Deleting zeros needs further deliberations, says Iraqi Central Bank

01/07/2012 17:59


ERBIL, July 1 (AKnews) - The Iraqi Central Bank (ICB) stated today that the deletion of zeros from the currency still needs further deliberations with relevant institutions.

The ICB added that it is seeking to make the Iraqi currency stronger and more stable through new mechanisms with regard to dealing with banks for hard currency.

ICB deputy governor Muzher Mohammed said: "The main task of the ICB is to keep and maintain the stability of the currency and support the Iraqi dinar.

“A new plan is followed to deal with the banks with regard to converting the foreign currency to their customers, where the ICB provides the banks with the foreign currency depending on the amount of their capital.

"The banks will audit the transactions instead of being handled by the ICB on the condition of serving the Iraqi economy."

By Majida Mohsen

RN/DM/AKnews


http://www.aknews.com/en/aknews/2/314947/