By John Lee.
The Central Bank of Iraq (CBI) has denied media reports that it is printing new banknotes with zeros removed, ahead of a planned currency redenomination.
In a statement on Wednesday, the CBI said the reports have no official basis and that no new redenominated currency is being printed.
It added that any future project involving currency restructuring or zero deletion would be subject to multiple legal, regulatory, and technical stages, and would be announced through official channels with an appropriate transition period to allow citizens, banks, and institutions to exchange currency in a safe and orderly manner.
Full statement from the Central Bank of Iraq:
This unofficial translation is provided in good faith for general information only. While every effort has been made to ensure accuracy, Iraq Business News accepts no responsibility for any errors, omissions, or misinterpretations.
Statement by the Central Bank of Iraq
The Central Bank of Iraq has been monitoring reports and statements circulated by some media outlets regarding the bank printing quantities of new Iraqi currency with zeros removed, in preparation for putting it into circulation. In this regard, we confirm that these reports are not based on any official source, and we deny that the bank has printed new Iraqi currency with zeros removed.
Any future project related to restructuring currency denominations or removing zeros -- should an official decision be made in this regard -- will be subject to multiple legal, regulatory, and technical stages, and will be announced, if approved, through the bank's official channels and various media outlets, with an appropriate transition period specified to allow citizens, banks, and institutions to exchange currency in a safe and organised manner, to ensure the full preservation of everyone's financial rights and obligations.
The Central Bank of Iraq calls on citizens and media outlets to rely exclusively on its statements and official channels for information related to monetary policy, and not to rely on unverified news, figures, or information, as their circulation may cause confusion or harm to the financial interests of citizens.
(Source: Central Bank of Iraq)
Im curious about the Iraq Dinars is ever going to be 1 to 1 with American dollar? what does it means the 3 zeros will be removed? Ive invested in iraq dinar for my retirement so i can have a peaceful stress free retirement without struggling for money.