Central Bank of the process of finalizing the draft raise three zeroes from the Iraqi dinar

Central Bank of the process of finalizing the draft raise three zeroes from the Iraqi dinar

Palm – Central Bank of Iraq, Tuesday, that he is about to finish the project raise three zeros from the currency, noting that the project is considered strategic, and submitted to the Council of Ministers and House of Representatives completed the event.

The central bank adviser said the appearance of Mohammed Saleh during the permit media that the project raise three zeros from the dinar is a strategic project and the Central Bank is in the process of finalizing the project, the idea of ‚Äč‚Äčtheory into practice, and almost completed, and submitted to the Council of Ministers and House of Representatives.

Saleh continued that this project will reduce the transaction costs and reduces carry cash, he said, adding that Iraq is on the verge of producing 6 to 12 million barrels of oil and this will impact on the development and raises the value of Iraqi dinar.

The adviser to the CBI that the bank has achieved three things during the last stage, as the first to build reserves from zero to $ 50 billion, within the past five years to lower the prices of inflation basis from 34% to 4 or 3%, and achieved stability in the Iraqi dinar exchange.

He was adviser to the CBI the appearance of Mohammed Saleh, said in an interview earlier the bank’s readiness to delete the zeros of the Iraqi currency, pointing out that those zeros that were added to the Iraqi currency during the last period formed a cluster of large cash amounted to 27 trillion Iraqi dinars.

On the other hand, revealed adviser to the CBI, that Iraq login for the first time a system of payments between banks has been the transition to electronic clearing away from the manual and engaged in by six banks and the exchange of instruments between banks electronically and will connect the smart card and credit system with the central bank.

Continued by saying that the central bank would be three years after the so-called Council of payments, which sets the protocols is the infrastructure of Iraq.

Previously, specialists Iraqis in the field of economics that have reduced the impact of the CBE to delete zeros from the currency purchasing power of the Iraqi dinar, also hopes the government from behind the move, and believes researchers that the cost of raising the zeroes will be the biggest of its usefulness, given that the currency’s strength is measured by the stability of disbursement which is based on the strength of the productive sector is able to provide goods and services.

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