CBI: Iraq plans to issue a new currency in 50 dinars after deletion of zeros
November 27, 2011
According to the information published (Rn), two days before the central bank is working on the version of class 50 thousand Iraqi Dinars. Category that occurs while the Bank issued in the future is 50 dinars, and this is done after deletion of zeros.
It examines the Iraqi Central since June last deleting three zeros from the local currency in an attempt to promote the value of currency in circulation, external and internal.
The Kurdish language will be added to the new currency as well as Arabic.
The deputy governor of the Bank in favor of the appearance of the Kurdistan News Agency (Rn) that “the Central Bank of Iraq is working to issue new paper currency after deletion of zeros will be the class of 50 dinars which is equivalent to the current 50 thousand dinars.”
And Abdul Hussein Al-Anbuge economic adviser in the Iraqi government has said (Rn) in September / September The process will delete the zeros of the phenomenon of money laundering.
The class of 25 thousand Iraqi dinars largest currency in the country in terms of value. Saleh said that the purchasing power of the currency does not exceed $ 22.
Saleh added that the Central Bank is also working on re-issue coins to the absence of these categories at the moment.
The Central Bank of Iraq issued after the fall of the former regime, Coins of the categories of 25 and 50 and 100 dinars after a break of more than 15 years.
Saleh said, “will be the new currency in the Kurdish language in addition to Arabic. Will include currency symbols reflect the civilization of Iraq and the diversity of sects.”
Economic analysts say that because of the low-lying value of the coins, the central bank had been withdrawn since 2009.
According to Trade Bank of Iraq that the lifting of the zeroes from the currency will not affect the economy.
The Ministry of Finance of Iraq that the deletion of zeros will liberate the Iraqi economy from the constraints and enhance the value of the dinar in the International Monetary Fund.
He expressed the IMF in August / August, his support for the Iraqi economy in the event of its number of economic measures, including raising three zeros from the local currency.
The Iraqi dinar is the official currency in the country and issued by the Central Bank.
The value of one U.S. dollar is less than 1,200 dinars.
The main tasks of the Central Bank in managing monetary policy in the country and raise the level of the value of Iraqi dinar and tackle inflation in the country.
The Central Bank of Iraq four branches in Basra and Sulaymaniyah, Erbil and Mosul. (Source) CBISource