Iraq working to reduce the mass of cash through the deletion of zeros

16.11.2011 | (Voice of Iraq) (Rn) of the Iraqi Central Bank announced on Wednesday that seeks to reduce the monetary mass of 25 trillion dinars to 15 billion dinars over the deletion of zeros to facilitate cash transactions in the financial markets and banks. The appearance of Saleh is vice president for Kurdistan News Agency (Rn) that "Iraq today is dealing mass cash a $ 25 trillion Iraqi dinars, while the largest currency which does not exceed 25 thousand Iraqi dinars, and the purchasing power it does not exceed $ 23." He pointed out that "in cash transactions in the Iraqi market needs a large amount of banknotes and thus there is a difficulty in the transfer of funds in the form of bags in the event of trading large. " Saleh pointed out that "the Iraqi banks do not accept deposits, sometimes due to problems in number and the account for such large amounts of money." The vice president of the bank "We want to usurped the money supply of 25 trillion dinars to 15 billion," adding that "the central bank fixes the payments system in Iraq and the policy of the monetary authority." stressed by saying "there will be reduction of the cash block soon through the issuance of new currency canceled by three zeroes. " Salih stressed that "this action is an important part of the reform process will facilitate the management of currency and payment system and the elimination of the vestiges of past inflation through the mass of strong cash handling and easy." From: Sam and dry. Open: Abdullah Sabri

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