September 1, 2011
Central Bank reveals details of Iraq's new currency
Shafaq News
The central bank of Iraq, revealed on Tuesday, that three zeros will be lifted from the new Iraqi currency, indicating that he had conducted an extensive study through which it is concluded that the lifting of the zeroes will strengthen the value of the Iraqi currency.
"The central bank is determined to raise three zeroes from the of the new Iraqi currency and presented its project to the government and the House of Representatives. It is awaiting the government's decision and the Council of Representatives."
The deputy governor of Central Bank of Iraq Mudhhir Mohammed Salih said in an interview with "Shafaq News".
The economists show, that the process of deleting three zeros from the Iraqi currency will raise its value, and increase the purchasing power of citizens, pointing to the need to follow calm policies with the citizens to persuade them to get used of it within a period not exceeding two years.
The project of raising three zeroes from the currency had been presented by the government five years ago to the Central Bank, and it was subjected to an extensive study during this period which reached to the need to raise the value of the zeros to strengthen the Iraqi currency.
He explained. The Central Bank of Iraq began to discuss amending the dinar categories last year.
A large part of the payments are still in cash because of the undeveloped Iraqi banking system.
http://shafaaq.com/en/news/39-news/1728-central-bank-reveals-details-of-iraqs-new-currency.html
