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Iraqi currency needs radical reforms that commensurate with location of the country

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Iraqi currency needs radical reforms that commensurate with location of the country

Post  Shilo on Sun May 30, 2010 10:20 am

May 29, 2010 · Posted in NEWS
“Iraqi currency needs radical reforms that commensurate with location of the country,” economist says

Saturday, May 29th 2010 1:58 PM

Baghdad, May 29, (AKnews) – The Iraqi situation needs radical reforms in the coming period, in line with foreign currency to support the local market, the oil situation and economic development in the country,” an Iraqi economic expert said on Saturday.

“The next stage requires activating the role of the government to makeradical reforms to the issue of financial currency and how it fits withthe value of foreign currencies, particularly the euro and the role inmoving the Iraqi market,” Ali Kahiachi said.

“Iraq has been unable during the last period to reinstate the currency to its positionin the global market because of the confused economic situation in thecountry,” he added.

Changing the currency in Iraq is related tothe political situation and other major changes. When the Iraqi statewas founded in 1921 a new currency for the Iraqi Kingdom was printedand continued until July 14,1958, after the announcement of theRepublican system and the currency was replaced by the Republiccurrency; and after the fall of the former regime in 2003, the currencywas changed and it is dealt now in the market.

The current currency suffers from inflation in the money supply, and this promotedto economic experts to ask the Iraqi government to make reforms andorganization, particularly eliminating the zeros to reduce the amountsof money found.

“It is not easy to make real reforms in thevalue of the Iraqi dinar, but it also possible to put developmentstrategy to change the situation of the Iraqi currency,” Kahiachi said.

“TheIraqi economy could be much better than neighboring states, but it isinaproportionate to its oil situation,” explaining that “the Iraqicurrency trading can’t be improved except after the deletion of thezeros to reduce the huge money amounts,” he suggested.

TheCentral Bank of Iraq excluded recently deleting the zeros of thecurrency in 2011, stressing that this is linked to the extent of stabilizing in the economic situation in the country, at a time whenthe numbers indicate that the Iraqi currency is amounting to more than27 trillion (t) dinars in 2010.

The Central Bank of Iraq (CBI)in Baghdad has four branches in Basra, Sulaimaniyah, Erbil and Mosul,and was founded as an independent Iraqi bank, and according to the lawof the Central Bank of Iraq, issued on March 6, 2004, it will beresponsible for maintaining price stability and the implementation ofmonetary policy, including exchange rate policies, management of foreign reserves and the issuance and management of currency, as well as regulating the banking sector.

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