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Parliament Economic Committee: Process to start removing zer
by Stillw8n » Sat Feb 18, 2012 12:57 pm
Parliament Economic Committee: Process to start removing zeros from the currency in September
Baghdad, February 18 (Rn) – The parliamentary economic committee, Saturday, in agreement with the Iraqi Central Bank to begin the process of removing zeros from the local currency in September next.
The central bank announced earlier that he is considering the requirements of the project to delete the zeros of the local currency with the Council of Ministers in terms of need process for the enactment of the organized or not.
A member of the Economic Commission Abdul-Hussein Abtan told the Kurdish news agency (Rn) that “the Economic Commission agreed with the Central Bank to begin the process of changing the local currency in September next.”
He added that “the agreement granting process to ensure the currency switch for a full year that the two currencies are traded the old and new in the market during this stage.”
And describes the CBI process of switching the currency national project in support of the economy in the country, while expressing the Iraqi government for fear of the project as it will increase the phenomenon of money laundering, “according to belief,” and is working to convince the central bank to stop the implementation of the project, and be approved by the securities the government’s position of deletion of zeros and says it will affect negatively on the financial trading in the stock market.
Abtan explained that “the process of removing the zeros from the currency will contribute to dealing with inflation and facilitate economic cooperation with international banks and reduce the differences of living in the community.”
The Committee emphasized the financial representative, on Sunday, the central bank tarry in the provision of a bill to delete the zeros from the currency to the Committee for the purpose of his study, saying that the law was passed would give Iraq an opportunity to address economic inflation, as experts predict a rise of inflation in the budget in 2012 because of the continuing interest in aspects of operational at the expense of the investment part of the general budget.
And inflation is excessive in the general level of prices and rising incomes as well as higher cash costs and create excessive cash balances.
He concluded his speech by saying Abtan that “the central bank looking to send a bill to change the currency to the House or not because the law gives the Central Bank of implied powers to delete the zeros of the local currency.”
The functions of the central bank conduct of monetary policy in the country, including exchange rate policies and the management of foreign reserves and the issuance of currency management, and raise the level of the values of the Iraqi dinar and deal with inflation in the country, which is responsible also for the maintenance of price stability, as well as to regulate the banking sector.
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by Stillw8n » Sat Feb 18, 2012 12:57 pm
Parliament Economic Committee: Process to start removing zeros from the currency in September
Baghdad, February 18 (Rn) – The parliamentary economic committee, Saturday, in agreement with the Iraqi Central Bank to begin the process of removing zeros from the local currency in September next.
The central bank announced earlier that he is considering the requirements of the project to delete the zeros of the local currency with the Council of Ministers in terms of need process for the enactment of the organized or not.
A member of the Economic Commission Abdul-Hussein Abtan told the Kurdish news agency (Rn) that “the Economic Commission agreed with the Central Bank to begin the process of changing the local currency in September next.”
He added that “the agreement granting process to ensure the currency switch for a full year that the two currencies are traded the old and new in the market during this stage.”
And describes the CBI process of switching the currency national project in support of the economy in the country, while expressing the Iraqi government for fear of the project as it will increase the phenomenon of money laundering, “according to belief,” and is working to convince the central bank to stop the implementation of the project, and be approved by the securities the government’s position of deletion of zeros and says it will affect negatively on the financial trading in the stock market.
Abtan explained that “the process of removing the zeros from the currency will contribute to dealing with inflation and facilitate economic cooperation with international banks and reduce the differences of living in the community.”
The Committee emphasized the financial representative, on Sunday, the central bank tarry in the provision of a bill to delete the zeros from the currency to the Committee for the purpose of his study, saying that the law was passed would give Iraq an opportunity to address economic inflation, as experts predict a rise of inflation in the budget in 2012 because of the continuing interest in aspects of operational at the expense of the investment part of the general budget.
And inflation is excessive in the general level of prices and rising incomes as well as higher cash costs and create excessive cash balances.
He concluded his speech by saying Abtan that “the central bank looking to send a bill to change the currency to the House or not because the law gives the Central Bank of implied powers to delete the zeros of the local currency.”
The functions of the central bank conduct of monetary policy in the country, including exchange rate policies and the management of foreign reserves and the issuance of currency management, and raise the level of the values of the Iraqi dinar and deal with inflation in the country, which is responsible also for the maintenance of price stability, as well as to regulate the banking sector.
[You must be registered and logged in to see this link.]
