Economic Committee: deletion of zeros from the currency will be in two years

Economic Committee: deletion of zeros from the currency will be in two years and the assets of the Central Bank of hard currency around the 74 billion dollars

Tuesday, October 21, 2014 12:29

BAGHDAD / Baghdadi News … A member of the parliamentary Economic Committee Jawad al-Bolani, said on Tuesday that the process of deletion of zeros from the Iraqi currency will be during the next two years, indicating that the assets of the Central Bank of hard currency convergence of the 74 billion dollars.
Bolani said in an interview / Baghdadi News / “The Economic Commission met yesterday with officials of the Iraqi Central Bank to discuss a number of matters of monetary and economic developments in Iraq,” pointing out that “the things that has been discussed is the process of deletion of zeros from the Iraqi currency.”
He added that “the central bank to develop a strategy for the deletion of zeros from the currency of Iraq during the next four years, that is thrown new category of currency free of zeros in 2016 or 2017 at the latest period for ending the process in 2018 next, in a move intended to preserve the value of cash of the Iraqi dinar against the dollar, “he said, adding that” the new currency will carry a lot of facilities to the Iraqi citizens, especially as it will be charged categories of large cash in the value of small size, as a group of 200 dinars and 100 dinars to other categories that will be available in the Iraqi market style Switch currency in 2003, the past. ”
“The technical cadres in the central bank does not face any problems regarding the printing of a new currency, and the remainder to the approval of the political blocs in the House of Representatives, which I believe will not oppose this measure because of its great benefit to the stability of the currency of Iraq in the face of the dollar exchange rate,” He explained that “The meeting also saw addressed to a number of other things that maintain the stability of the critical process in Iraq, as an organization process of the dollar in private banks as well as providing these banks to Grod soft to the graduates to set up projects contribute effectively in building the Iraqi economy, which has seen some volatility During the last period due to the instability of prices, the sale of oil in addition to the political and security problems suffered by the country. ”
Went on to say that “the Central Bank and the Economic Commission agreed to take some steps to deal with the work of private banks with respect to transfers of the dollar, as well as put an end to money laundering operations in Iraqi banks in the future and detect money laundering operations that have taken place in the past and the prosecution of those responsible for it,” pointing to the “There are some Laws that will be submitted to the House of Representatives by the Central Bank for a vote, will protect the assets in Iraqi banks and the Central Bank.”
And assets in the Bank Iraqi Bolani said “the value of assets in the Bank Iraqi hard currency for the Iraqi government and the amounts of credit approximate the 74 billion dollars, and this amount is enough for a stroll things that the government’s economic Khalatel the coming period, financing investment projects and military operations in Iraq,” adding that “the amount of the 74 billion dollars and will protect the great state of Iraq’s economic problem may occur in the near future. ”
And indebtedness Iraq confirmed al-Bolani said “the meeting saw agreement on the preparation of the reports of extensive public debt of Iraq in terms of the amounts taken by Iraq as well as the amounts levied, in addition to the amounts of the Iraqi in other countries,” explaining that “the report will also include amounts owed by the Iraq to other countries and maturities near and far. ”
He indicated that a lot of economists called for during the coming period to delete the zeros from the Iraqi currency to maintain a stable exchange rate of the Iraqi dinar against the dollar exchange rate, while the Iraqi government announced that the new currency switch step may take many years.
It is noteworthy that the reports revealed in the last period for Iraq to face a deficit in assets of hard currency in the Central Bank of Iraq, at a time in which the bank confirmed that the monetary situation in Iraq is stable in spite of the military operations taking place in Iraq in the last period Ended 21 / j

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