CBI confirms the deletion of zeros and the currency exchange in 2013

Author: HM
Saturday, 24 September 2011 12:37 GMT

Alsumaria News / Baghdad

Deputy Governor of the Central Bank of the appearance of Mohammed Saleh - Central Bank of Iraq announced Saturday that in 2013 will delete the zeros and the currency exchange, pointing out that the current currency formed a cluster of large cash estimated at 30 trillion dinars.

The deputy governor of the Bank the appearance of Mohammed Saleh said in an interview "of the Sumerian News", "central bank's strategy of deleting three zeros and the currency exchange will be at the beginning of a new year and new budget for the Iraqi state," expected to "be the currency exchange in the new fiscal year for 2013."

Saleh added that the "zeros added to the currency led to the deterioration of the currency in Iraq, leading to weakness in the efficiency of monetary exchange," noting that "what you are suffering monetary institutions of Iraq at the present time of the errors in the accounts and records of returns caused by the high number of the currency difficult to read. "

Saleh indicated that "the Iraqi currency current formed a cluster of large cash and up to 30 trillion Iraqi dinars while the number of securities traded in the market to four trillion paper after the mass of cash amounting to 25 billion dinars in 1980," explaining that "the greatest currency in the Iraq at the present time is equal to $ 21 and are not able to cover large payments. "

Salih stressed that "the process of deleting the zeros and the currency exchange is the process of administrative reform of the currency of the Iraqi monetary and therefore does not affect the lifting of the value of things or change the per capita income of Iraq," adding that "fear of people from the deletion of zeros is the fear psychologically, as the process of deleting the zeros and the currency exchange applied in 53 countries, including Turkey when deleted six zeroes from the currency and Romania, which omitted four zeros. "

The Advisor to the Prime Minister for Economic Affairs Abdullah Hussein Al-Anbuge, said in a (25 August 2011), to raise zeros from the currency is the biggest corruption in Iraq if it was during this period, and fall under the name of tampering with the economic, warning of "mafias currency" is preparing to rig the trillions Iraqi dinars to replace them in the light of the planned changes.

He accused the Iraqi Central Bank, in the twelfth of September the current views of obstructing governmental monetary reform and vowed to sue, blaming the authorities responsible for endangering the financial interests of the country to danger.

In the view of some economists that Iraq is poised at the present time to delete the zeros of the Iraqi dinar, noting that the deletion of zeros needs to security and political stability in addition to economic stability.

And declared the Iraqi Central Bank Governor Sinan Shabibi, at a meeting of independent bodies with Prime Minister Nuri al-Maliki held in (June 19, 2011), his willingness to create all the supplies to replace the Iraqi currency.

The Central Bank of Iraq was established as a bank independent under the law issued on the sixth of March of 2004, as an independent body and is responsible for maintaining price stability and the implementation of monetary policy, including exchange rate policies and management of foreign reserves and the issuance of currency management, as well as to regulate the banking sector financial system to promote a competitive and independent.

BGG - I suspect the "in 2013" comment in the title - likely refers to "by 2013" or "thru 2013"....as it is very difficult to get a perfect translation....and falls much more in line with previous comments on this CBI project.