Central Bank decides to change the timing of the implementation of the restructuring
Central Bank decides to change the timing of the implementation of the restructuring of the Iraqi currency project and the deletion of zeros
07/10/2012 - 15:14
Business | Source:
Alsumaria News / Baghdad
Iraqi Central Bank, Sunday, timing adjustment starting project structuring the Iraqi currency and delete the zeros of them, stressing that it completed the bulk of the proceedings, among that a new currency in circulation must be the beginning of the calendar year where it is determined to start implementation, not through it.
The bank said in a statement issued today, and received "Alsumaria News", a copy of which, "The CBI was briefed on the frequency of reports indicating postpone the implementation of the project restructure the Iraqi currency and deleting three zeros of them," stressing that "the requirements of coordination and cooperation between us and the the legislative and executive branches led to modify the timing of the start of implementation. "
The bank said that "this project is of vital importance to our country, our economy and society," adding that he "completed the bulk of the action on the implementation of the project."
And the bank on the need to "be the new currency in circulation at the completion print must be the beginning of the calendar year where it has been determined start and not during the implementation."
The Parliamentary Finance Committee suggested, on August 9, 2012, on the San Attorney Haitham al-Jubouri be direct delete zeros and the currency exchange during the month of July of next year, and as shown, the central bank has removed all fears, it confirmed that the government will support this project after providing Baijayate and disadvantages.
A member of the Economic Commission parliamentary Hussein Mura'bi in (Sept. 23 2012), that the confusion in the monetary policy makes the country lose about eight million dollars a year, while warning that the issue of deletion of zeros will facilitate the mafia money laundering steal billions without feeling state, called to examine the impact on the general situation.
He accused the Central Bank, (12 September 2011), government agencies of obstructing monetary reform and vowed the persecuting, blaming those entities responsible for exposing the financial interests of the country to danger.
Regarded as an adviser to Prime Minister for Economic Affairs Abdullah Hussein Al-Anbuge, in (25 August 2011), that the lifting of the zeroes from the currency is the biggest corruption in Iraq if it was during this period, and fall under the name of tampering economic, warning of "mafias currency" is preparing to rig the trillions Iraqi dinars to replace them in the light of the upcoming changes.
Noteworthy that some economists believe that Iraq is currently formatted for the deletion of zeros from the Iraqi dinar, pointing out that the deletion needs to security and political stability as well as economic stability.
The CBI is telling us... the "zeros" project is of vital importance and MUST be started in January of the calender year. Do you think they will wait until 2014? I do NOT think they can afford to wait.. there was an article out earlier that told us they MUST insitute the tarrifs in July of 2013....
This IMO is a very telling article. If they plan to have the currency (smaller denoms) in circulation at the beginning of the year, then the rate must change prior to that date. Here is the quote... "the new currency in circulation must be the beginning of the calendar year where it has been determined to begin implementation". So now we wonder will this be the beginning of 2013? If so, we can expect the rate to change at any time. If not, then they will shoot for 2014 with the new currency, and the rate can raise via float over the next 14 months. I do not see them waiting to 2014 because that decision will slow down the ISX, WTO accession, and economic progress/employment, etc. This is a very encouraging and promissing article.