4 money, 10 money, 20 fils, 50 fils and 100 fils or Sr. The Iraqi Currency Council continued to issue banknotes and coins until the establishment of the Iraqi National Bank in 1947, and in 1954 the Central Bank of Iraq was established, which became responsible for issuing Iraq, the Iraqi dinar throughout that period was linked to the pound sterling, whose value was rising and decreasing according to the vagaries of the British economy.

 

Coins
The fifteenth anniversary of the coins, which were circulating in the 1950s and 1960's, is a civilized form of cash categories, with a value of five and 10 money, all of which were within the reach of the citizen and easy to obtain.
Economic researcher Leith Ali Ben It is known that the form of currency and its colours have a great psychological effect on the consumer this has been demonstrated by the various scientific studies as they become more proud of their currency and their desire to legalize the purchase, as well as the need for the coins, which are observed to have not disappeared from trading in Different countries of the world, because they depend on the presence of the parts for example 350 or 450 dinars We note that the coins were completely disappeared from circulation in Iraq's Asazona, and earlier they had a presence since certain devices had previously used this currency, including landlines that existed In public places today it has been dispensed with for a variety of reasons, including changes in the trading markets, as well as its cost, so it has been replaced by the paper that has become the current trading woman.
 The Economist also notes that with regard to the depreciation of the Iraqi currency against the dollar, the citizen may feel that his national currency is worthless, but when it rises, he gets a great deal of it before it, starts by keeping it and trying to legalize the purchase, and in terms of removing zeros from the Iraqi currency  There is a belief that this has an impact on the psychological aspect, since when it disappears from monetary currency, the citizen will feel the importance of his currency and the need to preserve it, in addition to the fact that the paper in which the currency is printed must be of a luxurious kind, as its effect has psychological effects and prompts the consumer to think about the necessity of alleviating A thief from this coin, replacing it with other quality, clear and colorful paper.

 

Reuse
The employee Shahrazad Mohammed Akdt said that her salary for two months was completely cut off from the small cash categories of 250 and 500 dinars, although they are very bad and sometimes not received by sellers or even private and public taxi drivers, which is a real problem for the citizen.
The plague has shown that confronting such a problem requires studying the market situation and finding a solution either by distributing the small cash categories to employees ' salaries or by printing small, easy-to-trade currencies, taking advantage of the damaged coins, converting them into dough and later using them, and small groups are of great importance for being easy to trade Among the citizens and is working to stabilize the economy.

In the middle of a clothing store, he stood up to me after chatting with one of the customers of the shop to go to his little desk at the end of his little place, and while he was busy talking while he was opening the table drawer, he drew an his face with signs of anxiety, as he did not find the small categories of local currency from P 250, 500 and 1000 dinars, and he said:

[NEPatriotsFan1]

Thank you, looks like they are referencing Former Glory day’s in this article as well! 

Back during the $3-4 range?

[jeepguy]

And his little store, in his little desk, with little cash.

[newbieDA]

well put it on your list of depends and protest, problem solved

 

a lot of problems solved then too

[newbieDA]

1 hour ago, DWS112 said:

"Small cash groups are almost out of our shops, so how can we deal with customers, especially those who give us such large categories as 5, 10, 000 and 25,000 dinars, really it's a big problem."

 

glad to hear this, I never heard them say this in an article before ever

Edited July 29, 2018 by newbieDA

[climber7]

1 hour ago, DWS112 said:

but when it rises

 

 

WHEN......

[Laid Back]

Thanks for the post DWS112.

 

They have a liquidity and a BIG need for lower denomination notes and coins ....This put more pressure on the CBI to move forward with the delete of 000 project and the introduction of lower denomination notes and coins.

 

Go CBI

Go New monetary policy

Go RV

 

 

[Bigchclte]

Just revalue the dinar...problem solved.

[Floridian]

Maybe they can't keep this up until 2019, after all.  😊

[CSM (R) Thack]

20 minutes ago, Floridian said:

Maybe they can't keep this up until 2019, after all.  😊

Can only hope!👍

[10 YEARS LATER]

28 minutes ago, Floridian said:

Maybe they can't keep this up until 2019, after all.  😊

 

Hope you're right . . . however, if their past track record is anything to go by, we've seen much to our disappointment what they can or can't do. 

 

Meantime in Arizona - 

[Laid Back]

30 minutes ago, Floridian said:

Maybe they can't keep this up until 2019, after all.  😊

I think they will..... Why I said that?..... Because of the IMF / SBA 2016-2019

 

SBA (Stand By Arrengement).... Plans or preparations for a future event.

