Central Bank of Iraq: 2% of Iraqi Currency Damaged Annually
|August 15, 2014||Filled under Central Bank of Iraq|
Central Bank of Iraq News –
Central Bank Of Iraq said about 1 to 2 percent of Iraqi currency is damaged annually, which promise financial expert specialist about it is necessary to achieve it, especially as the process include small groups in order to raise the efficiency of a system of cash payments. And between financial expert, the appearance of Dr. Mohammed Saleh, said that “the banknotes have reconstruction as the currency, medium and large 5 years old either small groups shall be less than that, which is prone to damage, especially that traded more in layers of various community and cashed in transportation and popular markets and other transactions.”
Saleh added that Iraq is dealing currency paper frequently and traded significantly, a phenomenon found in developing countries, stressing that the monetary authority concerned to raise the efficiency of a system of cash payments and the provision of the categories and the right currencies to facilitate exchanges between Nas.waodh that the process of destruction depends contexts certain work, as it is bid farewell money by the people in the banks, and therefore deposited the money in bank accounts with the central bank, and these cash deposits, some corrupted or old practical semi-finished, it is the duties of the monetary authority, especially the authority to release that compensate for damaged with new ones, noting that he is drag-and-compensation Bdelha of currency printed and stored the stomach and this operation is carried to the existence of legal and supervisory committees high precision and intensity.
It is noteworthy that the banknotes in circulation in Iraq is printed in the United Kingdom by a British company, and gaining all categories of cash current paper specifications much better specifications than those that were in circulation until 2004.
As for the methods to destroy or deface coins, it was stated in favor of it over the generations, as was Iraq depends style burning of the coin damaged in incinerators in this particular regard the existence of specialized committees and the supervision and control by the Central Bank of Iraq and financial control and are checking on the amounts of damaged and removed from the records and replace them currencies with a new edition.
And that currently follows the new style in the destruction and called “the destruction of a friend of the environment” away from the pollution, as damage manner chipping stainless reconfigurable again with modern machines specializes where recycled as paper or embedded health through followed, and considered modern methods and sound, high-precision, indicating that damage the country’s nearly 1 to 2 percent of the currency annually, he says.
He also noted that he is compensated currency damaged by the central bank for citizens who exposed their money to incidents of damage during storage amounts of money in the house, are made by committees are audited state to compensate them new currency with the imposition of a small fine on the citizen, as is the fine Calfat of view.
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