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After his criticism .. Central Bank: That's why we put the name of the governor on the currency

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After his criticism .. Central Bank: That's why we put the name of the governor on the currency

Unread postby admin » Mon Oct 08, 2018 8:55 am

After his criticism .. Central Bank: That's why we put the name of the governor on the currency

2018/10/8 16:20

After his criticism .. Central Bank - Thats why we put the name of the governor on the currency

[Ayna-Baghdad]
attributed the Central Bank of Iraq, on Monday, the reasons for placing the name of the governor on the new currency on the use of many banks this combination.
"The basic functions of the work of the Central Bank of Iraq and provided for in Article 4 of its Law No. 56 of 2004 amending[the issuance and management of the Iraqi currency as stated in Articles 32 and 33 of the same law], where the bank The Central Bank of Iraq alone without the right to issue currency currency paper and metal for the purpose of circulation in Iraq. "
"The CBE also has the right under the regulations to determine the categories of paper and metal currencies, their measurements, forms, material, content, weight, design and other features."
The statement pointed out that "the banknotes in various countries contain the signature of the Issuing Authority, which is the Governor of the Central Bank. Central banks have always put signatures of their governors on these securities in different forms. The name is in the hands of the governor in a form that combines the name with a significant signature for the banknotes. Many central banks use this combination [name of the governor by hand] without signing to document the stage of issuance of the banknote.
He noted that "the same formula was signed by the Governor of the Central Bank of Iraq in 1964 and followed the approach of the central banks of Egypt, Saudi Arabia, UAE, Lebanon, Turkey and others, so the Central Bank of Iraq decided to include the name of the governor when reprinting or issuing any cash, I found in the signature alone the lack of meaning required by the word {governor} on the banknote.
He noted that "the currency committee of the Iraqi Central Bank concerned has taken this decision for months in accordance with all legal considerations, organizational, technical and international practices."
The CBI recently issued its second edition of banknotes of the categories of [25,000, 10,000, 1,000, 500, 250] dinars, indicating that the variables on the above categories were as follows, for categories [25,000, 10,000, 500, 250] , Which included the writing of the name of the governor instead of signing it in the old version, in line with what is now practiced in other countries, and the dates were amended Hijri and Gregorian to the dates [1440 H-2018]. "
The currency included the name of the governor of the bank and agency, Economists and criticism from the House of Representatives who filed a request to stop trading and dealing in currency The new
economic expert Louay Khatib, yesterday, the existence of the name and signature of the Governor of the bank on the currency, as "a dangerous precedent and a violation of all contexts universally recognized and Iraq, except the dictatorial regimes," calling that "the signature of the Iraqi currency by the Minister of Finance by the title without mentioning the name , And the withdrawal and destruction of this new version and correct this grave error. "

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