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Vice: The Central Bank can not delete the zeros


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RRogers,

 

I must have missed that article as well...

Any help in locating it would be greatly appreciated.

It was posted on here about a year and a half ago.. been looking for it myself again ,there's tons of articles to sift through .I did have it bookmarked but that was on my old computer which went Kaput.Perhaps one of the mods on here know what I am referencing.I do remember it clearly as I read it a few times just to let it sink in.Would love to find it to share with the rest of the folks here just as a reminder if anything.

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    Economists Divided Over Deletion Of Zeros

Posted by Iraq News Journal on Jan 28, 2014 | Leave a Comment

Economists Divided Over Deletion Of Zeros

 

dinar.jpg
The Central Bank of Iraq (CBI) has been attempting to delete three zeros from the Iraqi currency since 2003. This project has raised many concerns among the Iraqi public and within the business community, and Iraqi economists are divided. While some support the project and consider it a chance to decrease inflation and unemployment, others warn of economic shocks that may prevail over the Iraqi market as a result of the project’s implementation.
Following amendments made by the CBI, implementation of the project has been postponed several times. This is because of fears that are mostly related to the lack of security, the presence of a market open to foreign commodities without any restrictions, the prevalence of counterfeit money in the market and rampant corruption in the country.
The independent Iraqi News Agency (INA) quoted Abdul Hussein al-Yasiri, a member of the Iraqi parliamentary Finance Committee, as saying that 2014 will witness the deletion of zeros from the Iraqi currency. He noted that the deletion will occur in coordination with the CBI, and that as a result of the project, the number of banknotes in circulation will be reduced from 4 billion to 1 billion.
Haider al-Abadi, the head of the Iraqi parliamentary Finance Committee, told Al-Monitor that while deleting zeros from the current currency is possible, this has been postponed until after parliamentary elections. He noted that studies are being carried out to ensure that, following the currency change, counterfeiting is limited and that Iraqis don’t go back to trading in the old currency.
The step to delete zeros from the currency has been postponed several times, leading the parliamentary Economic Committee to demand that the CBI accelerate this project, as Al-Sharqiya reported. In a news conference held July 6, the Economic Committee confirmed that the deletion of zeros will lead to an increase in the value of the Iraqi dinar and will have positive repercussions, including a reduction in unemployment and poverty rates in the country.

 
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RRogers do you recall the title of article?

I wish.It was one of those simple releases of news that gave folks goosebumps .

slb,

 

Don't think this is the one as RRogers was citing the IMF.

Your submission,however,should help clear up the misconceptions about the CBI reducing the note count.

THX

Good job everyone. This is probably close but no dice.I can tell you that it came out during the time period within a month or two back when the mess was going on with Shabs and his venture out of Iraq.The other thing that tells me this is not it, is that it mentions Abadi and the article was back when Maliki was running more amuck.

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