Wednesday, June 1, 2011

The Central Bank of Iraq is about to finish the project raising the zeros.

The Central Bank of Iraq is about to finish the project raising the zeros......
Palm –
The Central Bank of Iraq, on Tuesday, he is about to finish the project raise three zeroes from the currency, noting that the project is considered strategic, and submitted to the Council of Ministers and legislators if completed.
The central bank adviser said the appearance of Mohammed Saleh during permit media raising project three zeros from the dinar is a strategic project and the Central Bank is in the process of finalizing the project, the idea of ​​theory into practice, and is nearing completion, and submitted to the Council of Ministers and Deputies.
The benefit that this project will reduce the cost of transactions and reduces the carry cash, he said, adding that Iraq is 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.
The adviser to the Iraqi Central Bank said the bank has achieved three things during the last stage, as the first building reserves from zero to $ 50 billion, within the past five years, reduce the price of the basic inflation from 34% to 4 or 3%, and achieved stability in the Iraqi dinar exchange.
He was adviser to the CBI the appearance of Mohammed Saleh, said in an interview earlier the bank’s readiness to delete the zeros of the Iraqi currency, pointing out that those zeros that are added to the Iraqi currency during the last period formed a cluster of large cash amounted to 27 trillion Iraqi dinars.
On the other hand, revealed adviser to the CBI, said Iraq enter for the first time a system of payments between banks has been the transition to electronic clearing away from the hand and entered into by the six banks and the exchange of instruments between banks electronically and will link the smart card and credit system with the Central Bank.
Continued by saying that the central bank would be three years after the so-called Council of the payments, which sets protocols and is the infrastructure of Iraq.
Previously, specialists Iraqis in the field of economics that played down the impact of the central bank to delete zeros from the currency the purchasing power of the Iraqi dinar, also hopes the government from behind the move, as the view of researchers that the cost of lifting of the zeroes will be the biggest of its usefulness, given that the currency’s strength is measured by the stability of disbursement which is based on the strength of the productive sector can provide goods and

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