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Thread: Iraqi Cabinet rules out replacing or omitting zeros from Iraqi currency

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    Iraqi Cabinet rules out replacing or omitting zeros from Iraqi currency

    Monday, 04 February 2013 12:18 | | |

    Baghdad (AIN) -The Secretariat General of the Council of Ministers ruled out replacing the Iraqi currency or crossing out the zeros from it in this phase.
    A statement by the SG quoted its Secretary General, Ali al-Allaq, as saying "The project of replacing the Iraqi currency and omitting the three zeros from it was discussed in past period at the CoM where the Council stressed that this topic is not within the priorities of the Council since there is no problem in this respect."

    "The Iraqi Government thinks that changing the currency needs suitable and stable circumstances," he added confirming "This proposal will be given priority if the stable conditions are there."
    "The price of the Iraqi Dinar is expected to rise against the US Dollar encouraged by the increase of the currency reserve accumulated at the Central Bank of Iraq in addition to the revival of the economic growth of Iraq," Allaq concluded.

    http://www.alliraqnews.com/en/index....11-19-15-20-50

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    Thanks for the post J

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    Maliki has steadfastly said that he opposes revaluation. Getting rid of Central Bank chief will mean that Maliki's stance will be policy.

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    As the value increases, they can introduce lower denomination notes meeting the criteria. Then use attrition to remove the larger notes. Even though the United States did not print that many 1,000 and 10,000 notes, they used attrition to remove them from circulation. It is the most economical way.

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