Economic: Iraqi currency in need of radical reforms commensurate with location of the country's oil

Economic: the Iraqi currency in need of radical reforms commensurate with the location of the country's oil

Baghdad, 29 May (Akaniwz) - The Iraqi economic expert today, Saturday, that the reality of the Iraqi currency needs radical reforms in the coming period in line with foreign currency in support of the local market, in addition to the site of the State Oil and economic development.

Ali Ke Ji told Kurdistan News (Akaniwz)"The next stage requires activating the role of government to make radical reforms to the issue of currency, financial and how it fits with the value of foreign currencies, particularly the euro and the role in moving the Iraqi market."

The LG KE that "Iraq has been unable during the last period to reinstate the currency to its position in the global market because of doubts the economic situation in the country."

Associated with changing the currency in Iraq permanently on the political situation and related major changes, when established the Iraqi state in 1921, has been coined a new currency of the Kingdom of Iraq and continued until 14 July 1958, after the announcement of the republican system has been replaced by currency Property currency of the Republic, when he fell the former regime in 2003, changed the currency bearing the image of former President Saddam Hussein and the issuance of a new currency is traded on the market.

But the currency to suffer from the current inflation in the money supply, which made a third-party economic experts to ask the Iraqi government to make reforms and the organization, particularly the elimination of zeros in order to reduce liquidity.

Said Ke Ji "It is not easy to make real reforms in the value of the dinar, Iraq, but also not impossible and can be supported through the development strategy to move the reality of the Iraqi currency forward."

And J. Ke, "the Iraqi economy could be much better than neighboring countries, but that is disproportionate to its oil," explaining that "the Iraqi currency trading can not be improved, but after you delete the zeros of the aim of reducing the huge liquidity."

Officials in the Iraqi Central Bank has excluded the recently deleted zeros of the currency in 2011, stressing that this is linked to the extent of stabilizing the economic situation in the country, at a time when the numbers indicate that the Iraqi currency amounting to more than 27 trillion dinars in 2010.

The CBI, with headquarters in Baghdad and has four branches in Basra and Sulaymaniyah, Irbil and Mosul, he founded the bank independent Iraqi under the law of the Iraqi Central Bank of 6 March 2004, and shall be responsible for the maintenance of price stability and the implementation of monetary policy, including exchange rate policies and management of foreign reserves and the issuance of currency management, as well as to regulate the banking sector.

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