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CBI: Project deletion of zeros from the currency still exists

 

January 30, 2019

The Central Bank of Iraq that the project to delete zeros from the Iraqi currency is still standing.

The director of the issuance and cabinets Abdul Karim Hassan Shannon that the project to delete the zeros was supposed to start in 2014, but security events and the control of the state regulation on five provinces led to delay, pointing out that the project is to delete three zeros from the current currency with the introduction of large currencies and currencies metal. (coins).

Shannon confirmed that the current cash volume in the markets is large at 44 trillion dinars.

1.We find out they still plan to do the project to delete the zeros.

2.They did in fact plan to do it before now but it was postponed again. Timing of the article proves they did have it planned for January. Why postponed? They are telling us why – I quote from the article – “but security events and the control of the state regulation on five provinces led to delay”. So we are NOT waiting for the economy to grow and the private sector to take over to raise the rate. Get it?

3.I want to point out that in 2003 we were told that the cash volume in the markets to be issued for the money supply was 170 Trillion. So we can now see once again they are maintaining well below the 2/3 (about 57 trillion) dinars withdrawal of the planned current cash volume, as part of the “project to delete the zeros”. So we can see they still have room to issue more currency, if needed to fulfill cash volume. But this is one tool they are keeping inflation down

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