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CBI confirms deleting zeros and changeover 2013

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CBI confirms deleting zeros and changeover 2013

Unread postby Stillw8n » Sat Sep 24, 2011 9:23 am

Iraqi Central Bank, announced Saturday, 2013 will delete the zeros and the currency changeover, noting that current currency formed block significant monetary worth 30 trillion dinars.

He said the Bank’s Deputy Governor Mohammad Saleh said in an appearance “llsomret news”, “the Central Bank’s strategy of deleting three zeros and currency switch would be at the beginning of new year and a new budget for the State of Iraq”, predicting that “the currency is switched in the new fiscal year to 2013″.

Saleh said “zeros added to the currency led to the deterioration of the currency in Iraq, leading to poor efficiency of cash Exchange”, stating that “the Iraqi monetary institutions currently errors in accounts and records due to the high numbers of hard-currency read.”

He fit to be “current Iraqi currency formed large cash block arrived 30 trillion dinars, while the number of securities traded in the market to four trillion after paper money supply are 25 billion dinars in 1980,” he said, adding that “the greatest currency in Iraq at present equal $ 21 and are not able to cover large payments.”

Saleh said that “the process of deleting zeros and changeover is the process of administrative reform of the Iraqi currency and therefore does not affect the value of things or change the per capita income,” he said, adding that “the fear of people from deleting zeros is a psychological fear, since deleting zeros and currency switch applied in 53 countries including Turkey when deleted six zeros from the currency and Romania, which had been deleted four zeroes”.

He was Adviser to the Prime Minister for Economic Affairs Abdullah al-Husayn Al-Anbuge, (25 August 2011), to raise the zeros on the biggest currency of corruption in Iraq if during this period, under the name absurd, warning of “maviat” preparing for counterfeiting trillions of Iraqi dinars in light of the upcoming changes to substitution.

He accused the Central Bank of Iraq, September 12, government obstruction monetary reform and vowed to prosecute, blaming those responsible for endangering the financial interests of the country to danger.

Some economists believe that Iraq is not initialized at this time to delete the zeros of the Iraqi dinar, noting that the deletion of zeros needs political stability and security in addition to economic stability.

And the Iraqi Central Bank Governor Sinan Al-Shabibi, during a meeting of independent bodies with Prime Minister Nouri al-Maliki and held in (19 June 2011), its readiness to establish all supplies to replace the Iraqi currency.

The Central Bank of Iraq established as an independent bank under the law of 6 March 2004, as an autonomous body and is responsible for maintaining price stability and the implementation of monetary policy, including exchange rate policies and management of foreign reserves and currency management version, in addition to regulating the banking sector to promote a competitive and independent financial system. ... tails-Iraq business news.html
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