Third requirement - proposed raising the value of national currency and the pros
Join Dr. Ahmad Al-Wazzan, professor of economics at the College of Business and Economics University Mustansiriya To an audience of supporters of the proposal to delete the zeros of the value of national currency, as it says
After for a long time has become for us to claim the existence of a monetary authority Iraqi enjoy full independence under a special law CBI contains all elements of independence, according to international standards known, and as we followed the arguments of those objecting to the decision to raise three zeroes from the Iraqi dinar value nominal, we have fellowship that say that our arguments as supporters of this resolution.
Provides some of the opponents of the resolution sarcastically, is not acceptable objective, some of the definitions, one of the axioms of monetary theory, which put in front of senior professors monetary theory of policy-makers the central bank, such as: that the central bank aimed at the events (the cash) to the public and Sestdrj emotional feelings about the sense of improvement in nominal value of the dinar is not real, and it is not right for a great merit of this argument by virtue of the availability of scientific expertise and advanced process for staff in the Central.
With this introduction we turn the selection of views put forward, which reflected the positive outlook for the proposal to delete the zeros, which are as follows:
1)The makers of monetary policy proposals with the utmost objectivity regarding the issue of raising the three zeroes from the Iraqi dinar, and the scientific evidence does not placebo Aguenona the availability of the intention to take this important resolution and sensitive, and we believe that by extrapolating the accuracy of the words used by the Central submit comments about this subject, such as : to give a signal pre-primary to the public that the Bank intends to do so and will not startles one, and in that wisdom dente aware of its implications those with specialization and Itojsha business and money, state institutions and markets in order to avoid any confusion may occur if the central startle the public the decision of a sudden, what would climate proactive not the occurrence of any confusion in the capital market or in the movement of the renewed commitments or contractual receivables, which was held between the parties, or with less try to mitigate as if there were, in the framework of the vision and consciously aware that the monetary policy for the time-average and far must have been under pressure from uncertainty.
2) experts said the Central that the process of bringing new currency to replace the corollary old will be in the context of (strategic gradual long-term), so as to allow the coexistence of both currencies in the context of adorable lets bring fine coin replaced by a new old as not to embarrass the impact of traumatic forces of interaction in the financial markets or the truth, but it is hoped that this will contribute to bringing a similar replacement for the romantic feelings of the people about the prestige of the national currency, which is one of the symbols of sovereignty. He cites the example of specialists
Alchpt desperate to the Europeans Bamlathm national currency and euro even though they were Bmdrick of the economic feasibility of unification of the currency, let alone the CBE board who deserves all the support if he just wants to hold the replacement public feelings about the prestige of the currency? That alone is worth cordial respect.
3)that the lifting of the zeroes will - among other things, cause - to bring inflation pressure that suppresses the cluster recall dealing with monetary currency coins which deprived the public for a certain length of time to deal with it, after it was The public shame of its currency
As it goes national- Together with bags of paper for the purchase of goods how modest, as it must contribute to the cancellation of part of the margin of the inflation that resulted from that block and has been limited, and here inevitably will be reduced transaction costs and improve movement, after settling for what time. He cites the example of pro experience
Economist
Benefited greatly from this step and the Turkish lira has become the best value and the person is able to deal Turkish Bammelth at an international level has become the largest and Turkish person can also travels and trading currency amended in a manner best addition to the many benefits that Turkey benefited from the change of currency.
4) will have a central role of the historian if Azzdor handling of the Iraqi dinar in economic transactions
And replace Ahlha phenomenon (Dollar) disturbing psychological and practical impact, as the Central always sought to maintain the dinar's exchange rate and stabilize the economy, and that to understand the Bmahep results that would have good on his quest to improve the exchange rate later.
And so will be well-deserved change the management system of currency and payment system mechanism for quiet smooth objective wary speculators and fit any harmony with the economic trends but also new political and approved by the constitutional requirements of a market economy and the independence of the Central which was to be not for Tgierssayas Fate happen weld those golden opportunity.
5)The process of lifting of the zeroes will contribute to raise the value of the currency and reduce the rate of demand for hard currency, which is characterized by force and will lead to re-balance between the value of local and foreign currency and give it market power at home and abroad.
Not to mention that this process will be in the interest of the Iraqi individual, for example, that the employee who receives 400.000 Dinars at the exchange rate in 1200 is its purchasing power in dollars $ 333 and if the strengthening of the dinar to the equivalent instance = 500 dinars to the dollar will become the purchasing power of $ 800 instead of 333 dollars, that would be considered good achievement of the Central Bank that the check because the citizen will be the main driver of the economy of his country and urges currently in the United States and Aruba and can buy more items with the same amount of 400.000 dinars because the currency has become a store of value and this what is expected of the Central Bank of Iraq.
It also will address the economic crisis in the country., That the lifting of the three zeroes from the local currency will facilitate financial transactions between governmental institutions and global investment firms operating in Iraq
الاستنتاجات Conclusions
First. Event of much controversy between supporters and opponents of the proposal to delete the zeros, but the national interest, rational, rationality requires the postponement of this proposal because it reflects the form of luxury economy, and will not entail any benefit of the Iraqi economy, by contrast, would cause disruptions in Iraq indispensable at the present time.
