Iraqi Legislature supports deletion of zeros on currency; CBI says it has completed roadmap ; Posted: June 26, 2012 : The legislature directed the CBI to support the deletion of zeros on the currency
25/06/2012 19:13

Erbil, June 25 (Rn) – The Finance Committee of the House of Representatives of ethnic Monday that the legislature go to support the central bank policy on the removal of zeros from the currency.

central bank says it completed a road map to get rid of three zeros from the currency to reduce the mass Cash and ease of financial transactions in line with the new situation of the Iraqi economy. But the government and the Securities Commission Ibdita Khchithma that affect the process negatively on the financial trading market in Iraq Stock Exchange.

A member of the Finance Committee parliamentary Najiba Najib told the Kurdish news agency (Rn) that “there is a tendency by the legislature to support a political central bank to restructure the Iraqi currency and delete zeros at the beginning of next year. ” She explained that “the subject began to mature day by day for the members of the Finance Committee and the Economic Commission,” noting that “the preparations of the central bank to implement the project under way but it is not incomplete until now. “

The market is in weeks fluctuation in the exchange rate of the dinar against the U.S. dollar, which cited experts to restrictions imposed by the Bank on sales of hard currency. and the imposition of bank procedures more stringent in the auction to sell the dollar after it said that the currency you go to countries neighbors, especially Syria and Iran imposed upon economic sanctions. and drew Najib is Deputy for the Kurdistan Alliance that “the project will be implemented over two years by government banks, and will be part of the new currency coins of small denominations as there will be coins large corresponding to $ 180-200 thousand Iraqi dinars from the current currency. “

she said, “through discussions extensive with the central bank and what has been providing us with the studies from the World Bank, the project aims to support the Iraqi currency as well as introduction of new categories of currency markets as well as reduce the size of the money supply, as well as the inclusion of the two languages Arabic and Kurdish in the currency. “

The main tasks of the Central Bank in managing monetary policy in the country and raise the level of the value of Iraqi dinar and deal with inflation in the country. the Iraqi Central Bank and four branches in Basra and Sulaymaniyah, Erbil and Mosul.