Central Bank ruled out a draft action to delete the zeros in 2013 because he needs time
Wednesday, 03 October 1 / Okrudolf 2012 11:35
Ruled the Central Bank of Iraq working draft deleted three zeros from the Iraqi currency in 2013, because it takes time and a new fiscal year.
The deputy governor of the Central Bank of the appearance of Mohammed Saleh told all of Iraq [where] today, that “the proposed deletion of zeros from the currency needs time, pointing out that” there is a decision of the Council of Ministers to linger on this project. “
Saleh denied reports that a coup during the work on this project in the budget exchange rate of the dinar against foreign currency. “
The Cabinet decided in its meeting held last April 10 to wait in the application process of deletion of zeros from the national currency until further notice.
The Central Bank of Iraq, and on the lips of bank adviser appearance of Mohammed Saleh, has confirmed to [where], need for Iraq to process administrative reform of the currency cash, and that the project to delete the zeros is a step comes as part of the country’s need to process administrative reform of the currency, in order to reduce transaction costs cash in the economic process, in addition to the need to provide small denominations coins used in daily trading transactions.
The officials at the central bank, as well as some politicians and economists, urged the government to delete the zeros from the currency, and the issuance of a new currency denominations large cash, in addition to a small Coins.
Observers say the government really intends to delete the zeros from the currency as a step towards improving the purchasing power of the Iraqi dinar, but economists played down the importance of this step, considering that the cost of raising the zeros will be greater than the benefit expected from the lifting of zeros.