Parliamentary Finance: the next budget will be free of zeros (JANUARY 2013)

by Guest Wed Jul 04, 2012 9:39 am

Parliamentary Finance: the next budget will be free of zeros

Wednesday - 4 July 2012 -

Baghdad - The World Announced that the parliamentary finance committee, said Tuesday that the 2013 budget next year will be the new currency after deleting three zeros from the current currency, arguing that the reluctance of traders and companies from trading in Iraqi currency behind the adoption of the Central Bank of the project to delete the zeros.

Said committee member Najia Najib said in an interview for "Alsumaria News" that "the budget next year will handle the new currency after deleting three zeros from the current currency," stating that "the process of switching the currency and delete zeros will take approximately two years after the preparations for the process that began more than a year".

The answer that "the Council of Ministers approved during the meeting the Governor of the Central Bank on the project to delete the zeros and replacing Iraqi currency after it decided earlier in the patient as the project due to rising dollar on the domestic market for the past few months," noting that "the project to delete the zeros and currency exchange aims to restructuring of the Iraqi currency and the form in which to do business in line with Iraq's internally and externally."

She stressed that "the Finance Committee and the Central Bank had agreed at its last meeting to be next year's date for the start delete the zeros and the balance of 2013 the new currency unless there was a barrier transmitting without it," emphasizing "the need to support the government and parliament of the project to restructure the Iraqi currency."

Najib and considered that "the reluctance of traders and companies from the use of Iraqi currency and trading it may push the central bank to adopt a project to delete the zeros," asserting that "this project would reform the system of currency management and to facilitate their use."

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