Iraqi Central Bank to Issue New Notes

AKnews reports that the Iraqi Central Bank (ICB) has confirmed it will issue a new bill with a value of 50,000 IQD ($43) but marked as 50 dinars.

Deputy chairman of the ICB Dr Muzher Saleh said the bank is working to issue this new money in addition to coins in both Arabic and Kurdish in an effort to address the liquidity problem in Iraq.

The largest currency in the country is now 25,000 Iraqi dinars (pictured) and its purchasing power is about $23.

The new currency will include symbols that reflect the diversity of Iraq's sects and cultures including the Kurdish culture. "Iraq needs to support its economy and its currency through the issuance of a currency similar to foreign ones like the $100 bill," Saleh added.

The main tasks of the ICB are to maintain price stability, implement monetary policy, manage reserves of foreign currency, issue and manage the currency and regulate the banking sector.

The inflation rate in Iraq stood at 7.3% in September.

(Source: AKnews)

One Response to Iraqi Central Bank to Issue New Notes

  1. Stew 28th November 2011 at 20:00 #

    This seems to be another “cover your arse” statement from the CBI. Remember about 6 months ago they stated they were going to issue a 100,000 dinar note… then they back tracked and said no, it would be a 100 dinar note after the redenomination. This is the same exact thing. They came out and said they will issue a 50,000 dinar note, and are now back tracking saying… well, it will be a 50 dinar note, part of the redenomination.
    I said it back then and I still think this is the CBI applying pressure to Parliament to approve the redenomination (same thing as a lop) or they will soon be forced to issue a 50k and 100k note.
    I don’t believe for one second that they will issue a 50 dinar note worth $43 prior to the official announcement and implementation of the redenomination/lop… which will have many new denominations… not just a 50.