HEADLINE NEWS

HEADLINE NEWS

Saturday, September 10, 2011

Deletion of zeros from Iraqi dinar raises fears of Parliamentarians

Inflation block the Iraqi currency
Inflation block the Iraqi currency

09.09.2011

With the arrival of a bill deleting zeros from Iraqi dinar to the Iraqi Council of Representatives, began the debate in the media representative on the feasibility of adoption of this project at the moment, and raised questions about the assurances of the Central Bank about the economic benefits of the move. The Rapporteur of the Committee of Finance in the Iraqi Council of Representatives Rep. Najiba Najib, said that the Finance Committee discussed with the governor of the central bank and general managers in the bank bill deleting zeros from the dinar and asked to prepare a study on the reasons for its adoption and its advantages on the Iraqi economy, and drew Najiba to fears of rising inflation. Deputy Governor of the Central Bank of the appearance of Dr. Mohamed Saleh He told Radio Free Iraq that the draft law which was submitted to both the government and the parliament, includes all the details of the legislative and executive for the subject of deleting zeros from the dinar and the positive economic effects which would leave if passed, and attributed the fears of some parliamentarians to ignorance of the House of Representatives the subject or the presence of personal motives that lie behind These fears of the politicians or citizens. Chancellor appearance of Mohammed Saleh stressed the importance that has the law to delete the zeros with the consent of the government and the Iraqi Council of Representatives as it relates to the national economy, pointing out that many developed countries have resorted to this decision to reduce inflation and reduce the liquidity excess in Iraq suffers from sagging mass of cash. Congress considered the application of the law to delete the zeros of the Iraqi dinar as negative at the present time in the absence of security and economic stability in Iraq. Which is confirmed by the Rapporteur of the Committee of Finance of the House of Representatives Rep. Najiba which called for the need for economic reforms to increase the value of the Iraqi currency, instead of deleting the zeros. economist Hilal Taan agreed with the opinion of the Iraqi Central Bank's view of the importance of deletion of zeros from the dinar, calling on MPs who worry about the adoption of this law to reduce their salaries instead of blocking a law that serves the Iraqi economy. ruled out Rep. Najiba Najib to be the law was passed during the year due to preoccupation with the financial budget of the Federal 2012, and pointed to the fears of parliamentarians from the exploitation of the law to delete the zeros by Alsemsarh and currency dealers and counterfeiters. expert Economic Hilal Taan see that the concerns of parliamentarians unfounded ruled out for fraud for the new currency or the exploitation of the switch the old currency new currency by the counterfeiters. On his part, adviser to the Central Bank of the appearance of Mohammed Saleh lamented the existence of currents hinder and impede the continued implementation of any project that aims to Iraq's progress. The citizens expressed their concerns on the morning of the deletion of zeros currency they are dealing with for decades. However, 'Abdul Hakim Jassim considered a positive step to delete the zeros in the event of currency maintained in monetary terms with the ease of handling. appearance of the central bank adviser Mohammed Saleh assured the citizens that the Iraqi currency will retain its value and that the Iraqi per capita income will not be affected by deleting the zeros, indicating that the process of switching the currency in the currency new may take a year or more according to the law to be approved by the House of Representatives. more in the audio file below, which contributed to the Radio Free Iraq correspondent in Baghdad, Mohamed Karim

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