Application of deletion of zeros next year needs legislative confirmation, says economic committee member

Baghdad (news) .. Ruled out a member of the Committee of Economy and Investment MP / coalition in Iraq / Qusay Juma, the implementation of the project to delete the three zeroes from the currency at the beginning of next year, stressing that he needs to be approved by the Iraqi authorities through legislation law.

Juma said (of the Agency news) said on Thursday that the project delete the three zeroes from the Iraqi currency requires sufficient time to apply and can not be implemented shortly, because it includes the deletion of zeros and change the form of currency, not only with the consent of the legislature and the executive in the country through legislation law.

He added that the central bank has the authority by deleting zeros from currency and not the process of changing the form of currency as provided by its law, noting that the process of offering a new form of currency needs to enactment by the Council of Representatives to determine the size of the currency and shape.

He pointed to: that the implementation of the project is necessary for Iraq to reduce the cash raised in the local market, but it needs to deliberate, and the study and a time to be applied, noting that a successful project has fought his experience much of the world such as Turkey, which was omitted from the currency (6) zeros and many other countries. have revealed the Finance Committee representative, said earlier that the deletion of zeros and replacing Iraqi currency Seetman early January 2013, as pointed out it will start printing the new currency in various categories in September.

while the General Secretariat of the Council of Ministers, on April 12, 2012, a decision to wait in the application of the process of removing zeros from the national currency, which had to be shut down procedures all related to the transaction mentioned until further notice.

The Central Bank of Iraq announced, in January 2012, its intention to put forward three categories lot of the Iraqi dinar, including 200, 100 and 50 dinars after deleting three zeros from the currency, while pointing out that the process of replacing the currency will take two years.

ikhnews.com