Official CBI News 09/27/2022

[6ly410]

The Central Bank: We will not print a currency higher than 50 thousand

money and business
   https://economy-news.net/content.php?id=30093

Economy News - Baghdad
The Central Bank of Iraq confirmed, on Thursday, that the new twenty thousand category will carry high security marks, and while he pointed out that there is no tendency to print a category higher than 50 thousand, he revealed that the volume of money circulating in Iraq is 84 trillion dinars.

Central Bank Adviser Ihsan Shamran al-Yasiri said in a televised interview, "The printing of the new 20,000 dinars denomination is part of the normal monetary practices of the Central Bank and within the framework of reconsidering the structure of the national banknote series."

He added, "This category will be an intermediate currency structure and will be enhanced with high security marks from the latest globally, and will provide an addition to smaller denominations such as the five thousand and ten thousand."

He added that "the denomination of twenty thousand will be of the (standard) size under which the denomination of fifty thousand was printed, and it will also bear Iraqi features, as was done in the currencies that preceded it," noting that "there is no current trend to reprint the current currencies with new copies."

In response to a question about the possibility of issuing higher categories, between Al-Yasiri, that "the 50 thousand category is sufficient at the present time for the upper limit of the Iraqi currency, which is a very strong and sober category and can be used for storage, savings and cash transactions."

He pointed out that "the size of the monetary mass circulating in banks and the public currently ranges between 83-84 trillion Iraqi dinars, and the new issuance of the 20,000 denomination will not change much of the volume of circulation because it will enter into the existing liquidity."

He stressed that "the printing of the new category will not affect the value of the Iraqi currency and will not cause inflation, and the issue of inflation is linked to economic policies and has nothing to do with monetary circulation."

 

 

 

 

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Views 536

Added 10/06/2022 - 7:52 PM

Update 10/07/2022 - 4:15 PM

[6ly410]

Central Bank: We will not print a currency higher than 50,000 Iraqi dinars

economy |   07:56 - 06/10/2022

 

Central Bank: We will not print a currency higher than 50,000 Iraqi dinars (mawazin.net)

Baghdad - Mawazine News
The Central Bank of Iraq confirmed on Thursday that the new 20,000 denomination will bear high security marks, and while pointing out that there is no trend to print a denomination above 50,000, it revealed that the size of the cash mass in circulation in Iraq is 84 trillion dinars.
Central Bank adviser Ihsan Shamran al-Yasiri said that "the printing of the new 20,000 dinars denomination enters the field of normal monetary practices of the Central Bank and within the framework of reviewing the structure of the national banknote chain."
He added that "this denomination will be an intermediary for the structure of coins and will be enhanced by high security marks from the latest globally and will provide an addition to smaller denominations such as 5,000 and 10,000."
"The twenty thousand denomination will be in the (standard) size under which the fifty thousand denomination was printed and will also carry Iraqi features as has been done in the currencies that preceded it," he said, noting that "there is no current trend to reprint the current currencies with new copies."
Asked about the extent to which higher denominations can be issued, al-Yasiri said that "the 50,000 denomination is sufficient at present for the upper limit of the Iraqi currency, which is a very strong and sober denomination that can be used for storage, savings and monetary transactions."
He pointed out that "the volume of cash mass in circulation with banks and the public currently ranges between 83-84 trillion Iraqi dinars, and the new version of the 20,000 denomination will not change much of the volume of the trader because it will enter into the existing liquidity."
He stressed that "the printing of the new denomination will not affect the value of the Iraqi currency and will not cause inflation, and the subject of inflation is related to economic policies and has nothing to do with monetary circulation."

 

 

 

 

[yota691]

20 thousand dinars.. the new category under the lens of experts, negative and positive

• Time: 07/10/2022 10:32:12
•  
• Reading: 3,250 times

{Reports: Al Furat News} The Central Bank of Iraq is heading to issue a new category of local currency for cash circulation that is not very high, after the depreciation of its currency against the dollar, in a move described as useless and will increase inflation on the one hand, and its goal is to improve the efficiency of the performance of the cash payments system in the country In intermediate currencies that serve the speed of monetary exchange and facilitate settlement of transactions and payment methods within the economic community on the other hand.

