Iraq subtracting zeros from its currency next year

[yota691]

 

OCT 21, 2014 Iraq subtracting zeros from its currency next year

BAGHDAD Commission announced the economy and investment in the Iraqi parliament, that the deletion of zeros from the Iraqi currency will be working by next year, and they will discuss the coming period, some of the most important laws Banking Law, and the Law on the Central Bank, and the Money Laundering Act.

 

A member of the committee of economy and investment in the Iraqi parliament, Jawad al-Bolani, said: "The deletion of zeros from the Iraqi currency will be it next year."

The Iraqi government project about deleting three zeros from the Iraqi currency to reduce inflation winning currency but it has been postponed.

He said al-Bolani, in a press conference in the parliament building, the foreign exchange reserves in the Central Bank of Iraq, reached 76.3 billion dollars, and that the Iraqi currency markets, amounted to 40 trillion Iraqi dinars.

The member of the committee of economy and investment in the Iraqi parliament, that "there are some laws will be discussed in the House of Representatives soon a Banking Law and the Law of the Central Bank and money laundering," adding that "these laws will enhance the Iraqi economy."

The Iraqi Central Bank authority independent of the government is not entitled to state intervention work.

Iraqi parliament: Delete the zeros from the dinar begins next year

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21-10-2014 02:18 PM

 

 

 The Commission on the economy and investment in the Iraqi parliament that the deletion of zeros from the Iraqi currency will enter into force next year, noting at the same time it will be discussed during the coming period, the laws pertaining to banks, and the central bank, and the fight against money laundering.

 A member of the committee of economy and investment in the Iraqi parliament, Jawad al-Bolani, said that 'the deletion of zeros from the Iraqi currency will be it next year', according to agency Anatolia.

 The Iraqi government project about deleting three zeros from the Iraqi currency to reduce inflation is winning the currency had been postponed.

 He said al-Bolani, in a press conference held in the building of the Iraqi parliament, the foreign exchange reserves in the Central Bank of Iraq amounted to 76.3 billion dollars, with the currency markets is estimated at about 40 trillion Iraqi dinars.

 According to Bolani he will discuss some of the laws that would 'promote the Iraqi economy' he said, and he mentioned the laws of the banks and the Central Bank and the Money Laundering Act.

 

 It is noteworthy that the Iraqi Central Bank authority independent of the government is not entitled to state intervention work, under Iraqi laws.

[eburt]

Thanks Yota - I notice at the end of every year around October time frame we see articles on "Deleting Zeros" and nothing happens - Are these articles smoke and mirrors?  I believe when I see it happens - Do not make any sense to me....

[moneysoon]

Morning Yota and DV,

 

Contrary to popular belief, the CBI is NOT as independent as some claim it to be. You can not consider deletion of zeros without considering rate of exchange. They are two peas in this one pod as the implication of value must be a factor. Therefore, this is why the push of the button does not simply reside in one entity in a vacuum. Think about why we are waiting on the HCL to pass... It's good to see them working TOGETHER to make this happen.

Edited October 21, 2014 by moneysoon

[zzztop]

We've been hearing "next year" since 2010.  Thanks for the post.

[unirod]

Too many notes DILUTES VALUE! why can't your average Joe get that? This is why the USD has a buying (value) problem after all the Q/E policy . Iraq wants to reduce the note count, which means reducing the circulation of currency on the street. This brings along the reduction of 000 zero's, thereby lowering inflation...IMO