Posted: July 8, 2011 by THE CURRENCY NEWSHOUND - Just Hopin
Delete the three zeroes from the Iraqi currency
July 6 2011 From time to time ask the CBI idea of raising three zeros from the Iraqi currency, and announced that he is about to finish the final touches on this draft law to regulate the process of lifting to be sent to the Council of the Prime Minister and then to the House of Representatives to decide whether there is a need to raise three zeroes from the Iraqi currency or not, when he said a senior official in the monetary authority to the House of Representatives is the author of the recent decision in this regard.
Adviser says the Iraqi Central Bank: The project will organize a mechanism for lifting the three zeroes to promote the value of local currency in circulation economic, external and internal, and considered the project a strategic project aimed at reducing inflation experienced by the Iraqi market, and the Finance Ministry announced last February that the deletion of zeros from the local currency will liberate the Iraqi economy from the constraints and enhance the value of the Iraqi dinar in the IMF.
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We believe that the draft raise three zeroes from the Iraqi currency is the glory and do not raise the value of the Iraqi dinar and will add when applied to the problem of several other dimensions to the many problems experienced by the Iraqi economy is deteriorating, and this problem is the confusion and disorganization of the market in buying and selling and debt among citizens, as well as confusion mental state that will plague the Iraqi people as a result of the emergence of a new phenomenon requires the intellectual and psychological stress of the back and accepted.
On the other hand requires the project and before applying SC small denominations of currency are parts of the dinar, which will be worth a penny, knowing that the minting these coins small would cost the state large sums of money, and that the project does not enhance the value of the Iraqi dinar (says the Ministry of Finance) where it will remain a value as (If you put equal amounts of the other equal results are equal).
In a statement differently from the Central Bank of Iraq that the process of removing three zeroes from the local currency is a complex process and need to study the economic extensively, also said adviser to the CBI we have to deal with this issue cautiously and carefully as they may cause economic problems in the event of rush or do any Another thing confuses the economic situation in Iraq.
And we say, Not wanting to pay the occurrence of such problems we see from the best and most effective project is put on the Iraqi public with a call to specialists in economics to indicate their opinion and familiarity with it before sending it to the prime minister and parliament.
And promises to start see the futility of the project – as we think – he does not raise the value of the Iraqi dinar, we aspire to adopt the CBI and economists project that aims to raise the value of the Iraqi dinar to its former value to return is equal to (3.33) U.S. $ through a package of actions and bold decisions, the first review of the operation import wrong and reduced to the extent necessities, as the import open wide drain excess foreign currency and deposited with the Central Bank of Iraq in support of the Iraqi currency, and not put up for sale by public auction for those wishing to by the Iraqi traders to cover Astiradathm of goods, as well as the review in order to reduce public spending to the state and its departments in regards to import furniture is expensive, as can be obtained from the local market, which encourages and supports the sector of local industry and create jobs for the unemployed, also support the development of the agriculture sector by helping farmers with seeds and agricultural machinery to increase the production of agricultural crops.
There are also other things to support the Iraqi currency, including: reducing operations Alaivadat staff and make it only for the purpose of training and development.
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