"Central" is preparing to replace the Iraqi currency after the cancellation of three zeros from

"Central" is preparing to replace the Iraqi currency after the cancellation of three zeros from

Central Bank of Iraq completing the preparation of a plan to replace banknotes current after the cancellation of three zeros of them, including 30 trillion dinars (26 billion dollars), is the value of the cash block expected, confirming that the timing will be determined by the government and parliament, Iraqi.

For his part, says the expert, the first in the bank CBI the appearance of Mohammed Saleh, said in an interview with the newspaper "Life" of London, "Our problem is present is the subject of the timing of replacement of the currency, they must choose a date suitable to implement the project without obstacles."

Before, and the Central Bank announced its intention to raise three zeroes from the Iraqi dinar, After suffering from inflation and the decline during the nineties the past due to economic sanctions, has tumbled by value globally to become the day about 1120 dinars per dollar.

The central bank adopted after 2003 a new mechanism to maintain the exchange rate of the dinar, is to create an auction foreign exchange to sell quantities of the dollar, resulting from the sale of oil in world markets, and transferred to the Development Fund for Iraq, which transforms in turn to the bank to sell in local currency, helping to raise the value of the dinar over the past years more than 2000 points. And as for the size of the money supply or the size of cash flow by more than 30 trillion Iraqi dinars the equivalent of $ 26 billion. and said:

"The system cash transactions in Iraq, after 2003, it became Mdolra, any market deal dinar and the dollar both, and this means that there is a block cash circulating in the market but in foreign currency." Saleh continued: "We put in accounts and that the Iraqi currency or cash block total traded home and that would be replaced after the cancellation of zeros will be in the range of 30 trillion dinars, but its value against foreign currencies will remain constant. ie the Iraqi dinar exchange rate now would amount to 1,200 dinars per dollar one."

In regard to the most important variables that will come after the lifting of zeros, between the appearance of the central bank solid plan to rearrange the currency to reduce the number of banknotes in circulation, and this is positive. Here, the payments system would be easier to Iraq.

Economists have warned that the process of replacing the Iraqi currency after the lifting of zeros Schoppea operations by a major corruption due to structural inaccuracies of Iraqi banks. They emphasized that the processes of replacement of the currency operations of the former accompanied by a major corruption cost the Iraqi economy a lot.

But the appearance of favor answer by saying that the process of replacing the currency in 2004, took place in exceptional circumstances, and the country under occupation and is administered by the Governor of an American civilian, and with this process was successful. And sells the central bank through its daily auction, between 150 million and $ 190 million per day to clients of private banks and companies money, go a large proportion of them Khawwalat external payment transactions of foreign trade.

And confirms the expert's central bank that the application of the new project to raise three zeroes from the Iraqi dinar and the currency exchange, will be according to mechanisms scalable in the form is not felt by the citizens, are put quantities in the market and the withdrawal of which is maintained by the government banks of the block and replace it, and it remains only in the possession of the citizens of the trading day, and can conduct his business in the two currencies of any existing and new,'s goods as current price, for example, JD 1000 The customer can give the seller the present paper the category of 1,000 dinars, as well as be able to give him currency new monetary category one dinar.

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