Raise zeros from the Iraqi currency at a seminar center Mustansiriya
Under the auspices of Prof. Dr. Rahim Taher Saadi University President Mustansiriya in the presence of MP Dr. Salman al-Musawi and MP Abdul-Abbas estrus members of the Economic Committee in the House of Representatives, Dr. the appearance of Mohammed Qasim, Vice Governor of Central Bank of Iraq and Gentlemen, representatives of professional organizations and civil society organizations and a number of deans, teachers, writers, in addition to a crowd of intellectuals and those interested in economic affairs, the two economic studies at the Center for Arabic Studies Mustansiriya and international on Monday, February 27, 2012 m annual colloquium on the economic dimensions to raise zeros from the Iraqi currency. The session was moderated by Prof. Dr. Sattar al-Bayati, who opened the symposium hello honorable attendance, defined the nature of the symposium and its goals, in addition to referring to the need to work to ensure the success of monetary policy in Iraq; for their contributions to the process of economic and social development. Then ascended the podium, Dr. Ahmed Rawi, director of the Center Almstsria of Arab Studies and International to deliver a speech, including welcoming the honorable attendance and thanked for their contribution in the scientific symposium held by the Department of Economic Studies at the center, about the economic and political dimensions of the policy of lifting the zeros of the Iraqi currency, which created a sensation among specialists and politicians about the pros and cons of the restructuring of the Iraqi currency. He added: in order to set the record straight and stand on the truth of these dimensions, the honor Center hosted a number of specialists in the decision whether the monetary authority represented by the Central Bank and representatives of the legislative authority represented by the honorable members of Parliament, as well as the views of specialists and academics, in order to get out with the vision to help the success of monetary policy in Iraq and strengthen its role in establishing the basics of economic and social development in our beloved Iraq. At the end of his speech made by Dr. Rawi audience with astonishment when I get out of his bag transparent portfolio contains several versions of the coin of the Iraqi dinar category, was honored to keep for many years, as a symbol of national sovereignty. In this symposium wonderful set up at the Hall Center and received considerable media attention and large, were presented three research papers, the first study, assistant professor, Dr. Falah Hassan Thuwaini from the Faculty of Management and Economics – University of Mustansiriya tagged (raise zeros from the currency … the benefits and costs), which included Mbagesha : the expected benefits of the process of lifting of the zeroes, the costs of the process of lifting the zeros and the requirements of the success of the process of lifting the zeros. The study concluded that: If there is no productive sector is able to provide goods and services in a sustainable manner, the issue of maintaining the value of the currency after rename (lifting of the zeroes), it may be a cost increase on the economy and the value of the currency itself, especially if the sector has been external shock to oil, as happened in the recent financial crisis when oil prices fell from $ 147 a barrel to less than $ 45 per barrel, and the resulting decline in stocks of oil reserves and support the value of retaining the stability of the Iraqi currency. Paper II prepared by Dr. Abdul Rahman Al-Najm al-Mashhadani, head of economic studies at the Center for Mustansiriya and Labelling (b project to change the currency in Iraq and its economic impact) included the following themes: The objectives of the process of changing the currency, the justification process of deleting the zeros of the Iraqi dinar (technical and administrative), the effects the expected positive economic process of change and delete the zeros, the expected negative effects of the change process, in addition to the recommendations. The researcher concluded that the process of change and delete the zeros of the Iraqi currency is an important step for monetary reform and the reform of management system currency through the structure to control the flow of money supply and management costs in a way represent, as well as its role in enhancing the confidence of the citizen and investor in the national economy, especially with the continued effectiveness monetary policy to control inflation within acceptable levels, as well as the stability of the exchange rate of the Iraqi dinar. He noted that Dr. al-Mashhadani, to contribute to the process of change by encouraging foreign investors to invest in Iraq; view of the possibility of improving the investment climate in the future. The researcher added that the process of deletion of zeros from the currency leads to greater efficiency by simplifying accounting processes, and lead to reduced cost high volume of transactions generated from operations of counting, sorting and blogging in the accounting records before the change of currency, as well as reduce the cost of pregnancy and transport and reduce the risk of theft. The positive effects of other process of change and delete the zeros referred to by the researcher is to end the phenomenon (dollarization) in the daily dealings, especially with the initiation Central Bank of Iraq issued a new currency of large groups, in addition to the possible introduction of modern technologies in the daily transactions such as machines exchange mechanism.