Re-float the currency in Iraq costing billions

Re-float the currency in Iraq costing billions

Tuesday, September 11, 2012 15:03

Translation / Baghdadiya News / .. Male business news site Iraq statement to Deputy Chairman of the Parliamentary Finance Committee Ahmad Faizullah that “the abolition of the old Iraqi dinar and the deletion of zeros will cost the country billions of dollars”
He Faizullah that “the process of changing the currency back to the Iraqi Central Bank, but may cause chaos to the government after it was put the annual budget which is the reason behind the lack of change in currency in 2013 and probably in 2014 as well.
He added that “the process of removing zeros make easier the process of printing money and reduce the need for a lot of feedback about pay for goods and commodities in the country depends almost entirely on cash terms used Iraq only 1% of its transactions through credit cards.
And despite the fact that the deletion of zeros adds many of the costs and confusion of economic transactions but Faizullah says that “basically the process of switching his work and people will take some time to get used to this matter and that’s all.” Finished / 21
Source: albaghdadianews