Dinar Iraq News
Dinar Iraq Terkini :
Economic Commission calls to accelerate implementing currency “reset”; Point is to reduce dollarization, raise value of banknote
Posted: July 16, 2013 in Dinar Iraq
Called
deputies Economic Commission, yesterday, to accelerate the
implementation of the project “reset” the process of local مبينين that
current currency “not worthy” status of Iraq’s economic and investment
in it, while the
view of an expert that would require security situation and a stable
political and banking system accurate and honest, confirmed last that
moment, “more appropriate” than it was before the deletion of zeros from the currency.
Abtan: the country does not suffer from the crisis money and says a
member of the Economic Commission representative, Abdul-Hussein Abtan,
in an interview to (range Press), “The Iraqi economy has become today in advanced position and good
because supplier of oil big, which reached nearly three million barrels
per day, “and suggests that” the Iraqi Central Bank recently announced
that reserves reached $ 76 billion, a very significant amount. “
adds Abtan, that “in spite of all that
does not still Iraqi suffering from a lack of precision in the
management of the economic file as well as the lack of coordination
between the pillars. ” It was the Iraqi Central Bank announced, in the
(third from July 2013 now), that Iraq is “in control of the funds and
treasury of gold” in international banks, one of the acting out ,
denying the existence of frozen funds “outside the control of the Iraqi
administration,”
While revealed that the reserve bank amounted to $ 76 billion in May
last year, counting that out of Chapter VII would give Iraq “more
freedom” to act and attract foreign investment. calls for a member of
the Economic Commission representative, to the need for “multiple
revenue estimated reflected on the economy and not on the availability
of cash reserves large,” and continues that this “evolution in oil
production and reserves, the central bank must be reflected on the lives
of the citizens, because the country still has a large proportion of
the poor and low-income and high unemployment, crisis housing and the
deterioration of agricultural and industrial sectors. “
and sees Abtan, that “Iraq does not suffer from the crisis of funds
but from how to manage money, causing paralysis of the Iraqi economy,”
and calls for “Bank of Iraq the central need to take quick steps to
delete the zeros from the national currency.”
and is a member of the Economic Commission Parliament, that “the
reserve that exists in Iraq and put the current economic is not
commensurate with the size of the local currency and value that contains
the number of zeros, and the current currency does not befit the status
of Iraq and strengthen the economy.”
Daini: out of Chapter VII made it necessary to delete the zeros For
its part, says a member of the Economic Commission representative,
Nahed al-Daini, in an interview to (range Press), said that “the
deletion of zeros from the currency became a reality, especially after
the withdrawal of Iraq from Chapter VII of the Charter of the United
Nations.”
And remember Daini, that “the Economic Committee of the Council of
Ministers were wary in the past of the deletion of zeros from the
currency of many considerations, “and turned out to be” out of Chapter
VII made it necessary to delete the zeros to be of the Iraqi dinar
absolutely privacy. “
and calls for a member of the Economic Commission parliamentary
political forces and stakeholders “Leave excuse the wrong time, which
taken as a pretext to stop a lot of decisions which, if applied to have
contributed to the recovery of the Iraqi economy significantly, “and
stresses the need to” adjust the border crossing points and the adoption
of the law of customs tariff and reset the currency and the
implementation of the Consumer Protection Act for the advancement of
economic reality. “
Najib: The project requires a real will to that says member Finance
Committee parliamentary Najiba Najib, in an interview to (range Press),
“The Commission did not discuss with the Iraqi Central Bank Multi
deletion of zeros from the local currency after assuming Abdel Basset
Turkish presidency,” and explains that “the Finance Committee
parliamentary pending claim CBI to discuss with him in this matter. “
And remember Najib that “the governing body of the former Central
Bank presented a study on the preparation for the project to delete the
zeros,” and believes that “this study were professional, scientific and
included companies that have been agreed with the implementation of the
project.”
stresses a member of the Finance Committee representative, that “Iraq
needs some salt is the deletion of zeros from its currency because the
size of the money supply traded very large”, showing that there is a
“four categories of the Iraqi currency is currently thousand and five
thousand and ten thousand and 25 thousand dinars, while becoming the
category of 250 dinars worthless almost even thousand dinars on its way
to losing its value. “
and follow Najib that there is “an urgent need because we have a
currency suitable for the size of the funds and investments entering
Iraq,” and draws out that “the implementation of this project needs to
be a real will and solidarity between the legislative and executive
branches and develop a plan sober to make it a success.”
adds “The process needs to educate the media and make the currency
switch currency over two years and not to restrict banks certain and to
be a broad base of banks Iraq in all provinces.”
