04.08.2011
The central bank's plan for reducing its Iraqi dinar Paper of 25,000 dinars
The oil wealth and progress of the proceeds of abundant, secure the cover of the national currency has become with the Iraqi dinar of the strongest currencies in the Middle East.
The central bank has to distribute its reserve of foreign currency in the basket of currencies like the dollar and the pound sterling and the Japanese yen as well as its reserve of gold so that it stays the cover of the Iraqi dinar strong, regardless of fluctuations in the currency market.
and even the early eighties was the Iraqi dinar equivalent of more than three dollars U.S., but the damage to the Iraqi economy since the invasion of Kuwait at this time 21 years ago and subsequent wars and international sanctions, sponsored all firing runaway inflation brought on the Iraqi dinar value so that the exchange rate now is more than one thousand dinars to the dollar. and coupled with the erosion of the value of currency financial difficulties, banking, administrative and accounting different still exist, especially in trade and handle daily cash.
Faced with this situation decided that the Central Bank since the early 2010 a plan to drop three zeros from the Iraqi currency nominal and boot to the procedures gradual maintain their purchasing power and prevent the exposure of the Iraqi market to the economic turmoil hurt consumers. Radio Free Iraq, met with central bank adviser appearance of Mohammed Saleh, who reviewed the falling value of the Iraqi dinar, referring to the deletion of zeros is part of a project to reform the management of the national currency.
He said Judge Mohammed al-Saleh burden posed by the mass cash payment system, as reflected in the revenue budget figures, for example, trillions. He Mohamed Saleh said the project dropping zeros from Iraqi dinar is based on optimistic forecasts the prospects for the development of the Iraqi economy in the coming period. and revealed the central bank adviser said the bank plans to return to the coin because of their preferences on paper currency, especially from small groups that value are not worth the trouble to deal with . and rejected Mohammed Saleh, said that setting a date to launch new dinar, saying that the management reform of the national currency a strategic project, but stressed that the central bank will be within a month an integrated plan for implementation to the Cabinet the last word in this regard. Expert in the Ministry of Finance Crescent miller expected to result in deletion of zeros for low inflation, noting that countries such as Turkey and Brazil prior to Iraq in this area. noted Miller features the new currency is expected circulation after this procedure, including the adoption of the three languages are Arabic, Kurdish and English, only the symbols of civilization and to prevent the use of pictures of any official.
He an expert in the Ministry of Finance convinced that the process of replacing the currency will be smooth, especially as the old currency will remain in circulation alongside the new currency of time to allow withdrawal of gradual steps do not affect the exchanges daily. Economic analyst Basil Jamil Antoine ruled economy is affected by changing money, but called for an awareness campaign to prepare public opinion and to the procedures for logistic in the financial institutions involved.
One benefit is expected to touch the citizen directly as a result of the deletion of zeros the possibility of using vending machines that are still unknown in Iraq because of the difficulties of technical and practical in the mobilization of these ATMs in Iraqi dinars now. contributed to the file via Radio Free Iraq in Baghdad, Khalid Waleed
http://www.iraqhurr.org/content/article/24287088.html
