BAGHDAD / Center Brief for the Iraqi Media Network – revealed the parliamentary finance committee that Iraq will see the two currencies traded at the same time over the next year 2013 of the new currency in circulation after deletion of zeros with the survival of the current currency trading throughout the year in question.
A member of the Finance Committee Hassan Salman’s (Center Brief for the Iraqi Media Network) that “the central bank operates in more than six months from now on the position of the deletion of zeros from the Iraqi currency and the current that will be applied starting from next year.”
He pointed out that “the Finance Committee informed and in constant contact with the central bank governor and his aides who constantly learn about the Finance Committee on the details of this issue and the process of replacing the current currency the new currency will continue over the next year.”
He said, “will end the current currency, the beginning of 2014 and this process will lead to the strengthening of the Iraqi currency fluctuations, especially after the Iraqi dinar exchange rate against the U.S. dollar in recent times.”
And that “currency adjustment will benefit the Iraqi economy and will facilitate the handling of cash in the country by reducing the money supply in circulation now, which Tkdrbhawwala 30 trillion dinars.”
He revealed the CBI earlier that the new Iraqi currency will increase by three zeros, indicating that he made an extensive study concluded that the lifting of the zeroes will strengthen the value of the Iraqi currency.
The Central Bank of Iraq four branches in Basra and Sulaymaniyah, Erbil and Mosul, where established bank independent Iraqi under the law of the Central Bank of Iraq issued on the sixth of March / March 2004, which is responsible for maintaining price stability and the implementation of monetary policy, including exchange rate policies and the management of foreign reserves and the issuance of and currency management, in addition to regulate the banking sector.