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Friday, November 2, 2012

Announced: The decision to lift the zero in the beginning of next year... , 2 november

Announced: The decision to lift the zero in the beginning of next year... 

Daylight / Economic Section announced a short time ago near the implementation of the decision to delete the three zeros from the Iraqi currency, and that the project will be launched early next year and will continue for two to three years. He then appeared other comments announces lingered government to the implementation of this resolution and postponed to another date ..So is the project will remain a dead letter, as described by the Deputy Director of the Central Bank of the appearance of Mohammed Saleh? ....And received the decision to delete the zeros from the Iraqi currency a lot of opinions pro and con, there Economists believe that the decision will lead to the collapse of the national currency and see some last he would return to the country benefit the country It is unfortunate patient in its implementation because it is a joint venture between the government and the central bank.

As long as the government seeks to postponed due to security concerns, it can not be implemented in this year or the year after that - according to deputy director of the Central Bank - Timing is very important in this case is also implemented, they must coincide with the beginning of the fiscal year, so you will not find space for implementation inevitably through this year ..and regrets for the postponement of the project because it is economic benefit to the country as long as improve the efficiency of the currency and reduce the impact of large numbers, then dealing with cash needs into categories cash large and small, as will be dealt again categories such as (50 dinars) and (100 dinars) and (200 dinars) in addition to the categories of less than dinar (such as half a dinar) and (quarter of a dinar) and (50 fils) and (25 fils). which is confirmed by financial and economic expert at the Central Bank Majid picture that sees no difficulty in implementing the decision because it will help in process to reduce trading volume of currency in transactions large and will lead to fee pricing policy more accurate in the future as long as it will be dealing thousands and millions rather than billions, as well as its role in the detection of fraud earlier because the central bank will impose on banks to use modern techniques very to detect fraud. adds, "and the techniques that will be used in the printing of the new currency will be difficult to penetrate, but if behind that organized gangs or backed by the state because the specifications minutes and styles to be established by the central bank will be very strict. "

On the other hand warns economist Tawfiq inhibitor of the collapse of the national currency in the case of the application of the decision to delete the zeros The three of them, pointing to the need to prolong the period of the currency exchange and not withdrawn the old currency and launch new direct, but doing so together in order not to cause harm to the economy or any direct impact on the living conditions of the citizens.

Elsewhere sees inhibitor that process counterfeit currency is another reason its collapse and therefore warns that happens, especially as there are great bands and mafias currency capable of forging greater currency in Iraq. seen most citizens to decision deleting three zeros from the national currency look apprehension after accustomed pockets to carry the bank notes and large accustomed stakeholders were dealing with hundreds of millions . believes businessman Saleh weighted to delete the zeros will hurt the level of share trading in the Iraqi market for securities, because there are shares lost in case of deletion of zeros. works weighted in stock since 2005 and increased his passion for them when evolved using screens electronic, but does not hide his fear failure of dealing with them, especially since foreign bourse fall leads to block the signing of agreements with foreign investment companies, which believes that the change of currency will reduce profits. In response to these concerns, stresses, deputy director of the Central Bank, "the power of the Iraqi dinar, which became like a hard currency thanks to the policy of the central bank in control of the cash raised in the domestic market." He pointed to the existence of a large cash reserve of hard currency is kept to face the difficult circumstances that may occur in the country gives the strength of the dinar against foreign currencies. The central bank's policy is aimed - according to the benefit - to the stability of the exchange rate of the dinar against the U.S. dollar, likely equal to the price of the Iraqi dinar against the U.S. dollar during the next two years after the implementation of the project to delete three zeros from the Iraqi currency.

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