June 23 2011
Confirmed the Iraqi Central Bank Consultant Dr.. Appearance for the project of restructuring the local currency will include the process of lifting the zeros from the currency and the issuance of large groups and a new small, noting that it will support the currency in terms of “transaction costs”, stressing that the project will be implemented in a strategic and several stages.
Saleh said in an interview with “by the people” yesterday, said the worsening economic situation and rampant inflation, which hit the country, added zeros to the currency, and I’ve made these structural weak content of the value of it, pointing out that the citizen uses the categories of high-volume but low-content values.
“The restructuring of the currency” will raise zeros from the currency and the issuance of large and small groups of new ones, will contribute to support the currency in terms of “transaction costs”, adding that it does not affect the citizens’ income, nor to contracts or anything else.
And the Chancellor that with global economic growth and increase the country’s oil exports would lead to higher imports of cash, the current form of currency does not suit the new phase.
Saleh pointed out that the proposed restructuring of the currency is a strategic project, and “needs to support the government and parliament and the people,” pointing out that preceded the project awareness campaign including the citizens, “because the dinar is for all Iraqis, but not limited to a particular class,” saying, “We are going to do when matures and people embrace it. “
He said the project will facilitate commercial exchanges and the citizen will not have time to switch the currency to do so, stressing the goal of the project is to raise the burden on the citizen, and make it prosperous.
