Economic parliamentary: Delete the zeros from the currency in September next

20/02/2012 - 11:39 PM

Baghdad / justice

announced the Economic Commission representative, expressed agreement with the Central Bank of Iraq to begin the process of removing zeros from the local currency in September.

A member of the Economic Commission Abdul-Hussein Abtan "The Economic Commission agreed with the Central Bank to begin the process of changing the local currency in September the next."

He added that "the agreement include granting the process of switching the currency for a full year that are traded currencies old and new in the market during this stage."

The Abtan that "the process of removing the zeros from the currency will contribute to addressing economic inflation and facilitate cooperation with international banks and reduce the differences of living in the community."

and stressed the Finance Committee representative, the central bank tarry in the provision of a bill to delete the zeros from the currency to the Committee for the purpose of his study, saying that the law was passed would give Iraq an opportunity to address economic inflation, as experts predict a rise of inflation in the budget in 2012 because of the continuing interest in aspects of operational account the investment part of the general budget.

Abtan said that "the central bank looking to send a bill to change the currency to the House or not because the law gives the Central Bank of implied powers to delete the zeros of the local currency."