Transparency of the Central Bank of Iraq

Transparency of the Central Bank of Iraq

To publicly spoken on the subject of the deletion of zeros in more than one occasion, but raise the debate over such issues involves a lot of advantages that may be useful for decision-makers at the very least, we wish to record on observation of the central bank which we consider one of the independent Iraqi institutions that operate satisfactorily, since monetary policy has seen several positive achievements, most notably replacing the old currency notorious Iraqi currency current, as well as stabilizing the value of the dinar against the dollar.

Central to the critique - which is the Chairperson-in-charge of the decision to delete the zeroes planned for late 2010 or early 2011 as stated by the bank - is that the latter did not respond to any of the comments made on the subject in more than one occasion. I do not know if there's weakness in the information office of the bank or that this is part of the monetary policy that does not want a "Bulbul" gestures on the subject and perhaps tend to be the proverbial "Seek help and your needs by keeping quiet."

Of course do not agree with the central reticence about this, but on the contrary, we are less likely to clear policy in this regard and follow the transparency and disclosure, and I know this as one of the most important priorities of the central demands of the commercial banks follow in their dealings either with him or with the public.

There is a substantial relationship between the policies that must be followed by the central monetary authority as an independent state in the mutant towards a market economy and his followers to standards of disclosure and transparency, which is one of the pillars of this system, so the central government must not lose sight of this fact, which engineered the project of raising steps zeros.

Therefore, we call on the Central to follow a series of actions that would inform professionals and the public nature of this project and what benefits it should achieve and what are the negatives associated with and how it can be avoided, and this may need to provide a range of successful international experiences, as well as to initiate the steps Sissar in the event the application of the project and also to reassure individuals and institutions on the ease of operation.

This requires the creation of a website in our view, a specialist may be called the new Iraqi currency, which is an official site run by the Central Bank and is a promotional site for the project, and can be put where the law of the new currency, the justifications for this law and the advantages offered by the currency of zeroes filed, as well as can be presents the format of the new currency and categories and also some simple spreadsheet showing the categories of the new currency and the corresponding old and Akiemha currency against the dollar and some other major currencies. That, at least one of the meanings that we understand about transparency and disclosure.

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