There has been a lot of speculation recently causing plenty of confusion about the deletion of three zeros from the Iraqi currency , our belief is that it is purely speculation and until there is a definitive announcement from the Iraqi Central Bank we will continue to consider it pure speculation .
I discussed this with a leading banker in Iraq and I include a partial quote from him regards this matter which re-inforces my statement above :-
The revalue as of today remains a market speculation which the entire Iraqi banking industry considers null and void as the CBI has not made a move, decision or issued an official notice to Iraqi Banks regarding this matter.
The CBI has not provided official written notification to the banking sector and banks regarding the revalue or printing of new currency thus it is considered null and void by the Iraqi banking sector and this is the general law noting that we contacted the CBI regarding this matter where they did not provide anything official to comment on simply stating that this matter is under study and has been so for the past few years nothing more nothing less.
From our prospective we can not comment and will not comment any further unless the CBI officially announces that the removing of the 3 zeros or revaluation will actually take place by providing the banking sector written documentation where this would be the standard general verification and confirmation currently practiced.
(omitted for security reasons)