Posted: July 24, 2012 in Iraqi Dinar/Politics
Tags: Central bank, Central Bank Iraq, Finance Committee, Iraq, Iraqi dinar, Kurdish language, Mesopotamia, United States Senate Committee on Finance

Haider Ali Jawad – 24/07/2012 PM – 9:47 | Hits: 86

Denied the Iraqi Central Bank, assigning the task of printing the new currency to a British company, considering that leaks, words “naked for Health.”

At a time in which the deputies that work in this project will be at the beginning of next year, indicated that this step will be implemented over two years, and through the 3 stages, pointing out that the currency will contain the 36 factor warranty of fraud, and will be added to the Kurdish language and English, as well as the introduction of paper currency category 200 dinars, as there will be a coin of small denominations, and Stzen new currency symbols reflect the heritage and history of Iraq’s sovereignty and all its components, as well as many other symbols refer to the civilization of Mesopotamia.

Furthermore, he drew the legal to the absence of express provision in the law of the Central Bank, gives him authority to change the value of the currency and the abolition of zeros They confirmed the need for Parliament to issue legislation empowers the Central Bank to carry out this procedure.

In connection with “the world” on Monday, said the appearance of Mohammed Saleh, deputy central bank governor, said that “Matnaqlth some of the media that he was selected British and German for the printing of new currency after deletion of zeros, words untrue.”

Some media reported that the Central Bank Governor Sinan Shabibi, announced the selection of a British company and the other a German for the printing of new currency after deletion of zeros of them, and was selected the two companies among the many international companies to complete the printing, being the Ttavan about 75% of the currencies in the world.

In turn, showed Najiba Najib member of the Finance Committee in the House of Representatives that “there will be work in this project at the beginning of next year, but the Cabinet had the face of slow down in implementation, due to the rise of the dollar against Iraqi dinar during the past months, but still talks ongoing and continuous between the Bank Central Council of Ministers, to find out the most important key points, including a report on the accounting system and what it requires when you change the currency, as well as the most important legislation that must accompany this process, including debt, there is a creditor and a debtor in the old currency, what will be doomed after the change of currency, as must deal with these things because they affect the lives of citizens. “

According to Najib, in an interview with “the world”, that “last week, we had a meeting with the Central Bank in this regard, and we looked at models of new currency, and the Central Bank and in coordination with the Finance Committee will take several measures to replace the currency, including the withdrawal of old currency over the two years , and delivered to the banks which in turn will deliver the currency to the Central Bank over the ten years to be destroyed, “indicating that” there is an opinion from the Council of Ministers, recommends the replacement of currency by the beginning of 2014, is that the Finance Committee has proposed, to be in the middle of 2013, to exploit time, we recommended a decision in the first of next July, which was approved on this date, but the cabinet is now studying with the Central Bank key requirements for the accounting system, legislation and matters relating to this regard. “

She explained Najib that “currency will be added to the Kurdish language and English, because the Constitution so provides, as well as the introduction of paper currency category 200 dinars, as there will be a coin of small denominations beside the paper currency, and will be added all the symbols that reflect the heritage, sovereignty and history of Iraq with all its components, and will have a reflection and a presence in the new currency that will be of multiple categories, and many of the symbols used which refers to the civilization of Mesopotamia. “

For his part, MP Haitham Jubouri, a member of the Finance Committee that “the project of changing the currency and delete zeros, the project is of great importance, the significance lies in the purchasing power of the Iraqi dinar, and protection from fraud, manipulation and control of the fake money now in local markets, so blessed this step since its inception by the Central Bank, one of the exclusive powers, as is one of the draws of monetary policy. “

The Jubouri said in an interview with “the world” yesterday that “this step will be implemented over two years through 3 phases, the first stage of printing currency, and the second put a new currency parallel to the currency of the old markets, and the last is the withdrawal of old currency to be replaced by new, and there will be two types of currency raised section of a paper category 200 dinars and 100 dinars and 50 dinars and 25 dinars, and category of mineral dinars and a half dinar and a quarter dinars and 100 fils and 25 fils, and will include different sizes, and quite similar to the size of the dollar and contain fees to the contours of the northern and southern Iraq and east and west and central, and all communities Maldiha, nationalities, and landmarks. “

And take over a British company and a German process of printing the new currency explained that “there are arguments of many different companies, including Turkish and Dnmarkiyh, British, German, and yet we can not say that this company or that will be printed currency because there are presentations of many, but if the final agreement, and has blessing by the House of Representatives and the government, then we will think of the company that will implement, there are offers for different companies and multiple, and provided models and offers at different prices and different sizes and quality of paper is different, as well as the factors of security, The currency current Iraqi of 8 factors to ensure, and the new features an 36 factor ensure, so to speak on the transfer of the project on a particular company is the word very early, “adding that” the Council of Ministers is still fearful of the application of this step, because of the possibilities of using this process for the introduction of counterfeit money or may be the door to money laundering, but these fears have dissipated from through multiple and frequent meetings with the Central Bank of Iraq. “

The Secretariat of the Council of Ministers, called for a patient in the case of deletion of zeros from the currency and change, arguing that the mere thought of the withdrawal of about 40 trillion dinars, storage and destruction needs to be serious consideration of the subject.

According to legal expert Tariq Harb, that “some of the texts of the Central Bank Law allow such a thing, and everything related to currency of reference, and despite the fact that all the cash is of its affairs, but there is no express provision in the law of the central bank gives him authority to change the value of the currency and the abolition of zeros, which means the change in value, it is better to issue a law more legitimate parliament and is backed by the central bank to carry out this procedure. “