CBI Postpones Iraqi Currency Redenomination

Posted on 04 October 2012.

CBI Postpones Iraqi Currency RedenominationThe Central Bank of Iraq (CBI) has ruled out deleting the three zeros from the Iraqi currency in 2013 because it needs time and a new fiscal year.The Deputy Chairman of the CBI, Mudhir Mohamed Salih, told AIN on Wednesday:

“The project of crossing out zeros from the Iraqi currency takes time … The Council of Ministers has instructed to take extra time to consider this project.”

According to AIN, Salih denied “The reports over a malfunction that took place while implementing this project in the exchange rate of the Iraqi Dinar against the foreign currencies.”

The report also said that the Council of Ministers decided during its session on 10th April to postpone the deletion of zeros from the Iraqi currency until further notice.

(Source: AIN)