Iraqi cabinet urges patience before proceeding with Iraqi Dinar redenominatio

July 06, 2012

“The government prefers to be patient before cutting zeros off Iraqi dinar and its redenomination because it is not a priority at the current stage,” Cabinet Secretary Ali Al Allak told Alsumarianews assuring that cabinet is currently studying possibilities and available circumstances for such a procedure.


“We are not sure we can control major money sums’ withdrawal under current circumstances,” Al Allak added calling to be patient because the simple thought of withdrawing, storing and destroying between 30 and 40 trillion dinars requires a serious study.


“There are no defects in our currency especially that many countries deal the same way,” he advanced. Finance committee received, on June 26, the deputy governor of Central Bank of Iraq Mazhar Mohamed Saleh to discuss about procedures related to the zeros cutting off, required time and expected changes following the dinar redenomination.


“During the meeting with Saleh, Iraqi cabinet approved cutting zeros off Iraqi dinar and its redenomination after it had resolved upon taking time before launching the procedure due to Dollar’s increase in comparison with Iraqi dinar in local markets during past months,” finance committee member Najiya Najib told Alsumarianews on July 3.


“Zeros will be cut off Iraqi dinar and the currency will be denominated in January 2013,” Finance Committee member Haitham Al Jabouri advanced on May 15 noting that printing the new currency bills will start in September 2012.(Source)Alsumaria news

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