Parliament affirms the right of the central bank in the currency switch

Parliament affirms the right of the central bank in the currency switch

Date: Monday 07/09/2012 0:54

 Baghdad / term
of the Finance Committee, member of the parliamentary Haitham al-Jubouri that the central bank told the Committee that the process of deletion of zeros past although he called on the government to wait to the right of the central bank to alter the local currency.

Jubouri’s / JD / Deputy Governor of the Central Bank of the appearance of Mohammed Saleh on the sidelines of a meeting with him that the bank past the process of deletion of zeros will be put currency in the first of next January or after a short time.
The Jubouri: The Central Bank is working to convince the government positive aspects switch currency and delete the zeros and put it in the beginning of next year .. He noted “the right of the central bank that replaces the currency according to regulations and instructions, which enables him so even without that there will be legislation by the House of Representatives.”
promised to be patient by subtracting the currency requested by the Council of Ministers of the Central Bank is a matter of coordination between fiscal policy and economic policy. . The face of the Central Bank of a formal letter to the Iraqi Council of Ministers includes a positive process of switching the currency .. A member of the Finance Committee’s parliamentary Majida al-Tamimi said, “Central Bank Governor Sinan Shabibi met with Prime Minister Nuri al-Maliki and Tbagesa on the patient as the process of switching the currency and delete zeros and the money supply.”
said Tamimi, “said the central bank face a formal letter to the Council of Ministers to ensure positive process of switching the currency and delete zeros to reduce the money supply and to facilitate business operations and other “.. And realize the “Council of Ministers but has not yet responded to the book bank” .. Tamimi explained, “The Finance Committee supports the government’s demand to wait because time is not appropriate for the current currency exchange, we are afraid of the emergence of mafias and traffickers of counterfeit currency” .. She noted that the process of switching the currency after 2003 witnessed the emergence of economic mafias and traders introduced the counterfeit currency in the market, and possibly switch the currency for the time being in addition to the witness that the money supply will grow more .. The most likely the central bank last week put the new currency after deletion of zeros in the first of next January, said Central Bank Governor Sinan Shabibi “The Bank will work to put the new currency after deleting three zeros in the 1/1/2013″ .. The governor of the Central Bank has stated that “there are several procedures and the misgivings of many bank is keen to implement them in order to be the process of replacing the currency safe and easy” .. The parliamentary Finance Committee had revealed earlier in the contract for the central bank with major companies to be printed currency from a high-quality paper. A member of the Parliamentary Finance Committee Magda al-Tamimi that “the cost of the actions dedicated to the currency exchange at 150 million dollars.” .. She noted that the “currency exchange and withdrawal be gradual through the process of deposit in banks,” saying that the withdrawal of currency be gradual and not once as in the previous switch .. She noted Tamimi that “the Finance Committee follow-up to the Central Bank and to share what is going on the process of printing new Iraqi currency,” and quoted a member of the Finance Committee parliamentary modern central bank governor, “Shabibi” “The deposit in the banks when you switch the currency would be one place and controlled to protect the the currency from counterfeiting, to the said member of the Committee of Economy and Investment Abdul Hussein Resan Husseini, the economic situation is appropriate to the issue of deletion of zeros from the currency and replace it now.
Husseini said: The process of removing the zeros from the currency is a change of form and value, noting that such a matter requires legislation law as enshrined in the Constitution.
He added that the economic situation of the country is not suitable for such a change at the present time, not to mention the lack of real reforms to the banking sector.
Source: almadapaper