Date: August 3, 2012
Announced the Finance Committee in the Iraqi Council of Representatives that the legislature tends to support the central bank policy on the removal of zeros from the currency.
The central bank says it completed a road map to get rid of three zeros from the currency, to reduce the money supply and ease of financial transactions in line with the new situation of the Iraqi economy, but the government and the Securities Commission have shown Khchithma that affect the process negatively on financial trading in the Iraqi market for securities .
A member of the parliamentary finance committee, Najiba Najib, in a press statement, said that there is a tendency by the legislature with the support of the Central Bank’s policy to restructure the Iraqi currency and delete zeros at the beginning of next year.
She explained that this issue began to mature day by day for the members of the Finance Committee and the Economic Commission, noting that preparations for the central bank to implement the project under way, but it is incomplete yet.
They pointed out Najib, the Deputy for the Kurdistan Alliance, that the project will be implemented over two years by government banks, and will be part of the new currency coins of small denominations.
There will also be major currencies corresponding to $ 180, or 200 thousand Iraqi dinars from the current currency. She added: Through extensive discussions with the Central Bank.
And what has been providing us with the studies from the World Bank, the project aims to support the Iraqi currency, in addition to the introduction of new categories of currency markets, as well as reduce the size of the money supply, as well as the inclusion of Arabic and Kurdish in the currency.