This trend came on the lips of the Governor of the Central Bank, Mustafa Makheeb, who revealed during his participation in the “Al-Rafidain Forum for Dialogue” last September 27, about the Iraqi Central Bank’s intention to issue a new denomination of the Iraqi currency with a value of 20 thousand dinars (approximately $13) based on comparative study and research. With neighboring countries, he is working on completing the paper's form, and in the coming days it will be announced.

 

He said, "We are working on a new currency, a category of 20 thousand dinars, after studies in order to keep pace with the requirements and to match the neighboring countries," adding, "We will start announcing the new category after completing its requirements."  

 

It is noteworthy that Iraq possesses - so far - 7 categories of local currency issued by the Central Bank of Iraq, which are {250 dinars, 500 dinars, 1000 dinars, 5000 dinars, 10,000 dinars, 25000 dinars, and 50,000 dinars).

 

During the post-2003 years, the Iraqi currency went through volatile and volatile stages that lost its local value and market influence, but it was subjected to what can be described as a “semi-collapse” on December 21, 2020 when the Central Bank reduced the exchange rate from 1190 to 1450 dinars against One dollar, with the aim of better managing payments and the economic crisis in the country, and estimated that the value of the local currency in the market would fall by about 22% of its previous value.

 

repercussions and risks

 

The devaluation of the Iraqi dinar against the dollar resulted in significant repercussions, as this resulted in increases in the prices of most consumer and food materials and services, in particular, by more than 45%, according to economic estimates, which reduced the economic welfare of the local currency against other currencies and the dollar. specifically.

 

And what made the recent devaluation of the Iraqi dinar against the dollar, which is the harshest and most harmful - according to experts in economic affairs - was that it came at a time when the correct premises were not available in terms of the existence of a reliable base for industry and agriculture and the availability of a commodity alternative to many imported industrial and agricultural commodities whose prices had risen. Also, the change in the exchange rate was sudden and not gradual.

What makes the devaluation of the Iraqi currency in embarrassment due to its low price, is that the country’s economy is single in production and relies on oil exports to secure its annual budgets. In other words, decreasing the exchange rate does not contribute to an increase in oil exports, since the latter’s prices are set in the world market by a single price system.

 

This report answers a set of questions: What are the main reasons for launching the new Iraqi currency at a value of 20 thousand dinars (about $13)? What are its pros and cons? Then what role is it supposed to play in improving the image of the local currency after a wave of "semi-collapse" following the rise in the price of the dollar and its depreciation about 3 years ago?

 

The pros and cons of the new cash category

 

A member of the Parliament’s Finance Committee, Jamal Cougar, disagrees with the Central Bank of Iraq and believes that it was more appropriate to print small denominations of cash, such as the 150 dinars denomination, but he went to print a new denomination (20 thousand) between two currencies far from each other (10 thousand and 25 thousand) and there is no Between them any other currency.

 

Cougar expressed his support for printing small currencies instead of large or high ones because it contributes to creating space for goods entering the country, so that they are sold in a way that serves the citizen more. But the situation would have been better if there were another, lesser currency, such as 150 dinars.

 

Representative Cougar suggests printing the new category gradually, not at once and for varying periods, especially since there is talk about the possibility of printing about 70 trillion Iraqi dinars (about 45 billion dollars) for several categories, especially the 25 thousand dinars category, warning of market inflation in the event that all payments are made. These quantities of categories printed to market.

 

What is the supposed role of the new class?

 

The appearance of Muhammad Salih, the financial and economic advisor to the Prime Minister, shows the assumed role of the new monetary category, saying that it comes within the framework of improving the Central Bank’s policy in managing the cash payments system, which required - through experience - the need to issue a category (intermediate currency) divisible by two to facilitate Cash payments (not large) within the cash circulation system.

 

Saleh denies that the issuance of a new category of cash circulation is an expression of inflationary conditions, but rather a measure to improve the efficiency of the performance of the cash payments system in the country with intermediate currencies that serve the speed of monetary exchange and facilitate the settlement of transactions.

Does the issuance of the new category contribute to the increase in inflation?

Economic researcher Diaa Al-Mohsen acknowledges in his response to the possibility that the issuance of the new category would contribute to increasing inflation or not; The lack of any benefit from the idea of the Iraqi Central in this approach as much as it will be a burden on the economy, as "the more monetary issuances will lead to the disappearance of other monetary categories in the market, and this may lead to a kind of inflation in the Iraqi economy, which exceeded 6%."

