This article should cheer everybody up a bit
The Plot thickens!!
Financial describe the central bank attempts to remove the zeros from the currency as "useless"
February 7 (AKnews) - The Central Bank of Iraq that there is a plan to remove zeros from the Iraqi currency before the end of this year, while the Under-Minister of Finance of Iraq that such a step would not affect the physical and economic situation vs. Iraq.
In a statement issued by the Central Bank of Iraq that "this plan was developed five years ago and so far have been the end of 50% of the necessary preparations for its implementation, and we hope we can start implementation by the end of the year."
The statement added that "the objective of removing the zeroes of the Iraqi currency is to facilitate the use and trading them."
For his part, Undersecretary of the Ministry of Finance Fadhil prophet of the Kurdistan News Agency (AKnews) that "this move is useless in economic terms, since the value of the Iraqi currency against the dollar and the euro will remain as is" .. He explained by saying "the only benefit of this step may be psychologically for the citizens, and not in the economic and practical aspects."
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Another article out today
Iraqi Finance denies intention to delete the zeros of the national currency
U.S. Undersecretary of the Ministry of Finance and the Iraqi economy, the ministry's intention to delete the zeroes from the national currency of Iraq, adding that the Iraqi economy, do not complain about inflation, there is no need for the implementation of this strategy.
The Prophet told Fadel Kurdistan News (AKnews) that "the process of deleting the zeroes of the Iraqi currency has no economic gain, and any positive impact on the purchasing power of the process of Iraq, but will also create other problems, to issue coins of small denominations such as "10 money" and "50" penny quarter of a dinar and a half dinars."
He explained that "did not issue a formal decision on this matter, was not talking officially start work this fiscal policy to raise zeros from the Iraqi currency."
He noted that "the only win for the deletion of zeros from the currency is issued in small groups only, either in terms of their purchasing power will remain the same as dollar against foreign currencies and the euro, and there will be any increase or improvement".
For his part, said the economist is capable Rizgar that "if the replacement of the Iraqi currency, Nabgy we work to maintain the stability of buying and selling rates of the Iraqi currency against foreign currency, for a limited period, so the process does not cause loss of citizens who deal in buying and selling foreign currency, often What is this period of six months."
He said "the deletion of zeros does not help to increase the value of local currency, because the high value of the currency is linked to the security situation of the country, as well as the ability of local production and commercial activity and reduction of inflation rates in the country."
It is worth mentioning that the Central Bank of Iraq said in a statement issued on February 6 this year, announced a plan to delete the zeros of the Iraqi currency before the end of the year 2010, and has completed 50% of the preparations for the work according to this strategy. It is hoped to be completed this fiscal policy later this year.
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