Tuesday 1/17/2012Experts: disruption of the exchange rate of currencies of neighboring countries will reflect negatively on the national economy
بغداد □ Baghdad / term
A number of experts that the imbalances which occur in the exchange rate of currencies of neighboring countries will reflect negatively on the process of trade and the system of prices in local markets, at the time the Central Bank plans to launch three categories after deletion of zeros to be held after the adoption of a special law by the House of Representatives.
And the central bank of Iraq's intention to launch a large three categories after deleting three zeros from the Iraqi dinar, pointing out that the process of replacing the currency will take two years.
The deputy governor of the Central Bank of the appearance of Mohammed Saleh "Alsumaria News": The Bank will present three categories in addition to large groups of mineral, after the deletion of three zeros from the Iraqi dinar, indicating that the switch would reform the system of currency management and ease of use.
Saleh added that the three categories consist of 200 dinars, which is equal to 200 thousand dinars at the present time and a 100 dinars, which is equal to 100 thousand dinars, and the category of 50 dinars, which is equal to 50 thousand dinars, in addition to the coin of the category of the dinar and Dinarin as well as half and quarter dinars and 100 fils and dirham.
Saleh indicated that "the deletion of three zeros from the Iraqi dinar would shorten the number of banknotes of four billion and paper, which is equal to 30 trillion dinars exist in the Iraqi market to one billion and 800 million paper only," asserting that "the currency exchange will not affect the per capita income or over its wealth or its contractual obligations.
Saleh pointed out that "the Board of Directors has approved the decision to delete the zeros after the completion of designs currency bearing the legacy of Iraq and its history and civilizations, as well as for discussion by the Financial and Economic Committee of the Council of Ministers," noting that "the Bank pending the Board's approval to begin the replacement of the new currency and which must 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 process of delivery and receipt," explaining that "the banks will continue to receive the old currency for ten years as rights and not negotiable."
The central bank was charged in (12 September 2011), government agencies of obstructing monetary reform and vowed to sue, blaming the authorities responsible for exposing the financial interests of the country to danger.
He said an adviser to Prime Minister for Economic Affairs Abdullah Al-Hussein Anbuge in (25 August 2011), to raise zeros from the currency is the biggest corruption in Iraq if it was during this period, and fall under the name of tampering with the economic, warning of "mafias currency" is preparing to rig the trillions of Iraqi dinars to replace them in the light of the planned changes.
The Iraqi Central Bank Governor Sinan Shabibi independent bodies during a meeting with Prime Minister Nuri al-Maliki, which took place in the (June 19, 2011), his willingness to create all the supplies to replace the Iraqi currency.
In the meantime, the decision of the Finance Committee MP Ahmed electrodes (of the Agency news): The trade between Iraq and Iran, a large, and any impact affects the currency of Iran or the Iranian economy will affect the process of trade and commodity prices in local markets that most of them imported from Iran.
He added that the U.S. dollar exchange rate has a significant impact on the economies of the world and on the movement of trade exchanges, both when the price goes up or down, pointing out that the deterioration in the Iranian currency will affect the national economy.
For his part, Vice Governor of the Central Bank of the appearance of Mohammed Saleh (agency news): that the fiscal changes taking place in the exchange rate of the currency of Iran towards the U.S. currency will affect the Iraqi economy, particularly the financial sector, because the price of Iranian goods will rise to some extent in the domestic markets due to the deterioration of the currency of Iran.
He explained: The deterioration of the exchange rate of currencies with the faster deterioration of commodity prices, in other words, the currency exchange rate is affected directly, while commodity prices take time to adjust to the rise or decline of the exchange rate.
He pointed out that the problems and economic crises taking place in Syria and Iran will affect the Iraqi economy in terms of commercial exchanges and the large import of goods from these two neighboring countries.
And economic balance is very necessary to neighboring countries in order not to affect one over the other.
For his part, said economic analyst for the gentle Abdul Salem Ugaili: The variables that get in the exchange rates of currencies of neighboring countries of Iraq to the U.S. dollar will affect the trade of Iraq because Iraq is supported Bastiradath foreign countries adjacent, in addition to the absence of commodity products local commodities being in the market Iraqi, mostly imported, stating that Iraq does not have anything issued abroad but oil, which led to the influence of any economic change occurring in the neighboring countries or the world.
He Ugaili: The process of low exchange rate of Iranian rial against the U.S. dollar will impact directly on the Iraqi economy as a result of idle economic sectors in Iraq, in addition to the absence of other exports to Iraq other than oil, these differences in the currency will lead to the Artha prices of Iranian goods, although it is poor and non-matching specifications.
The exchange rate of the Iranian currency has declined against the U.S. dollar as a result of the economic embargo on Iran by the United Nations.
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