#####Secretariat of the Council of Ministers: the government is seeking to have that exchange rate [thousand dinars to the dollar]

Monday, 04 February / February 2013 10:39

{Baghdad Ambassador: News}

Excluded the General Secretariat of the Council of Ministers replacement currency or cancellation of three zeros at this stage, indicating that it is seeking to raise the value of the dinar against the dollar.

A statement of the Secretariat of the Agency has received Ambassador News copy today for secretary Ali Mohsen Keywords, saying that "the proposed replacement of the currency and the abolition of three zeros discussed during the last term in the Council of Ministers, and that the Council stressed that this project is not a priority for the government at the moment, there is no problem real in this area. "

"The replacement of the currency in itself requires a large adjustments, there are still issues with this side after the fall of the dictatorial regime, as she was a block currency is limited, but it has doubled now than it was at the time, hence the process of withdrawing this block is large and difficult task. "

He Keywords that "some have the wrong impression implies that the deletion of zeros will reduce the size of the money in circulation Kkamih, and indeed it does not reduce even by 1% and although the government believes that the change of currency is a good thing in the case of appropriate conditions for the application, but does not give him only priority when providing stable conditions. "

He pointed out that "the Iraqi dinar candidate because rising price against the dollar, and there is economic and financial viability enables dinar to be stronger than it is now, and opportunities rising value available, especially with the growing backlog at the central bank, which exceeded [65] billion dollars, and rises steadily along with high economic growth in Iraq, and is now one of the most developed countries in the world thanks to the expansion of oil production. "

He Keywords that ingredient objectivity and economic available in the direction of the high exchange rate of the dinar against the dollar, noting that "the government is seeking to have that exchange rate 1000 dinars to the dollar in the sense that the price of the currency class hundred dollars a hundred thousand Iraqi dinars," noting that "any improvement in the political situation could contribute to make this happen faster. "

The Cabinet had decided in its meeting held on April 10 last, be patient in the application process of deletion of zeros from the national currency until further notice.

The Central Bank of Iraq, and on the lips of bank adviser appearance of Mohammed Saleh, has confirmed to [where] the need for Iraq to process administrative reform of the currency cash, and that the project to delete the zeros is a step comes as part of the country's need to process administrative reform of the currency, in order to reduce the cost of cash transactions in the economic process, in addition to the need to provide small denominations coins used in daily circulation of small transactions.

The officials at the central bank, as well as some politicians and economists, urged the government to delete the zeros from the currency, and the issuance of a new currency denominations large cash, in addition to a small Coins.

Observers say the government really intends to delete the zeros from the currency as a step towards improving the purchasing power of the Iraqi dinar, but economists played down the importance of this step, considering that the cost of raising the zeros will be greater than the benefit expected from the lifting of zeros.


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