Central Bank: the deletion of zeros does not need legislation to legal

Date: Thursday, 05.04.2012 9:37

 Baghdad / term follow-up 
noted the Deputy Governor of the Central Bank of the appearance of Mohammed that the draft deleted three zeros from the Iraqi currency does not need new legislation but issued a regulation to serve as instructions as stipulated by the Central Bank Law.

Saleh said (of the Agency news) The Central Bank Law gave full authority of the monetary authority to change the structure of the Iraqi currency, or delete zeroes of them, and… can not be new legislation for the project to delete the three zeroes from the currency being discussed twice in the House and Minister, and became the authorities of the executive and legislature more familiar with it, adding that the project needs to issue a regulation which serve as instructions are published in the Official Gazette, and the Central Bank is in the process configured.

Saleh added: that the central bank cut great strides stages of the preparation and implementation of this project through consultation with the States, which fought the experience of currency exchange after deletion of zeros from the knowledge of cons of the project and its advantages, in addition to extensive studies for him, and work is still going to be implemented, likely implemented in (01/01/2013) after obtaining formal approval by the federal government. 
Saleh pointed to the existence of consensus in principle from all parties in Iraqi state on the implementation of the project, considering the project to delete the zeros Balasalahi of the Iraqi currency, as it reduces the large numbers that cause big problems in the system of cash payments of Iraq through the number of digits and the difficulty of counting Kalmbalg up to trillions. 
Deputy Governor of Central Bank: The financial situation of Iraq has become well by increasing its oil exports, so the system of cash payments in Iraq does not fit with the next phase which will see the economic development, but after deleting the three zeroes from the local currency. The Finance Committee representative had asked the central bank put a new law for the project to delete the three zeroes of Iraqi currency, as it is a big project and the sensitive and interest to the general of the Iraqi people. A member of the Finance Committee in the House of Representatives Majida al-Tamimi in an earlier statement (the news): The project to delete the three zeroes of the domestic currency needs to be enough time for its implementation, and to the new legislation by the Central Bank and be submitted to the Finance Committee for discussion and then submit it to the House of Representatives for a vote, and can not be implemented without the adoption of the law.