Baghdad, November 16 (Rn) – The Central Bank of Iraq on Wednesday that seeks to reduce the monetary mass of 25 trillion dinars to 15 billion dinars over the deletion of zeros to facilitate cash transactions in the financial markets and banks.
The appearance in favor of Bank vice-president, told the Kurdish news agency (Rn) that “Iraq today is dealing lump cash of $ 25 trillion Iraqi dinars, while the largest currency which does not exceed 25 thousand Iraqi dinars, and the purchasing power it does not exceed $ 23.”
He pointed out that “in cash transactions in the Iraqi market needs a large amount of banknotes and thus there is a difficulty in the transfer of funds in the form of bags in case of large transactions.”
Saleh pointed out that “the Iraqi banks do not accept deposits, sometimes due to problems in number and the account for such large amounts of money.”
The vice president of the bank “We want to usurped the money supply of 25 trillion to 15 billion dinars,” adding that “the central bank fixes the payments system in Iraq and the policy of the monetary authority.”
He stressed, saying “monetary mass will be reduced soon, through the issuance of new currency by three zeros are canceled.”
Salih stressed that “this action is an important part of the reform process will facilitate the management of currency and payment system and the elimination of the vestiges of past inflation through the mass of strong cash handling and easy.”