CBI: Zero’s Must Drop at Beginning of Year; Would Cause Accounting Problems
|July 24, 2012||Filled under Featured Article|
Project to delete the zeros from the currency in mid-2013, contrary to the monetary policy
BAGHDAD / Center Brief for the Iraqi Media Network – The Central Bank of Iraq that the proposed deletion of zeros must be the beginning of the year, not in the middle because that would cause a problem in the accounts of the state.
The deputy governor of the Central Bank of the appearance of Mohammed Saleh (Center Brief for the Iraqi Media Network) that “the project to delete the three zeroes from the Iraqi currency needs a new financial period, because all accounts start the new currency may be registered books accounting currency different from the work recorded the beginning of the year “.
He added that “the start delete the zeros from the currency in mid-2013 is a proposal came from members of the Finance Committee in the House of Representatives but the central bank held talks on the proposal and found that the project may not start in the middle of a new financial year.”
The Finance Committee asked the Central Bank formally switched to wait in the currency in January of 2013 and be replaced in the middle of next year in the month of July next until there is more study by the officials to change them. “
Central bank announced earlier that the project to delete the three zeroes from the Iraqi currency will be transferred from country to country Alterionat billions.”
It is noteworthy that some economists have opposed the project to delete the zeros of the Iraqi currency because the country is poised at the present time for this project.”
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