(*) Parliament and Fiance committee support revalue of Iraqi Dinar

26/06/2012 03:30

ERBIL, June 25 (AKnews) – The Iraqi Parliamentand the Finance Committee support the Central Bank of Iraq (CBI)’s efforts to revalue of the Iraqi Dinar through the removal of three zeros from the currency.

The CBI has announced that it has finalized plans to remove three zeros from the Iraqi currency in order to revalue it. The smallest unit of the current Iraqi current is 250 Iraqi Dinars which is equivalent to $0.20

The removal of three zeros is expected to raise the value of the Dinar as well as facilitate dealing with the currency and the payroll system in the country.

The Iraqi government and the securities committee have sounded fear that the process will negatively affect the Iraqi stock exchange market.

A member of the Finance Committee Najeeba Najeeb told AKnews that “there is a trend in the attitude of the legislative authority to support the CBI to restructure the Iraqi currency and remove three zeros by early next year”

“This subject is starting to become more significant for the Finance Committee members and the Economic Committee day after day” she said, “though the preparations by the CBI to implement the process are ongoing, they are notcomplete yet”

According to Najeeba, the process of removing the zeros fromthe Iraqi Dinar will be implemented over a period of two years throughgovernmental banks. Also, the new currency will include small bills and coins as well as large bills equaling about $180 each.

By Abdullah Sabri


NEW IRAQI DINAR 200 = $180 USD OR .90

: The legislature directed the Central Bank to support the deletion of zeros on the currency
25/06/2012 19:13

Erbil, June 25 (Rn) - The Finance Committee of the House of Representatives of ethnic Monday that the legislature go to support the central bank's policy on the removal of zeros from the currency.

The central bank 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 Ibdita Khchithma that affect the process negatively on the financial trading market in Iraq Stock Exchange.

A member of the parliamentary Finance Committee Najiba Najib told the Kurdish news agency (Rn) that "there is a tendency by the legislature to support a political restructuring of the Central Bank of Iraqi currency and delete zeros at the beginning of next year."

She explained that "the subject began to mature day by day for the members of the Finance Committee and the Economic Commission," noting that "the preparations of the central bank to implement the project under way, but it is incomplete yet."

The Iraqi market is volatile in the weeks since the exchange rate of the dinar against the U.S. dollar, which experts attributed to the restrictions imposed by the Bank on the sales of hard currency.

Bank and the imposition of more stringent measures in the auction to sell the dollar after the currency had to go to neighboring countries, especially Syria and Iran, imposed economic sanctions on them.

She drew Najib is Deputy for the Kurdistan Alliance that "the project will be implemented over two years by government banks, and will be part of the new currency coins of small denominations as there will be coins large corresponding to $ 180 any 200 000 Iraqi dinars from the current currency."

"It's during the talks extensive with the central bank and what has been providing us with the studies from the World Bank, the project aims to support the Iraqi currency as well as 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."

The main tasks of the Central Bank in managing monetary policy in the country and raise the level of the value of Iraqi dinar and deal with inflation in the country.

The Central Bank of Iraq four branches in Basra and Sulaymaniyah, Erbil and Mosul.

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