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Lifting zeros from currency has been postponed, says Iraq economic committee member

Qusay Ebadi, a member of the parliamentary Economic Committee said that the issue of lifting zeros from Iraqi currency has been postponed as there are fears the government of money laundering and fraud.
Al-Abadi said that “the Iraqi Central Bank expressed its readiness over a year ago to raise zeros from the Iraqi currency, noting that the laws and the Constitution did not specify the cause of lifting of the zeroes and there is no legal impediment, but there are concerns by the government that There are forging process and the washing process will accompany the lifting of the zeroes. “
He added, “The bank said that the value of the Iraqi dinar will not change with the lifting of the zeroes also expressed his willingness to combat fraud and money laundering in the case of lifting of the zeroes, but fears of fraud by the government led to the postponement of the application of this step until further notice.“
The Council of Ministers decided in its meeting held on April 10, 2013 wait in the application process to delete the zeros from the national currency until further notice.
The Central Bank of Iraq, and on the lips of bank adviser appearance of Mohammed Saleh, has confirmed for the need for Iraq to the process of administrative reform of the currency cash, and that the project to delete the zeros is the step comes as part of the country’s need to the process of administrative reform of the currency, in order to reduce the cost of cash transactions in the economic process, in addition to the need to provide small groups of coins used in daily circulation of small transactions.
The central bank officials has claimed that the government to delete the zeros from the currency, and the issuance of a new currency denominations large cash, in addition to the presence of small coins.
Observers say that the government intends to delete the zeros from the currency as a step towards improving the purchasing power of the Iraqi dinar, is that economists played down the importance of this step, considering that the cost of raising the zeros will be greater than the expected benefit from the lifting of zeros.
Updated 23 Feb 2014 | Soruce: AIN | By S.Seal
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