Go(ing) to re-operate in currency
Baghdad / The House Finance Committee has revealed a trend to reintroduce the currency that has been used for decades in the country, while members of the committee suggested pre-empting the coin minting process by “removing zeros” from existing currencies to make small cash classes valuable. “During meetings and discussions with central bank officials, we stressed the need to re-establish the coins that have been used in Iraq over the past decades, instead of paper that is damaged and printed in large quantities again,” committee member Hanin al-Kaddo said in a special statement to Al-Sabah. “.
He added, “The use of metal categories and their descent into trading gives a legal value to the currency,” noting that “a number of neighboring countries – exchange rates of their currency are very high against the dollar – yet we find that they have a coin in order to maintain the currency and do not need to order more banknotes, especially the same Small groups.” Al-Kaddo expressed surprise at the central bank’s policy, which does not favour the introduction of coins in the Iraqi market.
For his part, parliamentary finance member Majid al-Waili said the committee is ready to prepare any legislation requested by the central bank, which could benefit the Iraqi economy and market, including the trading of coins.
“The committee respects the independence of the central bank and its monetary policy,” al-Waeli told Al-Sabah, stressing that “the bank has technical autonomy regardless of administrative affairs, and it decides how useful the transition to the use of the coin is.”
“Iraq cannot reproduce the experience of other countries in using these currencies, and if it is in the interest of boosting the economy, we can support this trend by listening to the justifications and views of the central bank and then enacting the appropriate laws to continue this monetary policy in The country is going right.”
“All countries in the Middle East and the world have a coin,” said Committee member Jamal Cougar, adding that “this type of currency gives strength to its economy.”
Cougar told Al-Sabah that he hoped that “stakeholders can strengthen the currency so that small groups have purchasing power if they use coins. “The cost of a coin is more than paper, and it is more difficult for citizens to carry it,” said Committee member Dr. Ahmed al-Saffar.
Al-Saffar added to “Morning”, that “inflation in the economy prevents the minting of coins and make them trade among citizens,” suggesting that “there will be a step to delete the zeros before the process of minting the coin to be there value for small groups against the big one.