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Iraq postpones its currency delete zeros to 2014 because it "is not formatted"
15 July, 2012 04:14:38 guidance Baghdad
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Revealed the Finance Committee in the House of Representatives, on Saturday, the postponement of the deletion of zeros from the Iraqi currency which the central bank had planned to begin by 2014.

A member of the Finance Committee in Parliament MP Magda Abdel Latif in a press statement that "the process of deleting the zeros of the Iraqi currency, which was hoped to begin in the coming year which will linger to the year 2014".

It showed that "the demand came from the Secretariat of the Council of Ministers, the Economic Department, the Department because of a belief that the Iraqi environment is now ripe for this process."

Abdul Latif confirmed that "the Finance Committee was with this application and that there is a series of actions must be taken to ensure the issuance of currency with high quality."

She "must take a series of measures to prevent the occurrence of fraud, as occurred in the past experience."

The Deputy Governor of the Central Bank of the appearance of Mohammed Saleh Bin, earlier, that the process of switching the currency and delete zeros will not be completed this year and completion will take approximately two years.

The Finance Committee of the House of Representatives unveiled earlier this month, for a claim, Prime Minister Nuri al-Maliki, the central bank to wait to remove the zeros from the Iraqi currency, pointing to the presence of many foreign companies are competing for printing the new currency.


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Require parliamentary Finance Central Bank Get ready to start before proceeding to replace the currency
14 July, 2012 07:20:46 guidance Baghdad
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Finance Committee expressed its support in the House of Representatives to replace the existing currency, conditioned on the central bank prepared before you begin this step, and confirmed that the Bank needs another year to begin the process of replacement.

He said Haider Abadi, Chairman of the Committee that the Finance Committee with the application is not hasty, about the importance of the detector to withstand the process of switching the operation to the fraud and not re-circulation of the dinar damaged.

The Finance Committee of the House of Representatives recently announced a willingness to clarify the reasons for the Council of Ministers on the frequency of switching the currency, although the Central Bank of Iraq confirmed its ability to that of the occurrence of fraud affecting the national economy.

Economists believe that Iraq is now ready 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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07/14/2012 New Morning Baghdad

The Committee of Finance in the House, support for the replacement of the existing currency, while the central bank's readiness required for this step, confirmed that the bank needs another year to begin the process of replacement.

He said Haider Abadi, Chairman of the Committee in an interview »Alsumaria News», that «the currency exchange project well, provided that the central bank is ready for this step and meticulously carried out», stressing the need for the «Bank procedures are valid and good».

Abadi added that «the Commission was with the switch currency over the past year 2010, if the bank Mthai for such a procedure», pointing out that «the central bank needs to start another year to replace the currency».

He Abadi, that «the Finance Committee is not with the hasty application», stressing the importance of «stand in front of the switch process of fraud and not re-circulation of the dinar damaged».

The Finance Committee of the House of Representatives announced in the July, a willingness to clarify the reasons for the Council of Ministers on the frequency of switching the currency in spite of the central bank confirmed its ability to that of the occurrence of fraud affecting the national economy.

And was a member of the Parliamentary Finance Committee Najiba Najib announced in the July, that the 2013 budget next year 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.

Hosted the Parliamentary Finance Committee, last 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 zeros and how long this process and the variables that will occur on the exchange of currency.

He was a member of the Finance Committee Haitham Jubouri revealed in May 2012, that the month of January of next year 2013 will see the deletion of three zeros and the replacement of the currency, while September will see the next 2012 direct printing the new currency in different categories.

He accused the central bank, in September 2011, government bodies obstructing the monetary reform and vowed loaded persecuting those actors responsible for exposing the financial interests of the country to danger.

What was seen as an adviser to Prime Minister for Economic Affairs in 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 «mafias currency» is preparing to rig the trillions of Iraqi dinars to replace them in the light of 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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