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Central Bank denies the exchange rate affected by deleting the zeros

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Central Bank denies the exchange rate affected by deleting the zeros

Date: Mon 06/27/2011 4:43

Follow-up / long
A Deputy Governor of Central Bank of Iraq, Ahmed Ibrihi that "the deletion of zeros from the Iraqi currency has nothing to do at the exchange rate and prices." Ibrihi said in a statement to the Agency all of Iraq on Sunday, said: "Some people imagine that the state wants to influence prices

Or exchange rate (a reduction or waiver) by the deletion of zeros and this is not true. "He added that" the deletion of zeros nothing to do with price and exchange rate and that the addition of larger groups of the currency does not require the deletion of zeros. "
He continued that "it is not expected to convene Officer in the state to promote a false consciousness about economic life and promote the illusions of the common disorder. "
It should be noted that the "plan of deleting three zeros from the Iraqi currency is one of the proposed projects. And confirms the economists that this project will facilitate cash transactions; because the handling of cash in Iraq is complex; due to the variation in currency exchange between the Iraqi dinar and the U.S. dollar, which could reach the cash transactions to the trillions it requires complex calculations to see the results of those transactions in the profit and loss, and others. "
The central bank Iraq has decided to restructure the local currency in order to develop the payment system in the country, and start execution of the strategic long-term, specialized to the restructuring of the local currency for the development of the payments system in Iraq.
The "International Monetary Fund calls Iraq a number of economic measures including the privatization of banks and raise the zeros three of the local currency and to meet debt and compensation is the responsibility of Iraq, if Iraq's desire to receive support the International Fund.
In the meantime, he saw an expert industrial Abdul Hassan Shammari that the deletion of zeros from the Iraqi currency is an achievement will go down to the Central Bank in the event was implemented, as announced Bank is ready to delete the zeros from the currency, and added that the step is one of the functions of strategic him.
Al-Shammari said the Agency news on Sunday: the restructuring of the currency will not affect the Industry and Trade of Iraq, but it is a good step from the central bank, which will add an achievement should the state have been implemented because they will ease a lot of effort to balance and commercial stores.
He Shammari: This topic is very important and was supposed to be implemented some time ago, indicating that we are not the only country that has raised the zeros, Turkey deleted six zeroes from the currency and has become a LL one.
The central bank announced in Earlier, his willingness to delete the zeros of the Iraqi currency, as he emphasized that this step is one of the jobs strategy of the bank, and pointed out that the new currency will contain the Kurdish language in addition to Arabic.
The adviser said the Iraqi Central Bank Governor appearance of Mohammed Saleh told Alsumaria News The "zeros that 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 paper money, "noting that" the Bank prepared the supplies all of the deletion of zeros from the currency. "
Saleh added that "the process is one of the jobs strategy of the Bank Central Iraq, "noting that" the Bank's monetary policy is based on the structure and reduce the volume of currency in a country moving to the stage of the economy. "
Salih stressed that "the project to delete the zeros have been completed and will be presented to the management of the Central Bank of Iraq during its next meeting, and then raise before the Council of Ministers to be presented to the House of Representatives for a vote, "pointing out that" the mechanisms of switching and changing the currency would be gradual preceded by campaigns to educate the citizens. "
Saleh continued that "the new currency that will be printed after the deletion of zeros will contain the Kurdish language in addition to Arabic, as well as for some pictures that refer to the heritage and cultures of Iraq and symbols of scientists and thinkers the Iraqis. "
The Iraqi Central Bank Governor Sinan Shabibi said at a meeting of independent bodies with Prime Minister Nuri al-Maliki, who held on 19 June current, ready to create all the supplies to replace the Iraqi currency.
in turn, said member the Finance Committee in the House of Representatives of Iraq, that the committee did not address so far to the question of changing the Iraqi currency.
and said Najiba Najib told the Kurdish news agency that he "had not been talking so far in the Finance Committee representative on the issue of changing the Iraqi currency, having met some time ago the Governor of Central Bank of Iraq and Minister of Finance, has not had discussions in this regard so far. "
She Najiba "The Iraqi dinar exchange rate compared with the U.S. dollar is stable at the present time, the central bank could maintain the stability of the Iraqi dinar exchange rate against the dollar."
"The change currency will not cause a rise in the value Aldenarabraghi, and there are a number of accounting measures should be taken by the central bank, in order to stabilize the dinar exchange rate, including the buying and selling bonds, and dealing with international banks in various countries. "
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