Parliamentary finance identifies a reason why coins should not be minted and advises such a move

Political | 12:26 – 19/08/2019

BAGHDAD – Mawazine News

identified the Finance Committee in the House of Representatives, on Monday, a reason to prevent the minting of coins, the introduction of a proposal before minting.

Majid al-Waeli, a member of the committee, expressed the readiness of the committee to prepare any legislation required by the Central Bank, which could benefit the Iraqi economy and market, including the circulation of coins.

“The committee respects the independence of the central bank and its monetary policy,” he said, stressing that “the bank has technical autonomy by decision regardless of administrative affairs, which decides the usefulness of the move to use the coin.”

And the MP Waeli, that “Iraq can not reproduce the experience of other countries in the use of those currencies, if it was in favor of the advancement of the economy; we can support this by listening to the justification and the views of the Central Bank ‘s view and then the appropriate legislation of laws for the continuation of the monetary policy The country has to proceed properly. ”

Committee member Jamal Kojer stressed that “all countries in the Middle East and the world have a coin,” noting that “this type of currency gives strength to its economy.”

Kojer said he hoped that “the concerned parties can strengthen the currency so that small groups can have purchasing power in the event of the use of coins”.

 Committee member Ahmed al-Saffar said, “The cost of a coin is more than paper money, and it is more difficult to carry it on the citizen.”

He said al – Saffar, that ” the winning of inflation in the economy prevents the sake of coins and make trading between citizens”, suggesting that “be no step to delete the zeros precede the process of coinage metal to be there the value of small groups versus large” .anthy 29 / A 43

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