Banker: Any Disregard for the Challenges of the Project Will Fail and Cause Big Losses
|April 29, 2013||Filled under Iraq Daily News|
Divergence of views on the project to delete the zeros
of Baghdad – Ann Salah: Baghdad – central problems and the fluctuation of currency exchange rates and efforts to raise the value of the Iraqi dinar stand again placed the deletion of zeros from the Iraqi dinar and characterized by differing views around between the Finance Committee representative on the one hand and the Central Bank on the other, the former demanding the implementation of the project in the second calls for lingered despite the fact that the previous administration have been enthusiastic for this project.
To create a state of convergence between the points of view of both sides to be heard other parties relevant was us this meeting with banking expert Abdul Rahman Abdul Salam Shaykhli, who spoke of the “morning “the most important challenges facing the project.
Says Shaykhli that there is confusion legally on the subject for بالمديونيات public between citizens on the one hand (creditors and debtors) Here we must find a legal settlement to this thread.
As seen Shaykhli that there is fear of currency counterfeiting and this is becoming of things recognized and must deal with this matter as a fait accompli, but does not see a reason to delay the project when taken into account with the development of hedges for it.
And hinted that at first there was a difference in views between the Parliamentary Committee on Finance and the Central Bank which requires finding a state of convergence but we now see the emergence of a difference in views between the Council of Ministers, which demanded the previous administration to slow down the project and the current view of the same subject with the new administration.
Pointed Shaykhli that there is a subject very important link between the project and the economic security tied to security and political, which makes the implementation of this project is appropriate in time present due to big differences that beset the country and that must be reflected negatively on the success of the project.
Noted that the project is a financial cost is considerable and burdening the state and the citizen under these conditions immediate, and finds that امبرر her with the present according to the priorities most important, and he reiterated that taking Such a decision is not appropriate with the present.
Was Secretary General of the Council of Ministers had said on a previous occasion that the process of the currency exchange cost 172 billion dinars, the equivalent of almost $ 150 million in order to satisfy the printing expenses, transportation and insurance, in addition to the costs of destruction that the new currency will be in three languages Arabic, English and Kurdish. And cash in circulation now has up to 30 trillion dinars (equivalent to U.S. $ 27 billion).
As the Economic Advisor to the Prime Minister had pointed out that the process cost both institutions (the government and the central bank) and the time and effort is necessary timeshare present.
Called Shaykhli to study the experiences of countries Other in this area as an experiment Turkey, for instance, has deleted 6 zeros from its currency, but it has taken this decision after it secured a stable significant security was lacking to him.
Said that the most important in the whole process he Aaijeri project only after the stability of the Iraqi dinar exchange rate relative to the currencies other foreign traded in Iraq كالدولار and the euro, adding that work is underway central bank to get to the exchange rate of the dollar against the Iraqi dinar, including not more than one thousand dinars per dollar maximum.
Concluded banking expert Abdul Rahman Shaykhli his speech by saying when conditions are appropriate to look at the project seriously and when the ground ready for the success of the project because no ignoring these challenges may fail project and يؤجله the order may not wish to get to him.
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