Economist: you must apply three zeros deleted project citizen service and local currency
Friday, 05 October 2012 14: 33
The Economist stressed Abdulhasan alshammari, need to apply project delete three zeros currency because it hurt to serve the citizens and national currency by reducing cash large groups of blocks in the local market.
He said Al-shammari (News News Agency): the implementation of the restructuring of the Iraqi currency after deleting three zeros were necessary because it will serve the citizen and national economy as large groups would turn into a small unit, which will facilitate market transactions and accounts for State services.
He added: the project will provide additional financial resources for the country through printed coins (dinar and half quarter dinar, dinar) where the life span of these categories (25), while older paper no later than three months it's quick handling and damage.
He noted: the State printed annually from the limits of banknotes (250-750) million dollars per year, when implementing the project will slash the Federal Government from printing new currencies annually, provided funds can be utilized in projects of the country.
The Central Bank is preparing to implement a project to delete the three zeros national currency after completing all procedures relating to the project, but so far no date has been set because application calls by some officials to postpone it.
The Council demanded that the Prime Minister of the Central Bank to wait to delete the three zeros from the local currency, saying that a large project and needs sufficient time to apply
Read more: [link to 126.96.36.199
Sometimes the best articles are slipped in. Though this is not from the CBI, it is a very good article.
As Bob already said, it clearly says that you have to apply this now because if you don't it will hurt the citizen and the currency because you removed the 3 zero notes (reduced the cash large groups). This also confirms we are right they are removing them. Even though LOPers keep telling everyone they are not. lol There is no reason to remove these notes if they were LOPing the value in advance of the re-denomination.
This is confirmation again, that the CBI removed the larger 3 zero notes. And as we read already this spring, the CBI took trillions of them out of circulation through the auctions. Some 12-16 trillion alone in April-July.
This economist is right on..he is saying you cannot take our currency away, and do nothing and not hurt the people and the currency. It makes sense to me he is right.
Now,. you add the article from the other day about the condition of the currency, and the problem IMO becomes even more serious. They simply cannot do nothing. The country is very dollarized right now and that needs to change. I cannot see the CBI continuing this for weeks, let alone months under the current circumstances.Admin_Bob:
He (Iraqi economist) makes a very valid point, you have removed the large notes so you must apply this.. "need to apply project delete three zeros currency because it hurt to serve the citizens and national currency by reducing cash large groups of blocks in the local market."