Central Bank: the deletion of zeros starts with the new fiscal year
Iraqi Central Bank denied its procedures to delete the zeros of the local currency in the month of May next. The deputy governor of the Central Bank of the appearance of Mohammed Saleh said that what appeared in the media about the start of procedures to delete the zeros of the month begins next May, is unfounded, pointing out that such a move begins with the beginning of the new fiscal year and not in the middle of it.
He added that the central bank will be new measures provide for the banks interest rate on the price of foreign currency to the sale of not more than 10 dinars, because the central bank sold dollars to banks at the price of 1179 dinars, and should not be selling them to citizens more than the price of 1189 dinars.
He noted that banks in case of violation of the new instructions will be the withdrawal of a license to deal in the market, including the central bank auctions of foreign currency.
The Economic Committee in the House of Representatives, announced an agreement with the Central Bank of Iraq to begin the process of removing zeros from the local currency in September.
The central bank had announced earlier that he is considering the requirements of the project to delete the zeros of the local currency with the Council of Ministers in terms of need process for the enactment of the organized or not.
A member of the Economic Commission Abdul-Hussein Abtan "Economic Commission agreed with the Central Bank to begin the process of changing the local currency in September next." He added that "the agreement granting process to ensure the currency switch for a full year on the two currencies that are traded the old and new in the market during this stage."
Abtan explained that "the process of removing the zeros from the currency will contribute to dealing with inflation and facilitate economic cooperation with international banks and reduce the differences of living in society."
He described the Abtan plan the Central Bank in the subject as good, he said, "It was the Bank's previous experience in the replacement of the currency and thus became his experience there will not be any problems associated with the process of deleting the zeroes on the reverse of what it was the situation when you decide to switch the currency a few years ago."
And describes the CBI process of switching the currency national project in support of the economy in the country, while expressing the Iraqi government for fear of the project as it will increase the phenomenon of money laundering, "according to belief," and is working to convince the central bank to stop implementation of the project, agree the Securities Commission with the government's position to delete the zeros and says it would negatively affect the financial trading in the stock market.