Lifting of the zeroes will cost the state budget large sums of money, will have an impact on this measure the level of inflation, to which the project to replace the currency after the lifting of the zeroes is probably open the door to corruption.
II. The project if implemented would increase the inflation again, as the reduction of the nominal value will increase demand for goods and services and this is a psychological factor that generates monetary illusion, was transformed into increased demand for foreign currency in an attack on the currency reserves at the central bank, which will be forced to convert new dinar to the dollar.
There is no real standard from which to measure the benefit that can accrue to a particular community by deleting the number of zeros in its currency, but raises favor Some of the experiences of countries that have implemented such Experience in Turkey and other nations, and does not have the
Economists can learn about the full benefits in the case of application experience in Iraq, although this method is useful for the economy or not.
IV. Put their views in the fact that pro- العملة العراقية Iraqi currency
A mass of paper, and this is a problem in itself stands in the way of developing the national economy, and put the issue into two categories of paper currency, one million dinars and the second thousand dinars to instil confidence among citizens and enable it to deal with the new currency once issued. "And that the deletion of zeros" will in the future to carry the citizen small amounts of currency, and raise the value in conjunction with a qualitative shift in the Iraqi economy, through optimum utilization of agricultural resources, industrial and transport services and storage, and development as an effective cadre national, through a policy of economic and financial balance. "and delete the zeros will lead to an increase dealing in dinars by the traders rather than the dollar, which "means the added strength of the national currency."
V. That the Iraqi economy is inflation naturally at low levels, and this Aestday any move to devalue the national currency, as this proposal may cause the attack on the foreign reserves from home and abroad, especially the Iraqi economy depends on imports from abroad to meet the effective demand for goods and services. Not to mention that the proposal may cause a decline in the real value of the national currency,
dinar was the one who gets by on one unit of a particular commodity may consumers pay two dinars for the same item before deleting the zeros.
VI. The question that arises is the Convention, which will be agreed upon between Iraq and America it will be among the items declared (or secret) peg at a certain value of the dollar as the Central Bank of Iraq said in 2004 that a study to link the Iraqi dinar in dollars, although that the central bank stressed that the Economic conditions for Iraq
Do not allow this because of huge debt and lack of cash reserves.
VII. Through the arguments put forward by the economists was the objectors and their proposals closer to the economic logic is better for the country's economic require, a gradual reduction of the slow, otherwise it will be inflation and attrition of hard currency, and the illusion of cash, and the emergence of the phenomenon of rising dollar of goods and services.
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Join Dr. Ahmad Al-Wazzan, professor of economics at the College of Business and Economics University Mustansiriya To an audience of supporters of the proposal to delete the zeros of the value of national currency, as it says
After for a long time has become for us to claim the existence of a monetary authority Iraqi enjoy full independence under a special law CBI contains all elements of independence, according to international standards known, and as we followed the arguments of those objecting to the decision to raise three zeroes from the Iraqi dinar value nominal, we have fellowship that say that our arguments as supporters of this resolution.
Provides some of the opponents of the resolution sarcastically, is not acceptable objective, some of the definitions, one of the axioms of monetary theory, which put in front of senior professors monetary theory of policy-makers the central bank, such as: that the central bank aimed at the events (the cash) to the public and Sestdrj emotional feelings about the sense of improvement in nominal value of the dinar is not real, and it is not right for a great merit of this argument by virtue of the availability of scientific expertise and advanced process for staff in the Central.
With this introduction we turn the selection of views put forward, which reflected the positive outlook for the proposal to delete the zeros, which are as follows:
1)The makers of monetary policy proposals with the utmost objectivity regarding the issue of raising the three zeroes from the Iraqi dinar, and the scientific evidence does not placebo Aguenona the availability of the intention to take this important resolution and sensitive, and we believe that by extrapolating the accuracy of the words used by the Central submit comments about this subject, such as : to give a signal pre-primary to the public that the Bank intends to do so and will not startles one, and in that wisdom dente aware of its implications those with specialization and Itojsha business and money, state institutions and markets in order to avoid any confusion may occur if the central startle the public the decision of a sudden, what would climate proactive not the occurrence of any confusion in the capital market or in the movement of the renewed commitments or contractual receivables, which was held between the parties, or with less try to mitigate as if there were, in the framework of the vision and consciously aware that the monetary policy for the time-average and far must have been under pressure from uncertainty.
2) experts said the Central that the process of bringing new currency to replace the corollary old will be in the context of (strategic gradual long-term), so as to allow the coexistence of both currencies in the context of adorable lets bring fine coin replaced by a new old as not to embarrass the impact of traumatic forces of interaction in the financial markets or the truth, but it is hoped that this will contribute to bringing a similar replacement for the romantic feelings of the people about the prestige of the national currency, which is one of the symbols of sovereignty. He cites the example of specialists
Alchpt desperate to the Europeans Bamlathm national currency and euro even though they were Bmdrick of the economic feasibility of unification of the currency, let alone the CBE board who deserves all the support if he just wants to hold the replacement public feelings about the prestige of the currency? That alone is worth cordial respect.
