Intelligence sources: unknown destinations behind the crisis of small currencies . The Central Bank reveals the truth

[dinareffic]

Intelligence sources: unknown destinations behind the crisis of small currencies . The Central Bank reveals the truth

26 September 2018 

 

Intelligence sources revealed on Wednesday unknown sources accused of being behind the "crisis" of small cash groups "Fakkah."

And stressed that those parties are buying the amount of 100 thousand dinars from the small cash categories at 110 thousand dinars, which is denied by an economist, stressing that  Iraq will solve the "crisis" during the next two weeks.

Since the beginning of this year, the local market has witnessed a severe crisis in the availability of small denominations of coins (1000 dinars, 500 dinars and 250 dinars), until the price of one hundred thousand dinars of  worth 110 thousand dinars. 

The intelligence sources said: "There are unknown parties, and it is not known whether internal or external, behind the scarcity of small cash groups from the domestic market." 

She stressed: "Since the first half of this year we detected a new situation in the Iraqi market, the purchase of one hundred thousand dinars Of the categories of small cash in the amount of 110 thousand dinars in the categories of more than five thousand dinars and above " 

The sources attributed it to" an attempt to reduce the value of the Iraqi dinar against foreign currencies, so that the small groups disappeared, dealing with the higher categories, and thus become the last categories is the currency Traded in the market. "

However, economic expert Hammam al-Shamma confirmed that this is not the case, and that what is currently happening is a "temporary situation." 

He said: "The scarcity of small groups of the Iraqi currency in the market is a temporary situation because  cut large amounts of them, and once it begins to pump in the markets gradually the crisis ends." 

He added: "The phenomenon of the small number of small groups occur because of the large circulation and need by small sellers, so sold at a price higher than their relative value, and when the market is available, the crisis ends." 

Al-Shamaa denied that there are "parties behind the crisis of small cash groups," likely to "end the crisis within two weeks after the central bank pumping quantities of small groups."

Drivers of public transport, shopkeepers and markets have said they are facing a "real crisis" in providing small cash groups and are often embarrassed both by their customers and by public transport drivers who said the crisis affected their daily income. 

A number of the drivers of the medium transport buses (Koster) and small (Kia) that some of them buy the 25 thousand dinars of small groups at a price of 27500 dinars. 

"We are facing a big problem with small currencies, but they are concentrated in the category of 500 dinars, most of the passengers pay 1000 dinars and they have 500 dinars left, and they have the right to refund them the remaining, but where do we come from is not in the market ?, so we have to return (1000 dinars), some of them do not take it and few take it, but the result is that both of us are affected, the passengers pay 1000 dinars twice the fare, and the driver gives up his wage. "

https://www.thebaghdadpost.com/ar/Story/122226/%D9%85%D8%B5%D8%A7%D8%AF%D8%B1-%D8%A7%D8%B3%D8%AA%D8%AE%D8%A8%D8%A7%D8%B1%D8%A7%D8%AA%D9%8A%D8%A9-%D8%AC%D9%87%D8%A7%D8%AA-%D9%85%D8%AC%D9%87%D9%88%D9%84%D8%A9-%D9%88%D8%B1%D8%A7%D8%A1-%D8%A3%D8%B2%D9%85%D8%A9-%D8%A7%D9%84%D8%B9%D9%85%D9%84%D8%A7%D8%AA-%D8%A7%D9%84%D8%B5%D8%BA%D9%8A%D8%B1%D8%A9-%D9%88%D8%A7%D9%84%D8%A8%D9%86%D9%83-%D8%A7%D9%84%D9%85%D8%B1%D9%83%D8%B2%D9%8A-%D9%8A%D9%83%D8%B4%D9%81-%D8%A7%D9%84%D8%AD%D9%82%D9%8A%D9%82%D8%A9

[dinareffic]

This is one month old, so please delete if already posted.

[TOMINVEGAS]

Normally currency is stacked nicely and taken care of. This looks like it was thrown in the corner up against the box and left there on the floor... kinda like worthless trash. .... 

[6ly410]

55 minutes ago, dinareffic said:

He said: "The scarcity of small groups of the Iraqi currency in the market is a temporary situation because  cut large amounts of them, and once it begins to pump in the markets gradually the crisis ends." 

 

[6ly410]

55 minutes ago, dinareffic said:

This is one month old, so please delete if already posted.

Thanks for posting this again... I wanna see those small categories notes ..

[NEPatriotsFan1]

Well we got one day left this month if that article regarding large amounts of smaller denominations coming out in October gets chaulked up as another failed Iraqi promise to their people 

[Bunk]

10 hours ago, TOMINVEGAS said:

Normally currency is stacked nicely and taken care of. This looks like it was thrown in the corner up against the box and left there on the floor... kinda like worthless trash. .... 

  It must be an Iraqi public bathroom.

[dinarham]

So a bus ride costs the equivalent  of 10 cents . Giving out change  the for the bus ride has become absurdly impossible