Vice: Change the form of Iraqi dinar currency does not need a new law
Vice: Change the form of Iraqi dinar currency does not need a new law
06/18/2012 0:00
BAGHDAD – Al Sabah
said the decision of the Economic Commission Deputy Mahma Khalil, that change the shape of the local currency after you delete the three zeroes of which does not require new legislation of its own because the law of Iraqi banks allowed the central bank to issue a new currency and select the shape.
Khalil said: Although the Constitution Iraqi refusal to issue or print a new currency and selection form by the Central Bank without new legislation permits this, but that the law of the Central Bank of the year (2004) grant the central authority to change the shape of the currency and issued new look.
He added that the old law remained in effect, the lack of legislation a new law on the Central Bank, so the project to delete the three zeroes from the Iraqi currency does not need new legislation but that the Central has full authority to do so. He pointed to: that the project is very important for the Iraqi economy because it will reduce the liquidity of large and estimated at (33 ) trillion dinars, particularly that Iraq is on the verge of financial Moisnath increase for the coming years, implementation of the project is essential and must be applied.
Source: alsabaah
