Central Bank Wants to Drop Zeros from Iraqi Dinar?

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.

8 Responses to Central Bank Wants to Drop Zeros from Iraqi Dinar?

  1. tony wilson September 17, 2010 at 6:59 pm #

    If zeros are removed will it be possible for us in the US to exchange the dinars we have for the same vaule. Thanks for any info

  2. […] Central Bank Wants to Drop Zeros from Iraqi Dinar? Various websites are quoting the Governor of Iraq’s Central Bank,… […]

  3. […] Central Bank Wants to Drop Zeros from Iraqi Dinar? Various websites are quoting the Governor of Iraq’s Central Bank,… […]

  4. Don West October 1, 2010 at 9:31 pm #

    What is $100.000 in Dinar money worth in the us…$140 dollas? $1.000.000, Million should be $1000 rite.

  5. Gieno October 7, 2010 at 4:16 pm #

    Now since all the work has been put into Authentication of the Authenticity of this New DINAR that we USA citizens has purchased in order to assist in building a better tomorrow,for the middle East, and as well in order for of to increase our capital investment five-too seven fold, over the next ten to fifteen years. They would have to come to realistic conclusion that removing the zero is not the answer however the zero’s show a sign of how powerful the currency but don’t take my word look at the track record. How it’s doing and yet still a lot of people still are asleep to what is going on. only a few people have caught the wave.

  6. ben stolen October 13, 2010 at 8:23 pm #

    sounds to me like those who were voted out in march is going to drag their country down with mis-management, and mis-apropreations of the currency that is going to be spent in the re-building of a very rich country. it is a real shame that there are more criminals in government than in the prisions. being the world’s third largest oil reserve, why can’t the united states bow out and let those thieve’s govern themselves?? because the US will be the one with the most bounty, in their freezers’. it has all ben stolen!!

  7. Rick April 23, 2011 at 12:08 pm #

    If Iraq removes the three zeros that means they would have to take money out of circulation. That means less money for the man on the street in iraq. Things become more expensive for the man on the street. and the largest dinar note would be 25 dinars. Highly unlikely we in the us have a $1000 bill, AND A $100000.00 bill woodrow wilson is the president on it. Its not in cirulation but its real if you have one. SO THE MOST LIKELY THING IS THEY WOULD PRINT NEW DINARS 1, 5, 10,100 NOTES AND KEEP THE HIGHER ONES FOR BIG MONEY MOVEMENTS BETWEEN BANKS AND GOVERMENTS…. ITS WHAT MAKES SENSE TO ME.

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