Member News Excerpts & Highlights
MrsClassy: Economists then wonder the government’s insistence on the use of “penny” cash as a unit
Wednesday 10 May 2017 08:06 Alsumaria News / Basra Economists experts from the province of Basra, their surprise at the insistence of the Iraqi government to use (penny) in cash as a unit of accounting receipts for most of the institutions and departments despite the fact that “penny” of the extinct trading three decades ago.
A professor of economics at the University of Basra d. Nabil Marsoumy in an interview with Alsumaria News for, ” The accounting receipts used by most government departments in Iraq , where the amounts columns are divided into two parts , one dinar and the other fils, which is surprising because the penny is no longer circulating for more than thirty years ,
” noting that ” government accounting receipts remain unchanged reflects the extent of the failure of management thought, so that the hand of reform did not extend so far intuitive to simple details are handled thousands of times a day. ”
Marsoumy pointed out that ” the dirham , which enjoyed greater penny cash value is no longer used for a long time , ” adding that “administrative leaders in the country if they are not able to change receipts and a small paper , how can develop the economy and achieve administrative reform.”
For his part, President of the Iraqi Economists Association in Basra , Ali Alaill said in an interview with Alsumaria News for, ” The world has come a long way in the application of electronic accounting systems and we are still use receipts and paper recognize fils cash as a unit,
” adding that ” addressing this gap does not require administrative genius nor financial allocations, but need only a simple guidance from the cabinet Secretariat to the ministries to delete a column from the penny receipts circles. ”
Alaill pointed out that ” the sons of the new generation do not know anything about the penny , except the old amateur currency collecting them.”
The penny was one of cash categories traded in Iraq, and since the Ottoman era and even the extinction of trading was coining of copper to lower its value, it is the smallest unit of cash, and this afternoon is common ideals (not equal fils) to indicate the lack of importance of the thing, and during their occupation of Iraq period decided Englishmen in 1920 ,
the abolition of the penny trading with the rest of the units of the Ottoman currency, then work it back as a cash junior starting in 1932, and continued the penny in circulation until the early eighties, perhaps so far, at least in receipts and accounting records used by many government departments , including Directorates and municipal water Municipalities, education, traffic, communications and health.
MrsClassy: Economists wonder the government’s insistence on using the “Phil” as a monetary unit
May 10, 2017 Al-Abba channel / Baghdad
Economists from the province of Basra, surprised by the insistence of the Iraqi government to use the (Phil) as a monetary unit in the accounting access to most institutions and departments, although the “Phil” has been extinct from trading for three decades.
Said professor of economics at University of Basra Nabil Mersoumi in an interview, “The accounting access used by most government departments in Iraq is divided into columns of amounts into two parts, one dinar and the other for bankruptcy, which is surprising because the philosophical is no longer circulating for more than thirty years,
“noting that” the survival of government accounting accounts as reflected reflect the extent of administrative thinking, so that the hand of reform did not extend to Now to the simple intuitive details are handled daily thousands of times. ”
Al-Marsoumi pointed out that “the dirham, which had a greater monetary value than the fils, has not been used for a long time.” He said that “if the administrative leadership in the country is unable to change small paper receipts, how can it develop the economy and achieve administrative reform?”
“The world has come a long way in implementing the electronic accounting systems and we are still using paper receipts that recognize the bank as a monetary unit,” said the head of the Iraqi Economists Association in Basra, Ali al-Adeb.
“Addressing this gap requires neither administrative genius nor financial allocations, Only need a simple guidance from the Secretariat of the Council of Ministers to the ministries to delete the pillar of the Philosophers of the arrival of its circles.
“The sons of the new generation do not know anything about the Philosia except for the collectors of the old currency,” he said.
MrsClassy: Heres something to think about ! Iraqi government need’s, to use Penny’s….hmmm
Coins were introduced in 1931 and 1932 in denominations of round 1, and 2 fils in bronze, and scalloped 4, and 10, fils in nickel. 20, 50, and 200 fils were 50% silver.
The 200 fils coin is also known as a rial. Bronze substituted nickel in the 5 and 10 fils from 1938 to 1943 during the World War II period and reverted to nickel in 1953. Silver 100 fils coins were also introduced in 1953.
These coins first depicted King Faisal I from 1931-1933, King Ghazi from 1938, and King Faisal II from 1943 until the end of the kingdom.
Following the establishment of the Iraqi Republic, a new series of coins was introduced in denominations of 1, 5, 10, 25, 50, and 100 fils, with the 25, 50, and 100 fils in silver until 1969. In this series an allegorical sun replaced the image of the king, shapes and sizes remained the same with the exception of the 1 fil which was decagon shaped.
This image was then replaced by three palms in 1968. In 1970, 250 fils pieces were introduced, followed by 500 fils and 1 dinar coins in 1982. A number of the coins for 1982 were a commemorative series celebrating Babylonian achievements.
During this period, many of the coins were identified by their shape due to being made of similar composition metals, as from 1980 onward 250 fils were octagonal, 500 fils square, and 1 dinar decagon shaped. Coin production ceased after 1990 due to the emergency conditions generated by Gulf War and international sanctions.
MrsClassy: From the article: [notice this guy references the penny as being the fil….]
A professor of economics at the University of Basra d. Nabil Marsoumy in an interview with Alsumaria News for, ” The accounting receipts used by most government departments in Iraq , where the amounts columns are divided into two parts , one dinar and the other fils, which is surprising because the penny is no longer circulating for more than thirty years
MrsClassy: Waiting on a few things, but all could come together at the same time… BAM!
Songbird: Bring on the fils! Whoohoo! Whoopow!
MrsClassy: I so hope, we are there, we all need for this to happen NOW!
oasorcire33: ou could almost smell it.
Sandi: Can someone please explain why this is a BAM moment.
Sixof10: They will need the penny when they delete the 3 zeroes and use lower denominations. Please Iraq, DO IT NOW!!!!!!
Duke-77: A penny for your thoughts… $3 for your dinar!!!