Home
Print currency cost the government $ 250 million annually
October 6, 2015
Stressed the economic expert Abdul Hassan al-Shammari, said on Tuesday that the project to delete the zeros from the local currency stopped by the House of Representatives in 2010 due to legislative differences within the parliament, indicating that the printing of local currency cost the Iraqi government $ 250 million annually.
Al-Shammari said in a press followed the agency "our economy," the news release that "the project to delete the zeros of the local currency is very excellent and Iraq project is not the first state employs, but worked by several countries, most recently Turkey was when deleted six zeros from its currency and become a million pounds, pounds one", explaining that "the virtues of this project that will facilitate the calculations will become millions of dinars thousands, and millions become billions, and trillions become billions, authorized will become the calculation it is confusing and not great."
He noted economist that "Iraq annually spends $ 250 million on currency printing because of its reliance on paper currency and there is no where any coin and therefore the 250, 500 and 1,000 dinars are categories of paper currency lifespan of no more than three months because it is fast trading and therefore the state needs to Print very large quantities of such groups every three months and the process cost Iraq $ 250 million. "
And that "Iraq needs to delete the zeros, this project was stopped by the parliament, as it was scheduled to be approved in 2010, and rather than be printed these currencies are printed dinar instead of one thousand dinars and a half dinar and quarter dinars and dirhams, and in that time has been designed so that is this kind of currency but legislative delays in the House of Representatives led to the loss of Iraq into the hundreds of millions of dollars of hard currency. "
The "economic expert on behalf of Jamil Antoine, confirmed earlier that the deletion of zeros from the Iraqi dinar will reduce the US dollar traded in the local market."
[You must be registered and logged in to see this link.]
October 6, 2015
Stressed the economic expert Abdul Hassan al-Shammari, said on Tuesday that the project to delete the zeros from the local currency stopped by the House of Representatives in 2010 due to legislative differences within the parliament, indicating that the printing of local currency cost the Iraqi government $ 250 million annually.
Al-Shammari said in a press followed the agency "our economy," the news release that "the project to delete the zeros of the local currency is very excellent and Iraq project is not the first state employs, but worked by several countries, most recently Turkey was when deleted six zeros from its currency and become a million pounds, pounds one", explaining that "the virtues of this project that will facilitate the calculations will become millions of dinars thousands, and millions become billions, and trillions become billions, authorized will become the calculation it is confusing and not great."
He noted economist that "Iraq annually spends $ 250 million on currency printing because of its reliance on paper currency and there is no where any coin and therefore the 250, 500 and 1,000 dinars are categories of paper currency lifespan of no more than three months because it is fast trading and therefore the state needs to Print very large quantities of such groups every three months and the process cost Iraq $ 250 million. "
And that "Iraq needs to delete the zeros, this project was stopped by the parliament, as it was scheduled to be approved in 2010, and rather than be printed these currencies are printed dinar instead of one thousand dinars and a half dinar and quarter dinars and dirhams, and in that time has been designed so that is this kind of currency but legislative delays in the House of Representatives led to the loss of Iraq into the hundreds of millions of dollars of hard currency. "
The "economic expert on behalf of Jamil Antoine, confirmed earlier that the deletion of zeros from the Iraqi dinar will reduce the US dollar traded in the local market."
[You must be registered and logged in to see this link.]
