Economic Committee Member expects zeros to drop from currency by early 2015

Posted by on Dec 23, 2013 | Leave a Comment

Member of the Committee expected the economy and investment representative Aziz Sharif al-mayahi project raise zeros from the local currency early 2015.

The Central Bank of Iraq more than two years studying the issue of lifting the zeros of the Iraqi currency but until now did not take firm decision on this matter.

Mayahi said each agency Iraq IGN today that “raise zeros from the local currency has no negative impact on the economic situation in the country, adding that” not to raise zeros is a preoccupation of the political blocs to preparations for elections to the House of representatives. “

“The project raise zeros from the currency will be by early 2015.

The Cabinet decided in its meeting held on 10 April to wait at apply the deletion of zeros from the local currency to further notice.

The Iraqi Central Bank, the Bank adviser said the appearance of Mohammed Saleh, confirmed to IGN need Iraq to an administrative reform of the currency, and that the deletion of zeros is a part of the country’s administrative reform process, in order to reduce the cost of cash transactions in the economic process, in addition to the need to provide money to small categories used in the trading of small transactions daily.

The officials at the Central Bank, in addition to some politicians and economists urged the Government to delete the zeros from the currency and issued new currency with large cash categories, in addition to having small coins.

And observers say that the Government intended to delete zeros from the currency as a step towards improving the purchasing power of the Iraqi dinar, but economists underestimated the importance of this step, saying that the cost of raising the zeros will be greater than the benefit of raising zeros.

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