The parliamentary finance committee has confirmed that it is yet to receive the daft of the budget for the next year.
Ahmed Faizullah, the deputy chairman of the committee has declared for all of Iraq, that today the Supreme Judicial Council and other ministries are to meet and agree upon the customization of the budget. He has also added that the budget is drafted on the basis of the actual and annual needs of all the institutions.
On the topic of deletion of zeros from the Iraqi currency, Faizullah has said that deletion of the zeros will not create any kind of economic problem or won’t magnify any of the financial issues more than required. It is basically the process of currency switching and common people will take some time to get used to it. That is all.
He further added that the printing cost of the new currency will be billions and if the government is ready to bear the cost or not. the whole things depends a lot upon the cooperation by the central bank and this bank also need support from the currency because the economy of Iraq has been structured on Cache and the financial system developed in Iraq is for Aataamal and the credit card ratio in the total transaction of Iraq is only 1%.
Faizullah has also added that there is no need to create an opportunity for the currency manipulators who always tend to take advantage of the currency switch.
He has further pointed out that there is mutual accusation in this subject but the whole thing must happen within the country because the means of investigating those manipulators is not easy. Moreover, those manipulators do not control the financial or commercial market of Iraq, not even in the Kurdistan region and this situation only encourages complete chaos in the market.
Source [AIN]