Iraqi dinar to have 3 zeros canceled by the Central Bank of Iraq according to Finance Commissioner

The Iraqi dinar will have 3 zeros canceled by the Central Bank of Iraq according to Finance Commissioner, MP Abdul Hussein al-Yassiri.

MP al-Yassiri told Iraqi News that “it is supposed that this year will witness necessary preparations to cancel three zeros from the currency”.

He added that his commission supports such move for its importance to the Iraqi economy.

The Central Bank of Iraq, earlier, announced that cancelling the zeros is within a plan to develop monetary policies in the country.

One of the difficulties facing is Iraq is withdrawing 30 trillion Iraqi dinars from Iraq’s market at the present time and to replacing it with new currency.

Earlier, the ministry of finance ruled out the idea of cancelling the zeros in 2013 because the federal budget was based on the current currency.