Central Bank plans to launch three categories after deletion of zeros from the Iraqi dinar
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1/14/2012 | (Voice of Iraq)
Alsumaria News / Baghdad, the central bank of Iraq, Saturday, intended to put all three categories after the large deletion of three zeros from the Iraqi dinar, pointing out that the process of replacing the currency will take two years. (THIS DID NOT SAY THE RV WOULD TAKE 2YRS) CBI's deputy Governor of the Central Bank of the appearance of Mohammed Saleh in an interview for "Alsumaria News", "the Bank will present three classes a great addition to the categories of mineral, after the deletion of three zeros from the Iraqi dinar," noting that "the process of switching would reform the system of currency management and ease of use . " Saleh added that "the three categories consist of 200 dinars, which is equal to 200 thousand dinars at the present time and a 100 dinars, which is equal to 100 thousand dinars, and the category of 50 dinars, which is equal to 50 thousand dinars, in addition to the coin of the category of the dinar and Dinarin as well as half and quarter dinars and 100 fils and dirham. " Saleh indicated that "the deletion of three zeros from the Iraqi dinar would shorten the number of banknotes of four billion and paper, which is equal to 30 trillion dinars exist in the Iraqi market to one billion and 800 million paper only," asserting that "the currency exchange will not affect individual income or wealth, or its contractual obligations. " Saleh pointed out that "the Board of Directors has approved the decision to delete the zeros after the completion of designs currency bearing the legacy of Iraq and its history and civilizations, as well as for discussion by the Financial and Economic Committee of the Council of Ministers , "noting that" the Bank pending the Board's approval to begin the replacement of the new currency and which must be with the new financial year and proposed by the Bank with the beginning of the year 2013. " Salih stressed that "the process of replacing the currency will take two years to prevent any disruption in the process of delivery and receipt,"
He pointed out that "banks will continue to receive the old currency for ten years as rights and not for circulation."
The central bank was charged in (12 September 2011), government agencies of obstructing monetary reform and vowed to sue, blaming the authorities responsible for endangering the interests of the country's financial risk. He said an adviser to Prime Minister for Economic Affairs (25 August 2011), to raise zeros from the currency is the biggest corruption in Iraq if it was during this period, and fall under the name of tampering with the economic, warning of "mafias currency" is preparing to rig the trillions of Iraqi dinars to replace them in the light of the planned changes.
The Iraqi Central Bank Governor Sinan Shabibi at a meeting of independent bodies with Prime Minister Nuri al-Maliki, which took place in the (June 19, 2011), his willingness to create all the supplies to replace the Iraqi currency. It is noteworthy that some economists believe that Iraq is not ready at present to remove the zeros from the dinar Iraq, noting that the deletion needs to be a security and political stability as well as economic stability.
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