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Concerns of delete zeros Iraqi currency
Saturday 12/4/1434-23/2/2013
RAED Al-Hashemi: the deletion of zeros is a necessary step for the administrative reform of the currency (Al-Jazeera)
Alaa Youssef-Baghdad
Politicians and economists agreed that the Iraqi process delete three zeros from the current Iraqi currency risk because the conditions of the country, instability, insecurity and corruption, as Iraq seeks to reform the currency management system and to facilitate their use and to reduce the number of banknotes from four billion to one billion and 800 million, by deleting three zeros and a coin.
He said the decision of the Finance Committee in the lower House MP Ahmad Al-Jazeera got to the topic of deleting zeros from the local currency remains under study within the economic topics, outstanding because of the many crises facing the country, adding to the problems that accompany the adoption of the budget for the current year.
He noted that this process is not possible at present because it will lead to the problem in the Iraqi economy.
Ahmed tracks: Iraq cannot delete zeros now (Al-Jazeera)
The tracks that the Finance Committee asked the Central Bank of Iraq on its preparations to change currency without fraud, and offered to this process, but the problems that have occurred in the country in addition to Central Bank crisis that led to changes in leadership, halted the process.
He noted that Iraq could not undertake this process now, "we need stability in the General conditions of the country, in order to prevent any attempt to use this procedure by the corrupt".
The support of monetary policy
For its part, said the Deputy of the Finance Committee, Najib Al-Jazeera's smart, this project was in the former Central Bank Governor Sinan Al-Shabibi, has been examined by Parliament well, leading the latter to address the Council of Ministers to support this project, there is negotiation and dialogue with a number of international companies regarding the deletion of zeros, indicating that this is a good step and help support the country's monetary policy.
She added that this subject has echoes now in parliamentary circles and in Iraq due to the sacking of former Central Bank Governor and referral to the integrity Commission, explaining that the project will succeed if the Government and Parliament and all institutions to support that will prevent fraud and removes fear if procedures are sound.
She explained that Iraq needed to restructure its currency, since there is no category of more than 25 thousand dinars as well as metal money, confirming that the current currency is not consistent with Iraqi State revenues that have substantial financial budgets.
Najiba confirmed that there is a lack of money in the markets, and that the currency would feasible while taking all legal, legislative and precautions necessary State, with a ceiling of up to one year to change their citizens, in addition to the increase in bank branches.
Economist Raed al-Hashimi that the deletion of zeros is a necessary step and an important part of the country's administrative reform process to reduce transaction costs and cash transactions in the economic process, and reduce the size of the money supply in the country and help facilitate calculations and reduce the inflated numbers, if applied correctly and in a timely manner.
Najeeba Najib: Iraq need a restructuring of the Iraqi currency (Al-Jazeera)
Pricing policy
Al-Hashimi said on Al-Jazeera that the modern version of the small groups will facilitate accounts pricing policy, Exchange will not affect inflation significantly.
He cited the countries that have applied this process such as Sudan which deleted two zeros from its currency in 2007, and Turkey which has deleted six zeros from its currency in 2005, and Zimbabwe in Africa 10 zeros from its currency in 2008, Bolivia has deleted three zeros from its currency in 2008, and has deleted all of Romania and Iran three zeros from its currency in 2005 and 2011, but did not improve the value of the currency in these countries significantly and where inflation indicator remained on the rise.
He noted two important application process delete zeros: first choose the appropriate time that the Iraqi economy is in a State of stability, the second is the economic environment thoughtfully to the deletion process, and this needs to actions and decisions taken by financial and banking financial authority in the country.
Modern Hashmi seal that the implementation of the resolution at this time is inappropriate and is considered too risky for the unstable security situation in the country.
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Saturday 12/4/1434-23/2/2013
RAED Al-Hashemi: the deletion of zeros is a necessary step for the administrative reform of the currency (Al-Jazeera)
Alaa Youssef-Baghdad
Politicians and economists agreed that the Iraqi process delete three zeros from the current Iraqi currency risk because the conditions of the country, instability, insecurity and corruption, as Iraq seeks to reform the currency management system and to facilitate their use and to reduce the number of banknotes from four billion to one billion and 800 million, by deleting three zeros and a coin.
He said the decision of the Finance Committee in the lower House MP Ahmad Al-Jazeera got to the topic of deleting zeros from the local currency remains under study within the economic topics, outstanding because of the many crises facing the country, adding to the problems that accompany the adoption of the budget for the current year.
He noted that this process is not possible at present because it will lead to the problem in the Iraqi economy.
Ahmed tracks: Iraq cannot delete zeros now (Al-Jazeera)
The tracks that the Finance Committee asked the Central Bank of Iraq on its preparations to change currency without fraud, and offered to this process, but the problems that have occurred in the country in addition to Central Bank crisis that led to changes in leadership, halted the process.
He noted that Iraq could not undertake this process now, "we need stability in the General conditions of the country, in order to prevent any attempt to use this procedure by the corrupt".
The support of monetary policy
For its part, said the Deputy of the Finance Committee, Najib Al-Jazeera's smart, this project was in the former Central Bank Governor Sinan Al-Shabibi, has been examined by Parliament well, leading the latter to address the Council of Ministers to support this project, there is negotiation and dialogue with a number of international companies regarding the deletion of zeros, indicating that this is a good step and help support the country's monetary policy.
She added that this subject has echoes now in parliamentary circles and in Iraq due to the sacking of former Central Bank Governor and referral to the integrity Commission, explaining that the project will succeed if the Government and Parliament and all institutions to support that will prevent fraud and removes fear if procedures are sound.
She explained that Iraq needed to restructure its currency, since there is no category of more than 25 thousand dinars as well as metal money, confirming that the current currency is not consistent with Iraqi State revenues that have substantial financial budgets.
Najiba confirmed that there is a lack of money in the markets, and that the currency would feasible while taking all legal, legislative and precautions necessary State, with a ceiling of up to one year to change their citizens, in addition to the increase in bank branches.
Economist Raed al-Hashimi that the deletion of zeros is a necessary step and an important part of the country's administrative reform process to reduce transaction costs and cash transactions in the economic process, and reduce the size of the money supply in the country and help facilitate calculations and reduce the inflated numbers, if applied correctly and in a timely manner.
Najeeba Najib: Iraq need a restructuring of the Iraqi currency (Al-Jazeera)
Pricing policy
Al-Hashimi said on Al-Jazeera that the modern version of the small groups will facilitate accounts pricing policy, Exchange will not affect inflation significantly.
He cited the countries that have applied this process such as Sudan which deleted two zeros from its currency in 2007, and Turkey which has deleted six zeros from its currency in 2005, and Zimbabwe in Africa 10 zeros from its currency in 2008, Bolivia has deleted three zeros from its currency in 2008, and has deleted all of Romania and Iran three zeros from its currency in 2005 and 2011, but did not improve the value of the currency in these countries significantly and where inflation indicator remained on the rise.
He noted two important application process delete zeros: first choose the appropriate time that the Iraqi economy is in a State of stability, the second is the economic environment thoughtfully to the deletion process, and this needs to actions and decisions taken by financial and banking financial authority in the country.
Modern Hashmi seal that the implementation of the resolution at this time is inappropriate and is considered too risky for the unstable security situation in the country.
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