New Iraqi Dinar Currency Would Restore Iraqi Economy: Finance Committee

The Iraqi Finance Committee recognized the distribution of new Iraqi dinar currency of large denomination banknotes. It is also pointed out that this project of printing new Iraqi dinar currency will also contribute in the recovering process of Iraqi economy. It will also reduce the dependency on foreign currencies. Most of the financial experts and economists also stressed that the Iraqi Central Bank is being introduced a new currency of large amount of 50,000 Iraqi dinars. They said that it would be helpful in improving the efficiency in the Iraqi banking and payment system, and reduce the heavy amount to be traded. A member of the Iraqi Finance Committee Jabbar Abdul Khaliq also said in a press statement that printing new Iraqi dinar currency would shorten the dependency on hard currencies in most of the financial and economic activities.

It is also pointed out that it is one of the solutions proposed by the Iraqi central bank in order to manage the differences between the U.S dollar and Iraqi dinar. Abdul Khaliq further added that Iraqi cash reserves of local and foreign currencies would enable the Iraqi authorities for issuing new coins of large denominations. The recent meeting between the Governor of Iraqi Central Bank and Finance Committee was a bold step in stabilizing the Iraqi dinar currency against the U.S dollar and it is considered as one of the major and important solutions to reduce the differences.

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