Currency damaged; Financial and economic losses

Currency damaged; Financial and economic losses

 Baghdad / Ali writer in the memory of many of us, paper currency that was in circulation during the past years, and known among Iraqis (b Swiss), which was an example of the currency paper most traded between citizens timetable with the lack of exposure to damage due to the characteristics of good, which differed greatly from currency currently in circulation that we heard it a global printed Bmtaba and absent quality to become more susceptible to damage and disruption, which makes trading problem added to the problems of citizens.

He says the deputy governor of the Central Bank of Iraq the appearance of Mohammed Saleh (range): The bank has prepared a plan to replace the Paper denominations damaged, especially small ones for damaging them, whether such exposure to fires or damage in general, and here the role of the central bank to address this imbalance through stocks replacement (compensation).

And adds that the benefit the next two months will witness the withdrawal of currency damaged and replaced with new ones from the reservoir replacement and compensation, Banknotes with small groups of perishable which does not exceed the lifetime of the trading average of five years by about less or more percentages circulation and damaging them, especially from groups leafy small.

He points out that there are other solutions to include them central part of its future plans in the project to delete the zeros from the currency, which include put metal coins of small denominations as part of a restructuring of coins in Iraq, which are of greater benefit in use among citizens. For his part, explains Amir Abdulla, vegetable seller in the market neighborhood group People’s (range): The vendors in the market are the most vulnerable to corruption issues paper currency because of the nature of work and the vocabulary to deal daily with people in the buying and selling of materials characterized by being more moisture and exposed to dirt, which lead to exposure of paper money to wetness, dirt and tear easily, etc., and Banknotes damaged private with groups large we were losses that exceed the profits that we achieve, where not received my owner Alwa vegetables and the customer, and forced then to go to the bank to substitute them undamaged.

While he says Ismail al-Azzawi, an employee at the Ministry of Commerce said paper currency current various categories is good compared to currency paper known (Swiss), and poor easily rigged and is resistant to atmosphere climate Iraqi and most susceptible to damage and damage, which makes trading them is very difficult, as The processors prosthetic paste torn parts of the paper currency not write her success when groups were large paper currency.

While recalling Sawsan Rasheed employee at the Oil Ministry said one of the most chronic problems suffered by the employee is generally received a salary which contains a lot of money damaged and torn and that do not accept people in the market, especially from Banknotes large, and keep the road some of them do not know how he has behaved markets, and banks do not receive money damaged and torn, knowing that the money Ntkadaha of salaries comes to our departments of banks themselves directly, and wonder why not re banks mechanism of action earlier in the receipt of cash damaged and torn a new one as it was in the past.

The economic expert in the development of sustainable development Raouf al-Asadi says that paper currency currently in circulation in the local markets and banks are no longer usable, and therefore there will be financial damage heavily on Iraqi citizens by and on the national economy, as these currencies lose value with the passage of days, without develop effective solutions to the problem are increasing day after day. And wonder about not having this problem in many countries, even those that are classified by being less developed in the economic and developmental from Iraq, and most of the neighboring countries and regional do not suffer from this phenomenon, where they are trading the currencies and paper good and world-class multi-categories, the Unlike Iraq, which is trading where citizens Banknotes are the buttocks between currencies in neighboring countries.

He believes that part of the solution lies in the re-use of coins, especially those with small groups and the most heavily traded between citizens instead of staying in the use of paper currency damaged and torn, and keep in dealing categories paper on groups large exclusively to the fact that use is limited compared to groups small, to overcome the problems presented Currency rapid damage as a result of continuous trading in the markets.

And show emotions Jassim employee in one of the branches of the Rafidain Bank that the issue of changing the old currencies or damaged depends on the procedures and controls carried out by the management of the Bank itself according deal allowed in this area, there are banks deal subject recognizes categories damaged and torn and the other refuses to do so, and it may be turned off the percentage of damage, as in the vision of the Iraqi Central Bank does not see all the currencies damaged despite difficult trading, but the important thing here is to adopt a clear mechanism and fixed in delivery method that currency to the Central Bank, and of making inventory on the money deposited by the distribution of salaries and hold them for money financial fines on them.