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Deletion of zeros from the Iraqi currency would reduce the spread of counterfeit currency


boomer113189
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12 - 20 - 2013

 

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Urged the Economic Committee in the House of Representatives stakeholders from the central bank and security departments, placed on attention to counterfeiting because of their negative effects on the country's economy, as an economist downplayed the significance of it being very limited.

member of the Economic Commission MP Amer Al-Fayez, warned of the seriousness of the impact of counterfeiting on the economy of the country, noting that the security situation is stable and the border is controlled entirely contributed to finding this matter.

Fayez said in an interview with the newspaper (morning): that the counterfeiting of currency in any country affects its national currency the real through the spread of counterfeit currency, leads to stagger the economy within the local markets, as well as it helps to smuggle currency out of the country in ways that twisted and this in all conditions affecting the economic situation.

He attributed the MP reason behind the outbreak so ordered in any country to two things, firstly political reason the contribution of international order to hit the economy of a particular country and the damage it, and the second is the growth of the illegal economy, some of the characters and gangs, noting that the spread of such a thing leads to raise the value of the dollar against the currency National.

He called Al-Fayez executive powers to the attention of this matter and follow-up, as well as a strict penalties for each of those responsible for its spread.

It is believed that Al-Fayez deletion of zeros from the Iraqi currency would reduce the spread of counterfeit currency, the condition of the implementation of this step is setting up a mechanism to apply strict exploit the situation for fear of pumping counterfeit currency to banks and replace them with real currency.

The Iraqi Central Bank acknowledged the existence of Banknotes in Alasouk fake commercial, and face Aamama banks to take all necessary.

For his part, noted committee member MP Jassim Chenkali that the presence of counterfeit currency in the markets will lose confidence in dealing with the citizen of the Iraqi dinar and resorting to other currencies.

Chenkali said in a press statement that «the process of rigging the local currency will lead to the most people to resort to the dollar and thereby weaken the purchasing power of the dinar», adding that the fraud has spread in recent times because of the deteriorating security situation and the economic and rampant corruption.

He called Chenkali Central Bank and the Economic Crime Directorate and the relevant authorities to take the necessary measures to prevent the spread of counterfeit currency in the local market.

Have revealed some of the press reports about the presence of specialized rigging the currency printing presses in a number of areas of the capital Baghdad, the rigging of several currencies, including the Iraqi dinar and the U.S. dollar. Authorities have warned Iraq's financial banking offices owners from exploiting their desks in illegal operations such as promotion of counterfeit currency, or involvement in money laundering operations, which reports indicate local and international to place it on a large scale in Iraq.

In addition, reduced economic expert on behalf of Jamil Antoine effect of the presence of counterfeit currency in the markets on the Iraqi economy, especially since its scope is limited in certain areas as well as the proliferation of banks and banking challenge them.

Said Antoine in a statement »morning», that «no country is free from the issue of counterfeiting because it is a phenomenon practiced by mafias competent in this regard and is on various forms, including amateurs who practice it, including those carried out by the intelligence, and the other part mafias Interior» afterthought «But in Iraq so far has not spread this thing is dangerous for the economy of the country».

And detect the presence of attempts to rig the currency, but it is not large, calling on all government agencies concerned to fight for it if they grew up will be a danger to the economy and the violation of it.

 

http://goo.gl/KBTzAQ

 

 

 

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    • By boomer113189
      2- 11 - 2014
       
      {Baghdad: Euphrates News} A member of the Committee on the economy and investment representative, Amer winner, said the project to delete the zeros from the national currency still exists, but it is in order for commercial reasons, in addition to the receipt of intelligence information for the creation of counterfeit currency for the purpose of replacing the new currency.

      He said the winner told the News} {Euphrates on Tuesday that "the project is still in place and everything in it that he delayed not only, we want to apply the law in 01/01/2013, but he asked later postponed for economic reasons, as it leads to a disruption in the commercial market and the general situation does not help, he asked to postpone the work. "

      "The General Secretariat of the Council of Ministers may linger in the project, in order to the country's economy internal," noting that "we have agreed with the central bank in order not to make a fuss in the market through the implementation of the project, and because the old currency will not fall but will continue to work out as well as The new currency for a period of two years, for example, the price of the goods specified in the new currency in the old as well as specific, and for two years the old currency intervention by the Central Bank gradually implemented and will not leave until the market ".

      He said the winner "as he has been patient as the implementation of the project, to the receipt of intelligence information indicating that there is a coin forged many abroad in neighboring countries, and even some of them inside Iraq, prepared for the purpose of replacing the new currency, considering that the old currency will damage, so it has to implement in order to develop a mechanism to take control of this issue, and control of the border crossings. "

      The central bank announced earlier that the project to delete the three zeroes from the Iraqi currency will be transferred from the country of billions to trillions country.

      And stresses the importance of economists deletion of zeros from the currency current, which applies to reduce inflation and achieve a breakthrough in the country's economy from the coin a few new banknotes and coins sober mimic the rest of the world.

      The General Secretariat of the Council of Ministers announced in April 2012, for a patient in the application process to delete the zeros from the currency.

      http://goo.gl/3FaoQz
    • By boomer113189
      1 - 17 - 2014
       
      Baghdad-"theatres"
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      The Committee Member said attorney Abdul Hussein Al-yasseri, "I see that the deletion of zeros from the Iraqi dinar currency Iraqi to serve was difficult to carry and described as block large cash rather than placed in a pocket or purse we carry bags, shrink the money supply process requires deleting zeros."

