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Deletion of zeros between the difficulty of actions and aspirations of specialists
Date: Thursday, 06/09/2012 06:50 am
Baghdad / Hossam al-Saadi
lot of talk about restructuring the national currency after deletion of zeros three of them and fill the ideas of economists and financiers, government officials and concerned at the central bank, but has not yet everyone agrees time limit for its implementation, some felt that the moment is not ideal for the application of Thus, a project to increase the export of oil, as well as a financial cover of the Iraqi currency exists as cash reserves with the central bank, are all indicators make it essential to implementation of the project to delete the zeros in the next year.
Important that the security and political situation remains unstable in the country, and the other goes to the implementation at the beginning of next year to reduce the money supply in the domestic market and to facilitate the operations of statistics and mathematics, among others.
The experts agreed and a number of deputies in an Tbarham (range) that the draft deleted three zeros from the currency much, and is the restructuring of the national currency, but they disagreed on determining the appropriate time to implement it.
Vice Chairman of the Finance Committee Ahmed Hassan the Faizullah confirmed: that the current time is no longer ideal for large application matter public because the country is still in a state exceptionally unstable and either security or political and even economic.
Said Faizullah told (long): that the project when it is applied will not add anything to the national economy both in terms of the positive or negative, but it would disrupt citizens through the process of replacing the currency because it is considered deleting three zeros from the currency in the sense that percent dinars become thousand dinars, The Iraqi citizen will not easily accept.
Faizullah advised not to apply the project during the current period of fear and occurrence coincides economic problems with its implementation.
The parliamentary Finance Committee demanded an official letter of the Central Bank to wait to switch the currency in January 2013, and be replaced in the middle of next year in the month of July next, until there is more study by replacement officials.
The central bank announced earlier that the draft deleted three zeros from the Iraqi currency would carry the country from country Alterionat to billions.
For his part, between the economic advisor to Prime Minister Abdul Hussein Al-Anbuge: that the Council of Ministers asked the central bank to wait in the project to delete three zeros from the national currency to another notice until the creation of conditions and the conditions for its implementation.
He said Anbuge valuable told (long): The draft restructuring the local currency after deletion of zeros three of them longer than large projects and "sensitive" because it touches the citizen and the national economy directly must carefully before applying it can not be rushing to implement it to avoid the country economic problems likely have occurred when implementation.
He added: There insistence by the Central Bank to implement the project early while he needs to objective study of the conditions surrounding area and the radical changes in the infrastructure of the national economy and know the standard of living for citizens and many things must be considered before implementation of the project so as not to drag the country into economic problems difficult to solve.
The central bank announced (29 September 2011) that the year 2013 will see the deletion of zeros and currency switch, which warned officials and economists because there mafias currency is preparing to rig the trillion Iraqi dinars to replace them in the light of the upcoming changes.
The Council demanded prime minister of the Central Bank to slow down in the draft deleted three zeros from the local currency, stressing that he is a big project and needs to be enough time to implement it.
The accused CBI government agencies of obstructing monetary reform and vowed persecuting because it was the country's financial interests at risk.
While Economic Commission Mahma decision Khalil stressed the need to implement the project over the next two years because it is an important project and Iraq need to be applied.
He told (range) that there are a lot of countries in the world have been experiencing the deletion of zeros from its currency and succeeded and gave moral support to its local currency, Iraq must provide the project to delete the zeros whatever the circumstances.
He added that Iraq is on the verge increase Moisnath next and possibly funds up to (150) billion dollars, and (200) billion dollars during the next three years as a result of the plan of the Ministry of Oil and pointed out that the Central Bank of Egypt for the implementation of the project at the beginning of next year while the government demands wait to year (2015) but we as an economic committee to choose a solution and an average between the time limit specified by the central bank and the federal government is in the year (2014).
Was confirmed by the central bank that he completed all actions relating to the draft restructuring the local currency after deleting three zeros them, put certain models to form currency is civilizations Iraq ancient and religious shrines and features of archaeological and infrastructure such as dams and bridges have been submitted to the executive and legislative branches for approval, pointing out that he does not needs legislation law but needs a regulation issued by the Council of Ministers and published in the Official Gazette (facts) because the Central Bank Law No. (94) of 2004 specifically in Article (37) gave permission to a central issuing a new currency and its design and organize Regulation Legal called « system which is different from the law.
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