 

just my humble opinion.!

[jeepguy]

24 minutes ago, 10 YEARS LATER said:

 

Hope you're right . . . however, if their past track record is anything to go by, we've seen much to our disappointment what they can or can't do. 

 

Meantime in Arizona - 

ohhhhhhhh myyyy   they do exist  !    

[10 YEARS LATER]

4 minutes ago, jeepguy said:

ohhhhhhhh myyyy   they do exist  !    

 

 Gila Monster Wrangling is not without some hazards . . . 

[Synopsis]

4 hours ago, DWS112 said:

and no one knows why they are missing because we have not noticed any new edition in the market or in the sucking Irv,

 

Yeah, these folks, too, are tired of waiting for the “sucking rv”!!!

 

              

 

In The Mean Time................................................

 

Go Moola Nova (YEAH AND YEE HAW, BABY, READY WHEN YOU ARE BROTHER (OR SISTER) - LET ‘ER BUCK!!!)!!!

   

[nfire]

So we are saying not until after 2019 now?

[js214]

19 minutes ago, nfire said:

So we are saying not until after 2019 now?

They're saying Soon ... Ugh

[Mxmann]

27 minutes ago, js214 said:

They're saying Soon ... Ugh

Watch your language sir!  Please no four letter words, specially that one!!!

[DinarThug]

Here’s A Highlighted One !

 

     

 

 

The absence of small monetary categories is detrimental to the stability of the local economy

Posted 18 hours ago

In the middle of the clothing shop, Ali Ali stopped after he was chatting with a customer of the shop and then went to his small table, which he put at the end of his small shop, and while he was preoccupied with his talk, he opened the drawer of the desk.
The local currency of the category of 250 and 500 and 1000 dinars, he said:
 

"The small cash groups have come close to our shops, so how can we deal with customers, especially those who give us big categories like 5, 10 thousand and 25 thousand dinars, really it's a big problem." 

The expert on economic and academic affairs Dr. Hilal al-Taan said that the existence of small monetary groups leads to a drop in prices, unlike the large groups, which lead to an increase in inflation and high prices, especially with the categories of 25 and 50 thousand dinars. It is known that any economy in which small groups of cash coins disappear leads to the rule of Large and increase circulation in the market at a small expense. A notable absence is not the shops and markets alone suffer from the absence or lack of small monetary groups, but it applies to banks as well, says the bank preferred not to be named:

"We have noticed recently the absence of cash categories of 250 and 500 dinars, as we can no longer provide them and give them both citizens and employees, and that we are equipped with them are very few compared to the real need for them, and no one knows why the disappearance because we did not notice any new edition in the markets And not in banks, and this poses a threat to our economy because these categories are within the reach of everyone and circulation easy compared to those large existing such as 50 thousand dinars, so banks had to accept the damaged currencies and received from the citizens. 

Director General of the Department of Repair and Storage in the Central Bank Agency Abdul Karim Hassan said in an earlier statement to "morning:

"We have instructed the government and commercial banks to receive the damaged banknotes from the citizens and replace them without any fines and to submit them later and in any quantity and banks contrary to those instructions are accounted for, and in terms of currency burned or buried citizen can be delivered to the Central Bank exclusively to be replaced immediately after submission according to certain controls" . 

A financial cover
While he is busy arranging clothes in his place, Ali Kamel wonders: "What is the real reason for the absence of small groups? 

Earlier, we would note the existence of modern currency coins and are being dealt with. Today, the available is only old and almost damaged, To the market and how can a simple citizen to cope with this, which may lead to higher prices of goods and goods?

The bank notes that it is customary to print currency outside the country and provide a cover for printing according to a certain vision and Iraq provides this from the sale of oil and perhaps the lack or disappearance of small cash groups is evidence of the failure of the printing process, it is known that the former system was the process of printing within the country And are traded by citizens in Iraq exclusively and is not recognized outside of it when the fall of the system is no longer for this money little value and was handed over by the citizens to the competent authorities to benefit them in one way or another, the current currency is internationally recognized and has a value compared to its counterpart.

The Director General of the Department of Repair and Storage that the Central Bank has equipped the Rafidain Bank and Rashid Banknotes and small groups to pay within the salaries of employees, and the bank to sort out the damaged and compensated with new papers, noting that the Bank continues to print banknotes and improve, especially small groups and pumping instead of damaged papers , Calling for the preservation of the currency and accept whatever its status as a symbol representing the sovereignty of the country and inform the bank in case of refusal of banks to receive the damaged currency of citizens. 

