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Iraq plans to delete the three zeroes from the currency
Source: BAGHDAD (Reuters) Date: August 7, 2011
Deputy Governor of the Central Bank of Iraq the appearance of Qasim, yesterday, said that Iraq intends to amend the categories of its currency (the dinar), by deleting three zeros, in order to facilitate financial transactions.
He said he expects to use the categories of the new currency in the market in three years, and not to affect inflation, pointing out that the goal is to facilitate the payment system.
Qassem added that the planning and preparation stage has been completed, and that the proposal will be submitted to the government next month, and that it will use the coins for the first time, and it will require the approval of Parliament as well.
The Central Bank of Iraq began last year, to discuss amending the categories of the dinar, which has the highest category of 25 thousand dinars, worth about $ 21.
It is noteworthy that a large part of the payments being in cash in Iraq, because of the evolution of the banking system, which is complained of by investors, adding that Iraq's economy, which is still subject to a high degree of central planning, is suffering the administrative and procedural complexities.
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Source: BAGHDAD (Reuters) Date: August 7, 2011
Deputy Governor of the Central Bank of Iraq the appearance of Qasim, yesterday, said that Iraq intends to amend the categories of its currency (the dinar), by deleting three zeros, in order to facilitate financial transactions.
He said he expects to use the categories of the new currency in the market in three years, and not to affect inflation, pointing out that the goal is to facilitate the payment system.
Qassem added that the planning and preparation stage has been completed, and that the proposal will be submitted to the government next month, and that it will use the coins for the first time, and it will require the approval of Parliament as well.
The Central Bank of Iraq began last year, to discuss amending the categories of the dinar, which has the highest category of 25 thousand dinars, worth about $ 21.
It is noteworthy that a large part of the payments being in cash in Iraq, because of the evolution of the banking system, which is complained of by investors, adding that Iraq's economy, which is still subject to a high degree of central planning, is suffering the administrative and procedural complexities.
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