The Central Bank is looking to adopt a new currency balance

[alan_coaks_3]

7 - 3 - 2012

The CBI said he hoped that the adoption of the new local currency after deleting zeros in balancing the country next year, as he put the finishing touches to a road map for the deletion of zeros. Central Bank says he completed a road map to get rid of three zeros from the currency to reduce the money supply and ease of financial transactions to suit the new situation of the Iraqi economy.

But the Government and the Securities Commission have expressed objections fears affect negatively financial trading operation in Iraq market for securities.

Deputy Central Bank Governor Mohammad Saleh appearance that "currency and switch to delete zeros will take approximately two years and the ongoing preparations for the operation began more than a year ago".

It was during the Parliamentary Committee hosted in hope that the financial "be balance in 2013 in the new currency."

Statement of the parliamentary Finance Committee has discussed with the mechanism for the Bank in the process of deleting zeros and how long this process and the variables that expose the exchanged currency and value in the domestic and global market and its effects on the Iraqi citizen and living level.

He stressed the "completion of the project is the improvement of payments and facilitate trading in the currency," he said, adding that the operation "will raise the currency exchange and improve their value in the domestic and global market."

He denied any effects caused by the Iraqi individual living level, calling for the cooperation of all of the site in order to make the project a national and for everyone.

In addition he is a member of the Finance Committee "Al Haytham January of next year will see the delete three zeros 2013 and Exchange

Jaburi said that "the process of replacing the old currency will continue to be a year old to be withdrawn during the first six months of the year 2014", stating that "delete and replace the three zeros would maintain the stability of the Iraqi currency and reducing the demand for hard currency.

Drew Al-Juburi said the Central Bank squandered all concerns about money-laundering and forgery during the process of replacing the old currency with new, possesses a special anti-money laundering ".

Jaburi said that "the reform of management system of currency into the work of the Central Bank and that the deletion of zeros of functions of strategy", adding that the Finance Committee in Parliament supports the policy of the Central Bank of Iraq in that direction ".

Some economists believe that Iraq is not formatted for the time being to delete the zeros of the Iraqi dinar, pointing out that this step requires political stability and security, along with economic stability.

The market has been volatile for weeks in Iraqi dinar exchange rate against the US dollar which experts attributed to the limitations imposed by the Bank on its sales of hard currency.

And the imposition of tougher Bank at auction to sell the greenback after the currency go to neighbouring countries, especially Syria and Iran imposed by economic sanctions. tasks of the Central Bank in the conduct of monetary policy in the country and raising the value of the Iraqi dinar and inflation in the country.

And the Central Bank of Iraq four branches in Basrah, Sulaimaniya and Erbil, Mosul.

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[Maggie123]

Alan Good Article Thanks for bringing it in.