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BatmaninIraq
05-08-2015, 09:33 AM
Expert (time): the issuance of new Class currency loses value

- May 5, 2015

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Eliminated the deletion of zeros in the foreseeable future

Expert (time): the issuance of new Class currency loses value

BAGHDAD Qusay Munther

Ruled out economic expert contrary goldsmith feet of the central bank on the process of deletion of zeros from the currency in the current circumstances described the implementation as office process only intended to reduce the accounts and warned that the introduction of a new category of currency to the loss of monetary value with the Economic Commission parliamentary revealed the bank's determination to issue a new currency category fifty thousand dinars.

He said the goldsmith's (time) yesterday that (deletion of zeros from the currency is the office process to reduce the accounts when reading the budgets to be as easy as the central bank does not have the ability at this time to delete Asfarbspb economic situation is stable and then, this procedure does not lead to increased activity Economic, because the cash value comes from the size of the country Activity in sectors that contribute to the support of exchange strength of cash), explaining that (the market activity in which large defect because of the low fiscal revenue of the country, especially oil imports and all this has led to severe financial shortages were evident on the overall performance of state institutions and therefore All of these precautionary measures on sectors anticipatory more than they are open) procedures. Adding (as you can not determine what will happen in the coming days as it can not afford any institution Aouktaa risk in government spending is not known).

He said (to delete the zeros at this time to Ajribt in reducing the exchange rate must be out of the Central Bank of the circuit that handles the due procedures of fulfillment taxes from traders, businessmen and requested them to provide their belongings as it is not the duty of the Bank taxes are met, but the duty of others, such as tax and Alcomerk) circuit.

He explained that (Liability is limited to the Bank's monetary policy and how to manage transactions in the event of a recession or inflation or recovery).

And on the Bank's intention to issue new class of currency, the jeweler said (the issuance of new high amounts of cash currency will lead to the expansion of the currency and then the monetary value of the loss, it is imperative that any actions aimed to revitalize sectors).

Adding that the (policy now is to deflationary policy also that this issue needs to process a balance in the exchange rate, can not be spending on the investment side because of a lack of imports and mismanagement of funds in the past period and the absence of productive sectors).

Sayegh concluded by saying that (there is a wrong action on the monetary policy level and if specialists and experts of the private sector did not put solutions to them will affect the country's economy, particularly that officials in government positions do not realize how important this issue and to any negative over the heading and its impact on government and popular) sides .

Furthermore, he confirmed member of the Committee of Economy and Investment Charter parliamentary Hamdi that (the central bank can not delete the zeros due to the unstable economic situation), revealing the bank's determination to address the imbalance sites and it will print a new financial category worth fifty thousand dinars.

Hamdi said in a statement yesterday that the (Commission Devt Governor of the Central Bank on the Keywords to discuss the issues concerning the provision of liquidity and increase demand for the dollar and the disparity in the exchange rate).

She explained that (Keywords stressed that the process of addressing these things will be printed as a new financial category worth fifty thousand dinars, while the postponed printing percent category thousand dinars to a later time).

She said (the bank can not delete the zeros because of the current situation and the unstable Iraqi economy), calling on the central bank to (increase revenue in order to provide liquidity and foreign currency, thus alleviating the burden on the citizen).

40plus
05-08-2015, 08:52 PM
Expert (time): the issuance of new Class currency loses value

- May 5, 2015

Print Friendly

Eliminated the deletion of zeros in the foreseeable future

Expert (time): the issuance of new Class currency loses value

BAGHDAD Qusay Munther

Ruled out economic expert contrary goldsmith feet of the central bank on the process of deletion of zeros from the currency in the current circumstances described the implementation as office process only intended to reduce the accounts and warned that the introduction of a new category of currency to the loss of monetary value with the Economic Commission parliamentary revealed the bank's determination to issue a new currency category fifty thousand dinars.

He said the goldsmith's (time) yesterday that (deletion of zeros from the currency is the office process to reduce the accounts when reading the budgets to be as easy as the central bank does not have the ability at this time to delete Asfarbspb economic situation is stable and then, this procedure does not lead to increased activity Economic, because the cash value comes from the size of the country Activity in sectors that contribute to the support of exchange strength of cash), explaining that (the market activity in which large defect because of the low fiscal revenue of the country, especially oil imports and all this has led to severe financial shortages were evident on the overall performance of state institutions and therefore All of these precautionary measures on sectors anticipatory more than they are open) procedures. Adding (as you can not determine what will happen in the coming days as it can not afford any institution Aouktaa risk in government spending is not known).

He said (to delete the zeros at this time to Ajribt in reducing the exchange rate must be out of the Central Bank of the circuit that handles the due procedures of fulfillment taxes from traders, businessmen and requested them to provide their belongings as it is not the duty of the Bank taxes are met, but the duty of others, such as tax and Alcomerk) circuit.

He explained that (Liability is limited to the Bank's monetary policy and how to manage transactions in the event of a recession or inflation or recovery).

And on the Bank's intention to issue new class of currency, the jeweler said (the issuance of new high amounts of cash currency will lead to the expansion of the currency and then the monetary value of the loss, it is imperative that any actions aimed to revitalize sectors).

Adding that the (policy now is to deflationary policy also that this issue needs to process a balance in the exchange rate, can not be spending on the investment side because of a lack of imports and mismanagement of funds in the past period and the absence of productive sectors).

Sayegh concluded by saying that (there is a wrong action on the monetary policy level and if specialists and experts of the private sector did not put solutions to them will affect the country's economy, particularly that officials in government positions do not realize how important this issue and to any negative over the heading and its impact on government and popular) sides .

Furthermore, he confirmed member of the Committee of Economy and Investment Charter parliamentary Hamdi that (the central bank can not delete the zeros due to the unstable economic situation), revealing the bank's determination to address the imbalance sites and it will print a new financial category worth fifty thousand dinars.

Hamdi said in a statement yesterday that the (Commission Devt Governor of the Central Bank on the Keywords to discuss the issues concerning the provision of liquidity and increase demand for the dollar and the disparity in the exchange rate).

She explained that (Keywords stressed that the process of addressing these things will be printed as a new financial category worth fifty thousand dinars, while the postponed printing percent category thousand dinars to a later time).

She said (the bank can not delete the zeros because of the current situation and the unstable Iraqi economy), calling on the central bank to (increase revenue in order to provide liquidity and foreign currency, thus alleviating the burden on the citizen).


So it sounds like the CBI cannot delete zeros due to economic instability (low oil revenues) yet issuing 50K note will further devalue the dinar, therefore calling on the CBI to increase revenues (not their job) via tariffs and investments to take the burden off the citizens having to build the economy...??

Dang, that's a catch 22...

Dollarsign, any comments on this?