He describes the Mohsen as a “dangerous indicator of the economy,” especially that the country’s economy is rentier and the real sectors are ineffective, while stressing that Iraq does not need to issue a new currency because it will affect the rate of inflation and therefore the citizen will be harmed by this issuance instead of being a benefit to him.

What is the purpose of printing a new banknote?

 

In the case of the Central Bank of Iraq, the main objective of issuing a new currency denomination of 20 thousand dinars comes to give individuals greater flexibility in local commercial and financial transactions and obligations, according to the hadith of the economist and academic Ali Dadush, and at the same time its costs will be covered by the difference between the amount of the banknote (as an ordinary paper). ) and its actual amount after trading in the markets, and therefore there is no loss or waste of public money.

 

In return for the printing of any currency by the central banks, Daadush requires that it be matched by assets or assets, whether foreign assets or domestic credits, and then we see the goals that central banks want from issuing or printing new banknotes (or adding new categories of currency), in addition to not Ignore printing costs for new or added currency.

 

The economic expert comments on the possibility of the Iraqi currency entering another stage of collapse against the US dollar - as it is said from time to time - that the oil dollars leading to an increase in foreign reserves with the Iraqi Central prevent the collapse of the local currency, through the foreign currency sale window, and also led to confidence Relatively individuals in dinars, and the narrowness of the dollarization phenomenon that the Iraqi economy was suffering from.

  

 

[yota691]

The Central Bank: We will not print a currency higher than 50 thousand Iraqi dinars

 10/06/2022

 

 44

 

Baghdad / Al-Mawrid News

The Central Bank of Iraq confirmed, today, Thursday, that the new twenty thousand category will carry high security marks, and while he pointed out that there is no tendency to print a category higher than 50 thousand, he revealed that the volume of money circulating in Iraq amounts to 84 trillion dinars.
Central Bank Adviser Ihssan Shamran Al-Yasiri said that "the printing of the new 20,000 dinars denomination is part of the normal monetary practices of the Central Bank and within the framework of reconsidering the structure of the national banknote series."
He added, "This category will be an intermediate currency structure and will be enhanced with high security marks from the latest globally and will provide an addition to smaller denominations such as the five thousand and ten thousand."
He added that "the denomination of twenty thousand will be of the (standard) size under which the denomination of fifty thousand was printed, and it will also bear Iraqi features, as was done in the currencies that preceded it," noting that "there is no current trend to reprint the current currencies with new copies."
In response to a question about the possibility of issuing higher categories, between Al-Yasiri, that "the 50 thousand category is sufficient at the present time for the upper limit of the Iraqi currency, which is a very strong and sober category and can be used for storage, savings and cash transactions."
He pointed out that "the size of the monetary mass circulating in banks and the public currently ranges between 83-84 trillion Iraqi dinars, and the new issuance of the 20,000 denomination will not change much of the volume of circulation because it will enter into the existing liquidity."
He stressed that "the printing of the new category will not affect the value of the Iraqi currency and will not cause inflation, and the issue of inflation is linked to economic policies and has nothing to do with monetary circulation."

[6ly410]

20 thousand dinars.. the new category under the lens of experts, negative and positive

• Time: 07/10/2022 10:32:12
•  
• Reading: 5,109 times

https://alforatnews.iq/news/20-ألف-دينار-الفئة-الجديدة-تحت-عدسة-الخبراء-سلباً-وإيجاباً  

{Reports: Al Furat News} The Central Bank of Iraq is heading to issue a new category of local currency for cash circulation that is not very high, after the depreciation of its currency against the dollar, in a move described as useless and will increase inflation on the one hand, and its goal is to improve the efficiency of the performance of the cash payments system in the country In intermediate currencies that serve the speed of monetary exchange and facilitate settlement of transactions and payment methods within the economic community on the other hand.

This trend came on the lips of the Governor of the Central Bank, Mustafa Makheeb, who revealed during his participation in the “Al-Rafidain Forum for Dialogue” last September 27, about the Iraqi Central Bank’s intention to issue a new denomination of the Iraqi currency with a value of 20 thousand dinars (approximately $13) based on comparative study and research. With neighboring countries, he is working on completing the paper's form, and in the coming days it will be announced.

