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Saturday, June 2, 2018

Iraqi Dinar Deletion of Zeros, 2 JUNE

The Central bank of Iraq is taking steps to control inflation and strengthen the currency. For this purpose,  different methods are being applied by the Central Bank of Iraq. These steps are the combination of modern and traditional techniques. To control the inflation and strengthen the currency, deletion of zeroes from currency is one of the most famous techniques that are being applied.
The economists are expecting this change in the Iraqi currency since 2003. Now this issue is on the peak as the Central Bank of Iraq has announced to implement this strategy to control the inflation in the country. The economists all over the world have divided into the two parts of this strategy. Some of the economists are considering that it is against the economy of Iraq and some economists considers it as favorable for the country. The economists who are against this strategy are of the view that this strategy will prove just like shocking news for the market of Iraq.
The project was announced in 2003, but it could not be implemented because the number of fears and questions that are required clarification. Security is one of the most important issues while implementing this strategy. According to experts, there will be no restrictions on the foreign goods in the market, and this will harm the economy worse. The market will be filled with counterfeited currency notes, and it will be an open source of corruption on the large scale.
The economists who are in the favor of deleting the zeroes from currency are of the view that this strategy will positively impact the economy of Iraq, and it will help to reduce the inflation by strengthening the Iraqi Dinar. According to them the strategy will also help to reduce the unemployment rate in the country. By implementing this strategy, Iraq will be able to produce employment opportunities in the country which will help Iraq to reduce the crime rate. The Iraqi parliamentarians are also taking part in the discussion of this issue.

According to the finance committee members, the 2014 will see the new notes of Iraqi currency and it is necessary for the economic development of the country. According to the central Bank of Iraq, three zeroes will be deleted from the currency that means if you have 1000 Iraqi dinars; it will be converted into 1 Iraqi dinar after the completion of the deletion process. The people who have invested in the currency of Iraq are considering it just like golden opportunities for them. The investors are of the view that the value of Iraqi dinar will enhance three hundred times after the deletion process and they will cash the time. Contrary to them, some people are of the view that the deletion process will not prove beneficial for the investors as it will not enhance the value of currency at all, and it will be just a revaluation process which will be beneficial only for printing companies.

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