Central Bank: the deletion of zeros from the country of Iraq will be transferred trillions to billions

Tuesday 29 May 2012 11:00 GMT
Deputy Governor of the Central Bank of Iraq the appearance of Mohammed Saleh

Sumerian News / Baghdad

Central Bank of Iraq, Tuesday, that the deletion of zeros from the currency of the country will be transferred from the country of billions to trillions, while stressing that the project still needs the approval of Parliament and the Iraqi government.

The deputy governor of Central Bank of Iraq the appearance of Mohammed Saleh in an interview for "Alsumaria News", "project to delete three zeros from the Iraqi currency will move Iraq from the country of trillions to the country of billions, so Iraq will move from number 10 to the 12 to 10 to the 9" .

Saleh added that "the project is different from the issuance of a new currency which entail not only the deletion of three zeros from the Iraqi currency, but delete the three places a calculation of the Republic of Iraq, which starts from the budget of the family and ending with the general budget of the State", stressing that "the project infrastructure of incomplete Bosasha and concepts of the bank. "

Saleh pointed out that "the project is a logical scientific economic importance lies not only reduce the amount of currency, but also reduce the computational reproduction, which would reduce the operational risks because of the large numbers and the large number of errors resulting from it."

He noted the benefit that "the project in spite of its importance, it needs to be approved by parliament and the government and the Central Bank of Iraq to its success through the formation of a joint committee and have the power to the resolution fixing the date and time of deletion of zeros," noting that "everyone agrees to the deletion of zeros, but they are skeptics of time and the date of deletion in addition to the bank's ability to this project. "

A member of the Finance Committee in the House of Representatives Haitham Jubouri in May 15, 2012 to January of next year 2013 will see the deletion of three zeros and the replacement of the currency, as will next September 2012, the direct printing of new currency in different categories.

The central bank accused in the (12 September 2011), government bodies obstructing the monetary reform and vowed persecuting, blaming the authorities responsible for exposing the financial interests of the country to danger.

The Iraqi Central Bank Governor Sinan Shabibi independent bodies during a meeting with Prime Minister Nuri al-Maliki, which was held, in (June 19, 2011), his willingness to create all supplies to replace the Iraqi currency.

It is noteworthy that some economists believe that Iraq is ready for the time being to delete the zeros of the Iraqi dinar, pointing out that the deletion needs to be a security and political stability as well as economic stability.


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