 

He said, "We are working on a new currency, a category of 20 thousand dinars, after studies in order to keep pace with the requirements and to match the neighboring countries," adding, "We will start announcing the new category after completing its requirements."  

 

It is noteworthy that Iraq possesses - so far - 7 categories of local currency issued by the Central Bank of Iraq, which are {250 dinars, 500 dinars, 1000 dinars, 5000 dinars, 10,000 dinars, 25000 dinars, and 50,000 dinars).

 

During the post-2003 years, the Iraqi currency went through volatile and volatile stages that lost its local value and market influence, but it was subjected to what can be described as a “semi collapse” on December 21, 2020, when the Central Bank reduced the exchange rate from 1190 to 1450 dinars against One dollar, with the aim of better managing payments and the economic crisis in the country, and estimated that the value of the local currency in the market would fall by about 22% of its previous value.

 

repercussions and risks

 

The devaluation of the Iraqi dinar against the dollar had major repercussions, as this resulted in increases in the prices of most consumer and food services and materials, in particular, by more than 45%, according to economic estimates, which reduced the economic welfare of the local currency against other currencies and the dollar. specifically.

And what made the recent devaluation of the Iraqi dinar against the dollar, which is the harshest and most harmful - according to experts in economic affairs - is that it came at a time when the correct premises are not available in terms of the existence of a reliable base for industry and agriculture and the availability of a commodity alternative to many imported industrial and agricultural commodities whose prices have risen. Also, the change in the exchange rate was sudden and not gradual.

 

What makes the devaluation of the Iraqi currency in embarrassment due to its low price, is that the country’s economy is single in production and relies on oil exports to secure its annual budgets. In other words, decreasing the exchange rate does not contribute to an increase in oil exports, since the latter’s prices are set in the world market by a single price system.

 

This report answers a set of questions: What are the main reasons for launching the new Iraqi currency at a value of 20 thousand dinars (about $13)? What are its pros and cons? Then what role is it supposed to play in improving the image of the local currency after a wave of "semi-collapse" following the rise in the price of the dollar and its depreciation about 3 years ago?

 

The pros and cons of the new cash category

 

A member of the Parliament’s Finance Committee, Jamal Cougar, disagrees with the Central Bank of Iraq and believes that it was more appropriate to print small denominations of cash, such as the 150 dinars denomination, but he went to print a new denomination (20 thousand) between two currencies far from each other (10 thousand and 25 thousand) and there is no Between them any other currency.

 

Cougar expressed his support for printing small currencies instead of large or high ones because it contributes to creating space for goods entering the country, so that they are sold in a way that serves the citizen more. For example, there is no goods in Iraq whose price is less than (250 dinars) because there is no currency less than that But the situation would have been better if there had been another, lesser currency, such as 150 dinars.

Representative Cougar suggests printing the new category gradually, not at once and for varying periods, especially since there is talk about the possibility of printing about 70 trillion Iraqi dinars (about 45 billion dollars) for several categories, especially the 25 thousand dinars category, warning of market inflation in the event that all payments are made. These quantities of categories printed to market.

 

What is the supposed role of the new class?

 

The appearance of Muhammad Salih, the financial and economic advisor to the Prime Minister, shows the assumed role of the new monetary category, saying that it comes within the framework of improving the Central Bank’s policy in managing the cash payments system, which required - through experience - the need to issue a category (intermediate currency) divisible by two to facilitate Cash payments (not large) within the cash circulation system.

 

Saleh denies that the issuance of a new category of cash circulation is an expression of inflationary conditions, but rather a measure to improve the efficiency of the performance of the cash payments system in the country with intermediate currencies that serve the speed of monetary exchange and facilitate the settlement of transactions.

Does the issuance of the new category contribute to the increase in inflation?

Economic researcher Diaa Al-Mohsen acknowledges in his response to the possibility that the issuance of the new category would contribute to increasing inflation or not; The lack of any benefit from the idea of the Iraqi Central in this approach as much as it will be a burden on the economy, "the more monetary issuances will lead to the disappearance of other monetary categories in the market, and this may lead to a kind of inflation in the Iraqi economy, which exceeded 6%."

 

He describes the Mohsen as a “dangerous indicator of the economy,” especially that the country’s economy is rentier and the real sectors are ineffective, while stressing that Iraq does not need to issue a new currency because it will affect the rate of inflation and therefore the citizen will be harmed by this issuance instead of being a benefit to him.

