Member of the economy: the central bank attempts to replace the currency is unconsti
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  1. #1

    Member of the economy: the central bank attempts to replace the currency is unconsti

    {Baghdad, Euphrates News} A member of the Committee of Economy and Investment parliamentary Salman al-Moussawi said the central bank attempts to replace the currency is unconstitutional and will lead the country towards the unknown, which may not be bad consequences.

    Al-Moussawi said in a press statement received by the agency {Euphrates News} a copy of it today, "no right to the central bank currency exchange because Article {110} of Dezturalaraca stipulates that the right of the federal authorities to draw financial policies and the issuance of currency in the country means the executive and legislative branches."

    He continued that "the presidency of the Central Bank and more than a year raises issue of deletion of zeros from the Iraqi currency attributes the reasons to strengthen the Iraqi currency and give them a universal value, but after that the audited subject and we found not a process of deleting the zeros, but replace the currency with full merits."

    And the MP for the coalition of state law that "the evidence of this is the change currency symbols present and the introduction of the Kurdish language emphasizes the process it replaced and not delete the zeros," expected to "result in the replacement process to the many problems which may enter the country's currency, forged at a time when we are working to stability of the market leads to the collapse of the Iraqi currency in full. "

    He described "the central bank attempts to implement this project early next year, as a unilateral act is valid and is rejected out of hand because it is the process of replacing unknown results."


    And went on "We are with the replacement of the currency if there is economic benefit to the country, but we found after the study and the possibility that many are fighting against Paschklat delete the zeros do not know what the future of Seoul him the Iraqi economy."


    He explained that "the stability of the economy and the Iraqi market is through the activation of income-generating sectors, and encourage the private sector and make the country an attractive environment for investment and the economy not by the deletion of zeros."

    The Central Bank announced that he intended to replace the existing currency with another, as it will remove the zeros of the new currency in a move it says will help raise the value of Iraqi dinar. Ended



  2. #2
    Do we have a link to the originating source or a date for this? Thanks

  3. #3
    Moderator Honugirl's Avatar
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    Quote Originally Posted by SWFloridaGuy View Post
    Do we have a link to the originating source or a date for this? Thanks
    Here ya go SWFG...

    http://translate.googleusercontent.c...WkEVNgkhrT-t4w
    Work like you don't need the money,
    Love like no one has ever hurt you,
    Dance like no one is watching,
    Sing like no one is listening,
    Live as if this was paradise on Earth

  4. #4
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    A disconcerting article.

    I am interested in BGG's take on it.

    My take -

    a bureaucrat is flexing his muscles...
    the parliment has no real grasp of what Shabibi's plan is.

    Additionaly... the issue here is the "new" lower denoms...
    the bureaucrat is not addressing a rate change.

    Like I said..
    I am very interested in BGG's take on this..
    but I am NOT gonna let this one article depress me.

    LJ.. Randy Koonce... several other sane voices
    have warned that the bureaucrats will be sounding off...
    trying to make themselves look smart..
    trying to take credit.. trying to be involved.

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