2014 Iraqi Dinar Currency Deletion of Zero

 

2014 Iraqi Dinar Currency Deletion of Zero

Abdul Hussein al-Yasiri, Iraqi Finance Committee, confirmed just recently that the deletion of zeros from Iraqi dinar currency would be next year 2014. He indicated that the said restructure would be managed by the Central Bank of Iraq (CBI). Iraqi dinar

The committee member said in a statement, “the process of deletion of zeros from the national currency will begin in 2014, through an agreement with the central bank.” He noted that the project of restructure would lead to dropping the national currency traded proportion from 4 billion to 1 billion.

The amount will be decreased to a quarter, at the same time, it will develop the value of the money and it will be easier to transport, he added. He then signified that it would be very hard if there is any fraud or manipulation in cash currencies.

Earlier starting this year 2013, the Central Bank of Iraq (CBI) acknowledged the operation of the deletion of the three zeroes from Iraq national currency project; however, the Iraqi government insisted the bank of CBI to hold back the implementation of this project, as they fear for the appearance of currency counterfeiting during the restructuring process.

Way back in the previous month, MP Amin Hadi, member of the Committee secretary said that the parliamentary Finance Committee has confirmed the date of the deletion of zeros for a more secure exchange rate to the Central Bank of Iraqi (CBI).

The schedule of the project of the deletion of zeros from the Iraqi currency was promised, which “something recounts to” Central Bank of Iraq and the country’s  federal government.

Secretary Hadi indicated that the Central Bank organizes the hard currency’s past distribution to bank branches within the provinces.

He further told that the dollar money exchange rate against the Iraqi dinar becomes more steady than the previous, which in turn, this can lead to more investment to the country and economic activity.

“The implementation of the project authorized to determine the schedule, which is related to the central bank and the government,” according to Amin. “The project in which the pros and cons, but the positives of the project more than the disadvantages,” he added.

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