CBI to study legislation to legalize process of removing zeros from local currency

[Honugirl]

CBI to study the legislation to legalize the process of removing zeros from the local currency

30/01/2012 10:04

Baghdad, January 30 (Rn) - The Central Bank of Iraq, on Monday, he began to study the need of the project to delete the zeros to submit a bill to the House of Representatives for the purpose of legislation setting out the mechanisms and controls the process of removing three zeroes from the local currency, stressing that its law gives him the powers of a change in their local currency.

This comes at a time confirmed the Parliamentary Finance Committee, on Sunday, the central bank lingered in the provision of a bill to delete the zeros from the currency to the Committee for the purpose of his study, confirming the same time the law was passed that would give Iraq an opportunity to address inflation.

And inflation is the excessive rise in the general level of prices and higher cash income as well as high costs and create excessive cash balances.

It is expected to increase inflation in the budget in 2012 due to continued attention to the operational aspects at the expense of the investment part of the budget.

The deputy governor of the Central Bank of the appearance of Mohammed Saleh told the Kurdish news agency (Rn) that "the CBI submitted a working paper for the project to delete the zeros of the local currency to the Council of Ministers for the involvement of ministries and bodies in the requirements process to delete the zeros to prevent harm from the process."

The Iraqi government says that the process of deletion of zeros from the local currency will increase the phenomenon of money laundering and is working to convince the central bank need to stop work on the project.

Saleh added that "the central bank is considering sending a bill to the House or not because the law gives the Central Bank of implied powers to delete the zeros of the local currency."

The Central Bank of Iraq four branches in Basra and Sulaymaniyah, Erbil and Mosul, where the established bank independent Iraqi under the law of the Central Bank of Iraq issued on the sixth of March / March 2004, which is responsible for maintaining price stability and the implementation of monetary policy, including exchange rate policies and the management of foreign reserves and the issuance of and currency management, in addition to the organization of the banking sector.

He continued that "the proposed deletion of zeros from the currency needed to raise the awareness of national popularity and status of the regulations limiting the phenomenon of currency manipulation during the period of replacement."

The main Manmam Central Bank in managing monetary policy in the country and raise the level of the values ​​of the Iraqi dinar and tackle inflation in the country.

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