Launch The Iraqi Dinar ~ Vice-President of the Economic Commission project to delete the zeros and economic feasibility of the regional climate has become suitable for launch

Posted: August 5, 2013 in Iraqi Dinar/Politics
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Monday 05/08/2013

Mahma Khalil Alsnjara: Vice-President of the Economic Commission project to delete the zeros and economic feasibility of the regional climate has become suitable for launch

MP for Kurdish bloc Mahma Khalil Alsnjara Vice-Chairman of the Committee

Economic development in the House of Representatives by the Iraqi government to activate the decision to delete three zeros from the Iraqi currency .

On the reason for the claim at this time Parliament Alsnjara said during his meeting with Sisterhood, saying:

After the withdrawal of Iraq from Chapter VII see that the regional climate has become fit and there is no fear of currency counterfeiting or forgery, and this argument that upheld the government to stand against the activation of the resolution has become unjustified now as well as the Iraqi environment has become a fertile ground for investment for Iraq’s possession of fourth power Global prompting companies global investment race in investing in Iraq as between Alsnjara that there are procedures to speed up activating the decision of which continue to pressure the government legitimately including resorting to constitutional provisions that allow printing of a new currency, and it is not reasonable to keep the Iraqi dinar weakened to this limit against the U.S. dollar, especially that Iraq’s sovereign balance in international banks totaled $ 76 billion.

* In order to stand on the reasons for delay approval of the project to delete the zeros we met an economist and financial consultant Dr Majid picture, who told us the truth about the project and economic feasibility Almarjah the him, saying:

In 2008, the Central Bank in agreement with the Ministry of Finance to do the studies necessary for the process of deleting three zeros from the Iraqi currency, and the purpose of this process is to restructure the local currency to reduce the cost of trading the currency and facilitate the handling and especially trading, medium and large, as well as multi-currency than fifty fils to (100) dinars will lead to facilitate the draw price policy in the country to be accompanied by practical package of measures has claimed responsibility for all government departments and state institutions and banks in order to find solutions to all the problems and issues that can result from the process of restructuring of the currency, including cash, accounting, security, as well as take the necessary measures to destroy the currency received, and most important of these issues is how to do therapy accounting for the deletion of zeros, and related market, Iraq Stock Exchange, said Suri was the experience of Iraq to replace the currency in 2003 is very rich, but will not exceed only change the shape of currency and replace it, and therefore did not encounter this process any accounting requirements or legal It is necessary to take some necessary measures in the case of structuring currency in order to get the results of the desirable, including education departments, banks and public usefulness of restructuring the currency and how to take the necessary measures in order to reach the planned objectives, including the use of technology by the relevant authorities in order to detect fraud that occurred formerly of the old currency.

* And the reasons that led to the suspension of work on the project Suri replied saying:

The central bank’s decision to restructure the process a decision for monetary policy, the monetary authority (CBI) and was done in consultation with the Ministry of Finance, the Bank has taken all the measures relating to the restructuring of the currency, including design of currency denominations and the quality of paper used in currency, which is considered one of the finest types of paper Stainless cash or difficulty rigged, but the interference of the executive of its decision to postpone the process of restructuring the currency led to the suspension of all actions related to this project.

واضاف الصوري: Souri added:

That undergo such decisions for political manipulation and skirmishes is not in the interest of monetary policy nor in the interest of the Iraqi economy and therefore non-specialists politicians not to manipulate or interfere in such decisions and be subject to speculations and between political factions warming internalized in power.

* And the most important benefits achieved by the project to delete zeros Giebna the economic Thamer Alheimus, saying:

Most benefit from the process of currency exchange deleting three zeros is the first easy trading and secondly and more importantly when you are distributing coins that are parts of the dinar will create a high elasticity of prices, for example, we now have a quarter dinars (250) smaller currency while will have after the deletion of zeros currency 50 fils or less, depending on the value of the dinar and therefore we can that نسعر between 1/4 dinars and 1/2 or less of the dinar, and this helps a lot in improving the incomes of lower segment of low-income people in particular.

Perhaps in this case raises the purchasing value of the Iraqi dinar in general in the future, if there is a monetary policy sober at least have the dinar against the dollar as a target in the stage unforeseen, and certainly the rise of the dinar against the dollar will improve access to many of the families or social strata limited income.

* At the conclusion of our investigation we join our voices with the demands of the Economic Committee in the House of Representatives that calls for the activation of the project to delete the zeros for the benefit of the Iraqi monetary policy and all the Iraqi people, especially the poor and low-income people.

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