05/03/2011
Central bank adviser: the decision to lift the zeroes would suit perfectly with the increase Iraq's oil exports / Report
He said the Iraqi Central Bank Consultant Dr.The appearance of Mohammed Saleh, "The draft raise three zeros from Iraqi dinar And it has no effect on the purchasing power of citizens or revenues, but will enhance the value and strengthens Iraq's economic relations with other countries" Urged the economists To postpone the approval of law and conduct extensive studies on it because of the threat to the Iraqi economy."
An interview with the reporter (and the Iraqi News Agency Information / INA) on the sidelines of the symposium organized by the Faculty of Management and Economics at the University of Babylon, recently And titled (lifting of the zeroes on the Iraqi dinar and its negative and positive)
The project, conducted many seminars between scientific specialists to saturation in search and scrutiny will also contribute to reducing transaction costs and reduces the carry cash, and the positive implications of Much more than the potential disadvantages "
That Iraq is on the verge of producing 6 to 12 million barrels of oil and this will impact on the development and raise the value of the Iraqi dinar and the adoption of the project would suit fully and this increase in oil production and it also aims to improve the management of the currency regime in Iraq, the fact that the current system is a system behind does not suit the current development in the world in this area as well as being remnants of the former regime, based on grounds other than scientific and represent three decades of underdevelopment and economic decline, especially as the economic progress which will be witnessed Iraq's future needs to system management a new currency commensurate with the boom expected in the country and therefore will not affect neither the transactions of citizens, nor on its revenues, not even on the various contracts, but he would maintain it and strengthen economic relations and exchanges in the future, "he said
And link adviser to the CBI between the approval of the project to delete three zeros from Iraqi dinar and economic prosperity
Which is achieved in Iraq.
This project will not be unless there is a boom in the Iraqi economy and that if this is not achieved it does not already value of the project" As he put it
Asserting that "the The day when the project is approved.
This Meant that Iraq had walked in the path of stability and progress, and a defiantly disobedient life in the country has become is not what it is now and then Iraq would become a leader at the time of the power in the Middle East "
In response to a question about the period for implementation of the project it has no effect on the exchange rate of the dinar against the dollar
"The period is open There is currently no specific time for its implementation and all the accessories the success of the project would be studied carefully and all aspects are then submitted to Parliament for approval after it is generated to the legislative and executive branches convictions sufficient to implement As for its impact on the Iraqi dinar exchange rate against the the U.S. dollar, there is no any effect in this regard but that the implementation of the project will not be what were not there to force the Iraqi dinar "
Economists and those interested in economic affairs, for their part have expressed concern about the negative effects expected from the project in the event of approval, which was mentioned by Dr. Dean of the Faculty of Management and Economics at the University of Babylon Mujbil Rafik Morgan said:
That the issue of lifting of the zeroes is still in the process of debate and so far as economists do not know who will put the law whether it is the Iraqi Central Bank or the prime minister or whether he will be presented to the House of Representatives which will be discussed because the issue is the seriousness of the Iraqi economy.
He called for "the study of law by economists and specialists in economic affairs
The fact that the advancement of the Iraqi economy at the present time does not bear any confusion "
He After the decision must be justified on grounds and find out whether he will support the Iraqi economy will be a mechanism or mechanisms to remove inflation, because this issue affects all citizens must therefore be carefully studied before approval, "he said
As expected the President of Chamber of Commerce of Babylon, the decision to raise zeros from Iraqi dinar will have an impact on the Iraqi economy And inflation As well as the impact of the circulation of currency in the Iraqi market
Noting that "the point of view Chamber of Commerce Can not be built on the point of view of the Central Bank, but there will be extensive studies on the subject and we will organize seminars with stakeholders and traders and businessmen to form a whole idea for and then later we will give our opinion about it"
The Iraqi specialists in the field of economy, they may Underestimated the impact of the Central Bank of deleting three zeros from the currency the purchasing power of the Iraqi dinar, with one Researchers that the cost of lifting of the zeroes will be the biggest of its utility as the currency's strength is measured by the stability of disbursement, which is based on the strength of the productive sector can provide goods and services. According to them,
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