Deletion of zeros from Iraqi Dinar is Postponed
Posted, 23 Dec 2013
Parliamentary Finance Committee announced that “the reason for postponing of the zeroes deletion from IQD is due to difficulty of controlling the currency, pointing to the presence of nearly 35 trillion IQDs in circulation in market.
Committee Chairman Haider al-Abadi said that “the government has no confidence in Iraqi Central Bank’s ability of replacing of damaged Banknotes at the moment without any problems,” pointing that “there is a fear of lack of control over the process of replacement of damaged with the new banknotes”
He pointed out that “it is assumed that the Central Bank will execute banknotes once they are received from other banks in country.”
He stressed that “the process of replacing currency in light of such huge cash flow in the market is very difficult despite the fact that the bank has submitted a plan to replace it during 2 years,” pointing out that “the traded amount of cash in the market currently ranging from 34 to 35 trillion IQDs.”