Finance committee says, postponement of the deletion of zeros is due to difficulty of controlling the currency

Posted: December 21, 2013 in Iraqi Dinar/Politics

Saturday 21 December 2013

attributed the parliamentary Finance Committee on Saturday, the reason for the postponement of the deletion of zeros to the difficulty of controlling the currency and take individual decisions, and as pointed out the existence of nearly 35 trillion dinars in circulation in the market, emphasized the importance of the project to delete the zeros for the Iraqi institutions and citizens.

said Chairman of the Committee Haider Abadi, in an interview for “Alsumaria News”, “The government does not have confidence about the ability of the central bank on the currency exchange at the moment without any problems,” noting that “there is a fear of lack of control over the currency damaged during the deletion of zeros.”

added Abadi “The currency is damaged it is possible to go out again and replaced by the new currency during the process of switching and thus will be printed currency for free and become the cash more than the truth,” adding that “it is assumed that the central bank will destroy the currency shattered soon as they are received from the banks.”

He Abadi “The process of replacing the currency in a cash big in the markets is a difficult despite the fact that the bank has submitted a plan to replace it for two years,” pointing out that “the amount of cash in the markets that are traded currently amounting to 34 to 35 trillion dinars.”

continued Abadi “The individual decisions taken by the central bank away from the post the government and parliament on the switch and the deletion of zeros was another reason to postpone the deletion of zeros and so any problem that may occur during the deletion of zeros and the currency exchange, it would be hurt the Iraqi economy as a whole,” unlikely “to occur any deleting the zeros from currency and replaced at this time with near upcoming parliamentary elections. “

stressed Abadi on the importance of “the project to delete the zeros for the Iraqi institutions and even citizens to the presence of some MPs and accountants who make mistakes in the figures because of these zeros, which are sometimes serious,” adding that “the deletion of zeros from things positive to facilitate the process of accounts and the trading process between people, in addition to the new currency is possible to evolve more in print and in a form that is difficult to counterfeit. “

and confirmed a member of the parliamentary Economic Committee Hussein Mura’bi in (September 23, 2012), that the confusion in monetary policy makes the country lose about eight million dollars a year, and while he warned that the issue of deletion of zeros will make it easier for Mafia money laundering, theft of billions without feeling state, called for a study of its impact on the overall situation.

accused the central bank, in (12 September 2011), government agencies of obstructing monetary reform and vowed persecuting, blaming those actors responsible for endangering the interests of the country’s financial risk.

regarded as an adviser to Prime Minister for Economic Affairs Abdullah Hussein Al-Anbuge, in (25 August 2011), to raise zeros from the currency is the biggest corruption in Iraq if it was during this period, and fall under the name of tampering economic, warning of “mafias currency” is preparing to rig the trillions of Iraqi dinars to replace them in the light of the upcoming changes.

noteworthy that some economists believe that Iraq is not formatted for the time being to delete the zeros from the Iraqi dinar, pointing out that the deletion needs to stabilize the political and security as well as stability economy.

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