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Thread: Economists at Univ. of Karbala Discuss Lifting of Zeroes

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    Economists at Univ. of Karbala Discuss Lifting of Zeroes

    Economists at Univ. of Karbala Discuss Lifting of Zeroes
    February 21, 2010 · Posted in CHATS / POSTS
    21/02/2010 14:53

    Karbala, February 21 (AKnews) – U.S. economists at the University of Karbala strategy has on the Iraqi Central Bank to lift the zeroes from the process, considering that the time is not ripe for that, while reducing others, the process and the possibility of reducing the inflation plaguing the economy.

    The Head of Department of Banking and Finance Faculty of Management and Economics at the University of Karbala, Dr. Akram Yasseri told Kurdistan news (aka News) that “the value of the Iraqi currency is not the number of zeros in them, but at their real value through the cover provided by the State”, .. He said, adding that “there are many points must be available to the Central Bank of Iraq, such as initiating the process, including:

    First: The government introduced a new currency and to keep the old currency is available in the local market and leaves the choice to the citizen in dealing with any of the currencies.

    Second: Iraqi banks to deal with two currencies and the same value at any time needed by citizens.

    It is no different academic economic opinion at the University of Karbala, Dr. Alaa Farhan view its predecessor as it confirmed that the proposals were hasty and not according to in-depth study of the financial situation of Iraq. ”

    Dr Farhan asked about the difference, which can result in the replacement of the new currency to the U.S. currency (dollar), “.. following up by saying that” this process has negative effects on the psyche of Iraqi citizens and economic situation, especially the poor class, and the personal debt and the creditor accepts the receipt of any amount and will, of course, a small amount in comparison with the consideration paid to the person the other hand which will create problems between the dealers term loan, “according to his words.

    But Dr. Abbas Daami finds that the change of the Iraqi currency in which the proportion of positive as well as the attendant negatives.

    Say for Daami (aka News) that “change the Iraqi currency and raise Alasfreetnha has a positive effect could help to serve the State on the grounds that a lot of people are still aspiring to the return of the old currency, which was called the (Swiss), which they consider the fact that the source is better for them, the phase that was traded where the currency was a good stage in the life of Iraqis. “

    He added that the blind “thinking back into the currency and the issuance of the accompanying small change (coins iron) is a valid and very good, but it is Atakhlu of difficulties, including that the Iraqi economy is still suffering from the inflation that accompanied the print trillions of currency that Atertkz base Treasury and available the hard currency, and approval of the Iraqi economy is the sole supplier of oil to barely cover the requirements of reconstruction and the huge salaries of the ministries as well as external debt remains a heavy burden on the Iraqi economy. ”

    He continued by saying “the Iraqi government improve Alsanaat support for oil and dependence in additional resources and the liquidation of foreign debt left by the previous regime’s policies and will then be able to change the currency, and gradually also the decision not to Mstra Aintj him but to increase the suffering of the citizen to adapt to such currency, as happened after the fall of the regime and change the form of currency in circulation at this time.

    It should be noted that the Iraqi Central Bank Consultant Dr. Mazhar Mohammad Saleh has said earlier to some of the media that this year will see the launch of the new Iraqi currency, free of zeros and the CBI completed fifty percent of their preparations, which are working on since 2005.

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    Re: Economists at Univ. of Karbala Discuss Lifting of Zeroes

    Good post. Thanks.

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