Central Bank begins procedures deletion of zeros from currency
The time on Sunday, April 14 / April 2013 06:46 | Print | E-mail

Baghdad / Orr News

The parliamentary Finance Committee said that the central bank According to the official correspondences begin this year procedures deleting three zeros from the local currency, stressing that it would lead to the development of cash transactions and international economic.

A member of the Finance Committee Abdul-Hussein al-Yasiri it, "according to official Almkhtabat with the central bank, it is supposed to start this year necessary Balastaadadt to delete three zeros from the local currency." He pointed out that "the local currency will reduce from four billion units to one billion units which will make there Anciabh in the process of transfer of the currency." And Yasiri that "the Finance Committee supports to make changes to the local currency because of the economic importance of the country."

The central bank says that the deletion of zeros were part of a plan to develop its monetary policy and currency management reform. He was a member of the Finance Committee parliamentary Haitham al-Jubouri, had said in an earlier statement to him that "the currency exchange and delete Ocefarha will features the best and the biggest decrease of the volume of inflation and revive the dinar due to lack of demand for the dollar, which comes positive aspects significant for the country's economy, and replace it will revive the country's economy but needs to political and economic atmosphere appropriate to carry out the project without facing any obstacles lead to the deterioration of Iraqi currency. "

The CBI had said in August that it plans to delete the zeros from the Iraqi dinar to facilitate financial transactions made ​​through cash in most cases. Among the difficulties faced by Iraq if they are to foot the deletion of zeros from the dinar is the withdrawal of about 30 trillion dinars in circulation in the Iraqi market, then discarded and replaced with a new currency. And ruled out by the Ministry of Finance earlier deletion of zeros from the local currency in 2013 because the current budget calculated in the currency.