Banks follow the procedures «Central» to reduce the counterfeit currency .. Start the process of deleting the zeros in September next

Follow-up2/19/2012New Morning

Announced that the Economic Commission for parliamentary agreement with the Central Bank of Iraq to begin the process of removing zeros from the local currency in September.
The central bank announced earlier that he is considering the requirements of the project to delete the zeros of the local currency with the Council of Ministers in terms of need process for the enactment of the organized or not.
A member of the Economic Commission Abdul-Hussein Abtan told the Kurdish news agency said that «the Economic Commission agreed with the Central Bank to begin the process of changing the local currency in September next».
He added that «the grant agreement to ensure the process of switching the currency for a full year that the two currencies are traded the old and new in the market during this phase».
And describes the CBI process of switching the currency national project in support of the economy in the country, while expressing the Iraqi government for fear of the project as it will increase the phenomenon of money laundering «according to the belief», which is working to convince the central bank to stop the implementation of the project, and be approved by the securities the government's position of deletion of zeros and says it will affect negatively on the financial trading in the stock market.
The Abtan that «the process of removing the zeros from the currency will contribute to dealing with inflation and facilitate economic cooperation with international banks and reduce the differences of living in the community».
The Committee emphasized the financial representative that the central bank tarry in the provision of a bill to delete the zeros from the currency to the Committee for the purpose of his study, saying that the law was passed would give Iraq an opportunity to address economic inflation, as experts predict a rise of inflation in the budget in 2012 because of continued attention to operational aspects at the expense of part investment from the general budget.
And inflation is excessive in the general level of prices and rising incomes as well as higher cash costs and create excessive cash balances.
He concluded his speech by saying that Abtan «Central Bank looking to send a bill to change the currency to the House or not because the law gives the Central Bank of implied powers to delete the zeros of the local currency».
The functions of the central bank conduct of monetary policy in the country, including exchange rate policies and the management of foreign reserves and the issuance of currency management, and raise the level of the values ​​of the Iraqi dinar and deal with inflation in the country, which is responsible also for the maintenance of price stability, as well as to regulate the banking sector.
For its part, reduced the Finance and Administration Committee in the province of Salah al-Din of the size of the spread of counterfeit currency in the province and confined to banking offices, while affirming that they follow closely Thread to guard against any forms may occur.
And entered the Iraqi market in recent times large quantities of counterfeit currency into the category of 10 thousand dinars, which led to the reservation of many shopkeepers to handle them.
An official of the Finance Committee and Administrative Council in the province of Salah al-Din Niazi Muammar Ihsanoglu told the Kurdish news agency, maintaining that the banks follow the procedures and instructions by the Central Bank of Iraq and move according to his instructions.
Ihsanoglu said that the proportions of fraud in the province do not indicate a concern and that more money is discovered by the banking offices rather than state banks.
And warned the financial authorities in Iraq, the owners of banking offices from the exploitation of their offices in the illegal operations such as the promotion of counterfeit currency, or involvement in money laundering operations, which reports local and international that it takes place on a large scale in Iraq and that most affected are traders and staff.
Ihsanoglu pointed out that any amount paid to the citizen will be examined and audited by the Treasurer, as a people Bank staff also examined, and can be a citizen of the refund in the event of any fraud discovered before going out from the bank, noting that most of them workers with experience.
The official said Finance and Administration Committee that he had told state banks to maintain non-payment of any amount deposited in the same day and wait 24 hours and subsequently disbursed to those who deserve it after making sure no forgery.