Parliamentary Economic Committee: Deletion of three zeroes from the Iraqi currency will increase the confidence, internationally

Posted: September 3, 2011 in Iraqi Dinar/Politics
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Dohuk 3 September / October (Rn) – The decision of the Economic Committee in the Iraqi parliament on Saturday that the deletion of three zeros from the Iraqi currency will increase the confidence and international credibility in Iraqi currency, noting that the Central Bank of Iraq has a real strategy on the matter, adding that the dinar Iraq will be the strongest in the Middle East.

The Mahma Khalil told the Kurdish news agency (Rn), announced today that “the Iraqi government go really about the process of removing the zeros from the Iraqi currency and giving the fundamental pillars of it, so that there is a balance between the value in the hands of the citizen with the appropriate and value of the real exchange rate in the market.” . Noting that “the deletion of zeros will increase the confidence and international credibility in Iraqi currency, particularly that Iraq possesses huge economic resources.”

The organizers of the Central Bank of Iraq, has indicated in more than one occasion to the need to delete the three zeroes and issue a new currency, the categories of large cash transactions to fill the large, in addition to the presence of small coins, as well as the issuance of new currency in Arabic, Kurdish and English.

He Khalil, MP for the Kurdish coalition, said that “a promising future awaits the new Iraqi dinar, which will be the strongest currency in the Middle East, particularly that Iraq will have in the next few years, balance the fantasy depends on imports of oil could reach 6 million barrels every day “.. He continued by saying “as well as gas revenues and income of industrial, agricultural and religious tourism, along with the experience and capabilities and the bright minds of Iraq.”

He believed that “the Iraqi Central Bank has a real strategy about the deletion of zeros from the Iraqi currency, and we trust those who hold it to have the experience of banking and economic outlook contributed and contributes to maintaining the balance of the sovereign of the Iraqi dinar and the holdings of the Iraqi people” .. Noting that “there is full coordination between the parliamentary Economic Committee and the Central Bank of Iraq, and to have our support and our confidence.”

And reduced specialize Iraqis in the area of ​​the economy from the impact of the Central Bank of deleting zeros from the currency the purchasing power of the Iraqi dinar, also hopes the government from behind the move, as seen researchers that the cost of raising the zeros will be the biggest of its usefulness, given that the currency’s strength is measured by the stability of disbursement, which is based on the strength of the productive sector is capable of providing goods and services.

And on printing new currency in three languages, Khalil said “the Iraqi constitution states in Article IV that the Arabic and Kurdish are the official languages ​​of Iraq, and guarantee issuing the official gazette in both languages, with the Speech and expression in official domains, like the parliament, Cabinet, courts and official conferences , any of the languages, “..

He continued by saying, “The law also stipulates the recognition of official documents and correspondence in the issuing of official documents in them and open schools in both languages ​​and in accordance with educational guidelines, and paragraph (e) says any other realms that require the principle of equality, such as banknotes, passports, and stamps.”

The CBI had announced in June 23 last for his willingness to delete the zeros of the Iraqi currency, and as he emphasized that this step is one of the strategic functions of the Bank, pointed out that the new currency will contain on the Kurdish language in addition to Arabic.

The Central Bank of Iraq four branches in Basra and Sulaymaniyah, Irbil and Mosul, where established bank independent Iraqi under the law of the Central Bank of Iraq issued on the sixth of March / March 2004, which is responsible for maintaining price stability and the implementation of monetary policy, including exchange rate policies and the management of foreign reserves and the issuance of and currency management, as well as to regulate the banking sector.

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