Government seeks to raise the value of the dinar and exclude cancellation of zeros from the currency

Monday, February 4, 2013 11:09



{Baghdad: Euphrates News} ruled the General Secretariat of the Council of Ministers replacement currency or cancellation of three zeros at this stage and it is seeking to raise the value of the dinar against the dollar, noting that "the government is seeking to have that exchange rate 1000 dinars to the dollar."

The Secretary General of the Council of Ministers Ali Mohsen Ismail in a press statement received and Euphrates News Agency {} copy on Monday that "the proposed replacement of the currency and the abolition of three zeros discussed during the last term in the Council of Ministers," stressing that "the Council stressed that this project is not a priority government at the moment there is no real problem in this area. "

He pointed out that "replacing the currency in itself requires a large adjustments, as there are still issues with this side after the fall of the dictatorial regime, where the mass of currency in circulation is limited, but it has doubled now than it was at the time, and therefore the process of withdrawing this block is a large and difficult task. "

The secretary general said 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%} Although the government believes that the change of currency is a good thing in the case of appropriate conditions for its application, but not be given priority, but when there are 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, the chances of higher value available, especially with the growing backlog at the central bank, which exceeded {65} billion dollars and rising 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. "

The Secretary-General said that "the ingredients of objectivity and economic available in the direction of the high exchange rate of the dinar against the dollar," adding that "the government is seeking to have that exchange rate {1000} dinars against the dollar in the sense that the price of the currency class hundred dollars a hundred thousand Iraqi dinars and that any improvement in the political situation could contribute to make this happen faster. "ended


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