 

What is the purpose of printing a new banknote?

 

In the case of the Central Bank of Iraq, the main objective of issuing a new currency denomination of 20 thousand dinars comes to give individuals greater flexibility in local commercial and financial transactions and obligations, according to the hadith of the economist and academic Ali Dadush, and at the same time its costs will be covered by the difference between the amount of the banknote (as a normal paper). ) and its actual amount after trading in the markets, and therefore there is no loss or waste of public money.

In return for the printing of any currency by central banks, Daadush requires that it be matched by assets or assets, whether foreign assets or domestic credits, and then we see the goals that central banks want from issuing or printing new banknotes (or adding new categories of currency), in addition to not Ignore printing costs for new or added currency.

The economic expert comments on the possibility of the Iraqi currency entering another stage of collapse against the US dollar - as it is said from time to time - that the oil dollars leading to an increase in foreign reserves with the Iraqi Central prevent the collapse of the local currency, through the foreign currency sale window, and also led to confidence Relatively individuals in dinars, and the narrowness of the dollarization phenomenon that the Iraqi economy was suffering from.

[Laid Back]

"We are working on a new currency, a category of 20 thousand dinars, after studies in order to keep pace with the requirements and to match the neighboring countries," adding, "We will start announcing the new category after completing its requirements."  

 

I was thinking what will happen with the 25k note if they print the 20k note to match neighboring countries?

 

Maybe it will be take out of circulation. I hope not, because the majority  of my notes are 25K

 

We wait and see.

[dinarham]

 They state that they will not print anything over 50k IQD value . AS it stands , that's the approximate value of   $20  USD

[yota691]

Question and answer.. Why is the Central Bank heading towards issuing a category of 20 thousand dinars?

2022.10.07 - 18:18

 

Baghdad - people  

The Central Bank of Iraq is heading to issue a new category of the local currency for cash circulation that is not very high, after the depreciation of its currency against the dollar, in a move described as useless and will increase inflation on the one hand, and its goal is to improve the efficiency of the performance of the cash payments system in the country in intermediate currencies that serve the speed of monetary exchange Facilitating the settlement of transactions and payment methods within the economic community on the other hand.  

  

  

This trend came on the lips of the Governor of the Central Bank of Iraq, Mustafa Mikhaif, who revealed in an interview that the Central Bank of Iraq intends to issue a new denomination of the Iraqi currency with a value of 20 thousand dinars (approximately $13) based on a study and research compared with neighboring countries, and is working to complete the form of the paper In the coming days, it will be announced.  

  

During the post-2003 years, the Iraqi currency went through volatile and volatile stages that lost its local value and market influence, but it was subjected to what can be described as a “semi collapse” on December 21, 2020, when the Central Bank reduced the exchange rate from 1190 to 1450 dinars against One dollar, with the aim of better managing payments and the economic crisis in the country, and estimated that the value of the local currency in the market would fall by about 22% of its previous value.  

  

repercussions and risks  

  

The devaluation of the Iraqi dinar against the dollar had major repercussions, as this resulted in increases in the prices of most consumer and food services and materials, in particular, by more than 45%, according to economic estimates, which reduced the economic welfare of the local currency against other currencies and the dollar. specifically.  

  

And what made the recent devaluation of the Iraqi dinar against the dollar, which is the harshest and most harmful - according to experts in economic affairs - is that it came at a time when the correct premises are not available in terms of the existence of a reliable base for industry and agriculture and the availability of a commodity alternative to many imported industrial and agricultural commodities whose prices have risen. Also, the change in the exchange rate was sudden and not gradual.  

  

What makes the devaluation of the Iraqi currency in embarrassment due to its low price, is that the country’s economy is single in production and relies on oil exports to secure its annual budgets. In other words, decreasing the exchange rate does not contribute to an increase in oil exports, since the latter’s prices are set in the world market by a single price system.  

  

This report answers a set of questions: What are the main reasons for launching the new Iraqi currency at a value of 20 thousand dinars (about $13)? What are its pros and cons? Then what role is it supposed to play in improving the image of the local currency after a wave of "semi-collapse" following the rise in the price of the dollar and its depreciation about 3 years ago?  

  

What are the pros and cons of the new cash category?  

