Wednesday, December 5, 2012

A tale of two currency articles: One says currency change coming soon; Other says not in 2013, 5 dec

A tale of two currency articles: One says currency change coming soon; Other says not in 2013

Article 1: Change in Iraqi currencies
Iraq, December 1, 2012
Central Bank adviser Mohammed Saleh, said that the bank is serious in executing the deletion of three zeros from the national currency of Iraq in near future.
Salhan said that it depends on at the present time to shape the next government and parliament two new Saokhman upon themselves determine the mechanism under which the function of deleting the zeros from the Iraqi dinar.
He also said that deleting the zeros would contribute to the reduction of the size of inflation and also to the reduction to the size of money supply in the market of 26 trillion Iraqi dinars to near about 25 billion dinars, pointing that the Kurdish language is going to be added to the new currency as well as English and Arabic.
He added that the huge number of funds traded in the market let to get puzzled in the large commercial transactions and in the work of banks, adding that deleting three zeros from the Iraqi currency will direct to reform the management system of the national currency and thus develop and refresh the Iraqi economy.
Article 2: Central Bank announces it will scratch the draft deletion of zeros at the request of the Parliament
The Central Bank of Iraq, Wednesday, that the project to delete the zeros from the currency will not be in the next year, at the request of the wait made by specialized committees in Parliament.
until today, but it will not be over the next year 2013. “
Turki added that “the deletion of zeros is a necessary and useful step to restructure the currency and the economy,” noting that “the relevant committees in parliament called for the need to wait in the project, so as to provide appropriate time and circumstances. “
The Iraqi Council of Ministers decided, in (16 October 2012), the prime BSA Abdul Basit Turki tasks central bank governor agency, meanwhile, announced the Supreme Judicial Council, in (19 October 2012), for the issuance of an arrest warrant for former Fed governor and a number of officials in corruption cases.
He revealed Iraqi Central Bank Governor Sinan al-Shabibi issued an arrest warrant, the (November 6, 2012), on the detention of 20 employee of the bank, demanding release about them, also considered that the bank has refused the government’s attempt to dispose of its reserves is the cause of the dispute, stressing that his conflict with the Government policy in the fight against inflation .
The Parliamentary Finance Committee suggested, on August 9, 2012, on the San Attorney Haitham al-Jubouri be direct delete zeros and the currency exchange during the month of July of next year, and as shown, the central bank has removed all fears, it confirmed that the government will support this project after providing Baijayate and disadvantages.
A member of the Economic Commission parliamentary Hussein Hotels Mura’bi in (Sept. 23, 2012), that the confusion in the monetary policy makes the country lose about eight million dollars a year, while warning that the issue of deletion of zeros will facilitate the mafia money laundering steal Billions without feeling state, called to examine the impact on the general situation.
He accused the Central Bank, (12 September 2011), government agencies of obstructing monetary reform and Vowed the persecuting, Blaming those entities responsible for exposing the financial interests of the country to danger.
Regarded as an adviser to Prime Minister for Economic Affairs Abdullah Hussein Al-Anbuge, in (25 August 2011), that the lifting of the Zeroes from the currency is the biggest corruption in Iraq if it was during this period, and fall under the name of tampering economic, warning of “mafias currency” is preparing to rig the trillions Iraqi dinars to replace them in the light of the upcoming changes.
Noteworthy that some economists believe that Iraq is currently formatted for the deletion of zeros from the Iraqi dinar, pointing out that the deletion needs to security and political stability as well as economic stability

No comments:

Post a Comment

Note: Only a member of this blog may post a comment.