Small denominations of currency
Author: Mohamed Sherif Abu Maysam
24/9/2018 12:00 am
Economists define money as anything that is generally acceptable to pay for economic goods or services or to pay back Debts.
Money is the basic part of human life, especially after the end of the barter can not eat or drink or spend his work only with the availability of money has, after this simple illustration in this article explains the role of the Central Bank not to put it for small cash categories (250, 500) This is what I hear from most of the public when we rent a car or when we buy clothes or food.
Economic researchers are talking about why the central bank did not print small (new) monetary categories and which department is responsible for the currency.
The answer to this question is that I did not defend the Central Bank and did not make any effort in this matter, despite the fact that it is an important and sensitive subject.
There is a claim that the most important function of the Central Bank is issuing the currency. I disagree with them on this point.
Centralized by printing the Iraqi currency in the best printing presses in the world, namely (Germany) and therefore there is a department of issuance and the treasury is responsible for issuing and tracking these money, especially categories (Small).
The 250 currency currency has a life to reprint and the cash currency (500) has the same age to be reprinted.
The central is to replace the most used (damaged) cash categories (250, 500) from the public and banks without a commission.
This is a step towards achieving Bank stability is carried out by the Central Bank Successfully.
In addition to the withdrawal of a large amount of categories (damaged) from the public daily, the Department of issuance and cabinets in the Central Bank of Iraq to withdraw these categories damaged from the public and replace them with new categories and then press and puncture and tearing in the sites of the issuance department and then print new categories with the calculation Cost it.
The centralist has a great responsibility and is capable of this task, where he works to follow the reality of cash rolling, and takes into account the circulation of the small group and not accept the damaged in simple day-to-day transactions, so the solution was to work to put the categories Required.