      He noted that "the deletion of zeros will contribute to reducing fraud that occurred in the past or could end up in College as well as help in the growth of the economy."
       
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    • By boomer113189
      12 - 27 - 2013
       


      People still waiting to begin a project delete zeros Iraqi dinar for several reasons, perhaps the most important is the security aspect in dealing among individuals, as many traders dealing in dollars for lack of cash, block size compared to the Iraqi currency.

      Member of the Finance Committee in the House of Abdul Hussein Al-yasseri sees that there are operational problems impeded the issuance of paper currency of enormous cost to print.

      The other sign is a member of the Finance Committee in the House of Abdul Ameer Al-mayahi start implementing the project currency within the next two years because of the many financial transactions between individuals and Government agencies.

      He ruled out the former Deputy Governor of the Central Bank of Iraq Mohammad Saleh appearance to initiate the deletion of zeros from the dinars over the next year for the implementation of this project needs political and economic stability, and next year there will be legislative elections.

      The Economist Abdul Rahman Al-Mashhadani to delay launching project delete zeroes, dinar is a political decision and not to the controversy on this topic is the quality of the images that are printed on the new currency.

      Gavin adds that the Central Bank intends to issue coins in financial value will need to deal with us in the Iraqi market.

      http://goo.gl/MwC7Nk
       
    • By boomer113189
      12 - 26 - 2013
       
      The parliamentary Finance Committee excluded the application of the draft three zeros from the currency be deleted during the next two years because it would cause confusion to the Iraqi economy and increase inflation for the country ' according to the Commission '.

      The Vice-Chairman of the Committee, said Ahmed Faizullah (News Agency): the application of the draft three zeros from the currency is deleted during the current period would cause confusion for the economy and inflation in the market by issuing coins with multiple categories, indicating that the Central Bank may be reviewed by the project make it pause.

      He added: the project is large and sensitive and in need of financial and economic stability in the country, Iraq during the current period and the next few are even poised to implement the project, despite expectations that apply during the next two years.

      The Central Bank announced its intention not to apply the draft deleted three zeros from the currency early next year, adding that its application still unspecified.

      The former Department of the Central Bank said that the project would be early 2014.
       
      http://goo.gl/G9UGXv
       
       
    • By boomer113189
      12 - 22 - 2013
       


      CBI seeks to delete three zeros from the Iraqi currency since 2003. A project that raises many concerns on the street level and the business community of Iraq, and it seems economists are divided between supporters of the project see it as an opportunity to reduce the rates of inflation and unemployment, among forewarned of economic shocks may dominate the Iraqi market due to the application of this project.

      The delayed implementation of the project after it has been amended, the central bank, more than once due to concerns based predominantly to the security situation and uncontrolled open market to foreign goods without restrictions and counterfeit currency circulating in the market in addition to the rampant corruption in the country.

      The Iraqi News Agency quoted an independent member of the Finance Committee in parliament, Abdul-Hussein al-Yasiri on the fourth of September / September last year, saying that 2014 will see the deletion of zeros from the Iraqi currency, to be done in coordination with the Central Bank. The Yasiri that this project will lead to the reduction of the size of the national currency in circulation than four billion Iraqi dinars to one billion.

      For his part, Chairman of the Finance Committee in the House of Representatives Haider Abadi It is possible to delete the zeros from the current currency, but it has been postponed until after the parliamentary elections, pointing out that studies are now to put safeguards in order to reduce fraud or making sure not to trade again currency Current.

      The process of removing zeros has been postponed more than once, until called on the Economic Committee in the House of Representatives as provided by the channel "East" on the seventh of July last from the central bank, accelerate the process of deletion of zeros from the Iraqi currency tightly in a press conference held at the the process of deleting the zeros will increase the value of the Iraqi dinar will be reflected positively on the issue of reducing the rate of unemployment and poverty in the country.

      But financial adviser in "North Bank" wholesome Elias said that the process of deletion of zeros is just an administrative process, and the equation of cash should remain as it is, namely that the purchasing power of the new currency should be equal to the old currency. Elias added that should the two currencies trading volumes both for a period of up to three years to withdraw gradually from the old market. Elias predicted that highlights the problems yet to be resolved if the creditor and the debtor's operations or if they hit any defect in reimbursements and withdrawals. But he ruled out the possibility that the impact on inflation rates or poverty.

      For his part, Deputy Chairman of the Finance Committee in the Iraqi Parliament, Ahmed Faizullah the view of the wholesome Elias, pointing out that the deletion of zeros will not change the purchasing power of the Iraqi dinar because it is linked to the size of the industrial production and import. He added that what saved the Iraqi dinar is owning the central bank cash reserve of hard currency Osafth has formed a cover of the dinar. He called the iceberg of God to non-application of the project at this time because it would disrupt the market and the Iraqi citizens alike.

      Amid those views Director noted Commissioner for "Company breeze North" to trade stocks Inas Mohammed that the stock market will be the biggest hit of changing the currency and delete the zeros. The stock is still sold in dinars, and a thousand dinars currently worth a thousand shares while the new dinar will become one after the deletion of zeros is equal to A shares, which would disrupt the stock market, which is witnessing a confused movement basically because of the security situation in the country.

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