The current currency not worthy in Iraq .. And the deletion of zeros is an urgent need

Economic parliamentary: the current currency not worthy in Iraq .. And the deletion of zeros is an urgent need

Haider Ali Jawad – 07/16/2013 – 9:51 p | Hits: 222

Iraqi dinarCalled deputies Economic Commission, yesterday, to accelerate the implementation of the project “reset” the process of local, and stressed that the current currency “not worthy” status of Iraq’s economic and investment which, while saw an economist that the World 2012 was a “more appropriate” to replace the currency of the moment

A member of the Economic Commission representative, Abdul-Hussein Abtan, said that “the Iraqi economy today is in an advanced position and good because of the supplier of oil big, which reached nearly three million barrels per day,” and notes that “the Iraqi Central Bank recently announced that reserves reached 76 billion dollars, a very significant amount, ”

Abtan added, that “despite all that Iraq is still suffering from a lack of precision in the management of the economic file as well as the lack of coordination between the pillars.” The Central Bank of Iraq announced, on July 3 current, that Iraq is “in control of the funds and treasury of gold” in international banks, one of the acting out, denying the existence of frozen funds “outside the control of the Iraqi administration,” While revealed that the Reserve Bank amounted to $ 76 billion In May last year, was considered to be out of Chapter VII of Iraq will allow “more freedom” to act and attract foreign investment.

The member of the Economic Commission representative, the need to “multiple revenue estimated reflected on the economy and not on the availability of cash reserves large,” and continues that this “evolution in oil production and reserves, the central bank must be reflected on the lives of the citizens, because the country still has a large proportion of the poor and low-income and high unemployment and the housing crisis and the deterioration of the agricultural and industrial sectors. ”

The promise of a member of the parliamentary economic committee, that “the reserves located in Iraq and put the current economic is not commensurate with the size and value of the local currency, which contains the number of zeros.”

For its part, said a member of the parliamentary economic committee, Nahed al-Daini, said that “the deletion of zeros from the currency became a reality, especially after the withdrawal of Iraq from Chapter VII of the Charter of the United Nations.”

Daini and remember, that “the Economic Committee of the Council of Ministers were wary in the past of deletion of zeros from the currency of many considerations,” and turned out to be “out of Chapter VII made it necessary to delete the zeros of the Iraqi dinar absolute privacy.”

And called a member of the Economic Commission parliamentary political forces and stakeholders to “leave the excuse that the time is not appropriate, taken as a pretext to stop a lot of decisions which, if applied to have contributed to the recovery of the Iraqi economy significantly,” and stresses the need to “adjust the border crossing points and the adoption of the law of customs tariff and reset currency and the implementation of the Consumer Protection Act for the advancement of economic reality. ”

It said a member of the Finance Committee parliamentary Najiba Najib, “The Commission did not discuss with the Iraqi Central Bank Multi deletion of zeros from the local currency after assuming Abdel Basset Turkish presidency,” and explains that “the Finance Committee parliamentary pending claim the Iraqi Central Bank to discuss with him the subject . ”

Najib said that “the governing body of the former Central Bank presented a study on the preparation for the project to delete the zeros,” and believes that “this study was professional, scientific and included companies that have been agreed with the implementation of the project.”

In a related development, said economic expert on behalf Antoine, said, “want to delete the zeros is the restructuring of the currency and reduce the use of decimal numbers in the accounts of the process, which has become a danger,” and shows that “The other thing is to reduce the fraud that occurs in the current currency that consumed more large and you need to switch. ”

And saw Antoine, “The other point is minimized (dollarization) because when you delete the zeros will raise the value of the banknote, not currency because the latter means and not an objective,” and continues that “it reduces the dollarization in business dealings Instead of using billions of leaves from the local currency Stenzel this to millions and instead of moving bags currency buckwheat (Alkouan) will be transferred bags. ”

And emphasizes the expert, that this “process requires the security situation and a stable political and banking system accurate, fair and educate all the security services to reduce fraud and counterfeiting,” and corrects that “the central bank is ready for this process not be busy out corruption and others.”

Antoine believes, that “the time to change the currency was appropriate in the past year 2012, either now it is not appropriate.”

Conversely sees Head of Economic Studies at the Center for Mustansiriya for Arabic Studies and International Dr Abdul Rahman al-Mashhadani, that “the process of deletion of zeros was supposed to expire two years ago because the issue is purely economic,” and shows that “the dinar, which was torn and steals a loss to the government and citizen.”

He continues, head of economic studies, that “denominations now need to transfer large banks need to protect and place great,” and goes on to “the Iraqi currency need to change because, according to the international standards should be changed categories currently in circulation and that the Central Bank shall issue new categories.”

It is noteworthy that the General Secretariat of the Council of Ministers announced (12 April 2012), the patient in the application process to delete the zeros from the national currency, which had to stop all actions related to the mentioned process until further notice.