The 5 and 10 thousand dinars denominations disappeared from the ATMs

[yota691]

The 5 and 10 thousand dinars denominations disappeared from the ATMs

Saturday 23 October 2021 175

 Baghdad: Mustafa Al-Hashemi

Recently, there have been cases that the citizen was not familiar with, since the spread of ATMs throughout Iraq, represented by the disappearance of small and medium groups (from 1000 to 10 thousand dinars), which may bring back to the scene the scene of mistrust between the public and private banks, precisely because of The latter's failure to provide all cash denominations in its ATMs.

Citizen B says: I (employee) “When I receive a message or a notification on my phone that my salary has been launched, I immediately go to the nearest ATM to withdraw the salary for the purpose of fulfilling my financial obligations that require cash.”

i added. To “Al-Sabah” that “the ATMs of the bank to which I settled my salary, are devoid of small and medium cash groups (1000 to 10 thousand dinars), and I do not know the reason, although withdrawing them as liquidity may differentiate among some who complain of the deterioration of their living conditions.”

And he added, "This case brings to mind the issue of citizens' trust in private banks, which has been shaky since the collapse of a number of them in previous years, which calls for a review of the issue of financial inclusion in the smallest details, especially the salary settlement clause."

For his part, the banker Hussein Najm believes that “these cases may occur in some private banks for accounting purposes or to facilitate the disbursement of the salary in the largest possible categories, and to facilitate filling the exchange with cash from those categories, as it will become lighter in weight when transferred.”

Negm pointed out that "this case can be explained by the fact that banks encourage the public to adopt a savings policy, which has been absent from the family economy scene since the nineties of the last century, or it may be one of the problems or challenges of settlement and the banking system in general."

In turn, the expert in economic affairs, Dr. Hussein Al-Khaqani, said that there is a source of individual financial waste, represented by the electronic payment card holders of employees and retirees, when a notification is received of the release of the salary, the card holder quickly resorts to receiving his salary in cash from the exchange offices minus the commission.

Al-Khaqani added, “Perhaps the most important reason for this is the lack of electronic payment card readers, which are supposed to be available at all official authorities and the private sector, to collect their debts, such as malls, large and small shops, even taxi drivers, stores selling vegetables and fruits, ovens, restaurants, and even traffic departments and the collection of water fees. Electricity, payment of transaction fees and tax collection.

He stressed that “the banking automation process in Iraq is deficient due to the imposition of electronic cash dealings on employees and retirees, in exchange for limiting cash withdrawal points to outlets and ATMs and not providing them in all shops and the aforementioned entities, which widens the cash gap between citizens and banks.”

[Wiljor]

Good morning Yota, top of the day out to you sir 

 

"Recently, there have been cases that the citizen was not familiar with, since the spread of ATMs throughout Iraq, represented by the disappearance of small and medium groups (from 1000 to 10 thousand dinars), 

 

Interesting, could this mean they are making way for even smaller denom notes? 

[dinarham]

    The availability and usage of ATM's in Iraq is crucial to an rv.  I would imagine that the ATM's   in Iraq   dispense USD ,not IQD , to foreign contractors who somehow need IQD ?. Who's  zoomin' who here ?   $10,000 IQD is worth $14. 00 USD , $1000, 14 cents  ? Put that in  equation  with how ATM's work around the world .  A 200,000 square  foot warehouse and several dedicated huge trucks to serve each ATM's  ? I think not ..  This  spells to me  that value must be given to lower denoms

[dinarham]

 Lower demons are hard to find  now . To me , this spells an uncontrollable float .