Economist: print currency cost the government $ 250 million annually due to paper

Since 06.10.2015 at 09:45 (GMT Baghdad)

Special - scales News

He stressed the economic expert Abdul Hassan al-Shammari, Tuesday, that the draft deletion of zeros from the local currency stopped by the House of Representatives in 2010 due to legislative differences within the parliament, indicating that the printing of local currency cost the Iraqi government $ 250 million annually.

Al-Shammari said L / scales News /, "The draft deletion of zeros from the local currency very excellent project and Iraq is not the first country employs but worked by several countries, most recently Turkey was when deleted six zeros from its currency and become a million pounds, pounds one," explaining that " the pros of this project that will facilitate the calculations will become millions of dinars thousands, and millions become billions, and trillions become billions, authorized will become the calculation is confusing and not great. "

He noted economist that "Iraq annually spends $ 250 million on currency printing because of its reliance on paper currency and there is no where any coin and therefore the 250, 500 and 1,000 dinars are categories of paper currency lifespan of no more than three months because it is fast trading and therefore the state needs to Print very large quantities of such groups every three months and the process cost Iraq $ 250 million, "Mbima that" Iraq needs to delete the zeros, this project was stopped by the parliament, as it was scheduled to be approved in 2010, and rather than be printed these currencies printed instead of the dinar and a half thousand dinars and quarter dinars dinar and the dirham, and in that time has been designed so that is this kind of currency, but legislative delays in the House of Representatives led to the loss of Iraq into the hundreds of millions of dollars of hard currency. "

The "economic expert on behalf of Jamil Antoine, confirmed L / scales News /, earlier, that the deletion of zeros from the Iraqi dinar will reduce the US dollar traded in the local market," noting that "this project Matrouh four years ago, and deferred to notice another".

He stressed that "the economic and investment commission in Parliament member Ahmed Salim Abdul Rahman, L / scales News / earlier, that the deletion of zeros from the local currency is not appropriate at this time, especially in the fall big deterioration in the economic situation of the country," .


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