CBI begins proceedings against inflation

by **Rocky** Mon 15 Apr 2013, 3:48 pm

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CBI begins proceedings against inflation

by Rocky Mon 15 Apr 2013, 3:48 pm

CBI begins proceedings against inflation

BAGHDAD - Iraq
Said parliamentary Finance Committee 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, stressing that it would lead to the development of cash transactions and international economic, in a new development at the level of the Iraqi currency, which has suffered large waves of inflation and the decline exchange rates.

Quoted "IMN" official member of the Finance Committee, Abdul Hussein al-Yasiri, saying it was supposed to begin preparations for the deletion of three zeros from the local currency, adding that the local currency "cut of four billion units to one billion units, which will make a smooth in the process of the transfer of the currency. "

Yasiri between the Finance Committee "support to make changes to 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 in August that it plans to delete the zeros from the Iraqi dinar to facilitate financial transactions made through cash in most cases.

Among the difficulties faced by Iraq if it is to embark on the deletion of zeros from the dinar is the withdrawal of about 30 trillion dinars in circulation in the Iraqi market, then discarded and replaced with a new currency.

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