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**** Central decides to restructure the Iraqi currency ****

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Post by ADMIN Wed Jun 22, 2011 9:49 am

Central decides to restructure the Iraqi currency
22/06/2011 13:06




Baghdad, June 22 (aknews) – the Iraqi Central Bank, announced Wednesday, that he had decided to restructure the domestic currency to develop payments system in the country.

Mohammed Saleh, said the appearance of Kurdistan News Agency (aknews) that "the Central Bank of Iraq had decided to begin implementing a long-term strategic project specializes in restructuring of the local currency of the payment system development.

"The Central Bank will raise the level of the local currency and the introduction of new currencies up approach to 100 dollars which would address economic gap in financial payments system in the country."

"The draft restructuring of the local currency which has been gradually need to support the Government and Parliament because purchasing power will compare the economic balmdkholat."

And the International Monetary Fund in August to support the Iraqi economy if it a number of economic measures, including privatizing banks and raise three zeros from the local currency debt and reparations which redirected rests with Iraq.

The Iraqi Government denied any change on the local currency this year with the aim of reducing inflation.

The Iraqi currency has undergone several changes in its history, most recently in 2004 when the former Governing Council replaced the previous currency symbolizes the former regime.

Main functions of the Central Bank of Iraq to maintain price stability, monetary policy implementation, including exchange rate policies, management of foreign currency reserves, the issuance of currency management and, in addition to regulating the banking sector.

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