Raed al-Hashemi: delete the zeros will lead to queues in banks to replace banknotes
Raed al-Hashemi: delete the zeros will lead to queues in banks to replace banknotes
BAGHDAD - A peace Zidane
Date: January 9, 2016
Stressed economist Raed al-Hashemi, the deletion of zeros from the local currency needs to be political, security and economic stability, noting that the feminine currency will lead to the feminine economy and facilitate the process of the payments system and raises the value of the currency.
Hashemi said in a dialogue with the (Journal), that "the economic environment you need to create a thoughtful to apply the deletion process through procedures and financial and banking decisions made by the financial authority in the country ".
* raise zeros from the Iraqi currency has a benefit of the Iraqi economy?
- The process of deletion of zeros is a necessary and important step comes as part of the need for the process of administrative reform of the coin contribute -lo been correctly applied with a choice of Almnasp- time in reducing transaction costs and cash transactions in the economic process,and reduce the money supply in the country's size and to facilitate the calculations and reduce the inflating figures not to mention that the issuance of small groups will facilitate policy accounts price.
* What is the correct mechanisms that must be followed until the process of lifting the zeros?
-there are several mechanisms including the selection of the appropriate timing at which the Iraqi economy (one-sided) in a state of stability and economic environment and to create a thoughtful to apply the deletion process and this needs to be procedures for financial and banking and the decisions taken by the Authority Finance in the country, and the need to create a media and psychological community to accept such a decision by the intensive media campaigns before proceeding with implementation, and the implementation of the resolution on the stages of time and leeway enough fear of the events of confusion in the Iraqi market.
* What are the concerns of the adoption of the process of lifting the zeros?
-ary a lot economists that the process of deleting three zeros will lead to chaos and confusion in the domestic market and the spread of the phenomenon of "monetary illusion" because there are "two currencies" old and new and Sastglha traders to raise the goods and prices of goods.
as well as the fear of occurrence of chaos in the Iraqi street and stand in a new queues at the gates banks to replace the current Iraqi banknotes with those of the new banknotes. Which will contribute to the emergence of speculators on the black market, taking advantage of the chaos that will arise from the process of the currency switch. As well as there are fears of counterfeiters and (mafias) money laundering and smugglers currency who will take advantage of the new situation in the "wash" the old Iraqi dinars counterfeit and replaced by new or smuggling of genuine Iraqi dinars out of the country for the purposes of terrorism and organized crime, which will lead to lethality economic security of Iraq .
* Do you think that the lifting of the zeroes will affect the economy and social stability?
- Yes affect by reducing its currency and thus will lead to the feminine Iraqi economy and facilitate the Iraqi payments system process and raise the value of the currency at least partially slow, and will affect the process in the creation of a worker and myself technician can play a positive role in strengthening the Iraqi dinar, provided that combined with a package of measures to take coordinated and good policies between monetary and fiscal authorities and other episodes concerned the economy.
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