Fears delete the zeros of the Iraqi currency

2/23/2013 4:03:00 PM

Agreed
politicians and economists Iraqis that the process of deleting three
zeros from the Iraqi currency current risk because of conditions of the
country and the lack of security and stability and the spread of
corruption, where Iraq is seeking to reform the system of currency
management and ease of use and reducing the number of banknotes of four
billion to one billion and 800 million paper, from by deleting three
zeros and the issuance of a coin .
The decision of the Finance Committee in the House of
Representatives MP Ahmed electrodes of the island that Multi deletion
of zeros from the local currency is still under study within the
economic issues, not pending until now because of crises many
experienced by the country, as well as problems that accompany the
adoption of the financial budget for the current year

He pointed out that this process is not possible at the present time because it will lead to a problem in the Iraqi economy .

The electrodes that the Finance Committee inquired
from the Iraqi Central Bank on its preparations to change the currency
without getting fraud where, and expressed its readiness to this
process, but the problems that have occurred in the country in addition
to the crisis the central bank, which led to changes in leadership,
stopped this process .
He pointed out that Iraq can not
be doing the process now, and added, "We need to stabilize the general
situation of the country, in order to prevent any attempt to exploit
this procedure by corrupt ".
For its part, the MP said the Finance Committee
Najiba Najib of the island that this project was in the time of former
central bank governor Sinan al-Shabibi, has been studied by the
parliament well, resulting in the latter to address the Council of
Ministers to support this project, and there was a negotiation and
dialogue with A number of international companies on the deletion of
zeros, indicating that this process is a good step and help to support
the country's monetary policy .
She added that this issue has no echoes currently in
parliamentary community and senior in Iraq because of the dismissal
former central bank governor and refer the matter to the Integrity
Commission, explained that the project will succeed if given the
government and the House of Representatives and all institutions
supported because it will prevent fraud and removes fear if the
procedures sound .
She explained that Iraq needs to restructure its
currency, as there is no class more than 25 thousand dinars, as well as
coins, which confirms that the current currency does not fit with the
Iraqi state revenues, which have significant financial budgets

.

.
Najiba confirmed that there is a lack for money on
the market, and that change would have a currency with economic
feasibility to take all legal precautions and necessary legislative and
government, while making the timeframe up to one year to change the
citizens their money, in addition to the increase in bank branches .
He says economic expert pilot Hashemi The process of
removing zeros is a necessary step and task comes within the country's
need to process administrative reform of the currency contributes to
reduce transaction costs and trading cash in the economic process, and
reduce the size of the money supply in the country and help facilitate
the calculations and reduce the inflating numbers, if applied correctly
and appropriate Baltoukitat .

He also added in his speech to
the island revealed that the issuance of the small groups will
facilitate pricing policy accounts, but the replacement will not affect
the currency to tackle inflation significantly .
He cited countries that have applied this process
such as Sudan, which delete zeros from its currency in 2007, and Turkey,
which deleted six zeros from its currency in 2005, and omitted Zimbabwe
in Africa ten zeros from its currency in 2008, and Bolivia deleted
three zeros from its currency in 2008, and deleted all from Romania Iran
and three zeros from its currency in 2005 and 2011, but did not improve
the value of the currency in these countries significantly and
inflation index remained conservative on the rise .
He pointed to two important matters in the
application process of removing zeros are: first choice timely which the
Iraqi economy in a state of stability, and the second is to create the
economic environment is considered to apply the deletion process, and
this needs to be procedures and financial decisions and banking taken
financial authority in the country .
Hashimi concluded his speech by
saying that the implementation of the resolution at this time is
appropriate and is considered a significant risk to the unstable
security situation and the country's economic
[You must be registered and logged in to see this link.]

Ok... ;)

Bing translator:

Concerns of delete zeros Iraqi currency
Date: 23/2/2013-time: 7: 03 pm

Politicians and economists agreed that the Iraqi process delete three zeros from the current Iraqi currency risk because the conditions of the country, instability, insecurity and corruption, as Iraq seeks to reform the currency management system and to facilitate their use and to reduce the number of banknotes from four billion to one billion and 800 million, by deleting three zeros and a coin.
He said the decision of the Finance Committee in the lower House MP Ahmad Al-Jazeera got to the topic of deleting zeros from the local currency remains under study within the economic topics, outstanding because of the many crises facing the country, adding to the problems that accompany the adoption of the budget for the current year
He noted that this process is not possible at present because it will lead to the problem of the Iraqi economy.
The tracks that the Finance Committee asked the Central Bank of Iraq on its preparations to change currency without fraud, and offered to this process, but the problems that have occurred in the country in addition to Central Bank crisis that led to the changes in its leadership, the process.
He noted that Iraq could not undertake this process now, "we need stability in the General conditions of the country, in order to prevent any attempt to use this procedure by corrupt".
For its part, said the Deputy of the Finance Committee, Najib Al-Jazeera's smart, this project was in the former Central Bank Governor Sinan Al-Shabibi, has been examined by Parliament well, leading the latter to address the Council of Ministers to support this project, there is negotiation and dialogue with a number of international companies regarding the
1 of 2
ﻭﻛﺎﻟﺔ ﺍﻟﺒﻮﺻﻠﺔ ﻟﻸﻧﺒﺎء - ﻣﺮﺷﺪﻙ ﺇﻟﻰ ﺍﻟﺤﻘﻴﻘﺔ
deletion of zeros, indicating that this is a good step and help support the country's monetary policy.
She added that this subject has echoes now in parliamentary circles and in Iraq due to the sacking of former Central Bank Governor and referral to the integrity Commission, explaining that the project will succeed if the Government and Parliament and all institutions to support that will prevent fraud and removes fear if sound measures.
She explained that Iraq needed to restructure its currency, since there is no category of more than 25 thousand dinars as well as metal money, confirming that the current currency is not consistent with Iraqi State revenues that have substantial financial budgets.
Najiba confirmed that there is a lack of money in the markets, and that the currency would feasible while taking all legal, legislative and precautions necessary State, with a ceiling of up to one year to change their citizens, as well as increasing bank branches.
Economist Raed al-Hashimi that the deletion of zeros is a necessary step and an important part of the country's administrative reform process to reduce transaction costs and cash transactions in the economic process, and reduce the size of the money supply in the country and help facilitate calculations and reduce the inflated numbers, if applied correctly and in a timely manner.
Al-Hashimi said on Al-Jazeera that the modern version of the small groups will facilitate accounts pricing policy, Exchange will not affect inflation significantly.
He cited the countries that have applied this process such as Sudan which deleted two zeros from its currency in 2007, and Turkey which has deleted six zeros from its currency in 2005, and Zimbabwe in Africa 10 zeros from its currency in 2008, Bolivia has deleted three zeros from its currency in 2008, and has deleted all of Romania and Iran three zeros from its currency in 2005 and 2011, but did not improve the value of the currency in these countries significantly and where inflation indicator remained on the rise.
He noted two important application process delete zeros: first choose the appropriate time that the Iraqi economy is in a State of stability, the second is the economic environment thoughtfully to the deletion process, and this needs to actions and decisions taken by financial and banking financial authority in the country.
Modern Hashmi seal that the implementation of the resolution at this time is inappropriate and is considered too risky for the unstable security situation in the country
) Al-Jazeera (

[You must be registered and logged in to see this link.]