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Iraqi dinar to have 3 zeros canceled by the Central Bank of Iraq according to Finance Commissioner
Home » Business » Iraqi dinar to have 3 zeros canceled by the Central Bank of Iraq according to Finance Commissioner // By Amir Abdallah on April 13, 2013
Iraq Finance Committee MP Abdul-Hussein al-Yasiri – File photo
The Iraqi dinar will have 3 zeros canceled by the Central Bank of Iraq according to Finance Commissioner, MP Abdul Hussein al-Yassiri.
MP al-Yassiri told Iraqi News that “it is supposed that this year will witness necessary preparations to cancel three zeros from the currency”.
He added that his commission supports such move for its importance to the Iraqi economy.
The Central Bank of Iraq, earlier, announced that cancelling the zeros is within a plan to develop monetary policies in the country.
One of the difficulties facing is Iraq is withdrawing 30 trillion Iraqi dinars from Iraq’s market at the present time and to replacing it with new currency.
Earlier, the ministry of finance ruled out the idea of cancelling the zeros in 2013 because the federal budget was based on the current currency.
9 Responses to "Iraqi dinar to have 3 zeros canceled by the Central Bank of Iraq according to Finance Commissioner"
sam
 July 8, 2013 at 5:52 pm
So what happens to the currency in circulation and the currency that was printed but never circulaled when this takes place? Does the value go down? e.g. 25K notes become 25?
Reply
saxson
 August 2, 2013 at 2:01 am
If they delete three 0′s 1 dinar would be worth 0.85 cents as of today.
Reply
Evo
 August 10, 2013 at 10:39 pm
The literal translation of ‘delete the zeros’ means remove the leading zeros, so if they did, 1 dinar would be worth 85 cents
Reply
Larry
 August 14, 2013 at 3:08 am
When will the 3 Zeros be DELETED
Reply
abraham agopian
 August 14, 2013 at 3:16 am
it is saying replacing it with new currency
Reply
Sam I Am
 August 14, 2013 at 12:45 pm
If they remove three zeros the IQD will be replaced by a new currency worth about $.86 and the IQD that investors hold will be demonetized. This is how re-denominations work and they’ve been done 60 times in the past. This is the risk you take when you invest in a currency with zeros added because of inflation.
Reply
AndrewB1835
 September 14, 2013 at 8:34 pm
A committee member, Abdul Hussein al-Yasiri has released a statement, in which he stated that the process of deletion of zeros from the national currency will begin in 2014, through an agreement with the central bank. Further he mentioned in that same statement, “This project will lead to reducing the proportion of the national currency traded from 4 billion to one billion.
WHAT DOES THIS MEAN?
They need to trade trillions!
Reply
babar
 November 8, 2013 at 11:02 pm
If I purchase iqd and when currency note changed by Iraqi concerned autharties so will they change currency that I purchased with new value
Reply
PAT
 November 19, 2013 at 8:41 pm
by deleting the zeros it makes the currency stronger , therefore making our investment more valuable
Reply
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