Financial: Iraq not ready to delete the zeros from the currency!!

On: Sun 11/03/2012 18:09

Expansion in money laundering operations of the citizen – Sarah Obeidi warned a number of financial experts, the federal government of the central bank is implementing a project deleting three zeros from the local currency, stressing that there are negative impacts will occur on the Iraqi economy in the event of the implementation of this project and it is through the spread of money laundering, as well as expansion in the rigging of local currencies, (citizen) had a stand with a number of financial experts in the subject and was the beginning of the modern with the financial expert, Yasin al-Musawi, who warned of a process of removing three zeros from the local currency due to lack of economic and financial stability in the country, in addition to the lack of control over the deteriorating security situation. Stressing at the same time there is a lot of Iraqi banks contains money laundering operations and confirm the existence of a number of banks are in the process and the indications point to the inability of the central bank in control of the Iraqi private banks, how have the ability to control the spoilers!! Who began preparing for this project, which is possible to return them the benefits of many through their ability to forging local currencies.urged al-Moussawi, through talking with (Citizen), the central bank to deliberate, and not to release the statements that make a lot of citizens and investors fear their money and resort to the U.S. dollar because they are finding it more of a guarantee of local currency. For his part, the financial expert beauty Almtallbe that the application of this project in Iraq is wrong because it will create a state of financial and economic stability, will lead the process to the increasing demand for U.S. dollar and the devaluation of the Iraqi dinar, in addition to that there will be money laundering and corruption significantly. and student logistical through (citizen) the federal government to expand in the study of this issue through engagement with international experts and benefit from their experience and training of staff and to convince the Iraqi citizens in this process and work on the expansion of advertising by means of audio, visual and even through mobile phones to send messages to guidance to citizens and learn how it was possible to achieve deletions positive results on the Iraqi economy. stressing that the time is not fit to take the initiative the Central Bank in the launch of this project, calling to weed out corruption prevalent in government-owned banks and non-governmental and to financial and economic stability, and stressed the need work to increase the reserve ratio to as the ratio does not call for reassurance. In a related development, said Head of Banking and Finance in the Faculty of Management and Economics at the University of Mosul, Bashar Alchukrgi that the application of the decision to delete the zeros of the currency Iraqi shadow the current circumstances of the country will have significant negative effects on the Iraqi economy , considering that this decision will address the economic inflation and financial winner in the country are a formality. He Alchukrgi in a statement that the deletion of zeros will not contribute to the re-evaluation of the Iraqi dinar to what it was before 1980, when he was equal to the U.S. dollar, pointing out that the resolution will increase the inflation rates is unexpected and significant beyond the capacity of the Central Bank and the Iraqi government and would be borne by the ordinary citizen. called Alchukrgi to apply this decision after addressing all the problems facing the Iraqi economy, which depends primarily on the revenue of oil only after it was disrupted all other sectors, pointing out that there international experiences similar under which the deletion of zeros from the currency, they suffered the failure of a large in countries that were applied such as Argentina and Brazil. It is noteworthy that some economists believe that Iraq is ready for the time being to delete the zeros of the Iraqi dinar, pointing out that the deletion needs to stabilize the security and political as well as economic stability.