Parliamentary Finance committee: Iraqi Central Bank lingered in presenting the Zero loping bill
Translated by Iraqdirectory.com - [1/31/2012]
The Parliamentary Finance Committee confirmed, on Sunday that the Central Bank, loiter in to introduce a bill to delete the zeros from the currency to the Committee for the purpose of a study, saying the law was passed that would give Iraq an opportunity to address inflation.
A member of the Committee Najiba Najib told the Kurdish news agency (Rn) that "the central bank lingered in the provision of a bill to delete the zeros of the local currency to the Finance Committee to study and add some stuff it and then submitted to the House of Representatives for the purpose of voting upon approval."
She added that the "delete the zeros of the most prominent treatment of the local currency to solve the problem of inflation with the expansion of the investment plan of the budget and reduce spending."
Inflation is the excessive rise in the general level of prices and higher cash income as well as high costs and creates excessive cash balances.
It is expected to increase inflation in the budget in 2012 due to continued attention to the operational aspects at the expense of the investment part of the budget.
She noted that the deletion of zeros from the currency requires a "big job", because this task requires the provision of economic security for the commercial market in Iraq.
The Iraqi government says that the process of deletion zeros from the local currency will increase the phenomenon of money laundering and is working to convince the central bank need to stop work on the project.
The Securities Authority harmonizes with the government's position to delete the zeros and says that adversely affect the financial trading in the stock market.
The Central Bank of Iraq has four branches in Basra, Sulaymaniyah, Erbil and Mosul, where it is established as an independent Iraqi bank under the law of the Central Bank of Iraq issued on the sixth of March / March 2004, which is responsible for maintaining price stability and the implementation of monetary policy, including exchange rate policies and the management of foreign reserves and the issuance of and currency management, in addition to the organization of the banking sector.
The main tasks of the Central Bank summarizes in managing monetary policy in the country and raise the level of the values of the Iraqi dinar and tackle inflation in the country.
Translated by Iraqdirectory.com - [1/31/2012]
The Parliamentary Finance Committee confirmed, on Sunday that the Central Bank, loiter in to introduce a bill to delete the zeros from the currency to the Committee for the purpose of a study, saying the law was passed that would give Iraq an opportunity to address inflation.
A member of the Committee Najiba Najib told the Kurdish news agency (Rn) that "the central bank lingered in the provision of a bill to delete the zeros of the local currency to the Finance Committee to study and add some stuff it and then submitted to the House of Representatives for the purpose of voting upon approval."
She added that the "delete the zeros of the most prominent treatment of the local currency to solve the problem of inflation with the expansion of the investment plan of the budget and reduce spending."
Inflation is the excessive rise in the general level of prices and higher cash income as well as high costs and creates excessive cash balances.
It is expected to increase inflation in the budget in 2012 due to continued attention to the operational aspects at the expense of the investment part of the budget.
She noted that the deletion of zeros from the currency requires a "big job", because this task requires the provision of economic security for the commercial market in Iraq.
The Iraqi government says that the process of deletion zeros from the local currency will increase the phenomenon of money laundering and is working to convince the central bank need to stop work on the project.
The Securities Authority harmonizes with the government's position to delete the zeros and says that adversely affect the financial trading in the stock market.
The Central Bank of Iraq has four branches in Basra, Sulaymaniyah, Erbil and Mosul, where it is established as an independent Iraqi bank under the law of the Central Bank of Iraq issued on the sixth of March / March 2004, which is responsible for maintaining price stability and the implementation of monetary policy, including exchange rate policies and the management of foreign reserves and the issuance of and currency management, in addition to the organization of the banking sector.
The main tasks of the Central Bank summarizes in managing monetary policy in the country and raise the level of the values of the Iraqi dinar and tackle inflation in the country.
