The Iraqi Parliament and the Finance Committee support the Central Bank of Iraq (CBI)’s efforts to revalue of the Iraqi Dinar through the removal of three zeros from the currency, according to a report from AKnews.
The CBI has announced that it has finalized plans to remove three zeros from the Iraqi currency in order to revalue it. The smallest unit of the current Iraqi current is 250 Iraqi Dinars which is equivalent to $0.20.
The removal of three zeros is expected to raise the value of the Dinar as well as facilitate dealing with the currency and the payroll system in the country.
The Iraqi government and the securities committee have raised concerns that the process will negatively affect the Iraqi stock market.