Committee demands CBI to “speed up” deletion of zeros; Project will increase value of the Iraqi dinar, reduce unemployment and poverty

Posted: July 7, 2013 in Iraqi Dinar/Politics
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Screen Shot 2012-09-23 at 9.42.59 AM06/07/2013 13:24

Asked the Economic Committee in the House of Representatives, on Saturday, the central bank to “speed up” the process of deletion of zeros from the Iraqi currency in order to maintain them, and confirmed that it is not in the interest of Iraq, the survival of its currency with so much and irregularly, as pointed out that the deletion process will increase the value of the Iraqi dinar and reduce unemployment and poverty.

The decision of the Economic Commission Mahma Khalil during a press conference held by the Committee parliament building, and attended (Long Press), said that the Committee “demanded the CBI to speed up the process of deletion of zeros from the Iraqi currency, especially after the withdrawal of Iraq from Chapter VII and to preserve the Iraqi currency,” noting that “the Iraqi government demanded earlier to slow down the process of deletion of zeros did not reject the project.”

Khalil added that it “is not in the interest of Iraq to be its currency are so irregular.”

For his part, member of the Committee MP Abdul Salam al-Maliki (not the prime minister), said that “after the withdrawal of Iraq from Chapter VII expect soon to head the government for approval on the process of deletion of zeros from the currency,” he said, calling on the government to “take urgent steps in this direction.”

Maliki said that “the Commission will conduct economic correspondences with the competent authorities on this matter,” noting that “the process of deleting the zeros increase the value of the Iraqi dinar and will be reflected positively on the issue of reducing the rate of unemployment and poverty.”

The CBI said, in (25 April 2013), that there is no intention at this time to restructure the currency and deleting three zeros of them, denying reports that in this regard.

It is noteworthy that the General Secretariat of the Council of Ministers announced in (12 April 2012), the patient in the application process to delete the zeros from the national currency, which had to stop all actions related to the mentioned process until further notice.

It is noteworthy that some economists believe that Iraq is not ready at the present time to delete the zeros from the dinar, pointing out that the deletion needs to stabilize the security and political as well as economic stability. Was the Iraqi Central Bank confirmed, (on July 3, 2013) that Iraq is “in control of the funds and treasury of gold “in international banks, one of the acting out, denying” the existence of frozen funds outside the control of the Iraqi administration, “While revealed that the reserve bank amounted to 76 billion dollars in the month of May last year, counting out of Chapter VII that” will allow Iraq more freedom to act to attract foreign investment. ”

The International Monetary Fund, announced in the (March 23, 2013), that the funds preventive in the Development Fund for Iraq rose in 2012 to $ 18 billion, and cash reserves of the Central Bank of hard currency to $ 70 billion, and pointed out that this increase came from “revenue unexpected oil “, called on the Iraqi government to end the control of the state-owned banks on the banking sector, he stressed the need for Iraq to strengthen public financial institutions to ensure efficiency and transparency in the use of oil revenues.

They expected USAID, in (December 3, 2012) that leads the Iraqi economy, Arab countries within five years, stressing that Iraq possessed all the qualifications to be a powerful country economically. Iraq is trying for years to attract foreign capital to develop its economy in the fields of industry especially oil, including housing and oil and gas extraction, for need of funds for infrastructure development and reconstruction, but Mariqben contend that the lack of interest of the state to the private sector and the absence of investment laws which guarantees for investors and the absence of other laws that are still obstacles to the development of the economy in the form required.

Iraq relies which has the fourth largest oil reserves in the world at 95 percent of its annual budget on its oil exports and currently produces about two million and 900 thousand barrels per day, while the issue up to two million and 200 thousand barrels per day.

The UN Security Council voted on Thursday (27 June 2013), unanimously approved the decision to remove Iraq from Chapter VII, after more than two decades of sanctions imposed whereby in the wake of the former regime’s invasion of Kuwait on the second of August 1990.

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