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Deleting Zeros from Iraqi Dinar Needs Unavailable Stability, Say Experts
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Baghdad, 08 November 2008 ( Voices of Iraq )
Economists have agreed that the long-term project of deleting zeros from the currency which the Central Bank is planning to implement needs ‘unavailable’ economic stability.
“The central bank’s decision to delete the three zeros is not a new decision in the long run on the economic arena, and there are several countries that adopted that decision, including Germany,” Economist Abdul Karim al-Halafi told Aswat al-Iraq.
“The Iraqi case does not have the objective conditions to delete the zeros because Iraq suffers from structural economic problems and a high percentage of inflation as well as the increase in the unemployment rate,” al-Halafi said.
“Iraq can’t continue this decision in the short run nor the long run,” he added, noting that Iraq can delete the zeros when there is a strong production and no structural disorder.
The Central Bank of Iraq (CBI) had announced last October a long-run project to delete the three zeros from the Iraqi dinar to improve the Iraqi currency status.
For his part, Hilal al-Taan, researcher and academic, said “deleting zeros project was suggested by Finance Minister Bayan Jabr al-Zubaidi and could be studied and implemented as a medium or long-run project and could not be implemented without an economic stability and the improvement of the Iraqi dinars exchange rate.”
Meanwhile, Abdul Hussein al-Aanbaki, the prime minister’s adviser, objected the project and told Aswat al-Iraq “I do not agree with this policy and I do not agree with changing the currency shape or deleting the three zero.”
He stressed that the situation will not change for the Iraqi citizen and the only thing that could happen is paying extra money for canceling the old currency and reprinting the new currency and will not has a positive impact on the inflation.
Another economist, Mohamed Islamil, told Aswat al-Iraq “deleting the three zeros is a very complicated economic issue which needs accurate statistics and analysis for the whole economic activities, the matter is not available in Iraq.”
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