Parliamentary Energy declares that the lifting of the zeroes will not affect oil prices and criticized the Central Bank

Parliamentary Energy declares that the lifting of the zeroes will not affect oil prices and criticized the Central Bank

December 9, 2014

Confirmed to the Committee on Energy and Oil parliamentary member Ugaili Aziz, said Tuesday that "raise zeros from the Iraqi dinar will not affect the low oil prices, the fact that specific prices in US dollars.

Ugaili said in a statement to the press, seen it (Iraq) that "the value of the Iraqi oil prices are in dollars, but the lifting of the zeroes will lead to an increase in commodity prices in the country. Ugaili ruled that "the lifting of the zeroes from the Iraqi currency will be in the coming period specifically in the next year in 2015.

He criticized a number of experts and specialists in the financial and economic affairs, the central bank’s policy of issuing new editions of major categories of the coin, while warning of this procedure being will increase inflation, causing a state of economic confusion and stagflation in Mahlah.ocdoa market, according to news agency dinars on importance of moving and speed up the implementation of the project to delete three zeros from the currency and not to resort to prosthetic solutions issuing new editions, the fact that this project will overhaul the currency and increases the strength and improves performance both locally and regionally.

The central bank had earlier announced that the project to delete the zeros is still standing, but the date of its implementation is specific, as revealed its intention to issue a large categories of currencies as a group (50) thousand dinars, and (100) thousand dinars, and restore the current currency printing until the project application .alkhbayr in the financial and banking affairs Mohsen Ali, said: "The project to delete the three zeroes from the currency is one of the strategic projects and relied on by the Central Bank, he will overhaul the Iraqi currency again and reduces the money supply because it will reduce the large numbers Kaltrliunat and billions and other". He added that "this project will serve the country in many ways, including, to create a balance in the inflation rates, and facilitate the preparation of the annual budget process for the State, ministries or provinces, and reduce errors in the big financial accounts, as well as he would the Iraqi dinar to the regional and global stature." He pointed to: that "the central bank when a promising project to delete the three zeroes from the currency His goal was to reduce the large masses of cash and create a balance in the market rates of inflation, it can not issue new editions of major categories, because it is considered prosthesis solutions are irrelevant to the country, but it would hurt the economy terms of increasing stagflation in the market.

"While economist Dergham Mohammed Ali, pointed out: "The subject of restructuring the currency would be useless without the implementation of the project to delete the three zeroes from the currency for the purposes of legal, administrative and regulatory at the same time." He explained Muhammad Ali in an interview that "the issuance of currency with a large class safety specifications for high discharge the need for the project to delete the zeros of the budget, which will be transferred Alterellnah box to box Alumblyaria, which are commensurate with the budgets of neighboring countries and reduce the differences between the dinar and the regional currencies, including re-consideration mathematically and value judgment of the Iraqi dinar." He said: "The two replacement version of the new categories is a partial and incomplete restructuring of the coin and not meet all the Iraqi market needs, but the urgent need to implement the deletion of zeros, the fact that the Iraqi dinar exchange rate is witnessing relatively stable, what makes the ground, paving the issuance of new categories." He added: "The Delete three zeros from the currency has become a mature process and appropriate climate to her, calling on the central bank to "speed up the implementation of the project to delete the zeros and not to issue large categories editions because it would hurt the market."

The decision of the Commission of Economy in the previous parliamentary session, former deputy Mahma Khalil, see "reason not to implement the project to delete the zeros by the Central Bank that the previous government stood against Tnfiel decision of this project on the grounds of fear of currency counterfeiting," calling it "is not justified." especially that the regional climate is ripe after Iraq out of Chapter VII and raced global investment companies to invest in Iraq, as well as the stability of the dinar exchange rate.

He criticized Khalil in an interview, "the central bank for the issuance of new editions and new paper with large groups of measures, because it would hurt the Iraqi market in terms of increasing inflation, as well as hamper the process of implementing a project to restructure the Iraqi currency after deleting three zeros from." Referred to the General Secretariat of the Council of Ministers announced (April 12, 2012), wait for the application of the process of removing zeros from the national currency, which had to stop all actions related to the transaction mentioned until further notice.

The Central Bank of Iraq, previously revealed his intention to issue coins small categories, indicating that those currencies will be written in Arabic and Kurdish, confirming the existence of a proposal to issue Banknotes great worth fifty thousand Danar.okan former central bank governor Abdul Basit Turki had said, Earlier: The Central Bank currently operates in accordance with the tables and under the supervision of specialized committees to issue new coins with large groups. And between Turkish that the largest category of coins now available is the 25 thousand Iraqi dinars and the purchasing power it does not exceed $ 23, so there is more of a proposal to the Central Bank, to put more of the existing currencies, such as issuing currency up to 50 thousand dinars. He said the Turkish Central Bank is also working on a version of small coins, the absence of these categories that facilitate the process of buying and dealing between the citizen and the Iraqi market, which was dealt with by the central bank.


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