The Iraqi Central Bank: willingness to delete the zeros of the Iraqi currency after the formation of the Iraqi Govt

The Iraqi Central Bank: willingness to delete the zeros of the Iraqi currency after the formation of the Iraqi Govt
September 14, 2010 · Posted in NEWS
14/09/2010
(Alsumaria News) BAGHDAD – The Iraqi Central Bank, on Tuesday, his willingness to delete the zeros of the Iraqi currency after the formation of the Iraqi government directly, pointing at the same time that those zeros that are added to the Iraqi currency during the last period formed a cluster of large cash amounted to 27 trillion Iraqi dinars .

The adviser said the Iraqi Central Bank Governor appearance of Mohammed Salih in an interview with “Alsumaria News”, “The zeros that are added to the Iraqi currency, during the last period, formed a cluster of large cash amounting to more than four trillion paper money, financial value amounted to 27 trillion Iraqi dinars, after that was 25 billion dinars in 1980, “noting that” Iraq is unable to manage this block because it is a small country where the large number of funds that traded on the Iraqi market has led to confusion in transactions for large commercial banks and in the work. ”

The Iraq and gradually the issuance of new banknotes after 1991 when it began currencies scarce on the market Iraq for several reasons, most notably the high demand for the fill buying and selling and smuggling of currency abroad, and to the north of Iraq, which split its time for the Central Administration, making the Iraqi government allows Central Bank of printing new banknotes to meet the local need, and continued the process of lifting of the zeroes of the dinar to beyond 2003 through the issuance of a class of cash amounting to 25 thousand dinars.

Saleh added that “the Bank has fully prepared to delete the zeros of the Iraqi dinar, once forming the Iraqi government,” noting that “the deletion of zeros is a national issue and may need to special legislation, despite the fact that the Central Bank of Iraq is a reform of the currency management from the core work and to delete the zeros is one of the strategic functions of the Central Bank of Iraq. ”

Saleh pointed out that “the Bank was able, during the last period, to reduce the level of inflation to the level of one decimal place, after more than twenty years,” noting that “Iraq could for the first time to reduce inflation to 3%, which reflects the success of Iraq policy,” monetary .

For his part, said economic expert on behalf of Jamil Antoine in an interview for “Alsumaria News”, “Iraq is not formatted for the time being to delete the zeros of the Iraqi dinar,” noting that “the deletion of zeros needed to stabilize the security and political, as well as economic stability.”

Antoine said that “the central bank by seeking the deletion of zeros from the Iraqi dinar is designed to give moral force, not physical strength of the dinar,” noting that “the deletion of zeros needed to create and cultural awareness for the Iraqi people and the Iraqi market.”

The CBI, with headquarters in Baghdad, has four branches in Basra and Sulaymaniyah, Irbil and Mosul, and founded the bank independent Iraqi under the law of the Central Bank of Iraq issued on the sixth of March 2004, and is responsible for the maintenance of price stability and the implementation of monetary policy, including policies, prices exchange and management of foreign reserves and the issuance of currency management, as well as to regulate the banking sector.