Parliamentary Finance: a move to reintroduce the coin and “delete the zeros”

Parliamentary Finance: a move to reintroduce the coin and “delete the zeros”

Posted, 2019/8/20 16:27

Parliamentary Finance - a move to reintroduce the coin and delete the zeros[Baghdad-Where]
The Finance Committee in the House of Representatives, announced a trend to re-operate the coin, which has been used for decades in the country, stressing the importance of pre-empting the coinage process step “delete zeros” from the current currencies to be valuable to the small cash categories.
Committee member Hanin al-Qadu said in a press statement today, that “during meetings and discussions with officials in the Central Bank, we stressed the need to re-work coins that have been used in Iraq during the past decades, rather than paper that is damaged and printed in large quantities again,” According to the morning newspaper.

He added, “The use of metal categories and their descent for trading gives a notional value of the currency,” noting that “the exchange rates of the currencies of a number of neighboring countries are very high against the dollar, however we find that it has a coin in order to preserve the currency and not need to ask for more banknotes.” Especially with small groups. ”

He expressed surprise at the policy of the Central Bank, which does not favor the introduction of coins for circulation in the Iraqi market.

For his part, a member of Parliamentary Finance Majid al-Waeli readiness of the Committee to prepare any legislation required by the Central Bank, which could benefit the economy and the Iraqi market, including the circulation of coins.

Ahmed al-Saffar, a member of the Finance Committee, said that “the cost of a coin is more than paper money.

Saffar suggested that “there is a step to delete zeros preceding the coinage process to be a value for small groups to large.”