Positive Impacts on Economy by Replacing the Currency: Economists

Iraqi Dinar 123 News:– The decision of replacing the Iraqi currency by the monetary authority is considered much better approach in getting handsome benefits. It is said that expected change in the circulating Iraqi dinar currency and elimination of three zeros would be bold steps by the monetary authority in the reform process. It would also improve the currency management system of the Iraqi dinar currency by implementation of perfect mechanisms and management in the demand & supply of the currency. It is only possible by using advanced and more extensive model, so it would not stop the social, political and economic benefits in the country.

According to a well-known economist Abdul Hussein Abdul Jaleel Ghalebi also pointed out that a number of options can be increased in this area including the elimination process of three zeros and replacement of the existing circulating Iraqi dinar currency, but it is considered more costly process and need more compensation. He also stressed that changing process of currently circulating Iraqi dinar currency needs an extra amount of cost with more complexity to finalize the process. He added that these costs can be saved by implementation of perfect procedures and gradual changing in the currency. The other option can be adopted by printing less amount of paper currency and issuance of coins for same value. He indicated that estimated amount for changing Iraqi dinar paper currency is 4 billion.

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