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Two conditions for deleting zeros from the Iraqi currency
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07:19 – 20/06/2021
Baghdad - Mawazine News,
the financial advisor to the Prime Minister, Mazhar
Muhammad Salih, set, on Sunday, two conditions for deleting 3 zeros from the Iraqi currency, while stressing that the option to delete is
proposed as part of the strategies for reforming the currency and cash payments system in Iraq.
Saleh said, "The Central Bank of Iraq has
developed a project to delete three zeros from the Iraqi currency in order to reform the cash payments system, which
has become burdened with the insomnia of the economic blockade that was imposed in the nineties of the last century, and put it into research
and study a long time ago, after reviewing about 54 international experiments." From the end of World
War II until the second decade of the twenty-first century, which took place in various countries of the world, the monetary payment systems were reformed and made to work with better efficiency
, the last of which was the Islamic Republic of Iran and before that, Turkey.
He added that "the phenomenon of increasing zeros in
the monetary unit or adding zeros to a single monetary unit usually comes due to the exposure of economies
to unbridled waves of inflation or continuous sharp rises for years in the price level due to wars,
sieges and conflicts, which lead to financing the deficit of government budgets through cash issuance." .
And because the price means the value of goods
and services expressed in cash, the continuous rise in prices without stopping leads to the erosion of the value
of the monetary unit, which requires the issuance of larger monetary categories due to the lack of value of the smaller monetary groups and the
disappearance of their ability to cover transactions and exchanges of high monetary value in the market.
He continued, “Accordingly, the
monetary value of things or tangible assets and others inflates , and when the inflation ends, the prices have increased.”
According to it, to three decimal places or more or less, according to the nature of each economy, countries resort to reducing the
artificial reproduction in numbers, especially the reproduction in the numbers of accounts books, budgets
and the various numbers of accounting tools, after two conditions are met.
He continued, "The first condition is price stability
and global economic growth, and the second is appropriate stability in political life, so the
importance of deleting zeros from the currency and slimming currency units as a necessary condition for reducing accounting numbers and
facilitating arithmetic handling and the cost of managing new large numbers and the absence of small numbers and
fractions, as it is noted that slimming currencies Cash comes because of its role in sustaining the calculation of
huge numbers of financial values, which are not absorbed
by ordinary computers due to the large number of decimal places and the emergence of many accounting errors, especially dealing in trillions.
which means that one number in front of it has 12 decimal places.”
Saleh believed that "the hyperinflation that
hit the Iraqi economy in the nineties of the last century added three numbers to the unit."
Iraqi cash (that is, one dinar became equal to a thousand dinars, and ten dinars became ten
thousand dinars, and so on for the rest of the categories), while the small categories disappeared from circulation completely, but
every 250 fils became equal to 250 dinars, and it was promised that it is the smallest monetary unit in circulation
today, which raised the cost of transactions The micro-segments that mostly affect the poor.”
He added, "In this way, monetary systems aspire
to remove the burden of historical inflation from the folds of the monetary unit by resorting to deleting three zeros,
from the old currency to equalize the new currency with lower numbers but with the same value, and let’s say on the
For example, one new dinar equals 1,000 old dinars without any change in value or
rights. The accounting books, statistics, numbers and computer systems are also modified with the value of the
new currency within an easy and easy reform strategy, and the countries believe that the slimming of the currency system facilitates the
circulation of accounting numbers and helps to issue smaller cash denominations for very small transactions
whose monetary values have been destroyed by historical inflation in our country such as the dirham and others.
He concluded by saying, "The project to delete zeros
in Iraq is still technically prepared by the Central Bank of Iraq, which is the official sectoral authority and the monetary authority concerned with this matter and in cooperation with
all three state agencies and authorities, but the project is postponed at the present time until
the appropriate conditions are achieved and remains part of the currency system reform strategies. and cash payments in
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[/size]
Baghdad - Mawazine News,
the financial advisor to the Prime Minister, Mazhar
Muhammad Salih, set, on Sunday, two conditions for deleting 3 zeros from the Iraqi currency, while stressing that the option to delete is
proposed as part of the strategies for reforming the currency and cash payments system in Iraq.
Saleh said, "The Central Bank of Iraq has
developed a project to delete three zeros from the Iraqi currency in order to reform the cash payments system, which
has become burdened with the insomnia of the economic blockade that was imposed in the nineties of the last century, and put it into research
and study a long time ago, after reviewing about 54 international experiments." From the end of World
War II until the second decade of the twenty-first century, which took place in various countries of the world, the monetary payment systems were reformed and made to work with better efficiency
, the last of which was the Islamic Republic of Iran and before that, Turkey.
He added that "the phenomenon of increasing zeros in
the monetary unit or adding zeros to a single monetary unit usually comes due to the exposure of economies
to unbridled waves of inflation or continuous sharp rises for years in the price level due to wars,
sieges and conflicts, which lead to financing the deficit of government budgets through cash issuance." .
And because the price means the value of goods
and services expressed in cash, the continuous rise in prices without stopping leads to the erosion of the value
of the monetary unit, which requires the issuance of larger monetary categories due to the lack of value of the smaller monetary groups and the
disappearance of their ability to cover transactions and exchanges of high monetary value in the market.
He continued, “Accordingly, the
monetary value of things or tangible assets and others inflates , and when the inflation ends, the prices have increased.”
According to it, to three decimal places or more or less, according to the nature of each economy, countries resort to reducing the
artificial reproduction in numbers, especially the reproduction in the numbers of accounts books, budgets
and the various numbers of accounting tools, after two conditions are met.
He continued, "The first condition is price stability
and global economic growth, and the second is appropriate stability in political life, so the
importance of deleting zeros from the currency and slimming currency units as a necessary condition for reducing accounting numbers and
facilitating arithmetic handling and the cost of managing new large numbers and the absence of small numbers and
fractions, as it is noted that slimming currencies Cash comes because of its role in sustaining the calculation of
huge numbers of financial values, which are not absorbed
by ordinary computers due to the large number of decimal places and the emergence of many accounting errors, especially dealing in trillions.
which means that one number in front of it has 12 decimal places.”
Saleh believed that "the hyperinflation that
hit the Iraqi economy in the nineties of the last century added three numbers to the unit."
Iraqi cash (that is, one dinar became equal to a thousand dinars, and ten dinars became ten
thousand dinars, and so on for the rest of the categories), while the small categories disappeared from circulation completely, but
every 250 fils became equal to 250 dinars, and it was promised that it is the smallest monetary unit in circulation
today, which raised the cost of transactions The micro-segments that mostly affect the poor.”
He added, "In this way, monetary systems aspire
to remove the burden of historical inflation from the folds of the monetary unit by resorting to deleting three zeros,
from the old currency to equalize the new currency with lower numbers but with the same value, and let’s say on the
For example, one new dinar equals 1,000 old dinars without any change in value or
rights. The accounting books, statistics, numbers and computer systems are also modified with the value of the
new currency within an easy and easy reform strategy, and the countries believe that the slimming of the currency system facilitates the
circulation of accounting numbers and helps to issue smaller cash denominations for very small transactions
whose monetary values have been destroyed by historical inflation in our country such as the dirham and others.
He concluded by saying, "The project to delete zeros
in Iraq is still technically prepared by the Central Bank of Iraq, which is the official sectoral authority and the monetary authority concerned with this matter and in cooperation with
all three state agencies and authorities, but the project is postponed at the present time until
the appropriate conditions are achieved and remains part of the currency system reform strategies. and cash payments in
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