According to a report from Aswat al-Iraq, an economic advisor to Iraq’s Prime Minister, Nouri al-Maliki, has described the Central Bank of Iraq (CBI)’s plan to redenominate the Iraqi currency as “the worst corruption and money-laundering process in the history of Iraq.”
“The CBI must understand that it is playing with fire and undermining the course of the consumers, producers and the economic changes in the country,” Abdul-Hussein al-Anbaky told Aswat al-Iraq news agency on Sunday, adding that the move was taking place “at a time when the Iraqi economy was suffering from instability and chaos.”
Anbaky’s statement was issued the day after the Central Bank announced its intention to drop the zeros from the Iraqi currency and to change it, in an attempt to ease inflation, and to encourage citizens to use their own currency instead of the US dollar.
“The changing of the currency shall be the greatest corruption process in the history of Iraq, because the currency counterfeiting Mafias are ready to change the counterfeited currency with the new currency,” Anbaky said, adding that “the money-laundering merchants would come with trillions of dinars to change them.”
Anbaky, at his position as the government’s economic advisor, had called on the Economic Committee of the Council of Ministers “not to respond to the draft-law for changing the Iraqi currency, raised by the CBI to the Council for ratification.”
AlsumariaTV reported on Saturday that the CBI had sent a draft resolution regarding the redenomination to the Iraqi cabinet. The report said the new notes will be printed in three languages, including Kurdish, and the changes would also involve the introduction of coins.
The CBI reportedly emphasised that the changes will not affect the buying capacity of the Iraqi dinar.
(Sources: Aswat al-Iraq, AlsumariaTV)