Central Bank: the deletion of zeros from the country of Iraq will be transferred trillions to billions
Tuesday 29 May 2012
Sumerian News / Baghdad Central Bank of Iraq, Tuesday, that the deletion of zeros from the Iraqi dinar currency will transfer the country from the country of trillions to billions, while stressing that the project still needs the approval of Parliament and the Iraqi government. Deputy Governor of Central Bank of Iraq the appearance of Mohammed Saleh in an interview for ” Alsumaria News “,” project to delete three zeros from the Iraqi dinar currency will move Iraq from the country of trillions to the country of billions, so Iraq will move from numbers 10 to the 12 to 10 to the 9 “. Saleh added that “the project is different from the issuance of a new currency as follows it not only deleted three zeros from the Iraqi dinar currency, but delete the three places calculations of the Republic of Iraq, which starts from the budget of the family and end the general budget of the State “, stressing that” the project infrastructure of incomplete Bosasha and concepts at the bank. “Saleh pointed out that “the project is a logical scientific economic significance lies not only reduce the amount of currency, but also by reducing the reproduction arithmetic which would reduce the operational risks because of the large numbers and the large number of errors resulting from it. ” and noted the benefit that “the project in spite of its importance, it needs to be approved by parliament and the government and the Central Bank of Iraq to its success through the formation of a joint committee and have the power to the resolution fixing the date and time of deletion of zeros, “noting that” everyone agrees to the deletion of zeros, but they are skeptics of the time and date of deletion in addition to the bank’s ability to this project. ” A member of the Finance Committee in the House of Representatives Haitham Jubouri on May 15 2012 to January of next year 2013 will see the deletion of three zeros and the replacement of the currency, as will next September 2012, the direct printing of new currency in different categories. The central bank accused in the (12 September 2011), government bodies obstructing the monetary reform and vowed persecuting, blaming those those responsible for exposing the interests of the country’s financial risk. The Iraqi Central Bank Governor Sinan Shabibi at a meeting of independent bodies with Prime Minister Nuri al-Maliki, which was held, in (June 19, 2011), his willingness to create all supplies to replace the Iraqi currency. It is noteworthy that some economists believe that Iraq is not formatted for the time being to delete the zeros of the Iraqi dinar, pointing out that the deletion needs to be a security and political stability as well as economic stability.