delete the zeros of the Iraqi currency, which plans to the Iraqi

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Reduces the economic importance of the deletion of zeros from the Iraqi currency

06/11/2010 12:57


Karbala, November 6 (Rn) played an economist Iraq, on Saturday, the resolution plans to the Iraqi Finance Ministry and Central Bank of Iraq to take on the deletion of zeros from the Iraqi currency, noting that the decision was probably a bigger impact if taken in the nineties of the last century.

He is Professor of Economics at the University of Karbala, Dr. Hashim al-Shammari, told the Kurdish news agency (Rn) that "the decision to delete the zeros of the Iraqi currency, which plans to the Iraqi Finance Ministry and Central Bank of Iraq to take is not important; he will not affect the change and the reality of the Iraqi currency, compared with other global currencies ".

He said Shammari, "This move may have been successful if taken in the nineties of the last century, when the inflation rate amounted to 400 000 percent."

He said the "independent monetary policy of the Central Bank of Iraq, was able to improve the purchasing power of the unity of the Iraqi currency, which can be observed by measuring the stability of the exchange rate of currency in the past five years."

He added that "the volume of reserves at the Central Bank of Iraq, and reached to fifty billion dollars, and the entry of the central seller and buyer of the local currency, have added factors of stability of the Iraqi dinar," noting that "the Iraqi currency you need to economic stability and domestic political, for the stability of the global ".

He pointed out that "the strength of the economy of a country is measured by the size of its gross domestic product, or the measurement of military force or reserve force or technological, which makes the currencies of these countries, an international currency, as is the case with the United States and Japan."

He revealed that the "factors that help to improve the position of the Iraqi currency among the world's currencies is Iraq's oil reserves, and the possibility of increased Iraqi exports in all economic aspects," explaining that "it is impossible to return to its currency in the seventies and eighties of the last century."

In the opinion of Supervisors to manage the Iraqi Central Bank that the process of deletion of zeros from the currency will cause an increase in expenses, which in turn will allow an increase of cases of financial corruption and the lack of addressing the problem of inflation suffered by Iraq.

The rumors have confirmed that the Iraqi government ended its mandate, intends to make changes to the local currency, including raising three zeroes "in order to reduce the inflation suffered by the Iraqi market", as well as add the language Kurdish paper currency.

The local Iraqi currency has gone through several changes in its history, most recently in 2004 when the former Governing Council replaced the previous currency, which was a symbol of the former regime.

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