Central Bank confirms its willingness to delete the zeros from the currency after the formation of the government directly

The Central Bank of Iraq, on Tuesday, his willingness to delete the zeros of the Iraqi currency after the formation of the Iraqi government directly, pointing at the same time that those zeros that are added to the Iraqi currency during the last period formed a cluster of large cash amounted to 27 trillion Iraqi dinars.

Adviser, said Iraqi Central Bank Governor appearance of Mohammed Saleh said in an interview for "Alsumaria News", "The zeros that are added to the Iraqi currency, during the last period, formed a cluster of large cash amounting to more than four trillion paper cash, financial value of 27 trillion Iraqi dinars, Up from 25 billion dinars in 1980," adding that "Iraq is not capable of managing the bloc because it is a small country where the large number of money circulating in the Iraqi market has led to a confusion in business dealings in the work of large banks."

The Iraq and gradually issuing new banknotes after 1991 when it began currencies are scarce in the market Iraq for several reasons, notably the high demand for them to meet sales and purchases, as well as the smuggling of currency abroad, and to the north of Iraq, which split its time for the central administration, which made the Iraqi government allows Central Bank of printing new banknotes to meet local needs, and continued the process of lifting the zeroes of the dinar to the post in 2003 through the issuance of a class of cash amounting to 25 thousand dinars.

Saleh added that "the Bank has fully prepared to delete the zeros of the Iraqi dinar, once the Iraqi government," noting that "the deletion of zeros is a national issue and may need to special legislation, despite the fact that the Central Bank of Iraq is a reform of the currency management system from the core of his work, And delete the zeros is one of the strategic functions of the Central Bank of Iraq."

Saleh pointed out that "the Bank had, during the last period, to reduce the level of inflation to the level of one decimal place, after more than twenty years," noting that "Iraq could for the first time to reduce inflation to 3%, which reflects the success of Iraq policy, monetary."

For his part, said the economist Bassem Jamil Antoine in an interview with "Alsumaria News," that "Iraq is not ready at the present time to delete the zeros of the Iraqi dinar," noting that "the deletion of zeros needed to stabilize the security and political, as well as economic stability."

Antoine said that "the central bank by attempting to delete the zeros of the Iraqi dinar is designed to give moral force, and not the material of the dinar," noting that "delete the zeros needed to create and cultural awareness for the Iraqi people and the Iraqi market."

The CBI, with headquarters in Baghdad, has four branches in Basra and Sulaymaniyah, Irbil and Mosul, and founded a bank independent Iraqi under the law of the Iraqi Central Bank of the sixth of March 2004, which is responsible for maintaining price stability and the implementation of monetary policy, including policies, prices Exchange and management of foreign reserves and the issuance of currency management, as well as to regulate the banking sector.