Economic parliamentary: Start the process of removing zeros from the currency in September next

Economic parliamentary: Start the process of removing zeros from the currency in September next

18/02/2012 17:48

Iraqi currency, MONEY, Para

Baghdad, February 18 (Rn) – The Economic Commission representative, Saturday, in agreement with the Iraqi Central Bank to begin the process of removing zeros from the local currency in September next. and the central bank announced earlier that he is considering 
the requirements of the project to delete the zeros of the local currency with the Council Minister in terms of need process for the enactment of the organized or not. A member of the Economic Commission Abdul-Hussein Abtan told the Kurdish news agency (Rn) that “the Economic Commission agreed with the Central Bank to begin the process of changing the local currency in September next.” and added that “the agreement included granting the process of switching the currency for a full year that are traded currencies old and new in the market during this stage. ” and describes the CBI process of switching the currency national project in support of the economy in the country, while expressing the Iraqi government for fear of the project as it will increase the phenomenon of money laundering “according to belief,” and is working to convince the central bank to stop the implementation of the project, and be approved by the securities the government’s position to delete the zeros and says it will affect negatively on the financial trading in the stock market. explained Abtan that “the process of removing zeros from the currency will contribute to addressing economic inflation and facilitate Cooperation with international banks and reduce the differences of living in the community. ” The Committee of Finance parliamentary Sunday, the central bank tarry in the provision of a bill to delete the zeros from the currency to the Committee for the purpose of his study, saying that the law was passed would give Iraq an opportunity to address economic inflation, as experts predict increase in inflation in the budget in 2012 because of the continued interest in operational aspects at the expense of part investment of the general budget. and inflation is excessive in the general level of prices and rising incomes cash as well as high costs and over-the creation of cash balances. concluded Abtan his speech by saying that “the central bank looking file send a bill to change the currency to the House or not because the Central Bank Act gives the powers of the implicit deletion of zeros from the local currency. ” The functions of the central bank conduct of monetary policy in the country, including exchange rate policies and the management of foreign reserves and the issuance of currency management, and raise the level of the values ​​of the dinar Iraqi and treatment of inflation in the country, which is also responsible for maintaining price stability, in addition to the organization of the banking sector. From: Jafar Allonan, Ts: Walid al-Zaidi, the Open: Joseph Karwan
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