Parliamentary calls to speed up the "reset" currency specialist believes that the current time is no

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Parliamentary calls to speed up the "reset" currency specialist believes that the current time is not suitable

 

 

Author: MJ
Editor: BK, BS 7/15/2013 11:55
 

Range Press / Baghdad

Called deputies Economic Commission, on Monday, to accelerate the implementation of the project "reset" the process of local مبينين that current currency "not worthy" status of Iraq's economic and investment volume in which, when he saw the expert that it requires a situation militarily and politically "stable banking system accurate and honest" , confirmed last moment, "more favorable" than it was before the deletion of zeros from the currency.

Abtan: Iraq does not suffer from the crisis but of how funds management

According to a member of the Economic Commission representative, Abdul-Hussein Abtan, in an interview to (range Press), "The Iraqi economy has become today in an advanced position and good because supplier of oil big, which reached nearly three million barrels per day," and notes that "the Iraqi Central Bank recently announced that reserves reached $ 76 billion, a very significant amount. "

Abtan adds, that "in spite of all that Iraq is still suffering from a lack of precision in the management of the economic file as well as the absence of coordination between the pillars."

The Central Bank of Iraq announced, in the (third from July 2013 now), that Iraq is "in control of the funds and treasury of gold" in international banks, one of the acting out, denying the existence of frozen funds "outside the control of the Iraqi administration," While revealed that the reserve bank amounted to $ 76 billion in May last year, counting that out of Chapter VII of Iraq will allow "more freedom" to act and attract foreign investment.

And calls upon member of the Economic Commission representative, the need to "multiple revenue estimated reflected on the economy and not on the availability of cash reserves large," and continues that this "evolution in oil production and reserves, the central bank must be reflected on the lives of the citizens, because the country still has a large proportion of the poor and low-income and high unemployment and the housing crisis and the deterioration of the agricultural and industrial sectors. "

Abtan believes, that "Iraq does not suffer from the crisis of funds but from how to manage money, causing paralysis of the Iraqi economy," and calls for "the Iraqi Central Bank need to take quick steps to delete the zeros from the national currency."

And is a member of the parliamentary Economic Committee, that "the existing reserves in Iraq and put the current economic is not commensurate with the size and value of the local currency, which contains the number of zeros, and the current currency does not befit the status of Iraq and strengthen its economy."

Daini: out of Chapter VII made it necessary to delete the zeros

For its part, says a member of the parliamentary economic committee, Nahed al-Daini, in an interview to the (Presse term), that "the deletion of zeros from the currency became a reality, especially after the withdrawal of Iraq from Chapter VII of the Charter of the United Nations."

Daini and remember, that "the Economic Committee of the Council of Ministers were wary in the past of deletion of zeros from the currency of many considerations," and turned out to be "out of Chapter VII made it necessary to delete the zeros of the Iraqi dinar absolute privacy."

And calls upon Member Economic Commission parliamentary political forces and stakeholders "leave no excuse time is not appropriate, taken as a pretext to stop a lot of decisions which, if applied to have contributed to the recovery of the Iraqi economy significantly," and stresses the need to "adjust the border crossing points and the adoption of the law of customs tariff and reset the currency and the implementation of Consumer Protection Act for the advancement of economic reality. "

Najib: The project requires a genuine will and solidarity between the legislative and executive branches

So says a member of the Finance Committee parliamentary Najiba Najib, in an interview to (range Press), "The Commission did not discuss with the Iraqi Central Bank Multi deletion of zeros from the local currency after assuming Abdel Basset Turkish presidency," and explains that "the Finance Committee parliamentary pending claim of the Iraqi Central Bank to discuss with him in this matter. "

Najib recalls that "the governing body of the former Central Bank presented a study on the preparation for the project to delete the zeros," and believes that "this study was professional, scientific and included companies that have been agreed with the implementation of the project."

And stresses a member of the Finance Committee representative, that "Iraq needs some salt is the deletion of zeros from its currency because the size of the money supply traded very large", showing that there is a "four categories of the Iraqi currency is currently thousand and five thousand and ten thousand and 25 thousand dinars, while becoming the category of 250 dinars almost worthless and even thousand dinars on its way to losing its value ".

