Central Bank is looking forward to the adoption of the new currency in the budget of 2013

Central Bank is looking forward to the adoption of the new currency in the budget of 2013

On: Tuesday 7/3/2012 0:45

 Baghdad / range
expressed the Iraqi Central Bank hoped the adoption of new local currency after deletion of zeros in the country’s budget for next year, while stressing that he put the finishing touches to a roadmap for the process to delete the zeros. central bank says it completed a road map to get rid of three zeros from the currency to reduce the money supply and ease of financial transactions in line with the new situation of the Iraqi economy.

But the government and the Securities Commission Ibdita Khchithma that affect the process negatively on the financial trading market in Iraq Stock Exchange.
Deputy Governor of the Central Bank of the appearance of Mohammed Saleh, said that “the process of switching the currency and delete zeros will take nearly two years and the ongoing preparations for a process that began more than a year.”
He through the host in the Parliamentary Committee of Finance expressed the hope that “the balance of 2013 the new currency.”
According to a statement of the Finance Committee representative, they discussed with the benefit of the mechanism that will be followed by the bank in the process of deleting the zeros and how long this process and changes that will occur on the exchange of currency and its value in the local market and global and their effects on the Iraqi citizens and its level of living.
and stressed the benefit of “The completion of the project the improvement of the payments and to facilitate the circulation of currency,” adding that “the operation will raise the exchange of currency and improve its value in the domestic and global market.”
He denied causing any effects on the standard of living of the Iraqi people, calling the cooperation of everyone all of his for the success of the project as a national and for all.
Meanwhile, a member of the Finance Committee Haitham Jubouri that “the month of January of next year 2013 will see the deletion of three zeros and currency exchange
The Jubouri that “the process of replacing the old currency will last a whole year on the that is withdrawn the old in full within the first six months of the year 2014, “noting that” delete three zeros and replace it from would be afterbirth on the stability of the Iraqi currency and reduce the demand for hard currency. ”
He Jubouri that “the central bank dispelled all concerns relating to money laundering and fraud During the process of replacing the old currency El Jadida, “explaining that” has a special organ to combat money laundering. ”
The Jubouri that “reform the system of currency management at the heart of the Central Bank and the deletion of zeros is a function of the strategy,” stressing that “the Finance Committee of the Parliament supports the policy of the Iraqi Central Bank in this direction. ”
According to some economists that Iraq is ready for the time being to delete the zeros of the Iraqi dinar, pointing out that this step you need to stabilize the security and political, as well as economic stability.
and see the market in weeks fluctuation in the price exchange of the dinar against the U.S. dollar, which cited experts to restrictions imposed by the Bank on the sales of hard currency.
and the imposition of bank procedures more stringent in the auction to sell the dollar after it said that the currency you go to the neighboring countries, especially Syria and Iran imposed upon economic sanctions. The main tasks of the Central Bank in the management of monetary policy in the country and raise the level of the value of Iraqi dinar and deal with inflation in the country.
the Iraqi Central Bank and four branches in Basra and Sulaymaniyah, Erbil and Mosul.
Source: almadapaper