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Friday, March 1, 2013

Mixed opinions: What will happen if they delete the three zeros of the Iraqi currency?, 1 MARCH


Mixed opinions: What will happen if they delete the three zeros of the Iraqi currency?

3 – 1 – 2013
Politicians and economists stressed the Iraqis that if delete three zeros from the current currency of Iraq explain many risks because of poor conditions in the country, instability, insecurity and corruption, noting that this process is not possible at present because it will lead to a major crisis in the Iraqi economy.
Iraq is seeking to reform the currency management system and to facilitate their use and to reduce the number of banknotes from four billion to one billion and 800 million, by deleting three zeros and a coin.
In this context the Economic Adviser to the Iraqi Prime Minister Abd al-Husayn Al-Anbuge to delete zeros from the local currency will increase the phenomenon of money laundering. He noted that the Government had informed the Central Bank that risks to economic security in case the Bank insisted on the deletion of zeros from the local currency.He said the process cost time and effort to the Government and the Central Bank and raises the level of fraud of some terrorist groups for smuggling money out of the country.
For his part, ruled out a member of the Finance Committee Attorney Haitham al-Jabouri, the Iraqi currency replacement project and deleted her zeroes in the year in which the project is to be implemented by the Central Bank.
Al-jubouri said that the unstable political situation and the worsening status of the Central Bank to postpone the project until there is political stability and the stability of monetary policy in the country and after each incident, saying: that this year will see the replacement of Iraqi currency and does not delete the three her zeroes. “
He said “the Exchange and delete her zeroes will be bigger and better features reduce inflation and revive the dinar as a result of the lack of demand for dollars, which comes with great positives for the economy of the country.”
Algiori said that the Exchange will revive the economy but the country needs political and economic environment conducive to the implementation of the project without meeting any obstacles leading to the deterioration of the currency. “
Earlier, the Central Bank said in August last year that it plans to delete the zeros of the Iraqi dinar to facilitate financial transactions made through criticism most often. Among the difficulties faced by Iraq if it wanted to delete the zeros of the dinar is pulling about 30 trillion dinars in Iraqi market (about 27 billion dollars) and then discarded and replaced with a new currency.

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