Expert: Delete the zeros must be accompanied by technical support does the economy

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Expert: Delete the zeros must be accompanied by technical support does the economy

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06/10/2011

Baghdad, Hussein al-Tamimi Tgb

Collect a number of economic experts, the importance of the trend towards reduction of the currency by removing three zeros of them, but they asked not to adopt this step at this time, because the reality of the situation the country's economic walking directions do not agree with it, despite the achievements relative in the investment arena, but it may disrupt the local economy.

Economic expert sword Hilfi said that the process of deletion of zeros include elements of success in more than one side, but the elements of failure are many, pointing out that the central bank today is required to determine the odds of success and failure in this process, indicating that Once we are able to change the process must begin the Central Bank to determine the rate of the dinar against the dollar, after a reduction of the currency and the deletion of zeros it becomes a dollar dinars? Is that the central bank supports it first.

Technical specifications developed

He said in an interview (morning) that the process of deletion of zeros must be accompanied by a supporting stability of the security for the new currency that will be printed within the specifications of advanced technology.

Here is a must have the security capabilities that can prevent the forgery of this process, which forces the relevant authorities to study this subject with extreme precision, as we need technical support in the subject of switching the currency equivalent of a major operation in this size.

Processors

He pointed to the existence of a large mass of cash in the country identified by the Central Bank, but the reduction is not a final solution to address this cluster and the resulting negative on the economy.

Indicating that countries that adopt this approach to not be in front of solutions, other secondary, and that this process should be preceded by a processor number and after the complete phase processors States enter the stage of the deletion of zeros, saying we did not enter the stage of processors, including the system of electronic payment and clearing system.

These systems are done recently in Iraq, which help to contain inflation, mass cash surplus in the markets and towed to the banks, which in turn drive permits or cards used by citizens of shopping anywhere, and it is these regimes to withdraw liquidity from the domestic market and the citizen and restored to incubators banking, and that these banks are pumping liquidity by the major economic projects, explaining that the application of these systems, we see the results after two or three years, and that this stage must be accompanied by an educational program directed to segments of the society shows the importance of advanced banking technology in the local economy.

Hilfi saying goes: that means the withdrawal of liquidity, which also said electronic clearing system, which managed the private banking sector Ptivh threatened failure of the insistence of the banking sector on the government not to use it and do not know what reason, and this confirms that the challenges are great in front of the application of this process.

The expert pointed out the need to provide supplies necessary for the withdrawal of liquidity in order to achieve the desired success in changing the currency and the deletion of zeros.

Impact on investment

He Hilfi saying: that the country began receiving foreign investments directly benefiting from the security and stability of relative, as well as Machdth area of events, led the investment process to go to Iraq, and that changing the process will carry a significant impact in the form of the local economy, which confuses the reality of investment business because it knows the economy in the coming period, and that too much talk on this side Born imbalance in the investor went to Iraq. He called for the need to review before adopting this approach the process of removing the zeros that relate to the rights of citizens and the economy in general.

Five years

Increased Hilfi saying that the reality of the Iraqi economy needs to five years to build this step, where the time will be more stable in all fields of productivity.

But today it can not be reduced to the process without examining the economic reality and political security. He said, for example, that one has a (100) million dinars, was to adopt a resolution to delete the zeros will have two options either going to turn it into another constant, a dollar will be equal to (300.38) thousand dollars, or will be reduced to the process and becomes the amount (100) thousand dinars, but How much is equal to the dinar against the dollar, and returned to confirm that the operation is correct and successful, but not at this time.

My link

[MrDinarman]

same ole same ole

[FuzzyUzzy]

Bloody hell! 5 yrs?! probably just S'N'M but still if this was the case...