Baghdad, June 22 (Rn) – The Central Bank of Iraq, Wednesday, that he decided to restructure the local currency in order to develop the payment system in the country.

Sums of money The appearance of Mohammed Saleh told the Kurdish news agency (Rn) that “the central Bank of Iraq has decided to start the execution of the strategic and long-term specialized restructuring of the local currency to the development of the payments system in Iraq.”

He added that “the central bank will raise the level of local currency and the currencies of developing new approaches to reach U.S. $ 100, which would address the economic gap in the financial payments system in the country.”

He continued that “the project of restructuring the local currency, which started gradually need to support the government and parliament that he will organize the purchasing power compared Palmdjulat economy.”

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

The main tasks of the 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.

 

Iraq’s growing maturity in the marketplace in foreign commercial activity ranks among the top sectors throughout the country. Transportation infrastructure by land, sea and air; construction industry, and power industry are all drawing interest from foreign investors and investment firms. There is a welcome contrast here with investments becoming more targeted and result oriented. Although there were fewer multi-billion dollar deals announced than in previous years, the percentage of foreign commercial activity remains strong with Iraq’s emerging trends.