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Iraq unlikely to remove zeros from the currency Ne•NS
Kurd Net does not take credit for and is not responsible for the oontent of n.ews tnformatiOn on this page
Iraqi cabinet passes budget bill w it h K urdish rejection and w ithdrawal 15. 1.2014
January 15, 2014 BAGHDAD,- A rumor circulating regarding the removal of zeros from the Iraqi Dinar (ID) is false. Najiba Najib, a member of parliament (MP) from Iraq's finance committee, recently clarified that there is no such plan in the Iraqi Pa~iament An economic expert believes that the zeros will not be removed from the Iraqi currency because the Iraqi budget is highly dependent on oil revenue. "There is no draft law in parliament about removing zeros from the Iraqi currency," Najib said. She acknowledged that, "The central bank made a request to remove the zeros, but our committee refuses such requests because they are not in the interest of Iraq's market and also, it is hard to control currency exchange - serious work needs to be done for this." Najib further explained that the reason the removal of zeros from the Iraqi currency has !....:!~·ilD.llz.~~ been delayed is due to the difficulty of controlling the currency during the crisis Iraq is Photo: Archive ' See Related Artlcies currently experiencing regarding the exchange of 35 trillion ID in the bazaar. The federal government does not trust the central bank to be capable of carrying [l> X out this process successfully. Another M P from the finance committee, Abdul-Hussein Yassri, said that removing zeros from the ID will increase the value of the currency. In recent years, there was a draft law prepared by the previous head of the central bank for ID to be written in both A rabic and Kurdish languages, as well as using other signs representative of minorities in Iraq. But due to disagreement with the federal government, the draft law was rejected . Many economic analysts believe that reform in Iraq's economy is not related to the removal of zeros from the Iraqi currency because what is happening in Iraq now is related to inflation, not zeros. "Zeros will not be removed f rom the currency because the budget of Iraq is highly dependent on oil revenue" Ismael Shukur, an economic expert and university lecturer told Basnews. Shukur noted that, "95% of the Iraqi budget comes from oil revenue, and the oil is sold in US Dollars (USO) and then gets exchanged to ID. Thus, if we remove zeros, there w ill be a resultant increase in deficit "
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Dr. Khalid Haidar, Economic Expert at Sulemani [Sulaimaniyah) University, emphasized that the economy of Iraq is not productive, and therefore, if the removal of zeros from ID takes place, Iraq's economy will be in a risky posit ion and people will no longer value Iraq's currency and will use USO instead . Dr. Haidar said such a move is not in the interest of Iraq nor the Kurdistan Regional Government (KRG). The first Iraqi currency was released in 1932. It has been changed often, the last time being in 2003 when the dictatorship regime came to end and Saddam Hussein was removed from power. By Shwan Bamnji. Published by Ekurd.net in cooperation with Basnews.
Copyright©, respective author or news agency, basnews.com
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Removing zeros from the Iraqi Dinar - Related Articl es
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Deletion of zeros on Iraqi dinar divides economists 5.11.2013
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Removing of the three zeros from the Iraqi Di nar and its effects: Interview 12.4.2012
• Iraq plans to change currency: Three zeroes w ill be removed from ID 2.8 .4.2011
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