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Central Bank: delete the zeros still exists and the monetary bloc amounts to 44 trillion dinars

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Central Bank: delete the zeros still exists and the monetary bloc amounts to 44 trillion dinars

Unread postby admin » Thu Oct 11, 2018 8:37 am

Central Bank: delete the zeros still exists and the monetary bloc amounts to 44 trillion dinars

2018-10-11

Central Bank - delete the zeros still exists and the monetary bloc amounts to 44 trillion dinars

The Central Bank of Iraq, on Thursday, that the deletion of zeros is still in place, indicating that the amount of cash mass in the market is 44 trillion dinars.

The director of the issuance and the treasury agency Abdul Karim Hassan Shannon in an interview with a journalist that "the project to delete zeros from the Iraqi currency is still standing," noting that"the project was supposed to start in 2014, but the control of the organization of Daed on five provinces led to delay it "He said.

"The project to delete the zeros is to delete three zeros from the current currency with the introduction of large currencies and the introduction of coins for the dinar parts."

Shannon pointed out that "the cash mass currently circulating in the markets is large, amounting to 44 trillion dinars," noting that "Iraq did not use the technological methods of payment, and therefore small groups of currency can be perishable for widespread use."

The Central Bank in 2011 put forward a project to delete the zeros for the structure of the currency, which was considered by the bank to transfer Iraq from the country of trillions to billions, that the project met with great opposition by specialists and politicians in parliament.

It is noteworthy that some economists believe that Iraq is not ready at the present time to delete zeros from the Iraqi dinar, pointing out that the deletion needs to be stable security and political as well as stability of the economy.

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