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After endorsement of the decision to delete the zeros .. Central set two years to replace the currency
01/14/2012 14:19
Portal Iraq, "the follow-up economics editor
After the Board of Directors approved a resolution to delete the zeros after the completion of the new currency designs, the central bank announced Saturday that the process of replacing the currency will take two years.
The deputy governor of the Central Bank of the appearance of Mohammed Saleh, "said the bank's board had approved the decision to delete the zeros after the completion of designs currency bearing the legacy of Iraq and its history and the process of replacing the currency will take two years.
It quoted "Alsumaria News" for the benefit, that "the bank will present three categories significantly after deleting three zeros from the dinar in addition to mineral groups," noting that "the process of switching would reform the system of currency management and ease of use."
Saleh added that "the three categories consist of 200 dinars, which is equal to 200 thousand dinars at the present time and a 100 dinars, which is equal to 100 thousand dinars, and the category of 50 dinars, which is equal to 50 thousand dinars, in addition to the coin of the category of the dinar and Dinarin as well as half and quarter dinars and 100 fils and dirham ".
He pointed out that "the deletion of three zeros from the Iraqi dinar would shorten the number of banknotes of four billion and paper, which is equal to 30 trillion dinars exist in the Iraqi market to one billion and 800 million paper only," asserting that "the currency exchange will not affect the per capita income or wealth or its contractual obligations. "
Saleh pointed out that "the Board of Directors has approved the decision to delete the zeros after the completion of designs currency bearing the legacy of Iraq and its history and civilizations, as well as for discussion by the Financial and Economic Committee of the Council of Ministers," noting that "the Bank pending the Board's approval to begin the replacement of the new currency and which must be with the new financial year and proposed by the Bank with the beginning of the year 2013. "
Salih stressed that "the process of replacing the currency will take two years to prevent any disruption in the process of delivery and receipt," explaining that "the banks will continue to receive the old currency for ten years as rights and not negotiable."
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01/14/2012 14:19
Portal Iraq, "the follow-up economics editor
After the Board of Directors approved a resolution to delete the zeros after the completion of the new currency designs, the central bank announced Saturday that the process of replacing the currency will take two years.
The deputy governor of the Central Bank of the appearance of Mohammed Saleh, "said the bank's board had approved the decision to delete the zeros after the completion of designs currency bearing the legacy of Iraq and its history and the process of replacing the currency will take two years.
It quoted "Alsumaria News" for the benefit, that "the bank will present three categories significantly after deleting three zeros from the dinar in addition to mineral groups," noting that "the process of switching would reform the system of currency management and ease of use."
Saleh added that "the three categories consist of 200 dinars, which is equal to 200 thousand dinars at the present time and a 100 dinars, which is equal to 100 thousand dinars, and the category of 50 dinars, which is equal to 50 thousand dinars, in addition to the coin of the category of the dinar and Dinarin as well as half and quarter dinars and 100 fils and dirham ".
He pointed out that "the deletion of three zeros from the Iraqi dinar would shorten the number of banknotes of four billion and paper, which is equal to 30 trillion dinars exist in the Iraqi market to one billion and 800 million paper only," asserting that "the currency exchange will not affect the per capita income or wealth or its contractual obligations. "
Saleh pointed out that "the Board of Directors has approved the decision to delete the zeros after the completion of designs currency bearing the legacy of Iraq and its history and civilizations, as well as for discussion by the Financial and Economic Committee of the Council of Ministers," noting that "the Bank pending the Board's approval to begin the replacement of the new currency and which must be with the new financial year and proposed by the Bank with the beginning of the year 2013. "
Salih stressed that "the process of replacing the currency will take two years to prevent any disruption in the process of delivery and receipt," explaining that "the banks will continue to receive the old currency for ten years as rights and not negotiable."
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