  

Member of the Iraqi Parliament’s Finance Committee, Jamal Cougar, disagrees with the Iraqi Central Bank and believes that it was more appropriate to print small denominations of cash, such as the 150 dinars denomination, but he went to print a new denomination (20 thousand) between two currencies far from each other (10 thousand and 25 thousand) and there is no Between them any other currency.  

  

Cougar expressed his support for printing small currencies instead of large or high ones because it contributes to creating space for goods entering the country, so that they are sold in a way that serves the citizen more. For example, there is no goods in Iraq whose price is less than (250 dinars) because there is no currency less than that But the situation would have been better if there had been another, lesser currency, such as 150 dinars.  

  

The Iraqi MP proposes to print the new category gradually, not in one batch and for varying periods, especially since there is talk about the possibility of printing about 70 trillion Iraqi dinars (about 45 billion dollars) for several categories, especially the 25 thousand dinars category, warning of market inflation in the event that all payments are made. These quantities of categories printed to market.  

  

What is the supposed role of the new class?  

  

The appearance of Muhammad Salih, the financial and economic advisor to the Prime Minister, shows the assumed role of the new monetary category, saying that it comes within the framework of improving the Central Bank’s policy in managing the cash payments system, which required - through experience - the need to issue a category (intermediate currency) divisible by two to facilitate Cash payments (not large) within the cash circulation system.  

  

In an interview, Saleh denies that the issuance of a new category of monetary circulation is an expression of inflationary conditions, but rather a measure to improve the efficiency of the performance of the cash payments system in the country with intermediate currencies that serve the speed of monetary exchange and facilitate the settlement of transactions.  

  

Does the issuance of the new category contribute to the increase in inflation?  

  

Economic researcher Diaa Al-Mohsen acknowledges in his response to a question regarding whether or not the issuance of the new category will contribute to increasing inflation. The lack of any benefit from the idea of the Iraqi Central in this approach as much as it will be a burden on the economy, "the more monetary issuances will lead to the disappearance of other monetary categories in the market, and this may lead to a kind of inflation in the Iraqi economy, which exceeded 6%."  

  

Al-Mohsen describes this as a “dangerous indicator of the economy,” especially that the country’s economy is rentier and the real sectors are ineffective, while stressing that Iraq does not need to issue a new currency because it will affect the inflation rate and thus the citizen will be harmed by this issuance instead of being a benefit to him.  

  

What is the purpose of printing a new banknote?  

  

In the case of the Central Bank of Iraq, the main objective of issuing a new currency denomination of 20 thousand dinars comes to give individuals greater flexibility in local commercial and financial transactions and obligations, according to the talk of the economist and academic Dr. Ali Dadush, and at the same time its costs will be covered by the difference between the amount of the banknote (as a paper Ordinary) and its actual amount after being traded in the markets, and therefore there is no loss or waste of public money.  

  

In return for the printing of any currency by central banks, Daadush requires that it be matched by assets or assets, whether foreign assets or domestic credits, and then we see the goals that central banks want from issuing or printing new banknotes (or adding new categories of currency), in addition to not Ignore printing costs for new or added currency.  

  

The economic expert comments on the possibility of the Iraqi currency entering another stage of collapse against the US dollar - as it is said from time to time - that the oil dollars leading to an increase in foreign reserves with the Iraqi Central prevent the collapse of the local currency, through the foreign currency sale window, and also led to confidence Relatively individuals in dinars, and the narrowness of the dollarization phenomenon that the Iraqi economy was suffering from.  

  

Source: Al Jazeera  

[6ly410]

The Central Bank announces the printing of a new category

 

 

البنك المركزي يعلن طباعة فئة جديدة - اخبار العراق (iraqakhbar-com.translate.goog)

 

news source /Sky Press

Sky Press 

The Central Bank of Iraq announced the printing of the new 20 thousand dinars denomination, which will be included in the normal monetary practices of the Central Bank and within the framework of reconsidering the structure of the national banknote series.

This category will be intermediate to the structure of the coins and will be enhanced with high security marks from the latest globally and will provide an addition to the smaller denominations such as the five thousand and the ten thousand.

The twenty thousand denomination will be of the (standard) size under which the fifty thousand denomination was printed, and it will also bear Iraqi features, as was done in the currencies that preceded it.

The 50 thousand category is sufficient at the present time for the upper limit of the Iraqi currency, which is a very strong and sober category and can be used for storage, savings and cash transactions.