Wednesday, 16 November 2011 20:08 10 paragraphs down***
Experts: the need to reform the economy by changing the currency
Concluded roundtable discussions on the project to delete the zeros of the Iraqi currency, that the issue of changing the currency is not a technical issue, but rather is a matter directly related to the general economic situation, and stressed the need to precede the process of reform of the Iraqi economy and address its problems and to reduce inflation, with the necessity of putting it to the ray year
To be discussed widely.
Table organized by the Iraqi Communist Party, on the fourth of this November, and included a number of those concerned with Iraq's economic and specialists and experts of the Central Bank of Iraq and academics to contribute to the discussion of the draft to delete the zeros of the Iraqi currency, provided through the economic development of the Party and the working paper for discussion included questions and points Several in this regard.
According to the paper confirm that monetary policy is the core tasks of the Iraqi Central Bank, like fiscal policy, and a tool of economic development and economic stability in the country, arguing that reducing the mass of cash in the Iraqi economy, the manifestation of the monetary policy affect the economy, not as a policy of isolation from other economic activities, but an essential part of the system that aims to improve economic performance.
The paper stressed that the success of the project depends on the existence of a regulatory body and the administrator of the system, government and private banks is characterized by efficiency and the ability to choose the right time to implement it, because the importance of raising the zeros lie in raising the value of local currency in circulation of economic internal and external, as it is a strategic project aimed at reducing transaction costs and to facilitate trading operations, including raising the economic efficiency of the performance.
This indicated that the working paper to the inter consequences resulting from a cluster of large cash in circulation about the 27 trillion Iraqi dinars, represented by their exposure to fraud carried out by gangs of professional in the absence of the security apparatus of economic efficient, as well as difficulties in trading for commercial purposes, making it vulnerable to theft .
She drew the paper to the calculation errors experienced by accounting units in government departments or private sector, which makes them vulnerable to manipulation by the weak people. This is in addition to the time-consuming process of counting and calculation in daily trading. As well as confusion caused by the work of the banks.
The paper also touched on the potential negative effects of this project, including the psychological effects of debt operations outside banks and money market official, may result from non-awareness of the disputes that may lead to disturbances added to the tense security situation.
Including as well as implications for the stock market, as it will reduce the capital belonging to the companies dealing with the market the same proportions as the zeros deleted. In addition to the costs of printing the new currency, which could cost millions of dollars can be used to support the areas of economic and other service more priority.
The paper stressed that the lifting of the zeroes will lead to a decline in the nominal value to enter the workers in all sectors, pointing to fear the owners of banking offices from this project because of the expectations of the problems with the citizens did not realize the nature and objectives of this measure, especially because they are constantly exposed to attacks by organized gangs.
The working paper proposed a set of proposals, notably "work to take the necessary measures to raise the real value of the Iraqi dinar before the implementation of the project, and presenting the project to the public to discuss a wide range, especially for academics and economists working in the institutions of the state and provincial councils, political parties and civil society organizations and various circles the People in order to create public awareness and a willingness to accept the project, also called the paper to take practical steps to support the productive activities and local products to reduce the nature of rent and consumption of the Iraqi economy, and to review the process of importation toward reducing the components of consumer and give priority to materials and goods that serve the productive activities and services developed to allow the economy to spend currency hard ". In this context, the paper suggested that "interest in the productive sector in industry and agriculture in the public and private sectors, and to take strict measures against attempts to bring in hard currency from Iraq."
In the discussions, Deputy Governor of the Central Bank of d. The appearance of Mohammed Saleh said the denomination's current fit with the current economic situation and the next, with added inflation in the country and over three decades of zeros to the currency, which did not raise the purchasing power of that.
Opinion in favor of Iraq "today needs to restructure its currency and reduce the mass of cash in circulation and that nearly 30 trillion dinars. And that the currency will be replaced gradually with trading currencies during the period and may extend to ten years."
At the same effect, he believes the economic d. Majid picture that "the duty of monetary policy to create the right conditions for economic activity and restore confidence in local currency and strength and to maintain monetary stability, and that any problem outside of this policy should ask about economic and financial policy."
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ya que el plan dice que será reinstalado a $3.30...OMG!!!!!!!!! $3.30 yesssssssssss...pero recordemos que hay un valor más antiguo...y pienso que es mi especualcion, que Shabibi puede contemplar más el valor mas antiguo porque seria la mas adecuada por todo el petroleo que tienen...pienso que la mirada de Shabibi contempla...una reinstalacion de $4.86...que es justa y cabe dentro de los estatutos del Forex...yessssssssss