Jubouri expects deletion of zeros to be complete by end of 2013

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Jubouri expects deletion of zeros to be complete by end of 2013; Explains 3 stages of currency reform

Posted: January 17, 2012 in Iraqi Dinar/Politics, Top Headlines

Tags: Central bank, Central Bank Iraq, Currency, exchange rate, Finance Committee, Iraq, Iraqi dinar, Money laundering

15/01/2012 11:43:00

Signed by the parliamentary Finance Committee Haitham Jubouri currency to be replaced by deleting three zeros from the end of 2013.

He said in a statement to the Agency for National Iraqi News / Nina / Today: “The process of replacing the currency will be three stages of the first printing of new currency and the second came on the market and the third withdrawal of old currency, adding that he will be the completion of the purchase of equipment printing the new currency in the first half of this year “.

He Jubouri: “The Finance Committee was wary of deleting three zeros from the currency and cause an increase of the rate of inflation and exploited in the process of money laundering, but we got assurances scientific specialists in the Central Bank and Cdo that the replacement will support the Iraqi currency against other currencies so that there is a balance between the value in the hands of the citizen with the commensurate with the value of the real exchange rate markets. “

He explained: “The replacement of the existing currency will be accurate and thought no need to fear them or of the fraud, because it will print with the latest devices that can not be forged, adding that the process of replacing the currency does not need to be approved by Parliament, but was consulted committees of financial and economic developments in the House of Representatives He received the Central Bank approval.

He was adviser to the CBI the appearance of Mohammed Saleh said in a press statement prior to the completion of preparations for the implementation of the project to delete the zeros and the issuance of a new Iraqi currency, in the framework of the currency reform of management system in preparation for the next stage.

He noted that the decision by deleting the zeros will be followed by a period of awareness to dispel fears and shed light on the fact that the reform measure designed to facilitate the exchange will not affect the incomes and wealth.

The Iraqi Central Bank estimates that the amount of Iraqi dinars traded rose from about $ 25 billion in 1980 to about 27 trillion at the present time it has increased any thousand and eighty-fold.

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