Zeros removal from currency still under study

BAGHDAD / IraqiNews.com: The Central Bank of Iraq (CBI) on Thursday confirmed that the proposal to drop three inflation-generated zeros from the Iraqi currency is still under study. “The crystallization of the idea is part of the CBI’s future plan to develop the Iraqi national currency in accordance with the ongoing economic development in the country,” according to a CBI statement received by IraqiNews.com. The statement noted that all progress made on the issue will be announced to the public. A recent proposal to drop three inflation-generated zeros from Iraqi banknotes has sparked heated controversy in Iraqi economic circles, with some experts arguing that the process will not boost the economy or the country’s monetary mechanism. Several economic experts argued that dropping zeros from inflated currency is a purely administrative process that will have no influence over the Iraqi economy. SS (P)/SR 9