Expert: require security situation and a stable political Meanwhile,
says economist as Antoine, in an interview to (Long Press), said that
“you want to delete the zeros is the restructuring of the currency and
reduce the use of decimal numbers in the accounts of the process, which
has become a danger,” and shows that “The other thing is to reduce the
fraud that occur in the existing currency, which depreciated
significantly and need to process Switch. “
and see Antoine, “The other point is the reduction of dollarization because when you delete the zeros will raise the value of the banknote,
not currency because the latter means and not an objective,” and
continues that “it reduces the dollarization in business dealings
Instead of using billions of leaves from the local currency Stenzel
These millions and instead of transferring currency bags of wheat
(Alkouan) will carry bags. ” and narrows the “time to change the
currency was appropriate in the year 2012 the past, but now it is not
appropriate.”
specialist: currently more appropriate contrast sees Head of Economic
Studies at the Center for Mustansiriya for Arabic Studies and
International Dr Abdul Rahman al-Mashhadani, that “the time whether the
appropriate two years ago to delete the zeros from the currency it is
today becoming more solvency to complete it.”
says al-Mashhadani, in an interview to (range Press), “The process of
deleting the zeros was supposed to expire Two years ago, because the
issue is purely economic, “and shows that” the dinar, which was torn and
steals a loss to the government and citizen. ” He continues, head of
economic studies, that “denominations now need to transfer large banks
need to protect and place great,” and goes on to “the Iraqi currency
needs to change because, according to the international standards should
be changed categories currently in circulation and that the Central
Bank shall issue new categories. “
It was the Economic Committee in the House of Representatives, called
for in (the sixth of July 2013 now), the central bank to “speed up” the
process of deletion of zeros from the Iraqi currency In order to
maintain them, and confirmed that it is not in the interest of Iraq, the
survival of its currency with so much and irregularly, as pointed out
that the deletion process will increase the value of the Iraqi dinar and
reduce unemployment and poverty.
referred to as the General Secretariat of the Council of Ministers
announced in (12 April 2012) , the patient in the application process to
delete the zeros from the national currency, which had to stop action
all relating to the operation mentioned until further notice.
noteworthy that some
economists believe that Iraq is not ready at the present time to delete
the zeros from the dinar, pointing out that the deletion needs to
stabilize the security and political as well as economic stability.
was the International Monetary Fund, announced in (the 23 of March
2013), that the funds preventive Development Fund for Iraq rose in 2012
to $ 18 billion, and cash reserves of the Central Bank of hard currency
to $ 70 billion, and pointed out that This rise came from “oil revenues
unexpected,” in called the Iraqi government to end the control of banks
owned by the state of the banking sector, he stressed the need for Iraq
to strengthen public financial institutions to ensure efficiency and
transparency in the use of oil revenues.
predicted USAID, in (third from December 2012 the past) that leads
the Iraqi economy, Arab countries within five years, stressing that Iraq
possessed all the qualifications to be a powerful country economically.
Iraq is trying for years to attract foreign capital to develop its
economy in the fields of industry especially oil, including housing and
oil and gas extraction , for the need of funds for infrastructure
development and reconstruction, but observers assert that the lack of
interest of the state to the private sector and the absence of
investment laws which guarantees for investors and the absence of other
laws that are still obstacles to the development of the economy in the
form required. depends Iraq, which has the fourth largest oil reserves
in the the world to 95 percent of its annual budget on oil exports and
currently produces about two million and 900 thousand barrels per day,
while the issue up to 2.0002 million barrels per day. was the UN
Security Council voted in, (27 June 2013), unanimously approved the
decision to remove Iraq from Chapter Chapter VII, after more than two
decades of sanctions imposed whereby in the wake of the former regime’s
invasion of Kuwait on the second of August 1990.
source: Almada News paper
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