Wednesday, November 25, 2015

Project of Issuance of 50K is the Best Decision: Financial Expert, 25 NOV

The Economic and Financial expert and researcher D. Hamid said that new Iraqi dinar issuance of 50K Iraqi dinar banknotes is considered a normal process of restructuring the local currency in order to provide an ease for Iraqi people to carry less weight instead of picking heavy weight of currencies. He also pointed out that this process doesn’t have any kind of political blockage. He also said that this project would provide an ease in calculation process in Iraqi banking sector and financial institutions because any kind of Visa and Credit cards are not functioning in the country, so people are forced to carry cash with them.
He also added that issuance of 50K currency is a part of a project for restructuring the local currency. He also pointed out that this project was pending for a long time and this was the perfect time for its execution. He indicated that former governments printed local currency banknotes without considering the existence of handsome reserves of foreign currency, hard cash reserves and gold reserves. This resulted major financial crisis which decreased the strength of Iraqi dinar currency. The project of 50K Iraqi dinar will reduce the numerical quantity which would improve performance in financial institutions and banking sector in the country. He explained that it would not reflect any kind of impact on the value of Iraqi dinar currency and it would also help to stop counterfeit currency due to its international standard adopted in the printing process of 50K new Iraqi dinar currency.

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