November 23, 2011Central Bank: restructuring of the Iraqi dinar will not start before 2013 or intention for the printing of new categories of cash
Khandan - denied the central bank, on Tuesday, issuing coins, a large, stressing that the Iraqi dinar has become more currencies in the region stable region, The thing on it.
and while noting that the inflation that took place in the country are imported, pointed to a gradual decline in rates until stability increases reasonable prices.
While the detection of moving ahead with the restructuring of the currency, confirmed the presence of coordinating high-level with the government to lift the confusion and uncertainty that surrounded the process, noting that the project will see the light before the year 2013.
In an interview with the "world "said the appearance of Mohammed Saleh, the central bank adviser, said Tuesday," there is no intention for us at the present time for the printing of any denomination at all, and those who say such rumors are bubbles of the market are driven by narrow interests, "noting that" statements made in this regard was launched and the purpose which can normalize categories of large cash after the implementation of the project for restructuring the currency. "
The agencies have quoted, yesterday, Saleh as saying that the CBI is working on issuing a new currency, a large category of 50 thousand dinars in order to reduce the size of the money supply in local markets.
The Saleh said that "Iraqi dinar is the currency the strongest and most stable in the region, add to that covered by a large financial is the first volume in the history of modern Iraq, as the reserve reaches almost $ 60 billion."
He pointed a senior official at the Central Bank that "the objective the advent of a central is price stability and lower inflation, "explaining that" the reduction of inflation does not return the price to what it was, it is difficult, but we can do to reduce price increases, so does not increase the prices are obscene, but in a reasonable manner and digestible. "
He continues, "The inflation that has occurred but it is imported, and not stem from inside Iraq, but because of the currency crisis the world across Europe and hit the confidence currency cash than GA concerned to speculation in oil, gold and food, which is reflected on world prices and the impact heavily on Iraq, is one of the hand, raise food prices, on the other hand raise the prices of oil, which returned him the benefits of large financial."
underlines Saleh, said that "Iraq is an integral part of the world, and we influence and are influenced, but there are two types in the world, the type of continuing progress and development, such as China and the rest of Asia , and the other type is affected by recession as is the case in the countries of Europe, which was quick to replace their currencies to the cash that have lost an item with other materials such as oil, gold, and food, which raise the prices of these materials is remarkable. "
However, Chief Financial great saying that "inflation is generally decreased by well in all the world and reflected on Iraq, too, the rate at the month of September last 7.3 percent, compared Boilol in 2010, while the 6.1 percent in the month of October (October) the past, compared with a year ago, This indicates a significant reduction in the rate of inflation."
predicted "the continuation of the process of decline until reaching a proportion of the stability and reasonableness of price increase."
and on the implementation of the restructuring of the currency announced by the Central Bank of Iraq, says Saleh, speaking for "the world", "The The project prepared well and there is a complete study on this, "explaining that" there is coordination between high-level with the concerned parties within the government and the House of Representatives, and gave them a complete study about it, and got us some questions, where we Ptodahaa and raise confusion and ambiguity surrounding the process, a What was the reason for the lack of understanding the government initially for the content of the process, "noting that" we are currently awaiting a government response, do not expect to begin the process before the year 2013. "
and that the benefit of the "process aimed at raising the efficiency of cash payments in Iraq, then we can print currency with monetary value is high without affecting the currency, as in the euro, which has the currency of the category of 500euros, equivalent to $700, while the largest currency we have now is the category of 25 000 is equal to only $ 21 only. "
The Central Bank of Iraq announced for a project to replace the currency and delete zeros them in order to reduce the large numbers of objectionable transactions, which will reach trillions, and monetary blocs will be shortened without disparage wealth or income.
