Parliamentary Economic committee: 2013 won’t witness the birth of the new Iraqi currency

Committee Representative: Economic new year will witness the birth of a new Iraqi currency

Excluded parliamentary Committee on the economy and investment, Sunday, to witness the new year the birth of new Iraqi currency, three zeros deleted, noting that the Central Bank of Iraq had to be equal the value of one dinar to the dollar.

The Rapporteur of the Committee, said in an interview for mohama Khalil “twilight news” “the new year will see the restructuring of the Iraqi currency, delete the three zeros, and therefore will not witness the birth of a new Iraqi currency because of the refusal of the Government to this project”, stating that “the Government considers that this is not a priority.”

He added that “the Commission on economy and investment has supported this project with the Central Bank Governor that purely economic and intended to maintain Iraqi currency from counterfeiting, corruption and fraud”.

Khalil said that “there were States with successful experiences in this field and restructuring its currency and has deleted some zeros, and we seek to follow suit.”

Khalil said that “under article 46 of the law on the Central Bank of its powers to issue new currency or new categories and preserve the value of the Iraqi dinar against other currencies”.

Khalil said that “it was up to the Bank of the move is that the Iraqi dinar is equal with one US dollar after deleting zeros and the promoters of bogus currencies, as well as the new currency was not easily perishable.”

The Central Bank of Iraq began consideration of an amendment last year dinar, categories, and is still a significant part of the payments are in cash as a result of the underdeveloped banking system.

The Cabinet decided, in mid-April last year, wait in the application project delete zeros from the currency.

Finance Committee revealed in the House of representatives, last month to defer the deletion of zeros from the Iraqi currency intended for Central Bank launched to 2014.