Three zeroes on Iraqi currency won't be removed: source
Thursday, April 1st 2010 2:45 PM
Three zeroes on Iraqi currency won't be removed: source
Iraq's central bank denied on Thursday the reports that talked about its decision to cancel three zeroes from the Iraqi currency.
"The central bank will not cancel three zeroes from the Iraqi currency at this time to reduce inflation suffered by the Iraqi economy.... Canceling the zeroes will make things more complicated and would cost the state large sums of money and enormous economic cadres to implement this project." The head of the Central Bank Sinan Al-Shabibi told the Independent National News Agency of Kurdistan (AKnews).
"This won't be applied at our current time. The central bank and Finance ministry will adopt rational solutions to reduce inflation that Iraq is suffering from currently because some important governmental institutions misused the money," Al-Shabibi added.
"Removing the zeros from the currency will reduce the level of the Iraqi dinar in accordance with the American dollar."
Many members of the parliamentary Economic Commission urged the Central Bank and the Finance Ministry to address the Iraqi decreasing funds by remiving the three zeroes from the Iraqi currency.
http://www.aknews.com/en/aknews/2/130886/
