#####Banker: any disregard for the challenges of the project will fail and cause big losses

29/04/2013 12:53 AM

Divergence of views on the project to delete the zeros
BAGHDAD - Ann Salah

Central problems and the fluctuation of currency exchange rates and efforts to raise the value of the Iraqi dinar stand again placed the deletion of zeros from the Iraqi dinar and characterized by differing views around between the Finance Committee representative on the one hand and the Central Bank on the other, the former demanding the implementation of the project while the second calls for lingered despite the fact that the administration its predecessor was one of the enthusiasts for this project.

In order to create a state of convergence between the points of view of both sides to be heard other parties relevant was this meeting with us banking expert Abdul Rahman Abdul Salam al-Sheikhli, who spoke of the "morning" about the most important challenges facing the project.

, Shaykhli say there is a legal ambiguity on the subject regard to public بالمديونيات between citizens on the one hand (creditors and debtors) Here we must find a legal settlement to this thread.

As seen Shaykhli that there is fear of currency counterfeiting and this is becoming of things for granted and must deal with this matter as a matter of fact, but he sees no reason to delay the project when taken into account with the development of hedges for it.

He hinted that at first there was a difference in views between the Parliamentary Committee on Finance and the Central Bank which requires finding a case of convergence, but we now see the emergence of a difference of views between the Council of Ministers, which demanded the previous administration to slow down the project and the current view of the same subject with the new administration.

And Shaikhly pointed out that there is a very important topic links between the project and the bound between economic security and political security, which makes the implementation of this project is not appropriate at the present time because of the large differences that beset the country and that must be reflected negatively on the success of the project.

He noted that the project is the cost is considerable financial and burdening the state and the citizen under these conditions the vessels, and believes that to امبرر her present time according to the most important priorities, and reiterated that such a decision is not appropriate in the present time.

The Secretary General of the Council of Ministers has said on a previous occasion that the process of the currency exchange cost 172 billion dinars, the equivalent of almost $ 150 million in order to satisfy the printing expenses, transportation and insurance, in addition to the costs of destruction that the new currency will be in three languages ​​Arabic, English and Kurdish. And cash in circulation now up to 30 trillion dinars (equivalent to U.S. $ 27 billion).

As the economic advisor to the Prime Minister had pointed out that the process cost both institutions (the government and the central bank) and the time and effort is necessary in the present time.

And called Shaykhli to study the experiences of other countries in this area as an experiment, for example, Turkey has had to delete 6 zeros from its currency, but it has taken this decision after it secured a stable significant security was lacking to him.

He said the most important in the whole process he Aaijeri project only after the stability of the exchange rate of the Iraqi dinar relative to other foreign currencies traded in Iraq كالدولار and the euro, adding that work is underway central bank to get to the exchange rate of the dollar against the Iraqi dinar, including not more than one thousand dinars per dollar maximum .

banking expert concluded Abdulrahman Shaykhli his speech by saying when conditions are appropriate to look at the project seriously and when the ground is well suited for the success of the project because no ignoring these challenges may fail project and يؤجله the order may not wish to get to him.


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