***** Parliamentary Committee: delete zeros causing the market disorder

February 14, 2014

Expert denies delaying restructuring currency



Baghdad - The Economist dismissed Majid mock postpone restructuring the currency or delete zeros step to prevent replacement with counterfeit currency, saying confirmation delete zeros works to eliminate fraud.

As a member of the Parliamentary Committee on the economy and investment Amer winner that the deletion of zeros for the prevention of counterfeiting currency.

Mock said for (time) on (the draft restructuring of the currency or the so-called Project delete zeros first objective is to reduce or eliminate fraud in the new currency by using high technology can detect counterfeit currency easily) added that (fraud in the country's current currency very few exposed easily but when you apply the draft to delete zeros will work to eliminate the phenomenon of counterfeiting technology used in the process is high, as well as the use of accurate graphics and colors as well as Prevent currency only in the Bank as well as the use of references hidden in all this process would reduce forgery).

The fictitious (there is no relationship between delay issuing draft removed zeros and the alzoor, but the reason behind the postponement of the adoption of this project due to frequent political interference but Boolean in currency that had delayed the return of the currency structure and thus the impact on the economy and monetary policy in the country).

He (adoption of this project would be of great importance as they help to draw a pricing policy as well as detect fraud as well as increased confidence in the currency).

He (will not be a decision to restructure the currency at this time because of the deteriorating security situation and frequent interventions in monetary policy).

The Member of the Parliamentary Committee on the economy and investment, ' the winner, the deletion of zeros from the local currency still exist, however, for commercial reasons, as well as the receipt of intelligence information to create counterfeit currency to replace it with the new currency. He told today that (project still existed and it was deferred, we want the application of the law in January of 2013 but asked later delayed for economic reasons, since it leads to disorder in the commercial market and general position helps, requested postponement of action).

He said that the (General Secretariat of the Council of Ministers has reflected on the project for the country's economy and that we have agreed with the Central Bank in order not to cause a stir in the market during the implementation of the project, because the old currency will fall but will continue to work with the new currency for two years, for example, goods are priced in the currency specified in the old URL, for two years the old currency intervention the Central Bank gradually and will not come out until runs out of the market).

The ebullient explained (as it was to wait for the implementation of the project, for the receipt of intelligence information suggesting that there are many counterfeit currency abroad in neighbouring countries and even section inside Iraq poised to replace the new currency as the old currency can get damaged, so you have to implement a mechanism to control and dominate the border).


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