Central Bank calls for the formation of a joint committee to resolve the issue

On: Wednesday 16/5/2012 6:35

 Baghdad / term follow-up 
to the Central Bank called for the formation of a joint coordinating committee of the parliament and the government to resolve the issue of the project to delete the zeros of the Iraqi dinar currency.The deputy governor of Bank of the appearance of Mohammed, according to the agency (JD), the draft projects to delete the zeros is a radical change includes modification of accounting systems for all aspects of the state and is not easy.

Saleh added: The main problem with the delay of the project lies in the fear of many officials of the project, noting that this fear is the result of lack of knowledge about the benefits of the project and its effectiveness in supporting the Iraqi economy. And the favor: there is a problem of timing and the opinion of the Council of Ministers on the patient in the project. at the same time revealed the Finance Committee, the parliamentary that the deletion of zeros and replacing Iraqi dinar currency Seetman early January 2013, as pointed out it will start printing the new currency in various categories in September next . A member of the Finance Committee Haitham Jubouri “Alsumaria News” that “the month of January of next year 2013 will see the deletion of three zeros and the replacement of the currency,” adding that “as of next September 2012, will be the direct printing of new currency in different categories.” The Jubouri that “the process of replacing the old currency will continue to a full year to be the withdrawal of 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 currency and reduce the demand for hard currency.”

He Jubouri “The central bank dispelled all concerns relating to money laundering and forgery during the process of replacing the old currency El Jadida,” explaining that “has a special organ to combat money laundering.” 
The Jubouri to reform the system of currency management at the heart of the Central Bank and the deletion of zeros is a function of strategic He added that the Finance Committee in the Parliament supports the central bank policy in this direction. 
In the meantime, the Member of the economy and investment parliamentary Aziz Sharif Mayahi charged to the House of Representatives of being behind the failures of the Central Bank. 
said Mayahi in a press release: The neglect of the House of Representatives oversight role in following up the bank Iraqi Central Bank has continued in the failures that resulted in the continuing rise in the U.S. dollar and confusion in cash transactions through a bank’s policies wrong in the auction currency. 
added Mayahi that different teams currency this will make the budget approved for the ministries and provinces is disproportionate to the actual needs and this is what will sign the government in embarrassments. 
It is noteworthy that the central bank intends to make a radical change in monetary policy through a deletion of three zeros from the monetary issuance, which is estimated at 32 trillion offset 4 billion banknotes of different categories and this number is large, either in the case of application of the new system, it will provide for the issuance and printing 4 billion of new paper currency of the old categories where damage to ancient coins every 5 years and no new damage so quickly so the project is very economic. The main task of the Iraqi Central Bank to maintain price stability and the implementation of monetary policy, including exchange rate policies and the management of foreign currency reserves and the organization of the banking sector.