Finance Committee Supports CBI.

Iraqi Council of Representatives intended to support the Central Bank of zeros on the removal of currency. The Finance Committee announced in the Iraqi Council of Representatives that the legislature tends to support the central bank policy on the removal of zeros from the currency.
The CBI 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 have shown that affect the process negatively on financial trading in the Iraqi market for securities. There is a tendency by the legislature with the support of the Central Bank’s policy to restructure the Iraqi currency and delete zeros at the beginning of next year. This issue began to mature day by day for the members of the Finance Committee and the Economic Commission, noting that preparations for the central bank to implement the project under way, but it is not complete yet. The project will be implemented over two years by government banks, and will be part of the new currency coins of small denominations. There will also be major currencies corresponding to $180, or 200 thousand Iraqi dinars from the current currency. She added: Through extensive discussions with the CBI. Providing World Bank studies, the project aims to support the Iraqi currency, in addition to the introduction of new categories of currency markets, as well as reduce the size of the money supply, as well as the inclusion of Arabic and Kurdish in the currency. Read more