Finance Committee Member: CBI within rights to drop zeros, However, Legislation needed to regulate restructuring currency to protect consumer

Posted by on Oct 26, 2013 | Leave a Comment

Finance Committee Member: the process of switching the currency when you delete the three zeroes which do not need to legislate law
03-05-2013 07:26 AM

Baghdad (news) .. Said a member of the Finance Committee MP / coalition of Kurdish blocs / Najiba Najib, that the process of switching the national currency when you delete the three zeroes which does not need to enact the law by the House of Representatives, but the instructions issued by the central bank.

said Najib (of the Agency news): The Bank Act allowed the Central Bank of the validity of the currency exchange and restructuring, so the project to delete the three zeroes tubeless (senseless) for the enactment of the House of Representatives, but the controls serve as legislation to regulate the process of replacing the currency.

said: There is a problem may occur when the implementation of the project, which is the issue of indebtedness among citizens, indicating For example, when you borrow a person million dinars Upon implementation of the project will become a thousand dinars, in the case of recovery of debt would anger the citizen creditor, so that this issue needs to legislation, while the project is fully tubeless law.

has called for a number of deputies and economic experts to the need for the enactment of the regulates the process of replacing the currency when you delete the three zeroes, as well as the process of destroying old currency.

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