DINARESGURUS.BLOGSPOT.COM__________________________

Monday, February 4, 2013

Cabinet Secretariat: Government seeks to have the exchange rate at 1,000 dinars to the dollar, 4 feb


Cabinet Secretariat: Government seeks to have the exchange rate at 1,000 dinars to the dollar


Excluded the General Secretariat of the Council of Ministers to replace or cancel three zeros currency at this stage, it is seeking to raise the value of the dinar against the dollar.
And the Secretariat’s statement quoted Ambassador News Agency received a copy of it today its Secretary-General on improved relations, as saying that “the project currency substitution and cancel three zeroes discussed during the last period of the Council of Ministers, the Council stressed that this project is not a priority for the Government at the moment, there is no real problem in this area.”
“The Exchange itself requires significant tuning process, there are still issues concerning this aspect after the fall of the dictatorial regime, with limited currency block, it now has doubled from what it was at the time, and pull this block is a difficult task.”
He added that “some have wrong impression involves deleting zeros will reduce the volume of cash in circulation as the quantity, and the fact that it does not diminish, even by 1% despite the Government believes that the currency is a good thing if there are suitable conditions for its application, but does not give them priority when providing stable conditions”.
He noted that “the Iraqi dinar to rise the price of the dollar, and economic and financial viability of dinar was able to be stronger than it is currently, and that the chances of higher value are available, especially with the growth of the accumulated reserve at the Central Bank which exceeded [65] billion dollars, rising steadily along with high economic growth in Iraq, and is now one of the most developed countries in the world thanks to the expansion of oil production“.
Confirmed that substantive and economic components available in the direction of the rising dinar exchange rate against the dollar, noting that “the Government is seeking to have 1000 dinar exchange rate against the dollar, meaning that the price of the currency class 100 $ 100,000 Iraqi dinar”, stating that “any improvement in the political situation can contribute to achieve this faster.”
The Cabinet decided in its meeting held on 10 April, wait in the application deleting zeros from the local currency to further notice.
The Iraqi Central Bank, the Bank Adviser Mohammad Saleh appearance, has confirmed to IGN need Iraq to an administrative reform of the currency, and the deletion of zeros is the step comes within the country’s administrative reform process, in order to reduce the cost of cash transactions in the economic process, in addition to the need to provide small groups currency used in trade transactions of small daily.
Officials at the Central Bank, in addition to some politicians and economists urged the Government to delete the zeros from the currency and issued new currency large cash categories, in addition to having small coins.
Observers say that the Government intended to delete zeros from the currency as a step towards improving the purchasing power of the Iraqi dinar, but economists underestimated the importance of this step, saying that the cost of raising the zeros will be greater than the benefit of raising the zeros.
ALTERNATE TRANSLATION:
Secretariat of the Council of Ministers: the government is seeking to have that exchange rate [thousand dinars to the dollar]
Monday, 04 February / February 2013 10:39 | : Ambassador News Agency | | |
{Baghdad Ambassador: News}
Excluded the General Secretariat of the Council of Ministers replacement currency or cancellation of three zeros at this stage, indicating that it is seeking to raise the value of the dinar against the dollar.
A statement of the Secretariat of the Agency has received Ambassador News copy today for secretary Ali Mohsen Keywords, saying that “the proposed replacement of the currency and the abolition of three zeros discussed during the last term in the Council of Ministers, and that the Council stressed that this project is not a priority for the government at the moment, there is no problem real in this area. “
“The replacement of the currency in itself requires a large adjustments, there are still issues with this side after the fall of the dictatorial regime, as she was a block currency is limited, but it has doubled now than it was at the time, hence the process of withdrawing this block is large and difficult task. “
He Keywords that “some have the wrong impression implies that the deletion of zeros will reduce the size of the money in circulation Kkamih, and indeed it does not reduce even by 1% and although the government believes that the change of currency is a good thing in the case of appropriate conditions for the application, but does not give him only priority when providing stable conditions. “
He pointed out that “the Iraqi dinar candidate because rising price against the dollar, and there is economic and financial viability enables dinar to be stronger than it is now, and opportunities rising value available, especially with the growing backlog at the central bank, which exceeded [65] billion dollars, and rises steadily along with high economic growth in Iraq, and is now one of the most developed countries in the world thanks to the expansion of oil production. “
He Keywords that ingredient objectivity and economic available in the direction of the high exchange rate of the dinar against the dollar, noting that “the government is seeking to have that exchange rate 1000 dinars to the dollar in the sense that the price of the currency class hundred dollars a hundred thousand Iraqi dinars,” noting that “any improvement in the political situation could contribute to make this happen faster. “
The Cabinet had decided in its meeting held on April 10 last, be patient in the application process of deletion of zeros from the national currency until further notice.
The Central Bank of Iraq, and on the lips of bank adviser appearance of Mohammed Saleh, has confirmed to [where] the need for Iraq to process administrative reform of the currency cash, and that the project to delete the zeros is a step comes as part of the country’s need to process administrative reform of the currency, in order to reduce the cost of cash transactions in the economic process, in addition to the need to provide small denominations coins used in daily circulation of small transactions.
The officials at the central bank, as well as some politicians and economists, urged the government to delete the zeros from the currency, and the issuance of a new currency denominations large cash, in addition to a small Coins.
Observers say the government really intends to delete the zeros from the currency as a step towards improving the purchasing power of the Iraqi dinar, but economists played down the importance of this step, considering that the cost of raising the zeros will be greater than the benefit expected from the lifting of zeros.

No comments:

Post a Comment

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