A spokesman for the CBI, Dr al-Jolson, added:
“This is a new paradigm in the management of money supply, and probably the biggest development since fractional reserve banking.
“Electronic money is easy to monitor – we get daily logs of every transaction – but up to now, cash transactions were the missing link.
“The new system will make it so much easier for people to pay their taxes, both in Iraq and abroad.“
To launch the new currency, the CBI is planning a major ceremony early next year, which will be held at the ruins of the ancient city of Babylon. All major world leaders are expected to attend.
Current dinars will cease to be valid three months after the launch of the new notes, but up to that time they can easily be exchanged in person at any bank within Iraq; identification will be required and fingerprints will be electronically recorded.
(Picture: Ishtar Gate, Babylon)