On: Saturday 03/10/2012 8:22
Baghdad / term follow-up
Formed the Economic Committee in the House of Representatives with the Central Bank of Iraq to a joint committee to begin the process of deletion of zeros from the local currency. Said MP Abdul-Hussein Abtan told the Kurdish news agency (Rn) that the Economic Commission formed a joint committee with the Central Bank of Iraq yesterday (Thursday) to oversee the process of deleting the zeros of the local currency
Which is scheduled to begin in September next. "He added that" the Commission will provide the technical requirements and legal, administrative and paint the nature of the Iraqi market and its relevance to the deletion of the currency during the stage preceding the start delete currency as well as increase public awareness about the details of the process of removing zeros from the currency. "
He pointed out that the central bank, "promised" that he could make a change of currency and delete zeros in order to "reduce inflation" in the country.
And the parliamentary economic committee said it had agreed with the Central Bank of Iraq to begin a process of change in the local currency of next September.
The central bank announced it was considering the requirements of the project need to delete the zeros of the local currency to enact a law governing the implementation of the project Auadmh, indicating he was looking this file with the cabinet because he is a national project to support the Iraqi economy.
The government says the process of removing zeros from the local currency will increase the phenomenon of money laundering and is working to convince the central bank need to stop work on the project.
The Central Bank of Iraq four branches in Basra and Sulaymaniyah, Erbil and Mosul, where established bank independent Iraqi under the law of the Central Bank of Iraq issued on the sixth of March / March 2004, which is responsible for maintaining price stability and the implementation of monetary policy, including exchange rate policies and the management of foreign reserves and the issuance of and currency management, as well as the organization of the banking sector.
In the meantime, Deputy Governor of the Central Bank of the appearance of Mohammed Saleh the need to develop plans to solve the housing crisis in Iraq, as it gives an indication of serious inflation in the coming period.
Saleh said (of the Agency news): The occurrence of inflation in the country comes through the high real estate prices to very high levels, leading to increased prices of food and industrial goods in the domestic market, and this is what makes inflation index rises gradually.
He added the federal government to set priorities in solving the housing crisis as it gives an indication of a serious high rates of inflation during the coming period and may lead to economic problems in spite of control by the central bank.
He pointed out that inflation is happening now in the domestic market does not raise concerns and called "inflation in transition," he comes from the outside when you import the materials and goods to the Iraqi market, warning of rising inflation from the current level. And the benefit of the central bank will take the necessary measures to preserve the value of the dinar Iraq in the event of high inflation index to its highest level of control on the prices of materials in the local markets.
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