The Legislature Directed the Central Bank Support for the Deletion of Zeros Currency
|June 26, 2012||Filled under Featured Article|
Erbil, (aknews) – the Finance Committee in the House of representatives race the legislature to support the Central Bank policy on deleting zeros from the currency.
The Central Bank says it completed a road map to get rid of three zeros from the currency to reduce the money supply and ease of financial transactions to suit the new situation of the Iraqi economy.
But the Government and the Securities Commission have expressed objections fears affect negatively financial trading operation in Iraq market for securities.
She is a member of the parliamentary Finance Committee said Najib Risalat news Kurdistan (aknews) that “there is a trend by the legislature to support political Central Bank restructuring Iraqi currency and delete the zeros at the beginning of next year.”
“This subject started maturing day by day for the members of the Finance Committee and the ECE”, noting that “preparations for the Central Bank to implement the project was underway but incomplete so far.”
The market has been volatile for weeks in Iraqi dinar exchange rate against the US dollar which experts attributed to the limitations imposed by the Bank on its sales of hard currency.
And the imposition of tougher Bank at auction to sell the greenback after the currency go to neighbouring countries, especially Syria and Iran imposed by economic sanctions.
She is a Vice-President of Najib Kurdistan Alliance “project will be implemented over two years through State banks, will be among the new currency coins of small groups as there will be considerable currency corresponding to 180 dollars a 200,000 Iraqi dinar current Exchange”.
“Through extensive discussions with the Central Bank and the US studies of the World Bank, the project aims to support the Iraqi currency in addition to the introduction of new categories of currency market by reducing the size of the money supply as well as inclusion in Arabic and Kurdish currency”.
Tasks of the ECB in the management of monetary policy in the country and raising the value of the Iraqi dinar and inflation in the country.
And the Central Bank of Iraq four branches in Basrah, Sulaimaniya and Erbil, Mosul.
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