CBI confirms the deletion of zeros and the currency exchange

[Stillw8n]

CBI confirms the deletion of zeros and the currency exchange in 2013

Saturday, 24 September 2011



Deputy Governor of the Central Bank of the appearance of Mohammed Saleh


Central Bank of Iraq, Saturday, that in 2013 will delete the zeros and the currency exchange, pointing out that the current currency formed a cluster of large cash estimated at 30 trillion dinars.

The deputy governor of the Bank the appearance of Mohammed Saleh said in an interview "of the Sumerian News", " central bank's strategy of deleting three zeros and the currency exchange will be at the beginning of a new year and new budget for the Iraqi state, "expected to" be the currency exchange in the new fiscal year for 2013. "

Saleh added that the "zeros added to the currency led to the deterioration of the currency in Iraq, which led to the weakness in the efficiency of monetary exchange, "noting that" what you are suffering monetary institutions of Iraq at the present time of the errors in the accounts and records of returns caused by the high number of currency that are difficult to read. "

Saleh indicated that "the Iraqi currency current formed a cluster of large cash and up to 30 trillion Iraqi dinars while the number of securities traded in the market to four trillion paper after it was mass cash amounting to 25 billion dinars in 1980, "explaining that" the greatest currency in Iraq at the present time is equal to $ 21 and are not able to cover Payments large.

" Salih stressed that "the process of deleting the zeros and the currency exchange is the process of administrative reform of the currency of the Iraqi monetary and therefore does not affect the lifting of the value of things or change the per capita income of Iraq," adding that "fear of people from the deletion of zeros is the fear psychologically, as the process of deleting zeros and the currency exchange have been applied in 53 countries, including Turkey when he deleted six zeroes from the currency and Romania, which omitted four zeros. "

He was an adviser to Prime Minister for Economic Affairs Abdullah Hussein Al-Anbuge, said in a (25 August 2011), to raise zeros from the currency is the biggest corruption in the Iraq if it was during this period, and fall under the name of tampering with the economic, warning of "mafias currency" is preparing to rig the trillion Iraqi dinars to replace them in the light of the planned changes.

accused the Central Bank of Iraq, in the twelfth of September, the current, government agencies of obstructing monetary reform and vowed to sue, loaded with the bodies responsible for endangering the interests of the country's financial risk.

In the view of some economists that Iraq is poised at the present time to delete the zeros of the Iraqi dinar, noting that the deletion of zeros needed to stabilize the security and political as well as economic stability.

and declared Iraqi Central Bank Governor Sinan Shabibi , during a meeting of independent bodies with Prime Minister Nuri al-Maliki held in (June 19, 2011), his willingness to create all the supplies to replace the Iraqi currency.

The Iraqi Central Bank was established as a bank independent under the law issued on the sixth of March of 2004, as an independent body and is responsible for maintaining price stability and the implementation of monetary policy, including exchange rate policies and management of foreign reserves and the issuance of currency management, as well as regulate the banking sector to promote a competitive financial system and independently.

http://www.alsumarianews.com/ar/iraq.../-3-28598.html