Central Bank of Iraq to No Longer Mint Iraq Dinar Coins
|August 10, 2014||Filled under Iraqi Dinar|
Iraqi Dinar News –
Mustafa al-Hashemi, is issuing the currency of the most important duties of the central bank in any country in the world according to the laws of the central banks, which give them the right to issue currency and specifications and features typical.
And you know the currency as a means exchange to buy and sell goods and services is seen as a way to store wealth, which is actually a measure of wealth, unless impaired due to economic conditions, political and lost this property.
And the Bank has recently printed a number of paper currency denominations are small and specifications, said her bank it’s slow damage It is difficult to falsify it, along with a special printed paper is made with high specifications, noting that it comes as part of the development of a series of banknotes in circulation.
The comes to mind the reason for not minting Iraqi dinar coins a new addition to pumping paper currency to the public. economic expert, Dr. Hilal Taan answered this question by saying that the stability of the general situation in the country’s deep impact on all economic matters, including the minting coins.
Added Taan in a statement (morning) that inflation, which happened in Iraq in the nineties of the last century, during the international sanctions led to a decline in the value of the Iraqi currency in general has led to the reluctance of the public ones because of the heavy weight in the pocket against the impairment and reduced their purchasing power.
Coin is a cut of metal are divided into categories according to specific cash and a certain reluctance to take into account the central bank to be Madenha equivalent value in exchange for the value price, also takes into account that carry national symbols and the date of minting.
Is noteworthy that the minting of coins prior to issue paper currency, according to historical evidence. said economic expert, said Iraq’s economy (which we can call it the economy crisis) does not help in these circumstances, the minting of coins because he suffers are conditions turbulent and unstable as well as on the public accustomed to download banknotes for more than twenty years, and therefore, the public acceptance of great importance in helping to spread traded.
Explained that the paper currency performs its task since that time has been enriched so much for minting coins, indicating that the central bank has in the 2004 basic categories of cash worth 25 , 50, 100 dinars, but the reaction of the audience came not to accept what end Bantrza to re withdrawn and the continuation of work currencies paper.
Among the Iraqi dinar coins could hardly values shall be used large as is the case with paper money and its weight is heavier and you need to place big for safekeeping Aujsenh in the case of plentiful and this also represents one of the reasons not think the central bank coining money. Part adviser said the banking Dr. Essam Mahouelle that the central bank is a monetary institution of duty version of the currency and maintain the value and control of financial institutions and the banking system in the country, in addition to maintaining the exchange rates and create a state of balance in the markets to stabilize and reduce inflation through the exercise of his authority cash granted to him under the law.
Added Mahouelle told (morning) that the central bank to print a series of currency comes as a measure to withdraw banknotes damaged and replaced editions new without affecting its value. And added that the issue of currency The reason behind the foundation of the establishment of central banks all over the world, explaining that he grew up in Sweden, the first central bank in the world and the government in the year 1668 after he was a follower of private property.
He grew the Bank of England in the eighties of the 17th century because of the need for England to finance the expenses of the war against France has inventory has the process of issuing money without any bank last went to the private sector. , and went on to say in France created by Napoleon Bonaparte in 1800 Bank of France and then successively the establishment of central banks in many European countries.
Any that the nineteenth century was the century that saw the emergence of central banks to the economic arena .olal reason behind this is the multiplicity of commercial banks issued money (In Germany, for example, there were 33 banks issued each and every one of them its own currency).
The Iraq in 1947, the establishment of the first central bank in the Arab world and in the name of (the National Bank of Iraq) Calendar issued in September 1950 and the first meal of the banknotes and then changed its name in 1956 after a 10 years of its inception to the CBI.
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