3)that the lifting of the zeroes will - among other things, cause - to bring inflation pressure that suppresses the cluster recall dealing with monetary currency coins which deprived the public for a certain length of time to deal with it, after it was The public shame of its currency
As it goes national- Together with bags of paper for the purchase of goods how modest, as it must contribute to the cancellation of part of the margin of the inflation that resulted from that block and has been limited, and here inevitably will be reduced transaction costs and improve movement, after settling for what time. He cites the example of pro experience
Economist
Benefited greatly from this step and the Turkish lira has become the best value and the person is able to deal Turkish Bammelth at an international level has become the largest and Turkish person can also travels and trading currency amended in a manner best addition to the many benefits that Turkey benefited from the change of currency.
4) will have a central role of the historian if Azzdor handling of the Iraqi dinar in economic transactions
And replace Ahlha phenomenon (Dollar) disturbing psychological and practical impact, as the Central always sought to maintain the dinar's exchange rate and stabilize the economy, and that to understand the Bmahep results that would have good on his quest to improve the exchange rate later.
And so will be well-deserved change the management system of currency and payment system mechanism for quiet smooth objective wary speculators and fit any harmony with the economic trends but also new political and approved by the constitutional requirements of a market economy and the independence of the Central which was to be not for Tgierssayas Fate happen weld those golden opportunity.
5)The process of lifting of the zeroes will contribute to raise the value of the currency and reduce the rate of demand for hard currency, which is characterized by force and will lead to re-balance between the value of local and foreign currency and give it market power at home and abroad.
Not to mention that this process will be in the interest of the Iraqi individual, for example, that the employee who receives 400.000 Dinars at the exchange rate in 1200 is its purchasing power in dollars $ 333 and if the strengthening of the dinar to the equivalent instance = 500 dinars to the dollar will become the purchasing power of $ 800 instead of 333 dollars, that would be considered good achievement of the Central Bank that the check because the citizen will be the main driver of the economy of his country and urges currently in the United States and Aruba and can buy more items with the same amount of 400.000 dinars because the currency has become a store of value and this what is expected of the Central Bank of Iraq.
It also will address the economic crisis in the country., That the lifting of the three zeroes from the local currency will facilitate financial transactions between governmental institutions and global investment firms operating in Iraq
الاستنتاجات Conclusions
First. Event of much controversy between supporters and opponents of the proposal to delete the zeros, but the national interest, rational, rationality requires the postponement of this proposal because it reflects the form of luxury economy, and will not entail any benefit of the Iraqi economy, by contrast, would cause disruptions in Iraq indispensable at the present time.
Lifting of the zeroes will cost the state budget large sums of money, will have an impact on this measure the level of inflation, to which the project to replace the currency after the lifting of the zeroes is probably open the door to corruption.
II. The project if implemented would increase the inflation again, as the reduction of the nominal value will increase demand for goods and services and this is a psychological factor that generates monetary illusion, was transformed into increased demand for foreign currency in an attack on the currency reserves at the central bank, which will be forced to convert new dinar to the dollar.
There is no real standard from which to measure the benefit that can accrue to a particular community by deleting the number of zeros in its currency, but raises favor Some of the experiences of countries that have implemented such Experience in Turkey and other nations, and does not have the
Economists can learn about the full benefits in the case of application experience in Iraq, although this method is useful for the economy or not.
IV. Put their views in the fact that pro- العملة العراقية Iraqi currency
A mass of paper, and this is a problem in itself stands in the way of developing the national economy, and put the issue into two categories of paper currency, one million dinars and the second thousand dinars to instil confidence among citizens and enable it to deal with the new currency once issued. "And that the deletion of zeros" will in the future to carry the citizen small amounts of currency, and raise the value in conjunction with a qualitative shift in the Iraqi economy, through optimum utilization of agricultural resources, industrial and transport services and storage, and development as an effective cadre national, through a policy of economic and financial balance. "and delete the zeros will lead to an increase dealing in dinars by the traders rather than the dollar, which "means the added strength of the national currency."
V. That the Iraqi economy is inflation naturally at low levels, and this Aestday any move to devalue the national currency, as this proposal may cause the attack on the foreign reserves from home and abroad, especially the Iraqi economy depends on imports from abroad to meet the effective demand for goods and services. Not to mention that the proposal may cause a decline in the real value of the national currency,
dinar was the one who gets by on one unit of a particular commodity may consumers pay two dinars for the same item before deleting the zeros.
VI. The question that arises is the Convention, which will be agreed upon between Iraq and America it will be among the items declared (or secret) peg at a certain value of the dollar as the Central Bank of Iraq said in 2004 that a study to link the Iraqi dinar in dollars, although that the central bank stressed that the Economic conditions for Iraq
Do not allow this because of huge debt and lack of cash reserves.
VII. Through the arguments put forward by the economists was the objectors and their proposals closer to the economic logic is better for the country's economic require, a gradual reduction of the slow, otherwise it will be inflation and attrition of hard currency, and the illusion of cash, and the emergence of the phenomenon of rising dollar of goods and services.
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