Central: we are attacked by the media an unprecedented idea of ​​deletion of zeros from the currency

[Markinsa]

Central: we are attacked by the media an unprecedented idea of ​​deletion of zeros from the currency

09/12/2011 07:12 AM

Baghdad, "Iraqi gate," Mohammad Sharif

Iraqi Central Bank said on Sunday, said some government employees who hold jobs in the positions of the state media are waging an unprecedented attack on the bank, accusing him of acts that are beyond the law mar the idea of ​​monetary reform.

He said in a statement received "the gate of Iraq," a copy of it, he had already received an official letter from the Committee on Economic Affairs in the Cabinet in 2007 appealing to the bank to consider a draft reform of the system working in Iraq expressed by restructuring and deleting three zeros, and on some easy cash trading and reduces cost of cash transactions as part of a reform strategy for the cash management system in the country.

And had the idea of ​​deleting zeros from the currency strong views both for and against, and some economists need this measure to reduce the money supply and thus facilitate the trades towards creating a climate suitable money for investment and reconstruction, but others did not see in this project, but a cosmetic rather than more, and some go to further argue that this project would harm the national economy at this particular time on the grounds that the security situation confused and widespread phenomena of corruption and a weak regulatory authorities will encourage the creation of a climate of speculation and fraud, and that this measure does not need to be in a stable economic environment, and the target moral stated years ago, has no relationship to inflation, and this goal in light of global economic conditions in the confused and continued dependence on oil, Iraq, without diversity in revenue would be difficult to achieve.

The statement, that the bank was surprised by an unprecedented media attack, accusing him of acts that are beyond the law mar the idea of ​​monetary reform at the same time ignoring the long history of national monetary institution entrusted with the public money and protection for the stability and economic development in the country.

The sharp tone in his statement that he "finds that these actions is responsible for firing the charges baseless and motivated by an unknown direction contrary to the rules of behavior that should be adhered to by state officials in tackling the issues of different countries, especially sensitive of them."

The Advisor to the Prime Minister for Economic Affairs Abdullah Hussein Al-Anbuge, said in a press statement on the fourth of September, the current "The removal of zeros from the currency will cause the events of major problems and would disrupt the national economy" was the Sumerian News quoted Anbuge in the twenty-fifth of last August that "the lifting of zeros is the biggest corruption in Iraq, if made during this period and fall under the rubric of economic absurdity "

For his part, MP for the coalition of state law Mohammed Chihod Monday to "postpone the deletion of zeros from the currency to miss an opportunity to corrupt and counterfeiters, as they are conducted peacefully in the case at the present time of great harm on the Iraqi economy."

The Chihod in a press release "in light of the current situation where there are financial and administrative corruption is controlled and Matuverh sectarian and partisan of the cover for the corrupt and under the survival of Iraq under Chapter VII becomes a subject of the deletion of zeros from the currency of the errors very serious right of the Iraqi economy as a result of the deletion process will happen significant inflation. "

"The process of removing the zeros will be an opportunity for forgers in the introduction of large quantities of counterfeit currency to the banks and the new currency that replaced the corrupt exploitation of this process they will use the ugliest."

The central bank in its statement that "these actions represent a clear violation of the rules of conduct and acting career that are meant to expose the centers of legal and international central bank to the risk of moral hazard to the public in various forms, the central bank will retain the right to legal defense of his being loaded with the bodies responsible for exposing financial interests of the country to the danger of prejudice to the irresponsible "

[zigmeister]

I don't get it why are they concerned about money laundering when in an RD?