Monday, 17 September 2012 23:38 | | |
Baghdad (AIN) -The economist, Basim Jameel, criticized the officials who used to attribute the delay in implementing the process of deleting out zeros from the Iraqi currency to the “unstable security and economy situations.”
Jameel stated to AIN “Everything in Iraq is subject to the resolutions and moods of the politicians,” noting that “There is an item in the law of the Central Bank of Iraq that authorizes it to print and change the currency.”
He continued saying “The deletion of zeros from the Iraqi currency is very suitable in this stage because it helps in eliminating the inflation caused by the huge amounts of currency notes in the Iraqi markets, besides it helps to ease the calculation process for currency notes.”
He assured that “This step will not affect the purchasing power of the Iraqi currency.”
“Adopting this step will be of great benefit for the foreign investors and the Iraqi Dinar to use it instead of the US Dollar which will positively affect the governmental banks,” the economic expert assured.
The Council of Ministers has decided in its session of last April, 10th to postpone implementing the process of crossing out zeros from the national currency till further notice.