The Iraqi House of Representative’s Finance Committee has announced a trend to re-operate the coin. These coins have been used for decades in Iraq. The Committee stressed the importance of pre-adopting the coin process step Delete Zeros from currently circulating Iraqi currency to be valuable to the small cash category. The morning newspaper reported that a member of the Iraqi Finance Committee, Hanin al-Qadu issued a press statement and said we stressed the need to re-work coins that have been used in Iraq during the past decades, rather than paper that is damaged and printed in large quantities again. He delivered his words during meetings and discussions with officials in the Central Bank.
Al-Qadu added, “The use of metal categories and their descent for trading gives a notional value of the currency”. He pointed out that the exchange rates of the currencies of a number of neighboring countries are very high against the dollar. However, we find that it has a coin in order to preserve the currency and not need to ask for more banknotes”. He expressed surprise at the policy of the Central Bank as it doesn’t favor the introduction of coins for circulation in the Iraqi markets. A member of the Parliamentary Finance, Majid al-Waeli showed eagerness of the Committee to prepare any legislation needed by the Central Bank. It could benefit the economy and the Iraqi market.
A member of the Finance Committee said the cost of a coin is more than paper money. Hanin al-Qadu also said, “We discussed with central bank officials the need to re-work coins that were used in Iraq during the past decades, rather than paper that is damaged and printed in large quantities again.” He said in a statement that the use of metal categories and their descent for trading offers a notional value of the currency. If we adopt coin in order to maintain the monetary process, and no need to request more Papers especially in small categories. The dinar is the official currency in Iraq and maintained by the Central Bank of Iraq.