THE CENTRAL BANK WANTS TO SOLVE THE CASH PROBLEM
(Mnt Goat: Every week one or more of these types of articles shows up in the recent news from Iraq. Do you think this is important? How will the solve this? T
Central Bank of Iraq
Some types of currency, even less than 10,000 dinars, are not accepted from some banks, so the currency has accumulated among citizens to solve this problem in the latest guidelines of the Central Bank of Iraq, private banks and currency dealers. The Central Bank of Iraq (CBI) has issued new guidelines to deal with all types of Iraqi dinars.
The 250, 500 and 1000 Iraqi dinars are the least traded in the market, banks and currency dealers’ markets, and in some places are not accepted, so the small amount of money has accumulated among citizens.
The Central Bank of Iraq (CBI) had earlier said it had a shortage of cash, one of the reasons being the deterioration of the balance between the currencies, so they issued new guidelines and must deal with all types of Iraqi dinars.
Anwar Mousavi, a currency dealer, told Kurdistan24 that there is no problem in providing any kind of money to pay salaries and shop owners must cooperate in the markets.
Iraq spends about 7 trillion dinars monthly on salaries, the central bank said by the 10th of each month to end the transaction of the money in the markets, about 15 trillion dinars are withheld by citizens.
Economist Haider Sheikh said the central bank wants to solve the cash problem and eliminate the excuse of currency in transactions, so government offices and private banks have instructed to receive all kinds of money, because the money paid for salaries will not be in the market.
Previously, currency dealers and even some private banks accepted bills against the dollar at less than their value, but according to the new guidelines, bills will be accepted at the same value even if they are torn or old.
