After the  government made them hostage Bremer other currencies: Is re-delete the zeros of the Iraqi currency value?

Paul Bremer signs Iraqi sovereignty document in his office at the Coalition Provisional Authority headquarters

Paul Bremer signs Iraqi sovereignty document in his office at the Coalition Provisional Authority headquarters

Date: Monday 09/04/2012 14:12

Contributed to the Government of Bremer in the low level of purchasing power of the Iraqi dinar after the U.S. invasion of Iraq 2003, compared to what happened with Kuwait after Saddam’s invasion since remained Kuwaiti currency preserve the value of purchasing power has not suffered a breakdown according to the application of the principle of international commitment to Kuwait based on stockpiling oil, which does not rise to the owned Iraq’s major economic resources, after Bremer left the Government of the Iraqi dinar recovering automatically depending on what is owned by the Iraqi Central Bank reserves, which adopted a new policy in a currency management system.

And the shift from currency to currency large small to get rid of sagging cash inside the country.

Policies of non-systematic
See Sabri Mohammed Jaafar graduate student in the Faculty of Management and Economics University of Mesopotamia that the economic policies of others thought pursued by the previous regime left a heavy burden on economic reconstruction in Iraq and said Sabri to the get rid of it needs a serious stand of economic policy sober is to restore the nominal value of the Iraqi dinar . And get rid of dependence on other currencies after the authority of the Atlantic Alliance has developed an economic policy of deliberately making the Iraqi dinar as long as possible away from the banking institutions and foreign banks to stay away from the weak external trading.

Advance planning
Will prepare Abdullah, owner of banking see the evolution in the world of systems developed economic imperative for those involved in the economic policy in the country review of some current policies in the country to keep pace with what is happening in the world for the promotion of the economic reality of Iraq and raise the value of Iraqi dinar as before, and continued Abdul God to delete the zeros of the Iraqi currency Athaj prior to planning and preparing the ground of economic in time and the appropriate time that would guarantee the right of everyone without damaging them, noting at the same time that we do not look back and what happened in the nineties of the last century

As seen from the side of the spectrum Shuwaili owner of an auto show that the deletion of zeros from my point of view is not a solution at the moment and I think that this process becomes a necessity when the economy is in a stable condition, fully accompanied by continuous growth and continued Shuwaili this process contributes to the understanding of the citizen to the figures of cash, let alone reduce the masses of cash in which nHaadhr much of her pregnancy in the markets and trading, and perhaps we are exposed to risk because of her pregnancy, pointing out the reluctance of the citizen for deposit in the banks that have sprung up recently what happened thefts large inside these banks, so the existence of currency smaller became necessary provided that the proper ground for it.

The fear of poverty
In the same context, see for Us Samir employee bank, currency, as the current intolerable errors by 1.3% from counting due to the proliferation of counterfeit currency within the country, adding as I find them expensive and cumbersome in the process of input and output bank and most banks add additional value in banking transactions. So I delete the zeros from the currency as much as his aspect of the positive offset negative aspects because they are subject to psychological factors and a sense of relief to the presence of a coin with the exchange rate is high but was outside or inside the country and noted Samir has been accompanied by the deletion negative aspects may be affected by the owners of salaries and high sense of poverty and this reduces the value of consumer purchasing power and Fu hit for example, that employee salary (1,000,000) and when it becomes deletions (100,000) will lead to frustration perhaps this amount from the point of view can not fill its needs. Therefore, I find the process of deleting the zeroes are not only to cope with all of the processes and transactions in the market supply and demand and control of goods entering and monitoring of traders in order to balance the deletion process with what is happening inside the Iraqi market, their compatibility with the various policies and development plans.

A national decision
Counsel at the Central Bank the appearance of Mohammed Saleh confirmed his part in the previous press statements on the importance that has the law to delete the zeros with the consent of the government and the Iraqi Council of Representatives because it relates to the national economy, pointing out that many developed countries have resorted to this decision to reduce inflation and reduce the liquidity excess, where Iraq suffers from a sagging mass of cash, pointing out that the Board of Directors has approved the decision to delete the zeros after the completion of the designs of the currency bearing the legacy of Iraq and its history and civilizations, as well as discussed by the Financial and Economic Committee of the Council of Ministers, noting that the bank is waiting for approval Council to begin the replacement of the new currency, which should be with the new financial year and proposed by the Bank with the beginning of the year 2013.

Salih stressed that the process of replacing the currency will take two years to prevent any disruption in the delivery and receipt process, explaining that the banks will continue to receive the old currency for ten years as rights and not for circulation.

Find an alternative to oil
Economic expert Hashem Haboubi explained his part that the process of charting the course of true and systematic of the Iraqi economy must coincide with radical solutions to the current political situation Political stability and security a very important factor in the process of economic construction, which is not without strategic plans long and short term characterized by realism and rely on what is available potential of the human harness to reach the desired goal of achieving economic well-being of Iraqi citizens, and continued Haboubi I find that those who promote the reality of agricultural and industrial, which is Kruad important in economic development and not rely on oil to fund the budget as well as economic policy-making, but must provide an alternative that can create the type of of balance in the construction process noting that the deletion process to be implemented by the Central Bank of Iraq I find as a first step towards achieving the goal and purpose sought by the Iraqi society.

Nature’s Healing Matrix
After the  government made them hostage Bremer other currencies: Is re-delete the zeros of the Iraqi currency value?