Unknown parties behind the “crisis” of small currencies and the central bank enters the line

Unknown parties behind the “crisis” of small currencies and the central bank enters the line

SEPTEMBER 26, 2018

Unknown parties behind the crisis of small currencies and the central bank enters the lineIntelligence sources on Wednesday accused unknown parties of being behind the “crisis” of small cash groups, stressing 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 the Central Bank of Iraq will solve the “crisis “The local market since the beginning of this year is a suffocating crisis in the availability of small currency denominations of (1000 dinars, 500 dinars, 250 dinars), until the price of one hundred thousand dinars of small currencies worth 110 thousand dinars.

Intelligence sources said that “unknown and unknown bodies, whether internal or external, are behind the scarcity of small cash groups from the local market.”

“Since the first half of this year we have observed a new situation in the Iraqi market, the purchase of one hundred thousand dinars of small cash categories of 110 thousand dinars in the categories of more than five thousand dinars and above.”

The sources attributed this to “an attempt to reduce the value of the Iraqi dinar against foreign currencies, so that whenever 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 told Al-Ghad Press that it was not so and what is happening now is a “temporary situation.”

He said that “the scarcity of small groups of the Iraqi currency in the market is a temporary situation because the central bank cut large amounts of them and once it starts pumping in the markets gradually ending the crisis.”

“The phenomenon of small groups is small because of the frequent circulation and need by small sellers, so they are 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,” adding that “the crisis will end within two weeks after the Central Bank pumped quantities of small groups.”

Drivers of public transport, shop owners and markets told Al-Ghad Press that they are facing a “real crisis” in providing small cash groups and are often embarrassed both by their customers and 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), 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 1,000 dinars and they have 500 dinars left. We have the right to repay them, but from where we do not exist in the market, we have to pay them back, 1000 dinars) some of them do not take it and few take it, but the result both of us damaged, passengers pay 1000 dinars twice the fare, and the driver waives his wages.