Member of Parliament Finance Committee denies dropping of zeros will cause money laundering and corruption; Says its a process of reform

Member of the parliamentary financial denies that caused the deletion of zeros from the currency of financial and administrative corruption
Tuesday, 31 January 2012 16:26

Denied a member of the Finance Committee, the parliamentary process that caused the deletion of zeros from the Iraqi currency occurrence of money laundering and financial and administrative corruption in it.

Said committee member Ibrahim al-Rikabi told all of Iraq [where] Tuesday that “are untrue news or fears of money laundering or financial and administrative corruption caused by the process of removing three zeroes from the Iraqi currency as it is the process of reform and management of the currency.“

“It is expected to be a process of replacing the currency, according to the reports of the Finance Committee and estimates of the Central Bank during the year and a half after it begins trading currency, the old El Jadida through the payment of salaries to civil servants in ministries and government institutions and the establishment of private banks replace balance of cash, or even through a review of citizens of those same banks and funds to do the replacement. “

And since we are talking about a change of currency, and issuing a new currency, be noted that there are changes that will occur in the form of new Iraqi currency, including the removal of zeros, and the inclusion of the Kurdish language to the Arabic language in the currencies.

The officials at the Central Bank as well as some politicians and economists urged the government to delete the zeros from the currency and the issuance of 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 benefit expected to raise zeros. “

The Adviser to the Prime Minister for Economic Affairs Abdullah Al-Hussein Anbuge had warned earlier in the process of removing the zeros from the currency as it will cause big problems and confuse the Iraqi economy.

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The officials at the Central Bank as well as some politicians and economists urged the government to delete the zeros from the currency and the issuance of new currency denominations large cash in addition to the presence of small coins.

That is the definition of Re-Denomination!

CJ