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Central Bank: Delete the zeros will be transferred from the country of billions to trillions
Date: Monday 04/06/2012 2:29
Baghdad / agencies
said the deputy governor of the Central Bank of the appearance of Mohammed Saleh said that the project to delete three zeros from the Iraqi currency will be moved from the country of Iraq, a country of billions to trillions, so the numbers will move from Iraq 10 to the 12 to 10 to the 9 ".
Saleh added that the project is different from the issuance of a new currency which entail not only the deletion of three zeros from the Iraqi currency, but delete the three places a calculation of the Republic of Iraq, which starts from the budget of the family and ending with the general budget of the State ", stressing that the project infrastructure of incomplete Bosasha and concepts at the bank" .
Saleh pointed out that the project is a logical scientific economic significance lies not only reduce the amount of currency, but also by reducing the reproduction arithmetic which would reduce the operational risks because of the large numbers and the large number of errors resulting from it. "
and noted the benefit to the project in spite of its importance, it needs to be approved by Parliament and the government and the Central Bank of Iraq to its success through the formation of a joint committee and have the power to the resolution fixing the date and time of deletion of zeros, "noting that" everyone agrees to the deletion of zeros, but they Mchkkon at a time and date of deletion in addition to the ability of the Bank on this project.
It is noteworthy that some economists believe that Iraq is ready for the time being to delete the zeros of the Iraqi dinar, pointing out that the deletion needs to stabilize the security and political as well as economic stability.
For his part, criticized by the Finance Committee in the House of Representatives Abdul-Hussein al-Yasiri monetary policy pursued by the central bank, referring to the It puts the instructions and financial rules and violates the application.
Yasiri said, according to the Agency (news): The officials and decision-makers at the central bank tend to emotional style, what makes them "Itnervzon" Once the high value of the dollar against the dinar, without resorting to radical solutions or thinking developed exit any crisis emergency occur in the financial system of the country.
He added that monetary policy currently followed in the country need to be reconsidered by the line with the new economic order that a shift from authoritarian central to the free market, pointing out that the central bank intervention to him substantial funds is not known how to employ them from in order to preserve the value of local currency and the Iraqi economy.
He explained: that the report issued by the Financial Supervision refers to the Central Bank sets rules and regulations pertaining to the financial system and currency in the country, the first violates the application, what Find fluctuated sharply in the stability of the Iraqi dinar against the dollar in recent .
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