CBI is Ready to Start Project of Printing New Iraqi Currency

CBI is Ready to Start Project of Printing New Iraqi Currency

The Economic Affairs Advisor to the Iraqi Prime Minister Muhammad Saleh said in a press statement that the Iraqi Central Bank is ready to print large cash categories. It is an important step in monetary reforming, which would also support the Iraqi economy. He also pointed out that Iraqi currency market needs large denomination currencies. It handles a large amount of monetary blocs in Iraq. The cash payments should be greater than the instruments to deal in electronic payments and cards. He pointed out that printing large amount of cash categories are not linked with the monetary policy. It would help in payments system project management. This project would help abbreviated amount of money, especially for the large size groups that is responsible for more than 90 percent of money supply for circulation.

He further added that launching these groups will be used to enter the same amount money supply on monthly basis in the Iraqi market with different categories and not increasing the original amount. He stressed that with the implementation of this project will provide potential for inflation. He also pointed out that most of the traders in the Iraqi currency market showing fear regarding a new high amount of Iraqi dinar currency. The Governor of the Iraqi Central Bank has announced in the House of Representatives that the CBI is ready to start the project of printing new high amount 50,000 category Iraqi dinar currency, which will improve the efficiency of country’s payment system.

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