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The Central Bank intends to put forward three categories after deleting zeros from Iraqi dinar

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The Central Bank intends to put forward three categories after deleting zeros from Iraqi dinar

Saturday 14 k 2 2012 09: 24 GMT

The appearance of the Central Bank's Deputy Governor Mohammad Saleh

Sumerian news/Baghdad

Detection of the Central Bank of Iraq, Saturday, its intention to put forward three major categories after deleting the three zeros from the Iraqi dinar, noting that the process of replacing the currency take two years.

Deputy Central Bank Governor Mohamed Saleh in modern appearance for "Sumerian news", "the Bank will add big three categories to mineral groups, after that deletes three zeros from the Iraqi dinar", stating that "operation switch would reform the system of currency management and ease of use."

Saleh said "three categories include 200 dinars equal to 200,000 dinars and 100 dinars equal to 100,000 dinars and 50 dinars equal to 50,000 dinars, in addition to coin the dinars dinar and service as well as half and quarter dinars and 100 Fils and Dirham".

He drew interest to delete three zeros from the Iraqi dinar would shorten the number of banknotes from four billion paper that is equal to 30 trillion dinars in Iraqi markets to billion to 800 million paper only, "he said, adding that the" switch currency will not affect the per capita income or wealth or contractual obligations. "

And he said that "the Bank's Board of Directors ratified the decision to delete zeros after the finished coin designs carrying Iraqi heritage and history and civilizations, as well as discussed by financial and Economic Committee in the Council of Ministers", stating that "the Bank pending the consent of the Council to begin replacing the new currency and which must be with the new financial year and proposed by the World Bank with the beginning of 2013."

Saleh said that "the process of replacing the currency will take the full two years to prevent any imbalance in the process of handover," he said, adding that "banks will continue to receive the old currency for 10 years as not negotiable".

The Central Bank was accused (12 September 2011), Government of obstructing the monetary reform and vowed to prosecute, blaming those responsible for endangering the financial interests of the country.

And Advisor to the Prime Minister for Economic Affairs (25 August 2011), to raise the zeros on the biggest currency of corruption in Iraq if during this period, and fall under named messing, warning of "maviat" preparing for counterfeiting trillions of Iraqi dinars a replacement in the light of the changes ahead.

Iraqi Central Bank Governor Sinan Al-Shabibi independent bodies at a meeting with Prime Minister Nuri al-Maliki and held, (19 June 2011), its readiness to provide all supplies to replace the Iraqi currency.

Some economists believe that Iraq is not initialized at this time to delete the zeros of the Iraqi dinar, noting that the deletion needs to be a security and political stability as well as economic stability.


Thank you snowflake from Peoples Dinar for this article


Soryy I did not see deniscanada post in general news..I only checked CBI news before i posted.....I hope this link works...it works for me over on peoples dinar but not when I click on it here...

Bye the sea

Thanks for your efforts Gemini, no worries of the double post. I appreciate what you did.

Regards, bye the sea

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