Economic parliamentary: the central bank attempts to replace the currency is unconstitutional

Economic parliamentary: the central bank attempts to replace the currency is unconstitutional

Saturday July 7, 2012

BAGHDAD – and babysit – A member of the Committee of Economy and Investment parliamentary Salman al-Musawi, “the central bank’s attempts to replace the currency is unconstitutional and will lead the country towards the unknown.”
He said in a statement: “I do not have the right to replace the central bank currency because the article / 110 / of the Constitution stipulates that the authorities have the right to draw the federal fiscal policies and the issuance of currency in the country means the executive and legislative branches.”

He continued: “The presidency of the Central Bank and more than a year raises issue of deletion of zeros from the Iraqi currency attributes the reasons to strengthen the Iraqi currency and give it a universal value, but after that the audited subject and we found not a process of deleting the zeros, but replace the currency with full merits.”

And the al-Musawi, “Proof of this is to change the currency symbols present and the introduction of the Kurdish language confirms that it the process of replacing and not delete the zeros,” expected to result in the replacement process to the many problems which may enter the country’s currency, forged at a time when we are working to stabilize the market leads to the collapse of the Iraqi currency in full.

He described the central bank attempts to implement this project early next year as a unilateral act is valid and is rejected out of hand because it is the process of replacing unknown results, he says.

And went on: “We are with the replacement of the currency if there is economic benefit to the country, but we found after the study and the possibility that many are fighting against Paschkalat delete the zeros do not know what will happen to him the future of the Iraqi economy.”

He explained: “The stability of the economy and the Iraqi market is through the activation of income-generating sectors, and encourage the private sector and make the country an attractive environment for investment and not through the deletion of zeros” … p / i
Source: alrayy