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Wednesday, April 17, 2013

Investment Committee Member: CBI establish procedures to prevent fraud at the changeover after deleting three zeros from currency, 17 APRIL


Investment Committee Member: CBI establish procedures to prevent fraud at the changeover after deleting three zeros from currency'

Detection of economy and Investment Committee member MP//-abbasn sheyaa, the date of implementation of the project to delete the three zeros from the currency early this year (2014), stressing that the Central Bank measures to limit fraud and manipulation that may accompany the Exchange process.
Said sheyaa (News Agency): the project is to delete three zeros of the Iraqi currency, but return to the currency structure of shorthand notes, stating that the paper will be the highest category (200) and is shorthand for theamount of 200 thousand dinars, the equivalent of 170 dollars. ($0.00085).
He added that the Central Bank would begin with proactive project implementation procedures during the current year as printed currency and hiring companies to be the replacement currency early next year, pointing out that the Central Bank put strict procedures to prevent fraud that may accompany the replacement process.
He noted that the country needed to draft restructuring currency after deleting three zeros from being kissed on the expected increase in financial revenues in the coming years this would numbers and banknotes.
The project will include: coins & stamps, consisting of classes (half a dinar, dinar, JD, JD 10, 25, 50, 100, 200), so that the employee if his million it received a five classes of the paper (200), stressing that this process will facilitate a lot of financial matters and cash.

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