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Deleting zeros is coming!

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Deleting zeros is coming!

Post  evilbyte on Sun Oct 09, 2011 10:13 pm


Deleting zeros is coming!
Translated by Iraqdirectory.com - [10/8/2011]
Raging debate on a draft resolution to delete the zeros from the currency and change with the consensus of economists on the importance and timing is the cause of controversy. While heading the Iraqi Central Bank to prepare for the promotion of this resolution in accordance with the requirements of persuading citizens and make them understand face at the same time a number of criticisms launched from the challenges he sees the owners of the objection as essential and must be taking into account the rationales.

Point of the objection see in the circumstances it is not conducive to such a measure at this time in particular of non-political and economic stability, which justify the mob's currency from the investment of these circumstances, including voiding the decision of the substance and goals and what makes matters worse, referring to cases of fraud expected it are not given way to achieve the goals of change in the treatment of inflation and other, not to mention the great social problems that may result in the lack of awareness of large segments of the community content of the resolution and the real value of cash and not affected by the change. In the eyes of the central need to move a campaign of awareness and guidance on the mitigation of the problems expected as a result of lack of understanding, and wonder to what extent the wait and we believe that three years may be sufficient for the legislation and proceed with its implementation, stressing the inevitability of change. Agreed on its importance and about the perceptions and the center of the objections you find Central past in the implementation of plan expected to last for three years at least. One of the proceeds of the objections brought to my attention when noted economist said there are flaws in some of the requirements of the requirements to be met by referring to the positive results of the process of removing the zeros and change the currency in order to pull the cluster large cash from circulation, but in contrast raised the subject of great importance when he referred to non-completion of procedures mechanization banking (electronic clearing) that contribute a lot in the process of withdrawing cash from circulation without significant damage. This mechanism universally agreed and imposed by the central banking sector carried out by private banks, and lagged by government banks, which pay Executive Director of the Association of private banks to warn that e-clearing project is threatened with failure because of the insistence of the government banks are not implemented, the largest depositor of the instruments. This challenge reflects the intersection large in the proceedings of the relevant departments that are supposed to be the main factor in resolving the challenges and facilitate the implementation of the draft resolution aimed at withdrawing the monetary bloc, seen above that this controversy by means of the press and media economists is very useful in the detection and diagnosis of the strengths and weaknesses of any economic decision with full transparency and disclosure and that is what drives us to repeat the call for the need to satisfy any bill that economic discussion before it is approved to overcome the mistakes and challenges, This confirms the importance of prayers are continuing to establish the economic council of experts economy the task of the study and analysis and evaluation of projects of economic decisions.
And thus dissociate the partial solutions through press releases and media that of errors, especially in the handling and dealing with the assessment decisions vocabulary devoid sometimes fitness of words to criticize the decisions, because the solution is not accusing others, but lies in the discussions quiet leading up to the mature economic decisions sound and successful and meaningful, and the bottom line, the project of deletion of zeros is coming so we have to accept it to minimize losses.

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