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Consultant-economy: remove leading zeros from currency requires a security and economic stability
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Monday, December 22, 2014
Baghdad/.. Was Advisor to the Prime Minister for Economic Affairs Mohammad Saleh appearance Monday, to remove the zeros of the Iraqi currency nowadays requires a security and economic stability, citing the current crisis in Iraq ghirmlaemh for this one.
Saleh said in a statement with "Iraq News", was appointed to draft the removal of zeros to u.s. accounting system and monetary values without the interference of wealth and work to remove leading zeros from the accounts of the Republic of Iraq in full ", pointing out that this project requires a stable economic, security and political high level."
Rejected in favour of support for any tghiirali the currency at the moment, but do not support any change in currency only after a year or more until there is liberalize all governorates of Iraq organize daash in addition to improved oil prices which can regain our recovery economic. "
Worth mentioning that the Central Bank announced at the end of November this year, the oil-dependent, such as net foreign assets Iraq any foreign currency earned from the sale of oil is the mainstay of their cash because they rely on oil to finance their spending and dramatically. "
The Bank said in a statement that "the Iraqi Government, specifically the Ministry of finance are replacing foreign currency (the dollar) that you earn from the sale of oil with the Iraqi Central Bank for local currency (the dinar), so the internal expenses, so that the growth of foreign reserves (the dollar) when the Government is increasing oil prices and quantities sold."
The Bank said that "that would enable it to continuously and available swap with the Central Bank for local currency (the dinar) and the quantities you need, but with lower oil prices, the oil revenues surely will be affected will lower the cash reserve at the Central Bank."
Meanwhile, the Central Bank, "the subject of the deletion of zeros from the currency has been postponed for the time being." completed/
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Last edited by Proven on Mon 11 May 2015, 4:38 pm; edited 1 time in total
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