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Iraqi Dinar Buzz Updates

Dinar regain glory and coins in our pockets soon
2011-08-08 13:39:46

Posted 01/08/2011 07:23 PM

Central Bank will soon begin to lift the three zeros with the advice of international economic organizations and Baghdad?

A Deputy Governor of Central Bank of Iraq that Iraq began the restructuring of the involvement of the currency of international economic organizations focus on raising three zeros and the development of new metallic currency.

The appearance of Mohammed, told the people that “the central bank agreed with the international organizations on the process of restructuring of the currency and support the level of the value of the Iraqi dinar against foreign currency (dollar).”

He pointed out that “the process of restructuring, which will begin this week will focus on providing appropriate climates to raise three zeroes from the local currency in addition to the development of simple coin for 500 dinars and 1,000 dinars.”

And that “the level of the local currency will evolve during the next five years, according to the structure established by the Central Bank, which will address the economic gap of the part.”

“The current currency exchange Atertqa backward and to the level of advancement of the Iraqi economy and to address the gap and inflation during the next phase.”

He expressed the IMF in August / August, his support of the Iraqi economy in the event of having a number of economic measures including the privatization of banks and raise three zeroes from the local currency and to meet debt and compensation is the responsibility of Iraq.

The Iraqi government has denied holding any change in the local currency this year to reduce inflation. The local currency of Iraq has passed in the history of changes to several, most recently in 2004 when the former Governing Council replaced the previous currency, which was the symbol of the former regime.

The main tasks Iraqi Central Bank to maintain price stability and the implementation of monetary policy, including exchange rate policies, and management of reserves of foreign currency, and the issuance of currency management, as well as to regulate the banking sector.