CBI hopes to adopt the new currency in 2013 budget
Erbil, July 1 (Rn) - The Central Bank of Iraq on Sunday hoped the adoption of new Iraqi currency after deletion of zeros in the country's budget for next year.
The central bank says it completed a road map to get rid of three zeros from the currency to reduce the money supply 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.
The deputy governor of the Central Bank of the appearance of Mohammed Saleh, said that "the process of switching the currency and delete zeros will take approximately two and ongoing preparations for the process that began more than a year."
It was hosted by the parliamentary Finance Committee in the hope that "the balance of 2013 the new currency."
According to a statement of the Parliamentary Finance Committee discussed it with the benefit of the mechanism that will be followed by the bank in the process of deleting the zeros and how long this process and changes that will occur on the exchange of currency and its value in the domestic and global market and its impact on Iraqi citizens and its level of living.
He stressed that the benefit of "completion of the project to improve the payments and facilitate the circulation of the currency," adding that "the operation will raise the exchange of currency and its value in improving the domestic and global market."
He denied any effects caused by the standard of living of the Iraqi people, calling for the cooperation of everyone, both for its location in the success of the project as a national and belongs to everyone.
The Iraqi market is volatile in the weeks since the exchange rate of the dinar against the U.S. dollar, which experts attributed to the restrictions imposed by the Bank on the sales of hard currency.
Bank and the imposition of more stringent measures in the auction to sell the dollar after the currency had to go to neighboring countries, especially Syria and Iran, imposed economic sanctions on them.
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 Central Bank of Iraq four branches in Basra and Sulaymaniyah, Erbil and Mosul.