Some Iraqi economist agree with postponement of restructuring Iraq’s currency

Some Iraqi economist agree with postponement of restructuring Iraq’s currency


Posted: December 11, 2013

Economists: the present time is not suitable to replace the Iraqi currency
after preparations long it took 5 years for the process to delete the zeros and replace the Iraqi currency came today to announce the central bank to stop these measures and postponed to another slogan for many reasons hindered the march of the central bank in the removal of three zeroes, bankers said (citizen) .. that the present time is suitable for the replacement of the currency and favored the postponement of the project to the time of the restoration of security in Iraq.

said economic expert and academic at the University of Mustansiriya Abdul Rahman Karim al-Tai (citizen) .. “The present time is not suitable for the replacement of the currency and the idea postponed a good idea.” added al-Tai “There are not any economic feasibility of the issue of removing the yellowing of the currency in light of the survival rates unchanged, indicating that the “re-printed paper currency new and drain the old currency needed to machinery and equipment printed a new and expensive.”

and explained that the situation in Iraq was today, both economic and security is unstable and therefore There are concerns too big of a shrinking currency may suggest to savers increase the value of their currency and thus went savers to banks in order to pull Mbalghm cash saved in banks and this would be confusing banking business in Iraq, which is characterized by the fact that the sector Almervi Iraqi sector Almtlki. and went on to say that “the preparation five-year plans must take into consideration the issue of deletion of zeros, especially that the Ministry of Planning prepared a five-year plan for 2017, especially as the investment projects large part of which has been forwarded to foreign companies has been agreed with the existing currency, not the currency futures (currency zeroes deleted) and thus, there is confusion for for companies investing overseas after the re agreement with respect to the new currency.

while said member of the Finance Committee MP Najiba Najib, (citizen) .. “The central bank is costly process to delete the zeros and the replacement of the currency, but the reluctance of the currency led to a delay in the project.”

added Najib said that “the issue of Time is important, but what is important is that all the procedures at the central bank is ready to start the project and all the conditions are ripe for him to not encounter obstacles and vibration market. “

She said, “take measures to ensure the precautions taken to ensure the success of the subject and the project will be in all the provinces and must be public awareness if These measures will not take Time is not suitable for this project. “

It is noteworthy that the central bank announced disable the project to delete the three zeroes and replacing the currency being the Arbakan the Iraqi market. “

So they are disagreeing with each other ... one saying not time yet and the other saying perfect time.