Project of Deletion Zeros to be Execute Very Soon: CBI

The Governor of the Central Bank of Iraq issued a statement that the project of deletion zeros from Iraqi dinar would be executed in the start of 2017. He also indicated that the Central Bank is working on the first phase of this project. It is further said that the aim of eliminating three zeros from Iraqi dinar currency is to reinforce the Iraqi currency and to make its worth in the international currency market. He also said that strategic projects would serve the economy of the country. He also added that the Iraqi Central Bank is working on the methods suggested for the implementation of this project and it is expected that this project would be executed in the beginning of 2017.

Point to be noted that the Iraqi Central Bank has started initial steps for the execution of this project via selection of designs, companies and all concerning matters related in printing currencies, but it will take a considerable amount of time. This time period would enable the Iraqi Central Bank to pull out the old currency according to the methods and mechanisms to maintain the market liquidity. The Iraqi Parliamentary Finance Committee issued a statement on 15th August 2013 that they postponed the process of elimination of three zeros from the Iraqi dinar currency till the next parliamentary elections. It is important that most economists believe that Iraq is not interested to execute this project because this project needs security, economic stability and political stability.

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