CBI calls for the formation of a joint coordination committee to resolve the problem of deletion of zeros

05/15/2012

CNH: BAGHDAD / .. called on the Iraqi Central Bank to set up a joint coordination committee of the parliament and the government to resolve the issue of the project to delete the zeros of the Iraqi dinar currency.

The deputy governor of Bank of the appearance of Mohammed to the reporter and the agency / JD / delete the zeros that the draft project is a radical change includes modification of accounting systems for all aspects of the state and is not easy.

He added that the main problem in the delay of the project lies in the fear of many officials of the project, noting that this fear caused by lack of knowledge of the benefits of the project and its effectiveness in supporting the Iraqi economy. And that while the benefit to Oakd meeting of the Joint Committee, the decisions will be binding for all.

He noted there is a problem of timing, as the opinion of the Council of Ministers on the patient in the project due to the timing may not be appropriate to start such a move, because similar projects carried out in a more stable political conditions.

The Central Bank of Iraq plans to make a radical change in monetary policy through a deletion of three zeros from the monetary issuance, which is estimated at 32 trillion offset 4 billion banknotes and different categories and this number is large, either in the case of application of the new system, it will provide for the issuance and printing of 4 one billion paper currency of the new categories of old, where damage to ancient coins every 5 years and new Ataatlv so quickly so the project is very economic.

The main task of the Iraqi Central Bank to maintain price stability and the implementation of monetary policy, including exchange rate policies and the management of foreign currency reserves and the organization of the banking sector.

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