Central Bank plans to issue three large banknotes after deletion of zeros from Dinar
Translated by Iraqdirectory.com - [1/16/2012]
The central bank of Iraq intended on Saturday to put all three types of banknotes after the deletion of three zeros from the Iraqi dinar, pointing out that the process of replacing the currency will take two years.
The deputy governor of the Central Bank Mudher Mohammed Saleh in an interview said that "the Bank will present three large banknotes in addition to coins, after the deletion of three zeros from the Iraqi dinar," noting that "the process of switching would reform the system of currency management and ease of use."
Saleh added that "the three banknotes consist of 200 dinars, which is equal to 200 thousand dinars at present time and a 100 dinars, which is equal to 100 thousand dinars, and a banknote of 50 dinars, which is equal to 50 thousand dinars, in addition to the one & two dinar coins as well as half, quarter of a dinar and 100 fils and dirham (50 fils)".
Saleh indicated that "the deletion of three zeros from the Iraqi dinar would shorten the number of banknotes of four billion paper, which is equal to 30 trillion dinars exist in the Iraqi market to one billion and 800 million paper only," asserting that "the currency exchange will not affect the per capita income or over its wealth or its contractual obligations."
Saleh pointed out that "the Board of Directors has approved the decision to delete the zeros after the completion of designs currency bearing the legacy of Iraq and its history, civilizations, as well as for discussion by the Financial and Economic Committee of the Council of Ministers," noting that "the Bank pending the Board's approval to begin the replacement of the new currency which must be with the new financial year and proposed by the Bank with the beginning of the year 2013."
Salih stressed that "the process of replacing the currency will take two years to prevent any disruption in the process of delivery and receipt," explaining that "the banks will continue to receive the old currency for ten years as rights and not negotiable."
The central bank has been accused in the (12 September 2011), government agencies of obstructing monetary reform and vowed to sue, blaming the authorities responsible for exposing the financial interests of the country to danger.
The adviser to Prime Minister for Economic Affairs said on (25 August 2011), to raise zeros from the currency is the biggest corruption in Iraq if it was during this period, and fall under the name of tampering with the economic, warning of "mafias currency" is preparing to rig the trillions of Iraqi dinars to replace them during the planned changes.
The Iraqi Central Bank Governor Sinan Shabibi, stressed during independent corps meeting with Prime Minister Nuri al-Maliki, which took place in the (June 19, 2011), his willingness to create all the preparations to replace the Iraqi currency.
It is noteworthy that some economists believe that Iraq is ready for the time being to delete the zeros of the Iraqi dinar, pointing out that the deletion needs to be a security and political stability as well as economic stability.
Translated by Iraqdirectory.com - [1/16/2012]
The central bank of Iraq intended on Saturday to put all three types of banknotes after the deletion of three zeros from the Iraqi dinar, pointing out that the process of replacing the currency will take two years.
The deputy governor of the Central Bank Mudher Mohammed Saleh in an interview said that "the Bank will present three large banknotes in addition to coins, after the deletion of three zeros from the Iraqi dinar," noting that "the process of switching would reform the system of currency management and ease of use."
Saleh added that "the three banknotes consist of 200 dinars, which is equal to 200 thousand dinars at present time and a 100 dinars, which is equal to 100 thousand dinars, and a banknote of 50 dinars, which is equal to 50 thousand dinars, in addition to the one & two dinar coins as well as half, quarter of a dinar and 100 fils and dirham (50 fils)".
Saleh indicated that "the deletion of three zeros from the Iraqi dinar would shorten the number of banknotes of four billion paper, which is equal to 30 trillion dinars exist in the Iraqi market to one billion and 800 million paper only," asserting that "the currency exchange will not affect the per capita income or over its wealth or its contractual obligations."
Saleh pointed out that "the Board of Directors has approved the decision to delete the zeros after the completion of designs currency bearing the legacy of Iraq and its history, civilizations, as well as for discussion by the Financial and Economic Committee of the Council of Ministers," noting that "the Bank pending the Board's approval to begin the replacement of the new currency which must be with the new financial year and proposed by the Bank with the beginning of the year 2013."
Salih stressed that "the process of replacing the currency will take two years to prevent any disruption in the process of delivery and receipt," explaining that "the banks will continue to receive the old currency for ten years as rights and not negotiable."
The central bank has been accused in the (12 September 2011), government agencies of obstructing monetary reform and vowed to sue, blaming the authorities responsible for exposing the financial interests of the country to danger.
The adviser to Prime Minister for Economic Affairs said on (25 August 2011), to raise zeros from the currency is the biggest corruption in Iraq if it was during this period, and fall under the name of tampering with the economic, warning of "mafias currency" is preparing to rig the trillions of Iraqi dinars to replace them during the planned changes.
The Iraqi Central Bank Governor Sinan Shabibi, stressed during independent corps meeting with Prime Minister Nuri al-Maliki, which took place in the (June 19, 2011), his willingness to create all the preparations to replace the Iraqi currency.
It is noteworthy that some economists believe that Iraq is ready for the time being to delete the zeros of the Iraqi dinar, pointing out that the deletion needs to be a security and political stability as well as economic stability.
