Central bank is considering legislation to provide law to the process of removing zeros from the currency

[rockhound60]

Central bank is considering legislation to provide law to the process of removing zeros from the currency

Date: Monday, 01/30/2012 18:39

BAGHDAD - AKnews

أع . Central Bank announced it had begun to study the need of the project to delete the zeros to submit a bill to the House of Representatives for the purpose of legislation setting out the mechanisms and controls the process of removing three zeros from the local currency, stressing that its law gives him authority to make changes to the local currency.

The deputy governor of the Central Bank of the appearance of Mohammed Saleh said that «the CBI submitted a working paper for the project to delete the zeros of the local currency to the Cabinet for the involvement of ministries and agencies in the process of deleting the requirements of zeros to prevent harm from the process». ». Saleh added that «the Central Bank is considering a bill to the House or not because the law gives the Central Bank of implied powers to delete the zeros of the local currency». است He added that «the project to delete the zeros from the currency needed to raise the awareness of national popularity and status of the regulations limiting the phenomenon of currency manipulation during the period of replacement».

. And inflation is the excessive rise in the general level of prices and higher cash income as well as high costs and create excessive cash balances. و And is expected to increase inflation in the budget in 2012 due to continued attention to the operational aspects at the expense of the investment part of the budget.

و . The Central Bank of Iraq four branches in Basra and Sulaymaniyah, Erbil and Mosul, where the established bank independent Iraqi under the law of the Central Bank of Iraq issued on the sixth of March / March 2004, which is responsible for maintaining price stability and the implementation of monetary policy, including exchange rate policies and the management of foreign reserves and the issuance of and currency management, in addition to the organization of the banking sector

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[TXNOLE]

I believe this was posted earlier this day..........unless all the press releases are beginning to sound the same!

[Papster]

. And inflation is the excessive rise in the general level of prices and higher cash income as well as high costs and create excessive cash balances. و And is expected to increase inflation in the budget in 2012 due to continued attention to the operational aspects at the expense of the investment part of the budget.

i think this says it all...............imo they have to be over 10%...............budget is coming............so is an increase in inflation..................this is coming folks..........with this and all the other good news.........this is coming........imo.......GO DINAR

[Alex38]

i think this says it all...............imo they have to be over 10%...............budget is coming............so is an increase in inflation..................this is coming folks..........with this and all the other good news.........this is coming........imo.......GO DINAR

Agreed. And quickly.

[GotSix]

No doubt in my mind that the CBI & the GOI are both playing hot potato with the "the process of removing the zeros" cause they both know ..it's not a favorable/safe option .....

[SocalDinar]

Thanks Rockhound,

Great article.

They mention Local currency twice. Why local, Does this mean in country?

limiting the phenomenon of currency manipulation during the period of replacement».

And inflation is the excessive rise in the general level of prices and higher cash income as well as high costs and create excessive cash balances.

Shabs can control the local currency and limit the excessive cash balances in country.

Hopefully high initial rate to get the large denoms back fast!

Sounds like they are really pushing phase 2 with these repeated articles.

[Rayzur]

I dont think I like the sounds of this sentence:

He added that «the project to delete the zeros from the currency needed to raise the awareness of national popularity and status of the regulations limiting the phenomenon of currency manipulation during the period of replacement».

Am I reading too much into this....... Please help me out.... say yes...... Thanks

[Rubberband King]

i think this says it all...............imo they have to be over 10%...............budget is coming............so is an increase in inflation..................this is coming folks..........with this and all the other good news.........this is coming........imo.......GO DINAR

Absolutely!!!!!! :D :D

[Biker]

Another old post, but a good read, thanks anyway.

[Canuklady]

i think this says it all...............imo they have to be over 10%...............budget is coming............so is an increase in inflation..................this is coming folks..........with this and all the other good news.........this is coming........imo.......GO DINAR

Agreed! Let's get this done! Could this really be it? I'm shaking!

[Biker]

Just my thoughts but for the second time in yrs i feel this may be the closest we have ever been to the end of this train ride , Thank God.They have talked them selfs into a corner now they have to act.