Iraq: Economic Committee requests CBI to reconsider timing on dropping zeros from currency, suggests now is time

Posted: July 10, 2013 in Iraqi Dinar/Politics
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Screen Shot 2012-09-20 at 9.26.27 AMEconomic: we asked the Central Bank to implement a project delete zeros

Baghdad/JD/…The Economic Committee in the House of representatives, the Committee called for the Central Bank to implement a project delete zeros of the Iraqi currency.

He said the decision of the Economic Commission Deputy Khalil Qasim mehma agency/JD/today: that the Central Committee had requested reconsideration of the project and for purely economic reasons is to maintain and improve the Iraqi currency to other currencies.

Khalil said that this project is old and has been discussed in accordance with the laws of the Central Bank, now one year after the discussion we see that time and especially after the departure of Iraq from Chapter VII of this project.

The Central Bank estimated the cost of speculative delete zeros from currency to 172 billion dinars.

She said a special study project delete zeros received/JD/copy: total cost of speculative delete zeros within a hundred and seventy-two billion dinars “.

The Bank said in its study that freight and insurance of course to the Baghdad International Airport (140), calculated based on the average between the highest and lowest price (90-190) billion dinars from offers made by companies.

“The speculative cost to mint coins of the new currency (16) billion dinars”.

He said the Bank “that the remuneration of freight transport, Fridays and holidays, overtime.Etc (15) billion dinars “. The cost of the information campaign and miscellaneous costs up to 1 billion dinars. The World Bank recalled a replacement cost for the period from 15/10/2003 and the Bank the reasons to delete the zeros;

the first being that the deletion of zeros will be an opportunity to add new properties to the Iraqi currency to prevent potential counterfeiting of the new currency through the use of high security specifications leading to increased customer confidence (public institutions) as a result of low or no cases of counterfeiting.

The second reason that the deletion of zeros will reduce digital currency alakiam financial walmahasbet and the play of time, effort and cost required to complete financial and accounting transactions as well as the possibility of reducing the number of banknotes in circulation, especially if the banknotes have been printed in large groups. “.

The third reason, it enhances the possibility of maintaining the Iraqi dinar exchange rate against foreign currencies gained the confidence of its customers.


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