Iraqi Finance: There is a risk of emergence of cases of corruption when you change currency
Sulaimaniya, July 8 (Rn) – U.S. Undersecretary of the Iraqi Ministry of Finance Central Bank of Iraq to Egypt to change the Iraqi currency during the year, noting that there are risks that contribute to change the currency in the emergence of cases of corruption.
He stated the Prophet told the Kurdish news agency (Rn) that “when you replace the currency in banks, as happened during previous times, more likely to tuck counterfeit currency between the ancient coins that are replaced with new ones, and this increases the risk of corruption cases.”
He noted that “the Iraqi Central Bank of Egypt for the Iraqi currency to replace Iraq’s new currency.”
And the effects of changing the Iraqi currency, said the Prophet “The change of currency would not have any effects, and will be the value of the currency of modern same value of existing currency, as will the size of the current currency itself, and if the Iraqi dinar exchange rate against the U.S. dollar has in the past 120 000 dinars, compared to U.S. $ 100, the value will remain the same when you change the currency, but some of them talk about the effects of receptor to change the currency on the economy of Iraq, and it is not clear at the present time. “
He pointed out that I was “for me, I carry the risk that there may be negative effects in the near future when you change the Iraqi currency, instead of having positive effects result from the process of change.”
He was adviser to the CBI, said the appearance of favor in an earlier statement (Rn) that “the Iraqi Central Bank has decided to start Ptnfbz long-term strategic program, to reorganize the Iraqi currency and the development of the financial system in the country.”
In the view of the central bank to raise the three zeroes from the local currency is a complex process and need to be thorough economic study.
He expressed the IMF in August / August, his support of the Iraqi economy in the event of having a number of economic measures including the privatization of banks and raise three zeroes from the local currency and to meet debt and compensation is the responsibility of Iraq.
The Iraqi government has denied conducting any change in the local currency this year to reduce inflation, [however] as pointed out by some news recently that the Iraqi government plans to make changes to the local currency, including raising three zeros to reduce the inflation suffered by the Iraqi market, to by adding the Kurdish language on paper currency.
The local Iraqi currency has gone through several changes in its history, most recently in 2004 when the former Governing Council replaced the previous currency, which was the symbol of the former regime.