Finance Committee Chairman demands CBI produce security feature guarantees on new currency prior to dropping zeros; Switch needs to take place at new financial year

Posted: July 12, 2013 in Iraqi Dinar/Politics
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PARLIAMENTARY DEMANDING FINANCIAL GUARANTEES BY THE CENTRAL BANK TO DELETE ZEROS CURRENCY

Demanded the parliamentary Finance Committee’s central bank on Thursday, provide guarantees prior to the deletion of zeros from the Iraqi currency, in order to avoid forgery.

The Chairman of the Finance Committee, Haider al-Abadi, told the “Awan”, “The switch more than 34 trillion Iraqi dinars, not an easy process,” noting that “the Finance Committee and the government demanded the Central Bank to provide guarantees to reduce fraud and money laundering operations.”

Abadi continued that “the current currency includes forged categories but simple numbers will not pose a threat.”

Abadi added that the “currency change or delete the zeros of which needs to be a new financial year, and because of 2014 will see Gjra the legislative elections, it is possible to take place in the year 2015, if the Central Bank has provided the required guarantees.”

The Central Bank of Iraq announced earlier his intention to delete the zeros and the currency exchange, which warned him, officials and economists because there are mafias currency is preparing to rig the trillions of Iraqi dinars to replace them in the light of the upcoming changes.

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