Changing the form of currency is necessary to reduce the money supply and does not require a new law
Rapporteur of the Committee of Economy: Changing the form of currency is necessary to reduce the money supply and does not require a new law
On: Sun 06/17/2012 10:40
Baghdad (news) .. According to decision of the Economic Commission deputy / Kurdish coalition blocs / Mahma Khalil, that change the shape of the local currency after deletion of zeros of the three of them do not need new legislation of its own because the law of Iraqi banks allowed the central bank to issue a new currency and select the shape.
Khalil (of the Agency news) said on Sunday: Although the Iraqi constitution, refusing to issue or print a new currency and select the shape by the Central Bank without new legislation permits this, but that the law of the Central Bank of the year (2004) grant the central authority to change the shape of the currency and issued new look . He added that the old law remained in effect, the lack of legislation a new law on the Central Bank, so the project to delete the three zeroes from the Iraqi currency does not need new legislation but that the Central has full authority to do so. He pointed to: that the project is very important for the Iraqi economy because it will reduce the liquidity of large and estimated at (33) trillion dinars in particular and that Iraq is on the verge of increasing Moisnath Finance for the coming years, implementation of the project is essential and must be applied. The Central Bank of Iraq announced (29 September 2011) that the year 2013 will see the deletion of zeros and replacement of the currency, which warned him, officials and economists because of the presence of mafias currency is preparing to rig the trillions of Iraqi dinars to replace them in the light of the upcoming changes. / Finished / 8. d. Q /