Iraqi dinar to have 3 zeros canceled by the Central Bank of Iraq according to Finance Commissioner

Iraq Finance Committee MP Abdul Hussein al Yasiri Iraqi dinar to have 3 zeros canceled by the Central Bank of Iraq according to Finance Commissioner

Iraq Finance Committee MP Abdul-Hussein al-Yasiri – File photo

The Iraqi dinar will have 3 zeros canceled by the Central Bank of Iraq according to Finance Commissioner, MP Abdul Hussein al-Yassiri.

MP al-Yassiri told Iraqi News that “it is supposed that this year will witness necessary preparations to cancel three zeros from the currency”.

He added that his commission supports such move for its importance to the Iraqi economy.

The Central Bank of Iraq, earlier, announced that cancelling the zeros is within a plan to develop monetary policies in the country.

One of the difficulties facing is Iraq is withdrawing 30 trillion Iraqi dinars from Iraq’s market at the present time and to replacing it with new currency.

Earlier, the ministry of finance ruled out the idea of cancelling the zeros in 2013 because the federal budget was based on the current currency.

9 Responses to "Iraqi dinar to have 3 zeros canceled by the Central Bank of Iraq according to Finance Commissioner"

  1. sam  July 8, 2013 at 5:52 pm

    So what happens to the currency in circulation and the currency that was printed but never circulaled when this takes place? Does the value go down? e.g. 25K notes become 25?

    Reply
    • saxson  August 2, 2013 at 2:01 am

      If they delete three 0′s 1 dinar would be worth 0.85 cents as of today.

      Reply
  2. Evo  August 10, 2013 at 10:39 pm

    The literal translation of ‘delete the zeros’ means remove the leading zeros, so if they did, 1 dinar would be worth 85 cents

    Reply
  3. Larry  August 14, 2013 at 3:08 am

    When will the 3 Zeros be DELETED

    Reply
  4. abraham agopian  August 14, 2013 at 3:16 am

    it is saying replacing it with new currency

    Reply
  5. Sam I Am  August 14, 2013 at 12:45 pm

    If they remove three zeros the IQD will be replaced by a new currency worth about $.86 and the IQD that investors hold will be demonetized. This is how re-denominations work and they’ve been done 60 times in the past. This is the risk you take when you invest in a currency with zeros added because of inflation.

    Reply
  6. AndrewB1835  September 14, 2013 at 8:34 pm

    A committee member, Abdul Hussein al-Yasiri has released a statement, in which he stated that the process of deletion of zeros from the national currency will begin in 2014, through an agreement with the central bank. Further he mentioned in that same statement, “This project will lead to reducing the proportion of the national currency traded from 4 billion to one billion.

    WHAT DOES THIS MEAN?

    They need to trade trillions!

    Reply
  7. babar  November 8, 2013 at 11:02 pm

    If I purchase iqd and when currency note changed by Iraqi concerned autharties so will they change currency that I purchased with new value

    Reply
  8. PAT  November 19, 2013 at 8:41 pm

    by deleting the zeros it makes the currency stronger , therefore making our investment more valuable

    Reply

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