Must carefully draft delete zeros to avoid possible collapse of the national currency when applied
Expert: you must carefully draft delete zeros to avoid possible collapse of the national currency when applied
Baghdad (News) … Economic news warned Tawfik, inhibitor crumbling national currency when applying the draft deleted three zeros from the currency, and called for a feasibility study of the project before its implementation.
He said Mana (News Agency news) on Saturday: the draft restructuring of the local currency by deleting three zeros need sufficient time for discussion by experts and specialists and study it in detail to see negative and positive results and relevance to the economy and its impact on the national currency.
Proposed new currency: launch together with the old currency for at least (10) years so as not to cause damage to the economy or breach in the market, noting that Turkey fought experience and have seen substantial economic crisis as a result of new currency for once with the full withdrawal of the old currency.
He added: you must carefully before implementing a project delete zeros because a major public concern and impacts directly on the economy, whether positive or negative, calling a good mechanism to apply in order to prevent operations which may cause a breakdown of local currency as a counterfeit currency or similar.
The Central Bank announced earlier that year 2013 will delete the zeros and the currency changeover, which warned officials and economists because of the Division of work preparing to falsify trillion Iraqi dinars to replace them in the light of the forthcoming changes.
The Cabinet Council demanded the Central Bank to wait to delete the three zeros from the local currency, confirmed that a large project and needs sufficient time to apply it.