another version of yesterdays article.....
Central Banks refuses not remove 3 zeros on Iraqi monerty units to reduce inflation
Friday, April 2nd 2010 1:17 PM
Baghdad, Apr. 2 (AKnews) – The Central Bank of Iraq stressed Friday that it won't drop three zeros on the country's monetary units this year.
Iraqi dinar, Iraq money
The Bank is not going to remove three zeros on the country's monetary units to reduce inflation in Iraq's economy this year, Sinan Shebibi, director of the Central Bank of Iraq (CBI) said Friday, because removing the zeros only adds to the complications as it requires huge funds and needs an experienced staff to implement the project.
Shebibi said there were other suitable ways to reduce the inflation caused by the misusing of the national resources by some state institutions.
After the U.S.-led invasion of Iraq in 2003, Iraq's dinar was reprinted but multiplying one Swiss-printed dinar by 150 of the new dinar. And in place of the old 1, 5, and 10 bills, 1 thousand, 5 thousand, and 10 thousand dinar bills were printed which cause inflation.
During the previous term of parliament, a number of the members of the Financial Committee called on the CBI and the Ministry of Finance to solve the issue of the fall in the purchasing value of Iraqi money by removing three zeros on the monetary units.
ry (AKnews)
AI
