Remove zeros from currency in September

Remove zeros from currency in September

Posted 19/02/2012 08:05 AM

BAGHDAD – Babinaoz (Reuters) – announced that the Economic Committee in the House of Representatives, in an agreement with the Iraqi Central Bank to begin the process of removing zeros from the local currency in September.

The central bank had announced earlier that he is considering the requirements of the project to delete the zeros of the local currency with the Council of Ministers in terms of need process for the enactment of the organized or not.

A member of the Economic Commission Abdul-Hussein Abtan “Economic Commission agreed with the Central Bank to begin the process of changing the local currency in September next “.

He added that “the agreement granting process to ensure the currency switch for a full year on the two currencies that are traded the old and new in the market during this stage.”

Abtan explained that “the process of removing the zeros from the currency will contribute to dealing with inflation and facilitate economic cooperation with international banks and reduce the differences of living in society.”

He described the Abtan plan the Central Bank in the subject as good, he said, “It was the Bank’s previous experience in the replacement of the currency and thus became his experience there will not be any problems associated with the process of deleting the zeroes on the reverse of what it was the situation when you decide to switch the operation several years ago.”

And describes the process of the Iraqi Central Bank currency exchange project in support of the national economy in the country, while the Iraqi government expresses its fears of the project will increase as the phenomenon of money laundering, “according to her belief ” , and is working to convince the central bank to stop implementation of the project, agree the Securities Commission with the government’s position to delete the zeros and says it would negatively affect the financial trading in the stock market .