Various websites are quoting the Governor of Iraq’s Central Bank, Mohammed Salih, as saying the he wants to delete three zeros from the Iraqi currency after the formation of the new Iraqi government.
In a reported interview with “Alsumaria News”, he said the amount of Iraqi dinars in circulation has increased from 25 billion in 1980 to 27 trillion now, and this has “led to confusion in transactions for large commercial banks”.
Saleh added that “the Bank is fully prepared to delete the zeros from the Iraqi currency once the new Iraqi government is formed … the deletion of zeros is a national issue and may need special legislation”.
Saleh pointed out that “the Bank was able to reduce the level of inflation to 3%, which reflects the success of Iraqi policy”.
The reports also quote a ‘Jamil Antoine’ as saying, “Iraq is not ready for the time being to delete the zeros from the Iraqi currency … the deletion of zeros needed to stabilize the security and political, as well as economic stability … the Central Bank by seeking the deletion of zeros from the Iraqi dinar is intending to give moral force, not physical strength of the dinar … the deletion of zeros needed to create and cultural awareness for the Iraqi people and the Iraqi market.”
IBN has so far been unable to verify these reports.