CBI decides to restructure the Iraqi currency

CBI decides to restructure the Iraqi currency

The Central Bank of Iraq, Wednesday, that he decided to restructure the local currency in order to develop the payment system in the country.

The appearance of Mohammed Saleh told the Kurdish news agency (Rn) that "the Central Bank of Iraq has decided to start implementing a strategic and long-term specializes in the restructuring of the local currency for the development of the payments system in Iraq."

He added that "the central bank will raise the level of the local currency and the development of new currencies up approach to U.S. $ 100, which would address the economic gap in the system of financial payments in the country."

He continued that "the project to restructuring of the local currency, which started gradually need to support the government and parliament that it will hold purchasing power compared Palmdjulat economy."

He expressed the IMF in August / August, his support of the Iraqi economy in the event of having a number of economic measures including the privatization of banks and raise three zeroes from the currency local and honoring debt and compensation is the responsibility of Iraq.

The Iraqi government has denied conducting any change in the local currency this year to reduce inflation.

The local currency of Iraq has passed in the history of changes to several, most recently in 2004 when the former Governing Council replace currency of the previous symbol of the former regime.

The main tasks of the Iraqi Central Bank to maintain price stability and the implementation of monetary policy, including exchange rate policies, and management of reserves of foreign currency, and the issuance of currency management, as well as the organization of the banking sector.

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Can someone break it down to simple meaning? Thanks in advance.

Central Bank is preparing to delete the zeros of the new Iraqi currency with Arabic and Kurdish

Central Bank of Iraq, on Thursday, his willingness to delete the zeros from the currency, pointing out that the new currency will contain the Kurdish language in addition to Arabic.

Advisor to the Governor Central Bank of Iraq the appearance of Mohammed Saleh said, stating that the zeros added to the Iraqi currency during the last period, formed a cluster of cash large $ 28 trillion and 500 billion Iraqi dinars, or nearly 5 trillion banknote.

Salih stressed that the project to delete the zeros have been completed and will be presented to the Bank's management during its next meeting, and then will be submitted to the Council of Ministers to be presented to parliament for a vote.

and that the new currency that will be printed after the deletion of zeros will contain writings in both Arabic and Kurdish, as well as images that refer to Iraq's heritage and cultures and symbols of Iraqi scientists and intellectuals.

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Expert: raise zeros from the currency will go down is an achievement of the Central Bank

Said the expert, industrial Abdul Hassan Shammari that the deletion of zeros from the Iraqi currency is an achievement will go down to the Central Bank in the event have been implemented. Where the Central Bank of Iraq is ready to delete the zeros of the Iraqi currency.

Al-Shammari said in a statement (the Agency news) on Sunday that the process of deleting Alocefarla affect Industry and Trade of Iraq, but it is a good step from the central bank, which will add an achievement should the state have been implemented because it would ease a lot of effort to balance and commercial stores.

He added that this issue was supposed to be implemented some time ago, indicating that we are not the only country that has raised zeros, Turkey deleted six zeroes from the currency and has become one of the lira.

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Financial representative denies mentioning the issue of changing the Iraqi currency

A member of the Finance Committee in the House of Representatives of Iraq, that the committee did not address so far to the question of changing the Iraqi currency.

And said Najiba Najib told the Kurdish news agency (Rn) that he "had not been talking so far in the Finance Committee representative on the issue of to change the Iraqi currency, having met some time ago the Governor of Central Bank of Iraq and the Minister of Finance, has not had discussions in this regard so far."

She Najiba that "the Iraqi dinar exchange rate compared with the U.S. dollar is stable at the present time, the central bank could maintain the stability of price exchange the Iraqi dinar against the dollar."

"The currency exchange will not cause a rise in the value Aldenarabraghi, and there are a number of accounting procedures should the central bank to be taken, in order to stabilize the dinar exchange rate, including the buying and selling bonds, and dealing with international banks in various countries."

In order to obtain additional information on this subject, tried (Rn) Contact agent of the Ministry of Finance of Iraq, but Almmhaullac failed to contact him. and we are talking some time ago in the Iraqi media regarding the change of currency, and issuing a new currency, and made ​​reference to that there are changes will occur in the form of new Iraqi currency, including the removal of zeros, and the inclusion of the Kurdish language to the Arabic language in the currency.

The adviser to the CBI the appearance of Mohammed Saleh, said in an earlier statement (Rn) that "the central bank decided to Aelchora the implementation of strategic project long-term, in order to reorganize the Iraqi currency and the development of the currency regime in the country."

He added that "the central bank began to raise the value of the Iraqi dinar, and the issuance of the currency of a large class equivalent to the value of the (100) the American dollar is likely to contribute to bridging the gap of economic the country's financial system."

Noting that "the project in progress, and needs to support the government and the parliament."

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