Parliamentary Finance: Delete and replace the zeros of the Iraqi currency early 2013

Tuesday 15 May 2012 11:19 GMT
The conduct of the Iraqi currency in a banking stores in Baghdad

Sumerian News / Baghdad

Revealed the parliamentary finance committee on Tuesday that the deletion of zeros and replacing Iraqi currency Seetman early January 2013, as pointed out it will start printing the new currency in various categories in September.

A member of the Finance Committee Haitham Jubouri in an interview for "Alsumaria News" that "the month of January of next year 2013 will see the deletion of three zeros and the replacement of the currency," adding that "as of next September 2012, will be the direct printing of new currency in different categories."

The Jubouri that "the process of replacing the old currency will continue to a full year to be the withdrawal of the old in full within the first six months of the year 2014," noting that "delete three zeros and replace it from would be afterbirth on the stability of the Iraqi currency and reduce the demand for hard currency."

He Jubouri that "the Iraqi Central Bank dispelled all concerns relating to money laundering and forgery during the process of replacing the old currency El Jadida," explaining that "a device has a special anti-money laundering."

The Jubouri that "the reform of the currency management from the heart of the Central Bank and the deletion of zeros is a function of the strategy," stressing that "the Finance Committee of the Parliament supports the policy of the Iraqi Central Bank in this direction."

And the General Secretariat of the Council of Ministers, on April 12, 2012, a decision to wait in the application of the process of removing zeros from the national currency, which had to stop all procedures relating to the operation mentioned until further notice.

According to some economists that Iraq is ready for the time being to delete the zeros of the Iraqi dinar, pointing out that this step you need to stabilize the security and political, as well as economic stability.

The Central Bank of Iraq announced, in January 2012, its intention to put a big three categories of the Iraqi dinar, including 200, 100 and 50 dinars after deleting three zeros from the currency, while pointing out that the process of replacing the currency will take two years.

And the foundations of the Iraqi Central Bank as a bank independent under the law issued on the sixth of March of 2004, as an independent body and is responsible for maintaining price stability and the implementation of monetary policy, including exchange rate policies and management of foreign reserves and the issuance of currency management, as well as to regulate the banking sector to promote the system financial competitive and independent.



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