Denial of zeros again !!!!!

August 24, 2010

Official: Zeros in Iraqi currency will not be removed
Erbil, Aug. 24 (AKnews) – Iraq will not remove the zeros from its currency because it will not resolve inflation and will create opportunities for corruption, said a senior source in Iraq’s ministry of finance and economics.

Iraq’s currency known as Dinar was largely devalued after Iraq’s invasion of Kuwait in 1991 and the imposition of international sanctions on the country.

The Iraqi government added three zeros to the bank notes in 1990s.

While before 1991, one Iraqi Dinar was equal to around $3, now $1 is worth 1170 Dinars, according to Iraqi Central Bank’s exchange rates.

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Some experts have suggested that removing the zeros will enhance the country’s currency and allow it to better tackle inflation.

“The Central Bank wanted to remove the zeros three years ago, we alleged that it was impossible. They wanted to do it again last year and we rejected the proposal again. The issue is currently brought up once again, but the Ministry of Finance and Economics insists that Zeros will remain,” said Fazil Nabi, the deputy minister of finance and economics.

Nabi said removing the zeros will not reduce the inflation rates as Iraq’s inflation has been stable and remained low for quite some time.

“Besides, it will create problems for many citizens because it takes time for them to learn to use the new currency,” he said.

Nabi also stated that certain people will be harmed by removing the zeros because their salaries will decrease while it is unlikely for the price of goods in the markets to decrease

* Denial of deletion of zeros


March 13, 2010 ·

Economic seminar chaired by the Deputy Governor of the Central Bank in Karbala in which he denies the existence of a formal decision to delete the zeros

Held on Saturday morning, an economic seminar at the University of Karbala led by the deputy governor of Central Bank of Iraq has denied the existence of a formal decision about deleting three zeros from the Iraqi currency has also picked up some in the media, as one economist said that inflation in the Iraqi budget prevents the phase transition qualified bank to support its currency and raise the value in the global market.

He (Ahmad Bureihi) on Saturday during the symposium “to” Central Bank of Iraq has so far not issued any formal decision to delete the three zeroes of the Iraqi currency traded in the markets, he did not start until the law on the deletion of zeros, “adding that” such a decision is a matter of administrative regard to administrative and political process in the country in order to achieve a clear monetary policy, noting that this would require a study of contracts and contracting processes that are still not completed its consequent processes of paying money to the companies that started its work since the contracts were signed according to some of them on the basis of currency Iraq as he put it.” “What has appeared in some media about the intention of the Iraqi Central Bank to delete the three zeroes of the Iraqi currency news unfounded.”

While Bush’s Professor of Economics at the University of Karbala, Dr. (Abbas Kazim) Iraq is not possible to issue a new currency has the ability to compete with regional currencies, because of inflation suffered by the Iraqi budget, adding that the decision to delete Alasfagr risk at this stage may lead to trouble,” as he put it.

http://non14.net/display.php?id=8014Economic seminar chaired by the Deputy Governor of the Central Bank in Karbala in which he denies the existence of a formal decision to delete the zeros