The Iraqi Dinar
 
After the British occupation of Iraq during the First World War, the occupation authority introduced the currency of the Indian Rupee as the official currency instead of the Ottoman lira, and in 1931 it was decided to establish a council of the Iraqi currency, which is responsible for issuing a special Iraqi currency. The law No. 44 of 1931, Equal to the value of the pound sterling, and divided into 1000 fils, as appeared in the first issue of the dinar during the reign of King Faisal I on the first day of April 1932, and the banknotes in the category of quarter and half dinars and dinars and five and ten dinars and one hundred dinars, and coins of coins it F The Bank of the Iraqi currency continued issuing paper and metal coins until the establishment of the Iraqi National Bank in 1947. In 1954, the Central Bank of Iraq was established, which became responsible for the establishment of the Iraqi National Bank. Issuing the Iraqi currency, the Iraqi dinar was throughout those

The coins of the fifties, Jamil Hamed, believe that the coins that were circulating in the fifties and sixties of the last century are a form of civilization of the types of monetary categories, as they were different, worth 5 and 10 fils, all of which were accessible to the citizen and easy to get.

Economic researcher Laith Ali Bin that it is known that the shape of the currency and its effects on the psychological great consumer, and this is proved by various scientific studies as increasing pride in his currency and his desire to ration purchase, as well as the need for the coin, which is noted that it did not disappear from trading in different countries of the world, Because it depends on the existence of parts, for example 350 or 450 dinars and we note that the coins disappeared completely from trading in our Iraqi markets, and earlier had a presence as there were devices in the past used this currency, including land phones that were in the mother Be the General Today either has been dispensed for several reasons, including changes that took place in the trading markets, as well as the cost and was replaced by the paper, which is now the lady of trading.

 The researcher points out that economic affairs in the matter of the decline of the Iraqi currency against the dollar, it may feel that the citizen's national currency has no value, either when the rise gets great pride by him, begins to maintain and try to legalize the purchase, and with regard to delete zeros from the Iraqi currency There is a belief that this matter has an impact on the psychological side, when they disappear from the monetary currency will feel the importance of the citizen currency and the need to preserve them, in addition to the paper that is printed by the currency must be of the type of luxury, as badness has psychological effects and drives the consumer to think Need to get rid of From this coin, replace it with other quality quality and clear and colored paper. reuse

Employee Shahrazad Mohammed confirmed that her salary for two months completely from the small cash categories, such as 250 and 500 dinars, if found, they are badly damaged and sometimes not received by vendors or even taxi drivers, private and public, which posed a real problem for the citizen. 

Al-Taan explained that facing such a problem requires studying the situation of the market and finding a solution either by distributing small cash categories in the salaries of employees or printing small currencies that are easy to trade, while taking advantage of damaged currencies and turning them into dough and using them later. The small categories are very important because they are easy to trade among citizens Stability of the economy.

In the middle of the clothing shop, Ali Ali stopped after he was chatting with a customer of the shop and then went to his small table, which he put at the end of his small shop, and while he was preoccupied with his talk, he opened the drawer of the desk. The local currency of the category of 250 and 500 and 1000 dinars, he said.

https://www.iraqakhbar.com/1280045

 

Edited July 29, 2018 by DinarThug

[ChuckFinley]

Thanks Thug.

 

We have been saying that for years.

[DinarThug]

13 minutes ago, ChuckFinley said:

Thanks Thug.

We have been saying that for years.

 

Ya - But U Better ‘Cheese’ It Chucky Before Any Of The Whales Find Out !  

 

 

     

[ChuckFinley]

11 minutes ago, DinarThug said:

 

Ya - But U Better ‘Cheese’ It Chucky Before Any Of The Whales Find Out !  

 

 

     

[Floridian]

What???????

 

" the current currency is internationally recognized and has a value compared to its counterpart."

[davis411]

9 minutes ago, Floridian said:

What???????

 

" the current currency is internationally recognized and has a value compared to its counterpart."

what you talkin about WILLIS

[3n1]

18 minutes ago, Floridian said:

What???????

 

" the current currency is internationally recognized and has a value compared to its counterpart."

 

might be recognized but at least in america its not accepted even the banks that sold it in the states will not deal with it today , that said this was just words from an economist not the cbi , thats been my question for years how iraq makes change in the marketplace with nothing smaller than a 250 iqd note people have stated they just round up or down to make change ... everyone inside iraq has to know the  iqd value / rate prohibits their current small notes from use who wants to carry a duffle bag of the current smalls around , increase the currency value and they can use the low notes but thats not a news flash for anyone following this fiasco .. cheers we wait