Statement regards CBI intention to Redenomitize the Iraqi Currency commencing September 2012 – by IraqiDinars.com
1. There has been talk for many years now (since 2005/2006) that if there was a redenomination or a dropping of the three zeros there would be a recall of all denominations of notes printed in 2003 and replaced by the New Iraqi Currency
2. We will try our best to exchange the old 2003 currency for the new one providing we are able to move the currency freely through normal logistical channels and in turn we will charge a fee for this and in addition the re shipping fee . It will be our client´s responsibility to return the old Dinars for exchange to our main dealing office in Amman , Jordan .
3. The Central Bank of Iraq indicates they will allow a period of 1 year for these notes to be changed and that during this period both old and new currencies will run side by side .
4. What do dropping three zeros(re-denominitization) mean? When governments drop zeros in currency it means several positive things, one being that the currency is restructuring and the second being that it is trying to lower the inflation rate. The 25,000 Dinar Note would become 25 Iraqi Dinar, and the 10,000 Dinar Note would become 10 Iraqi Dinar for example , but the value of all the notes would be the same. The new money would have the same value in trade as the old money , the only difference would be for accounting purposes of Iraq as a country as the money supply in Iraq currently is too large for realistic accounting purposes.