Form a higher committee with the CBI to start deleting zeros from currency

08/03/2012

Baghdad, March 8 (Rn) - The Economic Committee in the Iraqi Council of Representatives, Thursday, they formed the Central Bank of Iraq with a joint committee to begin the process of deletion of zeros from the local currency.

Said Abdul Hussein Abtan told the Kurdish news agency (Rn) that "the Economic Commission formed a joint committee with the Central Bank of Iraq on Thursday to oversee the process of removing zeros from the local currency, which is scheduled to begin next September."

He added that "the Commission will provide technical and legal requirements, administrative and paint nature of the Iraqi market and suitability to delete 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 Iraqi Central Bank to begin the process of changing the local currency in September next.

The central bank announced it was considering the requirements of the project to delete cracked the zeros of the local currency to enact a law governing the implementation of the project or not, noting he is looking this file with the cabinet because he is a national project to support the Iraqi economy.

The Committee emphasized the parliamentary Finance, on Sunday, the central bank tarry in the provision of a bill to delete the zeros from the currency to the Committee for the purpose of his study, confirming the same time the law was passed that would give Iraq an opportunity to address economic inflation.
And inflation is excessive in the general level of prices and rising incomes as well as higher cash costs and create excessive cash balances.

The Iraqi government says that the process of deletion of 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.

And harmony of the Securities of the government's position to delete the zeros and says that adversely affect the financial trading in the stock market.

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.

The main Manmam Central Bank in managing monetary policy in the country and raise the level of the values ​​of the Iraqi dinar and tackle inflation.

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