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Tuesday, November 17, 2015

Large Cash Categories to Help Address the Economic Issues, 17 NOV

 The country is currently experiencing a number of severe conditions and the Iraqi people would not be able to live in the presence of great scarcity and increasing economic crisis. But the high spirits and fairy tale needed to face the painful reality. The Iraqi Central Bank announced the issuance of high amount category of 50K Iraqi dinar. One of the Iraqi citizen posted on Facebook that this process would not be more beneficial for Iraqi citizens. A number of comments arrived for this posts, most of the people believe that large amount of 50K or 100K Iraqi dinar currency would facilitate thieves inside governmental institutions and departments. 50K or 100K currency can be theft easily than smaller currencies such as 5K and 10K Iraqi dinar currency.
A number of economic experts and analysts said that the execution of the project for issuance of large amount of cash category would enable the country to resolve the severe economic crisis that is harmful for Iraqi economy. It would move the trend towards positive directions to resolve critical matters and fluidity in the country. Some experts believe that the project of elimination of three zeros from existing Iraqi dinar currency has its own importance and this process would provide an ease for Iraqi people, Iraqi banking sector and Iraqi financial institutions in the counting and accounting process. The major problem for large amount of Iraqi dinar is considered that Iraqi people have low purchasing power and they don’t need large amount of currency in their daily life usage. Because most of the time they need low amount or 5K-10K Iraqi dinar currency and existing 25K Iraqi dinar currency was large enough.

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