The Iraqi Dinar and the Deletion of Zeros
|September 26, 2011||Filled under Featured Article|
Listened with interest to the symposium presented by the Iraqi satellite channel on the theme of the restructuring of the Iraqi currency, and deleting three zeros from them. I had listened to the statements a state officials who oppose this issue and the market excuses about the dangers of topic ..
I have done Iraqiya good as it met the Iraqi Central Bank Governor, his Deputy and the President of the Finance Committee in the House of Representatives ..
Says the idea that promises by the central bank said that the process of lifting the zeros aims to reduce the number of banknotes that are open to the people.
The Bank intends to print a new series of banknotes include the categories of high (50, 100 dinars and 200 dinars), in addition to the existing categories after you delete the digit (5 dinars, 10 dinars to 25 dinars) .. And thus become important tools for large groups to carry cash and savings and large financial transactions .. Which become the paper of a large category (200 dinars, or 250 dinars) equivalent to about (200) dollars. Thus the citizen is not obliged to search for the dollar and (books). And can complete transactions Iraqi currency it. The small groups (5.10, 25) are leading purpose-day transactions.
And the presence of large groups of currency helps to reduce the number of papers that will print, as equivalent to another class about ten times the largest category of our currency, the current is (25000) dinars, which will be transformed to ( 25) dinars. And shortened the category of (100) dinars four banknotes of the highest class (25000) dinars, and to summarize the class of (50) Dinara two of them.
And go the idea of the central bank to another story, the numbers for billing large that fills the columns of budgets and schedules and budgets .. It was even said that Iraq is the only country after the United States, which has become Baltrliun deals! .. Does not benefit the public and only the process of reducing the numbers calculation, but also benefit the institutions and companies after Ttrhq transactions and accounts in accordance with the target.
In terms of goals psychological, may be able to process of lifting the zeros of giving confidence in the national currency, which will be close to the value of global unity, the U.S. dollar .. Would be roughly comparable to one dinar to the dollar .. A property Avcqdnaha since 1980 as it was humiliation crawl to our national currency.
What stuck in the minds of people from the process of replacing the money that occurred in / 2003 which took place promptly and within three months, has not been emphasized by the officials, to confirm the extended replacement clarified by the governor .. Instead of three months it took in the process / 2003, there appears to be longer term and better mechanisms and control systems as severe as MP Haydar Abbadi ..
This is the crux of the concerns that tried to launch a government official even before the central bank is trading with the government and the legislature .. We must not forget the dozens of victims who died succumbed gheelah and treachery, carrying bags of dinars in the markets and institutions .. Do not forget the thousands of employees who lost their pensions are in the way of banks ..
The currency conversions are a new currency will bring a lot, even if some of the gains and benefits to the nation, even when delayed, but it seems evident that the requirements to initiate the first project of the postponement.
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