******Parliamentary Finance: budget 2013 will be the new currency after deleting three zeros*****

03-07-2012 | (Voice of Iraq) - Add a comment -
Sumerian News / Baghdad

Parliamentary Finance Committee announced Tuesday that the budget next year 2013 will be the new currency after deleting three zeros from the current currency, arguing that the reluctance of traders and companies from trading in Iraqi currency behind the adoption of the Central Bank of the project to delete the zeros.

Said committee member Najia Najib said in an interview for "Alsumaria News" that "the budget next year will handle the new currency after deleting three zeros from the current currency," stating that "the process of switching the currency and delete zeros will take approximately two years after the preparations for the process that began more than a year ".

The answer that "the Council of Ministers approved during the meeting the Governor of the Central Bank on the project to delete the zeros and replacing Iraqi currency after it decided earlier in the patient as the project due to rising dollar on the domestic market for the past few months," noting that "the project to delete the zeros and currency exchange aims to restructuring of the Iraqi currency and the form in which to do business in line with Iraq's internally and externally. "

And confirmed the answer that "the Finance Committee and the Central Bank had agreed at its last meeting to be next year's date for the start delete the zeros and the balance of 2013 the new currency unless there was a barrier transmitting without it," emphasizing "the need to support the government and parliament of the project to restructure the Iraqi currency."

Najib and considered that "the reluctance of traders and companies from the use of Iraqi currency and trading it may push the central bank to adopt a project to delete the zeros," asserting that "this project would reform the system of currency management and to facilitate their use."

The Finance Committee hosted (26 June), Deputy Governor of the Central Bank of the appearance of Mohammed Saleh to discuss the mechanism that will be followed by the bank in the process of deleting the zeros and how long this process and changes that will occur on the exchange of currency.

A member of the Finance Committee in Jubouri Haytham (15 May 2012) in an interview for "Alsumaria News", the month of January of next year 2013 will see the deletion of three zeros and the replacement of the currency, as will next September 2012, the direct printing of new currency in different categories.

The central bank accused in the (12 September 2011), government bodies obstructing the monetary reform and vowed persecuting, blaming the authorities responsible for exposing the financial interests of the country to danger.

What was seen as an adviser to Prime Minister for Economic Affairs (25 August 2011), to raise zeros from the currency is the biggest corruption in Iraq if it was during this period, and fall under the name of tampering with the economic, warning of "mafias currency" is preparing to rig the trillions of Iraqi dinars to replace them in light of the planned changes.

It is noteworthy that some economists believe that Iraq is ready for the time being to delete the zeros of the Iraqi dinar, pointing out that the deletion needs to be a security and political stability as well as economic stability.

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