The decision of the Commission on the economy: change currency format is necessary to shrink the money supply and does not need a new law

[alan_coaks_3]

6 - 17 - 2012

According to Deputy Economic Committee decision//Kurdish blocs Coalition mohama Khalil, that change the shape of the local currency after deleting three zeros which does not need a new law legislation of their own that the Iraqi banks allowed the Central Bank to issue new currency and choose format.

He said Khalil (News Agency news) on Sunday: Although the Iraqi Constitution or refusing to issue new currency printing and chose format by the Central Bank without a new law legislation so permits, issued by the Central Bank to Act (2004) central power reshape granted currency and issued with new look.

He added: the old law is in effect, the lack of enactment of the new Central Bank, so that the three draft delete zeros Iraqi currency does not need a new law, but legislation that fully empowered central.

He noted: the project is very important for the Iraqi economy because it will reduce large cash estimated at 33 trillion dinars in particular and that the future Iraq to increase its balance sheet for the coming years, the implementation of the project is necessary and has to be applied.

The Central Bank of Iraq was announced (September 29, 2011) to 2013 will see the deletion of zeros and the currency changeover, which warned officials and economists because of the Division of work preparing to falsify trillion Iraqi dinars to replace them in the light of forthcoming changes.

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