Economist: project application must delete the three zeroes to serve the citizens and the local currency
Date: 10/05/2012 15:42:39 Friday
Baghdad (news) .. Stressed the economic expert عبدالحسن Shammari, the need to apply the project to delete the three zeroes from the currency because it hurt to serve the citizens and the national currency by reducing the masses of cash with groups large in the local market.
Al-Shammari said (of the Agency news): The implementation of the project to restructure the Iraqi currency after deleting three zeroes which is necessary for it would serve the citizen and the national economy, considering that groups large will turn into a thousand small unit, which will facilitate transactions in the market and accounts for government departments.
added: that the project will provide additional financial resources of the country through printed Coins (quarter dinars and a half dinars dinar) where the life span of these categories (25) year, while paper-old does not exceed three months for it’s fast handling and damage. pointed to: that the state is printed annually Banknotes limits of (250 – 750) million dollars per year, when the implementation of the project will cut the federal government for printing new currencies annually, which provides money could be used in projects of the country.
This prepares the central bank to implement the project to delete the three zeroes from the national currency after the completion of all procedures related to the project, but so far no date has been set applied over calls by some officials to postpone . has demanded the prime minister the central bank to wait to draft deleted three zeros from the local currency, saying he was a big project and it needs enough time to apply.