The relay Najib that there is "an urgent need because we have a currency suitable for the size of the funds and investments entering Iraq," and draws out that "the implementation of this project needs to be a real will and solidarity between the legislative and executive branches and develop a plan sober to make it a success."

He adds that "the process needs to media awareness and make toggle currency currency over two years and not to restrict certain banks and to be a broad base of banks in all provinces of Iraq."

Expert: security situation requires a stable political and banking system accurate and fair

Meanwhile, says economist as Antoine, in an interview to (range Press), said that "you want to delete the zeros is the restructuring of the currency and reduce the use of decimal numbers in the accounts of the process, which has become a danger," and shows that "The other thing is the reduction of the process of counterfeiting that occur in the current currency that consumed significantly and need to switch process. "

In the opinion of Antoine, "The other point is the reduction of dollarization because when you delete the zeros will raise the value of the banknote, not currency because the latter means and not an objective," and continues that "it reduces the dollarization in business dealings Instead of using billions of leaves from the local currency Stenzel these millions Instead of currency transfer bags buckwheat (Alkouan) will be transferred bags. "

And emphasizes the expert, that this "process requires the security situation and a stable political and banking system accurate, fair and educate all the security services to reduce fraud and counterfeiting," the bridge and that "the central bank is ready for this process not be busy out corruption and others."

Antoine believes, that "the time to change the currency was appropriate in the past year 2012, either now it is not appropriate."

Appendix: deletion of zeros from the currency has become more convenient now

Conversely sees head of economic studies at Mustansiriya Centre for Arab and International Studies, Dr. Abdel Rahman al-Mashhadani, that "the time if it was appropriate two years ago to delete the zeros from the currency today it has become more to complete solvency."

Mashhadani says, in an interview to the (Presse term), "The process of deleting the zeros was supposed to expire two years ago because a purely economic issue," and shows that "the dinar, which was torn and steals a loss to the government and citizen."

He continues, head of economic studies, that "denominations now need to transfer large banks need to protect and place great," and goes on to "the Iraqi currency need to change because, according to the international standards should be changed categories currently in circulation and that the Central Bank shall issue new categories."

The Economic Committee of the House of Representatives, called for in (the sixth of July 2013 now), the central bank to "speed up" the process of deletion of zeros from the Iraqi currency in order to maintain them, and confirmed that it is not in the interest of Iraq, the survival of its currency with so much and irregularly, as indicated that the deletion process will increase the value of the Iraqi dinar and reduce unemployment and poverty.

It is noteworthy that the General Secretariat of the Council of Ministers announced (12 April 2012), the patient in the application process to delete the zeros from the national currency, which had to stop all actions related to the mentioned process until further notice.

It is noteworthy that some economists believe that Iraq is not ready at the present time to delete the zeros from the dinar, pointing out that the deletion needs to security and political stability as well as economic stability.

The International Monetary Fund, announced in (the 23 of March 2013), that funds preventive in the Development Fund for Iraq rose in 2012 to $ 18 billion, and cash reserves of the Central Bank of hard currency to $ 70 billion, and pointed out that this increase came from " unexpected oil revenues, "called on the Iraqi government to end the control of the state-owned banks on the banking sector, he stressed the need for Iraq to strengthen public financial institutions to ensure efficiency and transparency in the use of oil revenues.

They expected the U.S. Agency for International Development, in (third from last December 2012) that leads the Iraqi economy Arab countries during the five years, stressing that Iraq possessed all the qualifications to be an economically strong state.

Iraq is trying for years to attract foreign capital to develop its economy in the fields of industry especially oil, including housing and oil and gas extraction, for the need of funds for infrastructure development and reconstruction, but observers assert that the lack of interest of the state to the private sector and the absence of investment laws which guarantees for investors and the absence of Other laws are still obstacles to the evolution of the economy in the form required.

Iraq relies which has the fourth largest oil reserves in the world at 95 percent of its annual budget on its oil exports and currently produces about two million and 900 thousand barrels per day, while the issue up to two million and 200 thousand barrels per day.

The UN Security Council voted in, (27 June 2013), unanimously approved the decision to remove Iraq from Chapter VII, after more than two decades of sanctions imposed whereby in the wake of the former regime's invasion of Kuwait on the second of August 1990.

 



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Lets hope it won't take long.  I want to drive up to Kent to get this stuff exchanged for some cash.