The Deputy Governor of the Central Bank: draft delete zeros does not need a new law, but to the regulation

Date: Tuesday, 03-04-2012 02: 05 pm

Baghdad (newsletter) ... The Deputy Governor of the Central Bank noted the appearance of Mohamed Saleh that draft deleted three zeros Iraqi currency needs no new law legislation but issuing a regulation serve as instructions as stipulated in the law on the Central Bank.

He said Saleh (News Agency news) on Tuesday: Central Bank law gave full power to the Monetary Authority to change the structure of the Iraqi currency or delete zeros, nor can a new draft enactment to delete the three zeros from the currency it was discussed twice in the House and the Prime Minister, the Executive and legislative branches have become more familiar, noting that the project needs to make a regulation and a directive published in the Official Gazette, and the Central Bank now is formatted.

He added: the ECB cut has made great strides in stages of preparation and implementation of this project through consultation with States which fought the experience exchange after deleting zeros and see its pros and cons of the project, in addition to extensive studies, and work is still ongoing to implement, likely implemented in (1/1/2013), after formal approval by the Federal Government.

Saleh said: a principled consensus from all parties in the State of Iraq on the implementation of the project, project delete zeros of the Iraqi currency reform, because it reduces the large numbers that cause great problems in Iraqi cash payments system through a number its census figures and difficulty as the amounts that reach the trillions.

Deputy Governor of the Central Bank: the financial situation of Iraq become good through increased oil exports, so the cash payment system in Iraq does not suit the next phase which will see developed economically, but after deleting three zeros of the local currency.

The parliamentary Finance Committee has asked the Central Bank to develop a new draft deleting three zeros from the Iraqi currency, being a great project and very sensitive and important General of the Iraqi people.

She is a member of the Finance Committee, the National Alliance Deputy//Magda Tamimi told earlier (newsletter): draft deleted three zeros from the local currency needs to be sufficient time for implementation, and a new law legislation by Central Bank and submission to the Finance Committee for discussion and then presented to the House of representatives to vote on it, and cannot be implemented without the approval of law./finished/8. d/s.