Iraqi dinar News july 7 2012

Iraqi dinar News july 7 2012 : Central Bank of Iraq wants Iraqis to drop the dollar in internal commercial transactions : Saleh, speaking in a seminar on currency organized by the High Institute of Accounting in Baghdad, assured skeptic Iraqis that the removal of zeros from the currency “shall not affect your earnings, wealth, financial transactions, financial obligations and duties.”

He said, on the contrary, the Iraqi economy and Iraqi citizens were to benefit from the move.

The Central Bank, awash with hard cash reserves estimated at more than $60 billion, is working hard to boost the dinars value against major convertible currencies. A firmer currency along with the removal of zeros has been among the bank’s priorities.

But Saleh said the bank was concerned to see the economy being dollarized and one target behind the new move was to lessen dependence on the dollar in domestic transactions and dealings by Iraqis.

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