In a move designed to develop the Iraqi payments system, the Central Bank recently announced a plan to restructure local currency through the upgrading of the local currency and the introduction of new categories of paper.
He justified the appearance of Central Bank Adviser Mohammed Saleh this step that the Iraqi dinar has suffered over the past two decades significant degradation.
Speaking to Al Jazeera NET, Saleh Pat dinar lag structure is not commensurate with the Iraqi payments system in the country, so it is in need of major work for large transactions, and in need of small transactions for currencies.
The dinar stabilizing, particularly after the Central Bank reserves rose sharply to nearly $ 250 billion, offset by the development in the country’s oil exports.
Implementation mechanisms
And mechanisms for the implementation of this project, says Saleh it will shorten the blocks large cash in classes smaller but significant procurement size, commensurate with the nature of the payment in the country, adding that the accounting system and accounting firms, banks and even the general budget of the State of Iraq became read trillions, this Government seeks to create a small cash, but met with great goodies.
And mechanisms for the implementation of this project, says Saleh it will shorten the blocks large cash in classes smaller but significant procurement size, commensurate with the nature of the payment in the country, adding that the accounting system and accounting firms, banks and even the general budget of the State of Iraq became read trillions, this Government seeks to create a small cash, but met with great goodies.
He recalled that the draft put forward by the Governor of the Central Bank on the 20th of this month during a cabinet meeting, won approval of the Council, awaiting special legislation to implement it in stages.
He drew for the new currency will be in three languages, English and Arabic and Kurdish.
Stability
Linking financial expert and Director of the National Bank of alorkaa Mohammed Al-samarrai, the success of the project the political stability and security in the country.
Linking financial expert and Director of the National Bank of alorkaa Mohammed Al-samarrai, the success of the project the political stability and security in the country.
Samarrai said of Al Jazeera net off three zeros from the currency of Iraq aims to get rid of the vast amount of money supply.
Samurai: removed three zeros from the dinar aims to get rid of the vast amount of money supply (Aljazeera.NET)And what would the project, said samarrai, that would address the massive inflation and the accumulation of past in the country, saying that the much-delayed and that its implementation will encourage investors.
And on the impact of this project on the performance of private banks, the Samurai would help to improve the performance of banks in terms of the block size of cash circulation and transfer, as well as security would be best.
The great inflation saw Iraq since the war with Iran 1980-1988 and the 1991 Gulf war and the siege which lasted for more than 13 years.
And has seen annual inflation index for 2010 significantly compared to previous years, where indicator 3% by 2010 compared to 53% in 2006, and 7% in 2009.
