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Iraqi Dinar on the way for development and change
Saturday, June 25, 2011 16:37
Iraqi Central Bank has decided to start implementing a strategic and long-term restructuring of specialized local currency for the development of the payments system in Iraq. Will raise the level of local currency and the currencies of developing new approaches to reach U.S. $ 100, which would address the economic gap in the financial payments system in the country.
The advisor said the Central Bank of the appearance of Mohammed Salih in an interview with Radio Free Iraq that the Bank is preparing to start applying the new strategy commensurate with the strength of the Iraqi currency and the positive developments that await the Iraqi economy in the stage, according to central bank data, Iraq is currently trading about 29 trillion Iraqi dinars through five trillion paper money, the monetary mass prescribed in favor of very considerable ability, indicating that the application of the strategy need to be approved by the government and parliament as it relates to a national very important.
Saleh added that the "zeros added to the Iraqi currency during the last period, formed a cluster of large cash $ 28 trillion and 500 billion Iraqi dinars, nearly five trillion banknote," noting that "the Bank has created all the supplies for the deletion of zeros from the currency, and explained that" the process is of the strategic functions of the Central Bank of Iraq, "adding that" monetary policy of the Bank based on the structure and reduce the size of the currency in a country moving to the stage of the economy.
He added that the benefit of "the new currency that will be printed after the deletion of zeros will contain the Kurdish language in addition to Arabic, as well as some pictures that refer to the heritage and civilization of Iraq and symbols of scientists and thinkers the Iraqis, and the Iraqi Central Bank Governor Sinan Shabibi said at a meeting of independent bodies with the head Minister Nuri al-Maliki, which took place in the 19 of June, and, ready to create all the supplies to replace the Iraqi currency.
Saleh indicated that the issuance of categories of new cash will not affect the value of cash held by the citizen, and that the purpose of the issuance of these classes is the advancement of the Iraqi economy, and required the International Monetary Fund in its support of Iraq, a series of monetary reforms, including lifting the zeros from the local currency and to meet debts owed by Iraq.
For its part, says Chairman of the Finance Committee in the House of Representatives last Alaa al-Sadoun that the current situation of the Iraqi currency and enjoys the stability of the set for a restructuring, but al-Sadoun, indicate that this measure alone is not enough to promote the Iraqi economy, but we must move the wheel of development in the national general, especially with regard to activating the role of the private sector. (Ahmed Nawar)
Iraqi Central Bank, currency, payment system
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