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Saturday, August 25, 2012

Deputy Chairman of Finance Committee: draft delete zeros will benefit the national economy and would cost the State large sums, 25 august

Deputy Chairman of Finance Committee: draft delete zeros will benefit the national economy and would cost the State large sums
Baghdad (News) ... Vice-Chairman of the Finance Committee said a Deputy from coalition Kurdish blocs//Ahmad Hassan Faizullah, hosted by Central Bank Governor in the next few days in the House of representatives to discuss selling currency and delete the three zeros, zeroes from the currency project delete adds nothing to the national economy but it will cost large sums of currency printing and other operations.

He said Faizullah (News Agency news) on Saturday: the economic and Financial Committee the representative intended to host the Central Bank Governor to address important topics about specific local currency and national economy as hard currency sales in the auction to reduce currency smuggling and money laundering, as well as discuss the draft deleted three zeros from the currency and applicability. 

Said: that Iraq does not need to switch its currency at the moment the country is going through an exceptional case and not fully stable, well it will not add anything to the national economy, either in positive or negative but will confuse citizens in the process of switching the currency and would cost the State significant amounts of copyright and contract with companies and transport. Feyzullah advised not to apply the project during the current period for fear of economic problems with its implementation. 

The Central Bank of Iraq was announced (September 29, 2011) to 2013 will see the deletion of zeros and the currency changeover, which warned officials and economists because of the Division of work preparing to falsify trillion Iraqi dinars to replace them in the light of the forthcoming changes, the Cabinet Council demanded the Central Bank to wait to delete the three zeros from the local currency, confirmed that a large project and needs sufficient time to apply it.

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