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Baghdad, Nov. 21 (AKnews) - The Iraqi Central Bank (ICB) will produce new denomination bill as well as coins in both Arabic and Kurdish languages. The 50,000 dinar notes will hopefully address the liquidity issue in Iraq, halting inflation, the ICB said on Monday.
Deputy chairman of the ICB Dr Muzher Saleh told AKnews the largest denomination bill in the country is 25,000 dinars and its purchasing power does not exceed $23.
"The new currency will include symbols that reflect the diversity of Iraqi sects and civilizations including the Kurdish culture. Iraq needs to support its economy and its currency through the issuance of high value bills."
"In the financial transactions in the Iraqi market large amounts of cash are needed and therefore there is difficulty in transferring the money in bags. Sometimes Iraqi banks do not accept deposits because of counting problems for the large amounts of money."
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The ICB is seeking to fix the payments system in Iraq and the monetary policy. Soon new currency will be issued and three zeroes will be canceled from the new notes. This procedure will help the payments system and eliminate inflation. Instead of needing large amounts of money to buy a small quantity of goods, we will need small amounts of money to buy more goods."[b] [You must be registered and logged in to see this link.]
Deputy chairman of the ICB Dr Muzher Saleh told AKnews the largest denomination bill in the country is 25,000 dinars and its purchasing power does not exceed $23.
"The new currency will include symbols that reflect the diversity of Iraqi sects and civilizations including the Kurdish culture. Iraq needs to support its economy and its currency through the issuance of high value bills."
"In the financial transactions in the Iraqi market large amounts of cash are needed and therefore there is difficulty in transferring the money in bags. Sometimes Iraqi banks do not accept deposits because of counting problems for the large amounts of money."
"
The ICB is seeking to fix the payments system in Iraq and the monetary policy. Soon new currency will be issued and three zeroes will be canceled from the new notes. This procedure will help the payments system and eliminate inflation. Instead of needing large amounts of money to buy a small quantity of goods, we will need small amounts of money to buy more goods."[b] [You must be registered and logged in to see this link.]
