Expert calls for the removal of zeros from currency

Admin Sun Dec 15, 2013 8:03 pm

14/12/2013

Baghdad - called for an economist to delete three zeros from the Iraqi currency, the promise of its existence as a successor to the great damage of Statistics huge amounts of cash.

The economist said a member of the Finance and Banking at the University of Wasit Abdul-Karim al-Tai told the National Iraqi News Agency: "The zeros present in the Iraqi currency has a negative impact on the operations of Statistics amounts of cash huge lead to fall into mistakes while conducting census by the staff of the Ministry of Planning" .

Said: "The Ministry of Finance issued figures contrary to issued by the Ministry of Planning and the Central Bank, which leads to inflation in the figures of the currency, in addition to the limited possibilities for staff statistics, this would make the database is not realistic and are making wrong decisions on them." And he saw: "The most important positive effects that Steksha process of deletion of zeros is to reduce assets in banks as well as to give the impression of a campaign such amounts as valuable and thus lower prices of goods and services provided.

He said the central bank in August plans to delete the zeros from the Iraqi dinar to facilitate financial transactions in an economy dominated by the oil sector and made it through cash transactions often. Since last year, waiting for a restructuring plan dinar to supply the market with more liquidity parliamentary approval.

A statement of the General Secretariat of the Council of Ministers, the Council decided to suspend all actions related to the process of deletion of zeros from the dinar until further notice.

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