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Sunday, May 6, 2018

NEWS : Is it time to delete three zeros from the currency?, 6 MAY

Iraqi currency
Economy News Baghdad:
The central bank submitted a project to delete three zeros of the currency, in order to confront inflation and stimulate the economy, but was forced to stop because of the deteriorating security and political situation in the country.
The governor of the Central Bank, Ali al-Alaq, in a discussion session with the editors of a number of Iraqi media, including “Economy News”, “The subject of deleting zeros from the currency is ready, but it needs an environment suitable to apply,” noting that ” To prevent manipulation and fraud by the owners of weak souls. ”
The central government stands with the central bank’s draft to delete three zeros of the currency, because it sees it “hurt the efficiency of the system of cash payments,” according to the financial adviser to the prime minister.
He added, the appearance of Mohammed Saleh, in an interview, “the economy News,” that “the current environment suitable for this project because there is financial and political stability witnessed by the country, especially after the salvation of the organization (da’ash).”
He stressed the need not to rely on the project to support the Iraqi dinar, but “focus on the creation of all conditions that would support the Iraqi dinar and represented by political and economic stability,” pointing out that “the central bank has accumulated experience in dealing with the subject.”
The economist said, in the name of Jamil Anton, for “Economy News”, “The current environment is not suitable for the project to delete the zeros at the moment, because the security situation has not settled so far in the ideal form.”
He pointed out that “the project needs educational campaigns to be accepted by citizens and does not affect the movement of the market,” noting that “the project has the benefits of reducing the amount of money used in deposits, which helps accountants not to fall in error in dealing with zeros in large amounts, As well as reduce the number of trustees funds and protect money from theft. ”
Antoine predicted that the project would be implemented after the legislative elections scheduled for next May.
Date Added 03/04/2018

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