The day on which the project is approved, it means that Iraq has walked in the path of stability and progress - Dr. Mohammed Saleh
May 16, 2011 - Adviser said the CBI appearance of Dr. Mohammed Saleh, “The draft raise three zeros from Iraqi dinar is a strategic project and it has no effect on purchasing power, or incomes of citizens, but will enhance the value and strengthens Iraq’s relations economic ties with other countries,” urged the economists to “postpone the adoption of law and conducting extensive studies on it because of the threat to the Iraqi economy. “Saleh added on the sidelines of the symposium organized by the Faculty of Management and Economics at the University of Babylon, recently carried the title (raise zeros from Iraqi dinar and its negative and positive), “The project, which conducted many scientific symposiums between specialists of the saturation of research and audit will also contribute to reducing transaction costs and reduces the carry cash and that the pros have it involves much more than the potential disadvantages “
He (Saleh) continued, “Iraq on the verge of producing 6 to 12 million barrels of oil and this will impact on the development and raise the value of the Iraqi dinar and the adoption of the project would suit fully and this increase in oil production and it also aims to improve the management of the currency regime in Iraq, the fact that the current system is a system behind and not commensurate and development taking place in the world in this area as well as being remnants of the former regime, based on grounds other than scientific and represent three decades of underdevelopment and economic decline, especially as the economic progress which will be witnessed Iraq’s future needs to system management a new currency commensurate with the boom expected in the country and therefore will not affect not on the dealings of the citizens, nor on its revenues, or even on different contracts, but he would maintain it and strengthen economic relations and exchanges in the future, “he said
And link adviser to the CBI between the approval of the project to delete three zeros from Iraqi dinar and the economic prosperity achieved in Iraq. “This project will not be unless there is a boom in the Iraqi economy and that if this is not achieved it does not already value of the project” as he put it
Stressing that “the day on which the project is approved, it means that Iraq has walked in the path of stability and progress, and a defiantly disobedient life in the country has become is not what it is now and then Iraq would become a leader at the time of the power in the Middle East”
In response to a question about the period for implementation of the project it has no effect on the exchange rate of the dinar against the dollar, said, “that the period is open.
There is currently no specific time for its implementation and all the accessories the success of the project would be studied carefully and all aspects are then submitted to the Parliament for approval after be generated with the legislative and executive branches convictions sufficient to implement.
As for its impact on the Iraqi dinar exchange rate against the U.S. dollar, there is no any effect in this regard but that the implementation of the project will not be there were not the force of the Iraqi dinar “
Economists and those interested in economic affairs, for their part have expressed concern about the negative effects expected from the project in the event of approval, which was mentioned by Dr. Dean of the Faculty of Management and Economics at the University of Babylon Mujbil Rafik Morgan said, “that the issue of lifting of the zeroes is still in the process of debate and so far as economists do not know who will Is it the law of the Iraqi Central Bank or the prime minister or whether he will be presented to the House of Representatives which will be discussed because the issue is the seriousness of the Iraqi economy “
He called for “the study of law by economists and specialists in economic affairs that the process of advancement of the Iraqi economy at the present time does not bear any confusion”
“After the decision must be justified on grounds and find out whether he will support the Iraqi economy will be a mechanism or mechanisms to remove inflation, because this issue affects all citizens must therefore be carefully studied before approval,” he said
As expected the President of Chamber of Commerce of Babylon, the decision to raise zeros from Iraqi dinar will have an impact on the Iraqi economy and inflation as well as the impact of the circulation of currency in the Iraqi market “
Adding that “the view of the Chamber of Commerce can not be built on the point of view of the Central Bank, but there will be extensive studies on the subject and we will organize seminars with stakeholders and traders and businessmen to form a whole idea for and then later we will give our opinion about it”
The specialists Iraqis in the area of the economy they had underestimated the impact of the Central Bank of deleting three zeros from the currency the purchasing power of the Iraqi dinar, with one researchers that the cost of lifting of the zeroes will be the biggest of its utility as the currency’s strength is measured by the stability of disbursement, which is based on the strength of the productive sector capable of to provide goods and services.
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