Parliamentary reveal financial postpone the deletion of zeros and expert confirms: reset the currency

Parliamentary reveal financial postpone the deletion of zeros and expert confirms: reset the currency would reduce cases of corruption

17/08/2013 (00:01 pm)

BAGHDAD / Adel Al-Saffar and long-Presse

Revealed the Finance Committee in the House of Representatives, the postponement of the process of deleting the zeros from the currency until after the next parliamentary elections, while confirming that the government demanding guarantees for the non-return currency substituent to markets and forgery. While considered competent economic affairs to reset currency will reduce the cases of financial corruption and facilitates transactions in the local market.
Committee Chairman Haider al-Abadi said in an interview to (range Press), “The Finance Committee supports the replacement of the currency and delete the zeros because it will facilitate the calculation,” stressing that “it is possible to delete the zeros from the current currency, but it has been postponed until after the parliamentary elections.”
He added Abadi that “the government Committee agrees opinion but it calls for guarantees of non-forgery or reference currency in the market,” noting that “the large number of zeros generates errors, and if what has been deleted Snqll errors and deal be easier,” stressing at the same time that “what we do is the study of safeguards to reduce fraud or return of the currency markets. ”
The CBI said, in (25 April 2013), that there is no intention at this time to restructure the currency and deleting three zeros of them, denying reports that in this regard.
For his part, called the economic expert contrary goldsmith, and the need to accelerate delete the zeros from the local currency, stressing that the reset currency would reduce the financial corruption through easily detected cases of manipulation.
He said the goldsmith’s “long”, in case the deletion of zeros from the currency, the financial business, trade and investment will be well faster and cost less and do not require much effort, pointing out that the work procedures to print currency Aljdbdh prepared two years ago and is ready to begin implementation as soon as they are approved.
He added, that this process will give high confidence in the direction towards investment and thus will of the Iraqi dinar universal value enables us to work parts of the dinar through the return of the coin, pointing out that it will facilitate the process of dealing in the market during the buying and selling and reduce attrition financial subjected him citizen because lack of scrap.
It is noteworthy that the General Secretariat of the Council of Ministers announced in (12 April 2012), the patient in the application process of deletion of zeros from the national currency, which had to stop all actions related to the mentioned process until further notice.
It is noteworthy that some economists believe that Iraq is not ready at the present time to delete the zeros from the dinar, pointing out that the deletion needs to stabilize the security and political as well as economic stability. Was the Iraqi Central Bank confirmed, (on July 3, 2013) 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 dollars in the month of May last year, counting out of Chapter VII that” will allow Iraq more freedom to act to attract foreign investment. ”
The International Monetary Fund, announced in the (March 23, 2013), that the funds preventive in the Development Fund for Iraq rose in 2012 to $ 18 billion, and cash reserves of the Central Bank of hard currency to $ 70 billion, and pointed out that this increase came from “revenue unexpected oil “, called on the Iraqi government to end the control of the state-owned banks on the banking sector, he stressed the need for Iraq to strengthen public financial institutions to ensure efficiency and transparency in the use of oil revenues.
They expected USAID, in (December 3, 2012) that leads the Iraqi economy, Arab countries within five years, stressing that Iraq possessed all the qualifications to be a powerful country economically. Iraq is trying for years to attract foreign capital to develop its economy in the fields of industry especially oil, including housing and oil and gas extraction, for need of funds for infrastructure development and reconstruction, but observers contend that the lack of interest of the state to the private sector and the absence of investment laws which guarantees for investors and the absence of other laws that are still obstacles to the development of the economy in the form required.
Iraq relies which has the fourth largest oil reserves in the world at 95 percent of its annual budget on its oil exports and currently produces about two million and 900 thousand barrels per day, while the issue up to two million and 200 thousand barrels per day.
The UN Security Council voted on Thursday (27 June 2013), unanimously approved the decision to remove Iraq from Chapter VII, after more than two decades of sanctions imposed whereby in the wake of the former regime’s invasion of Kuwait on the second of August 1990.

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