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Tuesday, February 5, 2013

GOI recognizes its inability to cancel three zeroes of the dinar however seeks to increase value; Any improvement in political situation will make process happen faster, 5 feb


GOI recognizes its inability to cancel three zeroes of the dinar however seeks to increase value; Any improvement in political situation will make process happen faster

February 4, 2013
GOI ruled out today to replace the local currency dinar or cancellation of three zeroes [however] are currently pointing out that he was seeking to increase its peak from 1166 to 1000 dinars to the dollar, adding that high value opportunities available with the growing backlog in the central bank, which exceeded $ 65 billion.
The Secretary General of the Council of Ministers Ali Mohsen Keywords that this project is not a priority for the government at the moment there is no real problem in this area. He added that the replacement of the currency in itself requires a significant adjustment process, as there are still issues with this side after “the fall of the previous dictatorial regime where the mass of currency in circulation is limited, but it’s now doubled from what it was at that time and therefore the process of withdrawing this block is large and difficult task. “
Keywords pointed out that there is a false impression among many involves the deletion of zeros will reduce the volume of cash in circulation in terms of quantity but the fact that he does not reduce even by 1% .. He said the government believes that the change of currency is a good thing if there are appropriate conditions to be applied, but is not only to give him a priority when providing stable conditions.
The Iraqi official said in a press statement today Athens that “the Iraqi dinar because it is up by one candidate against Atarōhnak economic and financial viability enables dinar to be stronger than it is now .. He noted that the high value opportunities available, especially with the growing backlog in the bank Central, which exceeded $ 65 billion and rising steadily along with high economic growth in Iraq, which is currently one of the most developed countries in the world thanks to the expansion of oil production.
The secretary general of the Iraqi cabinet that ingredient objectivity and economic available in the direction of the high exchange rate of the dinar against the dollar and said 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 adding that any improvement in the political situation in the country will contribute to make this happen faster. The value of the dollar victims of 1166 Iraqi dinars.
For its part, official sources confirmed within the Central Bank of Iraq that the draft deleted three zeros from the Iraqi dinar would cost the state budget $ 172 billion dinars ($ 150 million). She noted that the replacement of the Iraqi dinar Btabath new which will be issued in three languages ​​Arabic, Kurdish and English and printed to be forwarded to one of four international companies specialized cost $150 million spread over printing, transportation, insurance and work outside working hours to destroy the old currency that will be inside Central Bank.
The CBI said in August last he plans to delete the zeros from the Iraqi dinar to facilitate financial transactions made through cash in most cases. Among the difficulties faced by Iraq if they are to foot the deletion of zeros from the dinar is the withdrawal of about 30 trillion dinars in circulation in the Iraqi market (about 27 billion dollars) and then disposed of and replaced with a new currency.
For his part, warned economic analyst Ibrahim al-Mashhadani of the implementation of the project to delete three zeros from the currency, pointing out that this project is important and needs to be political and economic stability over the country when applied. He pointed out that such a project can not be passed through a little period of time, he needs more time to study it in detail and see pros and cons to avoid economic problems may occur because of it.
He Mashhadani that the project needs to stabilize economic and political more before implementation and these two factors are not available at the moment as a result of the exceptional circumstances experienced by the country although it is important in terms of ease money supply that are exposed to fraud and many difficult traded pointing out that countries This experience, which fought were enjoying economic and political stability in countries such as Turkey, which deleted 6 zeros from its currency.
The economic advisor to Iraqi Prime Minister Abdul Hussein Al-Anbuge, said that the process of deletion of zeros from the local currency will increase the phenomenon of money laundering. He noted that the government informed the Central Bank of the existence of threats to economic security in the event of bank insisted on the deletion of zeros from the local currency. He added that this process costs time and effort of the government and the Central Bank and raises the level of fraud some terrorist groups to carry out smuggling money out of the country.

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