Public Opinion Varies on Deletion of Zeros from Currency

Posted: December 15, 2013 in Iraqi Dinar/Politics
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Did you witness the next year the process of deletion of zeros from the Iraqi currency?

Still the proposal to delete the zeros from the Iraqi currency suffers push and pull, between supporters see in this step of great importance by reducing the size of the enormous mass of cash in business dealings as well as improve the reputation of the Iraqi currency, Opponents believe that they have carried with it serious risks to the Iraqi market, both at both the near and long term.

Newspaper (public opinion) has decided to discuss the issue of old to learn new opinions about it, it was the following tours:

Economic expert Majid picture talked to us on the subject, saying, “restructuring the currency is not only the deletion of zeros only, but rearrange the nominal value in addition to the use of small groups and large in order to reduce the cost of trading in the Iraqi market,” adding that “such a move would draw price policy is best. “

He pointed to the picture that the process of deletion of zeros from the currency and restructuring contain problems include the pros, but very large, as he put it.

In turn regarded as the economic expert Antoine process of lifting the zeros from the Iraqi currency it has become an urgent need to reduce the numbers and deal with a big paper currently in place.

Said Antoine in an interview (public opinion), “the process of deleting the zeros will ease restrictions on banks as it will reduce the use of the dollar in the Iraqi market,” adding that “the deletion of zeros will contribute significantly to reducing errors in the figures calculations as is happening now when dealing in this currency being considered large blocks of cash. “

He pointed out that the process of deletion of zeros from the currency will bring monetary sovereignty to the Iraqi currency in the trading process, as he put it.

It unlikely for an economist Munir Abdullah that the process of deletion of zeros from the Iraqi currency at the beginning of the year 2014, it’s more likely for the end of next year.

Abdullah said in an interview (public opinion), “there is a problem in the mechanism to deal with the subject of lifting the zeros by the authorities concerned in the matter, who was born some sort of delay in the process of completion so far,” he said, adding that in case there is an administrative good port capable process will delete the zeros smoothly and naturally. “

Abdullah pointed out that taking into account the time necessary to resolve such proposals so the fact that the market and the movement of trade affected by the actual, as he put it.

The Finance Committee has confirmed that 2014 will see the deletion of zeros from the Iraqi currency, indicating that the deleted will be in coordination with the Central Bank.

Said committee member Abdul Hussein al-Yasiri that “the process of deletion of zeros from the national currency will begin during 2014, through an agreement with the central bank,” noting that “this project will lead to reducing the proportion of the national currency in circulation from four billion to one billion.”

He added that “the size will be reduced to a quarter and this will enhance the value and easy to transport,” noting that “fraud or manipulation of currency cash, it will be very difficult.”

The CBI decided to modify the timing of the start of the implementation of the restructuring of the Iraqi currency and delete the zeros of them, stressing that it completed the bulk of the action, among that put the new currency in circulation should be the beginning of the calendar year in which it is decided to begin implementation and not through it.

The bank said in a statement issued recently received (public opinion) copy of “The CBI was briefed on reports that refer to the postponement of the implementation of the restructuring of the Iraqi currency and deleting three zeros of them,” stressing that “the requirements of coordination and cooperation between us and the legislative and executive branches have led to modify the timing of the start of implementation. “

He said the central bank that “This project is important for our country and our economy and society,” adding that he “completed the bulk of the action on the implementation of the project.”

Between the bank and the need to “put the new currency will be in circulation at the completion of print must be the beginning of the calendar year in which it decided to begin implementation and which is not.”

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