More Details of New Iraqi Dinars

AKnews reports that Iraq’s new currency will include three languages: Arabic, Kurdish, and English. It will also include archaeological features including those of the Kurdistan Region.

Speaking on behalf of the economic committee in the Iraqi Council of Representatives, Muhama Khalil said that deleting the three zeros, and restructuring the currency will provide significant economic benefits.

He explained that Iraq signed a contract with four foreign companies to producing paper and coin variants of the new currency from the beginning of next year.

The move to delete the zeros will reduce the number of bank notes in circulation and simplify Iraq’s payment system. The Iraqi Central Bank will re-print some 30tr dinars ($26bn).

(Source: AKnews)

6 Responses to More Details of New Iraqi Dinars

  1. OZ March 27, 2012 at 4:43 pm #

    Is the CBI still on track for an September introduction of the new notes?

  2. emmett March 29, 2012 at 9:30 am #

    I think the major question we ought to as ourselves is how will US DINAR HOLDERS SWAP OUT CURRENT DINARS FOR THE NEW DINARS…IT’S GOING TO BE A MESS IF YOU ASK ME…LOOKS LIKE THE INVESTOR THAT OPEN A BANK ACCOUNT IN IRAQ IS POSITIONED TO WIN… JUST THINK IF THE IRAQIS HOLD STRONG AND CONDUCT A IN-COUNTRY CURRENCY SWAP TOO..AFTERALL ACCORDING TO OLD CBI LAW THE CURRENT NOTES WERE NEVER SUPPOSE TO BE BROUGHT OUT OF IRAQ…. HANG ON TO YOUR SEATS ACCOUNT HOLDERS AND PHYSICAL DINAR HOLDERS….

  3. Jaydee March 31, 2012 at 4:22 pm #

    This is what puzzles me, first they mentioned September. Now they are saying early next year. What’s up with the stalling? It doesn’t take 10 months to start printing and revaluing their money, especially when you have the funds(26 billion US) to back it up. Why does it take 4 foreign companies to produce your currency. To me you’re asking for trouble. Only one company should produce the new currency. Iraq is just asking for trouble(that’s if they are really telling the truth). I have a suspicious feeling about the Iraqi government. I wonder if they have the Iraqi people’s best interest at heart.

  4. Ty Watts April 9, 2012 at 9:46 pm #

    Jaydee,

    I think the reason you see four countries being asked to produce the currency is more about the structure of Iraq. Iraq government probably doesn’t entrust printing these within Iraq, because of the fraud aspect. Which is probably, why the four countries are not mentioned.

  5. wenger April 18, 2012 at 10:35 am #

    boom again just Iraq. hold the dinar for many years, instead want to print new money, you are sneaky. deserve all the countries devastated cheater ..

  6. wenger April 18, 2012 at 10:37 am #

    I’ve kept the dinar iraq more than 5 years. I spend the cost is quite large. but the result, print new money. cut three zeros. zzzzz