Control and Inspection Director of Rafidain Bank agrees its an appropriate time to replace currency

Banker: replacement of a currency is appropriate at this time

Control and inspection Director of Rafidain Bank Al-mundhiri abdolhossein from falling in with errors which occurred during the Exchange after system crash.

This talk at the time the Central Bank tends to adopt a plan to replace the current national currency after deleting three zeros.

Banking expert, said Abdel Hussein Al-mundhiri in an exclusive interview for (morning): the controversy over Exchange still chain for many reasons this action promised is not appropriate at this time because it does not help to tackle inflation.

He noted that prices in the Iraqi market is currently stable and acceptable, especially prices of imported goods from neighboring countries to take advantage of China’s philosophy of survival currency low against other currencies. He said the Iraqi market with counterfeit currency that are printed mostly in printing press outside Iraq where sneaks these currencies (fake) easily to our markets across more than a border port open, non-controlled in order to promote such currencies in markets and banks so they can be removed later by banks and money transfer companies.

He added: the Central Bank of Iraq should take the initiative to activate its role and intensify its intervention in monetary authority and begin to exercise pressure on dollar balloon again especially as capable of it whenever he wishes and that he wanted to put away corrupt currents infiltrating inside it surreptitiously on the one hand and on the other hand contribute to return to normal size or at least prevent the perpetuation of this phenomenon more taking into account that the Iraqi dinar is now covered with more than 60 billion dollars is to increaseDay after day, which ultimately will lead to the disappearance of zeros automatically one after the other and let us get back to this topic again after several years of seeing positive returns generated by wise policies and legislation.

Al-mundhiri said benefits delete zeros banking is that it reduces the size of the money supply in circulation and this helps banks reduce the number of Trustees limits (75) percent which reduces the salaries of mutation of one yen.

To delete zeros helps revaluation computationally which helps banks use ATMs through ATM cards pull the sheets would be less and less trading volume edition and dedicated money in banks vaults and damage and theft sometimes Bank also assists in the implementation of the programme of the global system of the company implemented its project is 12 digits only while our bank balances trillions with bankruptcy means 15 digits and this impedes system.

Al-mundhiri revealed that problems that accompanied the replacement process, many of the previous Central Bank reported not receiving the numbered Edition 192 class 10,000 after 15 days from start switch currency receipt section of this edition which fund officer incurred hundreds of millions of fines and some of them still suffering from weight and had been imprisoned and was fined and still pay premiums to 50 percent of the monthly salary.

As well as money stolen by banks to the Central Bank of the burn sites of Central Bank and Red inks clearance operations which I have the receipts and was pumped to banks again reported fraudulent amounts discovered loose stamps Trustees lbilat banks this madia know the name of the Bank and the name of the Treasurer unless it detects the amount of confusion caused the Central Bank to create the potential for a replacement.

Al-mundhiri said has been switching $ trillion one hundred and twenty-six billion dollars in Bank alrfedin fraudulent amounts arose within 28 billion represents 1/4 percent from counterfeit to amounts amounts and manners are few and the 28 lbilat and seals the names of Trustees and back $ 16 billion dinars and stamps does not carry the names of Trustees, represent a percent of the detected amount ratio to total replacement amounts these ratios is 5 percent if we take this rate and consistent theme with total Other banks received amounts of false detections will not represent more than 5 percent and the Central Bank had to be borne by and smother her but he refused it and get it to banks and Trustees.