Government excludes currency substitutes and cancel three zeros

Government excludes currency substitutes and cancel three zeros

Monday, February 4, 2013 17:19

BAGHDAD / Baghdadiya News / .. ruled the General Secretariat of the Council of Ministers replacement currency or cancellation of three zeros at the current stage confirmed that it is seeking to raise the value of the dinar against the dollar.
The Secretary General of the Council of Ministers Ali Mohsen Ismail in a statement released by the official website of the General Secretariat of the Council of Ministers and seen by / Baghdadiya News / “The project replacing the currency and the abolition of three zeros discussed during the last term in the Council of Ministers and the Council stressed that this project is not a priority for the government in Currently the lack of a real problem in this area. ”
He pointed out that “the replacement of the currency in itself requires a significant adjustment process, where the mass of currency in circulation is limited, but it has doubled now than they were before the fall of the regime, and hence the process of withdrawing this block is a large and difficult task
He stressed that “some have the wrong impression implies that the deletion of zeros will reduce the volume of cash in circulation Kkamih, Makdaan process does not reduce even by 1% and although the government believes that the change of currency is a good thing if found suitable conditions for its application.”
The Secretary-General drew that “the Iraqi dinar candidate because rising price against the dollar, and there is economic and financial viability enables dinar to be stronger than it is now, and opportunities rising value available, especially with the growing backlog at the central bank, which exceeded $ 65 billion and is rising steadily along with high economic growth in Iraq. ”
He said the “ingredients objectivity and economic available in the direction of the high exchange rate of the dinar against the dollar,” noting that “the government is seeking to have that exchange rate 1000 dinars to the dollar in the sense that the price of the currency class hundred dollars a hundred thousand Iraqi dinars and that any improvement in the political situation possible that contributes to this it Asraanthy. Finished / 21

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