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 Next year (2013) will see the circulation of two currencies at the same

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PostSubject: Next year (2013) will see the circulation of two currencies at the same   Wed Jun 20, 2012 9:35 am


Financial Alnibaah: next year will see the circulation of two currencies at the same

20/06/2012 10:03

BAGHDAD / Center Brief for the Iraqi Media Network - revealed the parliamentary finance committee that Iraq will see the two currencies traded at the same time over the next year 2013 of the new currency in circulation after deletion of zeros with the survival of the current currency trading throughout the year in question.

A member of the Finance Committee Hassan Salman's (Center Brief for the Iraqi Media Network) that "the central bank operates in more than six months from now on the position of the deletion of zeros from the Iraqi currency and the current that will be applied starting from next year."

He pointed out that "the Finance Committee informed and in constant contact with the central bank governor and his aides who constantly learn about the Finance Committee on the details of this issue and the process of replacing the current currency the new currency will continue over the next year."

He said, "will end the current currency, the beginning of 2014 and this process will lead to the strengthening of the Iraqi currency fluctuations, especially after the Iraqi dinar exchange rate against the U.S. dollar in recent times."

And that "currency adjustment will benefit the Iraqi economy and will facilitate the handling of cash in the country by reducing the money supply in circulation now, which Tkdrbhawwala 30 trillion dinars."

He revealed the CBI earlier that the new Iraqi currency will increase by three zeros, indicating that he made an extensive study concluded that the lifting of the zeroes will strengthen the value of the Iraqi currency.

The Central Bank of Iraq four branches in Basra and Sulaymaniyah, Erbil and Mosul, where established bank independent Iraqi 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 regulate the banking sector

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PostSubject: Re: Next year (2013) will see the circulation of two currencies at the same   Wed Jun 20, 2012 9:53 am

06/20/2012 0:00
called a member of the Finance Committee MP Mustafa Shoresh Haji, to force banks to sell the regulations set out the hard currency to prevent a repeat of smuggled abroad.

Said Haji: The conduct of the Central Bank of the last to open multiple ports for the sale of hard currency in all of Iraqi banks, will help stabilize the Iraqi dinar against the dollar, but it must be punctuated by certain controls require banks to prevent the occurrence of a currency smuggling abroad.

Noting that the central bank when allowed the Iraqi banks sell foreign currency stay with her following the specific mechanisms of how the sale, but most banks in Iraq did not comply with legal procedures and perhaps are still smuggling operations exist because of the lack of effective control by the Central Bank.

He added, should be set up monitoring committees to follow up the work of Iraqi banks in respect of sale of foreign currency to prevent the return of smuggled abroad, because it will affect the national economy and the local currency.


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Next year (2013) will see the circulation of two currencies at the same
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