##### Economic parliamentary: We asked the central bank is implementing a project to delete the zeros

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07/10/2013[/ltr]
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[ltr]BAGHDAD / JD / .. confirmed the parliamentary economic committee in the House of Representatives that the committee demanded that the Central Bank is implementing a project to delete the zeros from the Iraqi currency.
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[ltr]He said the Commission's decision MP economic Mahma Khalil Qassem told / JD / day: that the Central Committee had requested to reconsider the project and for purely economic reasons, is to maintain and improve the Iraqi currency against other currencies.
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[ltr]Khalil explained that this project is an old project was discussed in accordance with the laws in force in the central bank, and now a year after the discussion we see that the time is right, especially after the withdrawal of Iraq from Chapter VII of the revival of this project.
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[ltr]The Iraqi Central Bank estimated Estimated cost of the project to delete the zeros from the currency up to 172 billion dinars ..
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[ltr]She said a special study project to delete the zeros received / JD / copy: The speculative total cost of the project to delete the zeros up to a hundred and seventy-two billion dinars "..[/ltr]


[ltr]The bank said in the study that the wages of transport and insurance of the role of copyright to the Baghdad International Airport up to (140), calculated on the basis of the ratio between the highest and lowest price (90-189) billion dinars from the presentations made by the companies ..

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[ltr]He added that "Estimated cost Mint coins of the new currency amounting to 16 billion dinars," ..[/ltr]




[ltr]The bank continued, "The wages of cargo transportation, Fridays and public holidays, overtime, etc. amounting to 15 billion dinars," ..

He pointed out that the cost of the media campaign and miscellaneous costs up to (1) billion dinars ..

He recalled the bank the cost of the replacement process for the period from 15/10/2003 and the Bank of the reasons for the deletion of zeros, the first being that the process of deletion of zeros will be an opportunity to add new properties of the Iraqi currency to prevent potential counterfeiting of the new currency through the use of specifications of high security, leading to increased customer confidence ( and public institutions) as a result of low or no cases of counterfeiting ..

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[ltr]He pointed out that the second reason that the process of deleting the zeros will reduce Alokiem digital currency and financial Almahacbah and may play to reduce the time, effort and cost required to complete financial transactions and accounting as well as the possibility of reducing the number of banknotes traded especially if it were printed banknotes categories big "..

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[ltr]He said the third reason, it enhances the possibility of maintaining the exchange rate of the Iraqi dinar against foreign currencies earned the confidence of dealers.


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