Dropping The Three Zeros
|May 28, 2012||Filled under All Dinar Trade Articles|
From time to time ask the Central Bank of the idea of lifting the three zeroes from the Iraqi currency, announced that he almost completed the finalization of the drafting of the law to regulate the lift in order to send it to the prime minister and then to the House of Representatives to decide whether there is a need to raise the zeros of the three Iraqi currency.
And the latest news in this regard, the Central Bank of Iraq reiterated the need to delete the zeros and the issuance of a new currency, and in three languages: Arabic, Kurdish and English, said the deputy governor of the Central Bank of the installation of the current currency which the defect is that the largest category of the Iraqi currency is now equal to (21) dollars , and therefore resort traders and senior securities dealers U.S. monetary to the category of percent dollar in particular, has given an example of this is that the category of (10) dollars do not deal with, and added the Deputy Governor that this issue if it continues this way with the development of the economy and its growth, there will be obstacles, and thus must be restructured currency and delete zeros at the same time, and added that there is a need for small denominations of currency represented by coin for transactions of small and large groups to meet the cash transactions large, this was considered the project a strategic project aimed at reducing inflation experienced by the Iraqi market.
Also supported the Ministry of Finance implemented the idea and the fact that the deletion process will liberate the Iraqi economy from the constraints and enhance the value of the dinar in the Fund, the World Bank.
On the other hand different and opposed to the idea of lifting the three zeroes from the Iraqi currency, announced Adviser to the Prime Minister for Economic Affairs to stop action to change the currency and delete zeros of them, and this signal by the government not to accept the principle of the deletion of zeros, where will be established (mafias currency is preparing to rig the Trallonat dinars untapped change currency ), with evidence that the Iraqi Central Bank approved the project owner that there are mafias predicted the emergence of counterfeit currency, which called on the government to take action to protect the Iraqi currency of specialized mafias may Btzaifaa to block the re-structuring of the currency.
The government has denied making any change to the local currency this year in order to reduce inflation, this is the last statement of Prime Minister Nuri al-Maliki on raising the zeros said: we need to study the strategy and plans to implement this project and it is not correct to apply in a short period so as not to happens to the money laundering of some bad apples.
We believe that raising project three zeros from the Iraqi currency is not working and not raise the value of Iraqi dinar, and when applied will add another problem, a multi-dimensional to the many problems experienced by the Iraqi economy is deteriorating, and this problem is the confusion and confuse the market in buying and selling and debt among the citizens, as well as confusion mental state that will haunt the Iraqi citizens as a result of the emergence of a new phenomenon requires the intellectual and psychological stress of the back and accept it. On the other hand, requires the project and before applying SEC small denominations of currency are parts of the dinar, which will be worth a penny, knowing that the minting these coins small will cost the state large sums of money, and that the project does not enhance the value of Iraqi dinar ((says the Ministry of Finance)) where it will remain value as ((If you put equal amounts of the other equal results are equal)).
In a statement different from the CBI that the process of raising three zeros from the local currency is a complex process and needs to study the economic thorough, explained adviser to the CBI as well: we have to deal with this issue cautiously and carefully because it may cause economic problems in the event of rush or do anything else confuses the economic situation in Iraq.
We do our part – to guard and to pay the occurrence of such problems – see the best and most effective of presenting the project to the Iraqi public with a call to specialists in economics to indicate their opinion and familiarity with it before sending it to the prime minister and parliament.
And promises to start see the futility of the project as we believe it does not lead to raise the value of Iraqi dinar,, we aspire to embrace the Iraqi Central Bank and economists project that aims to raise the value of Iraqi dinar to its previous value and return equal to (3.33) U.S. $ through a package of procedures and bold decisions the first to review the process import wrong and reducing them to a certain extent necessities, as the import open the floodgates draining surplus of hard currency and deposited with the Central Bank of Iraq in support of the Iraqi currency, and not put up for sale by public auction for those wishing to by the Iraqi traders to cover Astiradathm of goods, as well as the review in order to reduce public spending to the state and its departments in terms of import furniture is expensive, which can be obtained from the local market, which encourages and supports the sector of local industry and provide jobs for the unemployed, also support the development of the agriculture sector by helping farmers with seeds and agricultural machinery to increase the production of agricultural crops.
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