Economist: project application must delete the three zeroes to serve the citizens and
Economist: project application must delete the three zeroes to serve the citizens and the local currency
Issue no: 2588 Issue Date: 10/07/2012: Sunday Last Update: 07/10/2012
BAGHDAD - A follow-up:
Stressed the economic expert عبدالحسن Shammari, the need to apply the project to delete the three zeroes from the currency because it hurt to serve the citizen and the national currency by reducing the monetary blocs with large groups in the local market.
Al-Shammari said: The implementation of the project restructuring of the Iraqi currency after deleting three zeros which is necessary for it would serve the citizen and the national economy, considering that large groups will turn into a thousand small units, which will facilitate transactions in the market and accounts for government departments.
He added: that the project will provide additional financial resources of the country through printed Coins (quarter dinars and a half dinars dinar) where the life span of these categories (25) year, while paper-old does not exceed three months for it's fast handling and damage.
He pointed out: that the state is printed annually Banknotes limits (250 - 750) million dollars per year, when the implementation of the project will cut the federal government for printing new currencies annually saving money could be used in projects of the country. This central bank is preparing for the implementation of the project to delete the three zeroes from the national currency after the completion of all procedures related to the project, but so far no date has been set for its application due to calls from some officials to postpone it.