CBI stresses need to delete the zeros and issuing new curren

[Stillw8n]

CBI stresses need to delete the zeros and issuing new currency in three languages

Central Bank of Iraq, Friday, stressing the need to delete the zeros and the issuance of new currency, saying that there is a need for large cash categories to fill large transactions in addition to the existence of small currencies, he noted that the new currency will be in three languages.

Deputy Governor Central Bank of Iraq the appearance of Mohamed Saleh said in an interview for “Sumerian news”, “installation of faulty currency, as the largest category of Iraqi currency now equals $ 21, and therefore used by traders and dealers to deal with the United States banknotes and 100 dollars, for example if I gave them $ 10 class, they do not accept them”.

Saleh said that “this issue if this figure with the evolution of the economy and growth will be disabled, thus we must restructure the currency and delete zeros in that one.”

Saleh said there was “a need to small groups consisting of metal currency cash transactions, large groups to fill large cash transactions prepared in first-class institutions around the world global co.,” “lack of possibility of printing currency inside Iraq after that accompanied this experience several problems during the 1990s”.

Iraq has already the oldest printing currency within the country, the impact of the economic embargo imposed following the occupation of Kuwait in 1990, where it witnessed the Iraqi market, unprecedented inflation, as well as the increasing incidence of counterfeiting of currency at the time due to a lack of sound international standards in the course.

And he said that “the new currency would carry three languages are Arabic and Kurdish and English, we know that the Swiss currency bearing four languages”, stressing that “currency symbols will be national Iraqi civilization legacy spanning 8,000 years, thus reflecting the Iraqi nation, 100 percent.”

Has said the Central Bank of Iraq on 23 June last year expressed readiness to delete zeros of Iraqi currency, and stressed that this step is the Bank’s strategic posts, he noted that the new currency with the Kurdish language in addition to Arabic.

The Advisor to the Prime Minister for Economic Affairs in the 25 August, the Central Bank of Iraq to stop the procedures for changing currency, warning of “maviat” preparing for counterfeiting trillions of exploiting dinars, currency change with stressed that it would result in enormous cash block are difficult to face.

The Iraqi specialists in the field of economy pared the impact that the Central Bank currency zeros omitted on the purchasing power of the Iraqi dinar, the Government also hopes the step, researchers also finds that the cost increase would be greater than the benefit of zeros, as measured by the strength of the currency stability disbursement based on the strength of the productive sector capable of providing goods and services.

The Iraqi Central Bank Governor Sinan Al-Shabibi said during a meeting of independent bodies with Prime Minister Nouri al-Maliki held, in the 19 June, ready to initialize all items to replace the Iraqi currency.

Wheelock, the Central Bank of Iraq four branches in Basrah, Sulaymaniyah, Erbil, Mosul, where a separate Iraqi bank was established under the Central Bank of Iraq Act of 6 March 2004, 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.

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