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Parliamentary Finance: We need another year to complete the procedures for replacement of the currency


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7 - 14 - 2012

Confirmed the Finance Committee in the House of representatives that the Bank needs another year to begin the process of replacement of local currency, while the Central Bank required ready for this step, Haidar Al-Abadi said "Sumerian news," the draft switch good currency provided that the Central Bank was ready to move on and implement the accuracy ", stressing the need to" be good and correct Bank procedures ".

Abadi "with the currency Commission was altered during the past year 2010, if the Bank prepared for such action," he said, adding that "the Central Bank need another year to begin the Exchange."

Al-Abadi said that "the Finance Committee is not with hasty application", underlining the importance that "hold up the process before the switch would not be forgery and handling damaged dinars".

The Finance Committee in the House of representatives announced (July 11) willingness to clarify the reasons for the reluctance of the Council of Ministers on the changeover, although the Central Bank confirmed its ability to it without fraud affect the national economy.

The parliamentary Finance Committee member Najib announced Risalat (July 3) that the budget for next year in the new currency will be 2013 after deleting three zeros from the current currency, saying that the reluctance of traders and trading companies behind the Iraqi currency the Central Bank adopted draft delete zeros.

Wedift parliamentary Finance Committee (26 June) Deputy Central Bank Governor Mohammad Saleh appearance to discuss the mechanism to be followed by the Bank in the process of deleting zeros and how long this process and the variables that expose the exchanged currency.

He was a member of the Finance Committee has hitham Al-jaburi in 15 may 2012 to January of next year will see the delete three zeros 2013 and Exchange, with next September 2012 will begin printing the new currency in various categories.

He accused Central Bank, (12 September 2011) Government of obstructing the monetary reform and vowed to prosecute those responsible for exposing, blaming the country's interests to financial risk.

As aide to the Prime Minister on Economic Affairs (25 August 2011) to raise zeros from the currency is the biggest corruption in Iraq if during this period, under the title economic absurdity, warning of "Division" is preparing to falsify trillion Iraqi dinars to replace them in the light of the forthcoming changes.

Said economist Husam Ebeid step delete zeros of the Iraqi currency has become an urgent necessity in order to raise the value of the Iraqi currency to add FX to maintain balance on the market.

Obeid said in a press statement that this action need political decision "and called for" the need for the speedy delete the zeros of the Iraqi currency in this step of the great and positive returns on the Iraqi economy. "

"This step does not entail any negative repercussions, as it is a very positive step to give strength and contribute to the Elimination of negative consequences of monetary density as highlighted the problems we are experiencing in the banking business, both in the currency and sort categories and destroyed poor and provide the necessary security measures for transfer".

The Central Bank and the Bank's adviser said the appearance of Mohammed Saleh confirmed to [Wayne] need Iraq to the administrative reform of the currency and the delete zeros is a part of the country need to process administrative reform of the currency in order to reduce the cost of cash transactions in the economic process as well as the need to provide small groups of coins used in daily circulation of small transactions.

The officials at the Central Bank as well as some politicians and economists urged the Government to delete zeros from the currency, issuing new currency in big cash categories in addition to the presence of small coins.

Observers say that the Government intended to delete zeros from the currency as a step towards improving the purchasing power of the Iraqi dinar but economists underestimated the importance of this step considering that the cost of raising zeros will be greater than the benefit desired to raise zeros.

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Abadi "with the currency Commission was altered during the past year 2010, if the Bank prepared for such action," he said, adding that "the Central Bank need another year to begin the Exchange.

Not talking about another yr from now was talking about another yr from 2010. So it's been almost 2 yrs since they asked for the additional yr extension..

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