CENTRAL BANK: THE DELETION OF ZEROS IN EARLY 2017
CENTRAL BANK: THE DELETION OF ZEROS IN EARLY 2017
November 7, 2016
BAGHDAD / IBN
The governor of the Iraqi Central Bank on the Keywords that project to delete the zeros will be implemented in early 2017, indicating that the bank began to develop the first steps of the project.
Keywords and said in a statement on Monday, received Iraqi transmitter Network (IBN) a copy of the “The purpose of deleting three zeros from the Iraqi currency is to support the Iraqi dinar and make it a competitor of foreign currency,” pointing out that “this strategic project will serve the country’s economy if it will be inclusion of the Iraqi dinar in the global basket of currencies in the vital world exchanges. ”
He added that the bank “is working on mechanisms for the implementation of this project is expected to start at the beginning of 2017,” noting that “the central bank began the first steps of the project through the selection of designs, companies and the country in which the currency will be printed.”
He pointed out that “the new currency entry does not mean the destruction of ancient coins, but will continue to trade for about ten years,” pointing out that “this period will enable the central bank to withdraw the old currency in accordance with the dynamics and mechanics in order to preserve liquidity in the market.”
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