The Decision to Delete the Zeros Is the Central Bank of Iraq’s to Make
|September 21, 2014||Filled under Iraqi Dinar|
Iraqi Dinar News –
Counting Economists, on Saturday, the deletion of zeros from the Iraqi dinar currency trend “sensitive and dangerous” in light of the situation, which passes through the country, while others stressed that the process is left to the decision of the CBI for being concerned only in the monetary policy of the country, he stressed deputies in the Parliament on the need to The process of deletion of zeros according to the techniques and procedures intact.
He said the former deputy governor of the Iraqi Central Bank Mazhar Mohammad Saleh in an interview to the (long-Presse),
“The time is not ripe for the implementation of the policy of the central bank with regard to the deletion of zeros from the local currency, because this process needs for political and security stability, and Iraq today are exposed to terrorize large and fierce war, “noting that” the process of monetary reform of this magnitude take place in conditions of peace and economic growth, great.
Saleh added that “this issue is sensitive and dangerous and should be avoided, and can be applied at least in the medium term through the next two years.
For his part, Undersecretary of the Ministry of Planning Mahdi Keywords in an interview to the (long-Presse), that “this issue is linked to the expertise and advice that enjoyed by the CBI when it decides to delete the zeros.”
He explained: “It perhaps this trend is not a priority for the central bank during this period,” attributing it to “the lack of significant effects for the deletion of zeros on the overall economic activity now.”
He pointed out that the relationship “This measure is a phenomena that must pay attention to it Petrhik display the currency.”
For his part, President of the Association of Iraqi banks Adnan Chalabi said in an interview to the (long-Presse), “The process of deleting the zeros belonging to the Central Bank of Iraq alone,” noting that “this process needs to techniques and technical aspects, we can not interfere with the central bank is alone on this It’s because it is monetary policy.”
In turn predicted MP Ali Fayad said in an interview to the (long-Presse), that “the times ahead may provide a base for building a new economy by changing the currency and delete the zeros of some of them.”
Fayad confirmed that “This measure will give durability and strongly hopeful Iraqi currency,” stressing the need to “subject to mechanisms and relevant experts in the field of banking and monetary aspects of the economy, and must be accurate so as not to affect the local economy.”
For his part, former MP Abdul Xiaa Sudanese in an interview with the (long-Presse), said that “it is very important that the current government to delete the zeros from the currency,” noting that “the previous government was not able to perform this operation, although it reached its final stages, but fell After that deteriorated the Iraqi currency in 2012. “
He pointed out that the Sudanese “the deletion of zeros from the currency needs to stabilize the currency and this is currently available in Iraq.”
The Finance Committee of the House of Representatives unveiled in the former, (August 15, 2013), the postponement of the process of deletion of zeros from the currency until after the next parliamentary elections, while confirming that the government has demanded guarantees for the non-return of the currency markets and substituted falsified.
The CBI emphasized, in the (April 25, 2013), that there is no intention at this time to restructure the currency and deleting three zeros of them, denying the reports in this regard.
Referred to the General Secretariat of the Council of Ministers announced (April 12, 2012), wait for the application process to delete the zeros from the national currency, which had to stop all actions relating to the operation mentioned until further notice.
It is noteworthy that some economists believe that Iraq is not formatted for the time being to delete the zeros from the Iraqi dinar, pointing out that the deletion needs to stabilize the security and political as well as economic stability.
The CBI emphasized, (in the July 3, 2013) that Iraq is “in control of his money and treasury of gold” in global banks, one of the acting out, denying “the existence of frozen funds outside the control of the Iraqi administration,” While revealed that the Bank reserves amounted to (76) billion dollars in the month of May last year, counting out of Chapter VII that “Iraq will allow for more freedom to act to attract foreign investment.”
The International Monetary Fund, announced, in the (March 23, 2013), that the financial balances preventive in the Development Fund for Iraq rose in 2012 to 18 billion dollars, and the cash reserves of the Central Bank of hard currency to 70 billion dollars, and pointed out that this increase came from the “revenue oil unexpected “, called on the Iraqi government to end the control of the state-owned banks on the banking sector, he stressed the need for the strengthening of Iraq’s public financial institutions to ensure efficiency and transparency in the use of oil revenues.
They expected the American Agency for International Development, in (December 3, 2012) that leads the Iraqi economy, the Arab countries during the five years, asserting that Iraq possessed all the qualifications to be a powerful country economically.
Iraq is trying for years to attract foreign capital to develop its economy in the fields of industry, especially those related to oil, housing, and oil and gas extraction, and to his need of the funds needed for infrastructure development and reconstruction, but observers contend that the lack of interest of the state to the private sector and the absence of investment laws which guarantees large investors and the absence of Other laws are still obstacles to the development of the economy in the form required.
Depends Iraq, which has the fourth largest oil reserves in the world at 95 percent of its annual budget on its oil exports and currently produces about 2.0009 million barrels a day, while the issue up to 2.0002 million barrels a day.
The UN Security Council votes, Thursday (the 27th of June 2013), a unanimous decision to remove Iraq from Chapter VII, after more than two decades of sanctions imposed in the wake of which the invasion of the former regime of Kuwait in the second of August, 1990.
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