Finance Committee Member: Iraq’s procedure to drop zeros from currency will start this year

Posted by on Oct 27, 2013 | Leave a Comment

Iraq: the start of procedures to delete 3 zeros from Alamlha the
July 27, 2013

BAGHDAD, Iraq – said the Finance Committee representative in Iraq, said the central bank, according to the communications of the official start of this year procedures deleting three zeros from the local currency, saying that it would lead to the development of cash transactions and international economic, in a new development at the level of currency Iraq, which has suffered large waves of inflation and the decline in exchange rates.

It quoted “IMN” official member of the Finance Committee, Abdul Hussein al-Yasiri, saying that he is supposed to begin preparations necessary to delete the three zeroes from the local currency, adding that the local currency “will reduce from four billion units to one billion units, which will make a smooth flow in the process of transfer of the currency. “

Yasiri between the Finance Committee “to make changes to support the local currency because of the economic importance of the country.” The central bank says that the deletion of zeros is part of a plan to develop its monetary policy and currency management reform.

The CBI had said last August that he plans to delete the zeros from the Iraqi dinar to facilitate financial transactions carried out through cash in most cases.

Among the difficulties faced by Iraq if they wanted to embark on the deletion of zeros from the dinar is pulling about 30 trillion dinars in circulation in the Iraqi market now, then get rid of them and replace them with a new currency.

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Baghdad, Iraq –Iraq’s parliamentary Finance Committee that the Central Bank, according to official correspondence,will start this year with three zeros deleted from the local currency, saying it will lead to the development of international economic and monetary transactions, in a new twist in the Iraqi currency, which suffered waves of inflation and exchange rates.

“The Iraqi media network,” the official, a member of the Finance Committee, Abdul Hussein Al-yasiri, said that he would begin preparations for the deletion of three zeros from the local currency, adding that the local currency “will cut 4 billion to billion, which will make a smooth transfer currency”.

Yaseri that the Finance Committee “supports the changes to the local currency because of the economic importance to the country.” the Central Bank said that the deletion of zeros is part of a plan to develop monetary policy and currency management reform.

The CBI had said in August that it planned to delete the zeros of the Iraqi dinar to facilitate financial transactions made through criticism most often.

Among the difficulties facing Iraq if he wanted to delete the zeros of the dinar is pulling about 30 trillion dinars circulating in the Iraqi market is then discarded and replaced with a new currency.

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