Parliament and Fiance committee support revalue of Iraqi Dinar

Parliament and Fiance committee support revalue of Iraqi Dinar

26/06/2012 03:30
ERBIL, June 25 (AKnews) – The Iraqi Parliament and the Finance Committee support the Central Bank of Iraq (CBI)’s efforts to revalue of the Iraqi Dinar through the removal of three zeros from the currency.

The CBI has announced that it has finalized plans to remove three zeros from the Iraqi currency in order to revalue it. The smallest unit of the current Iraqi current is 250 Iraqi Dinars which is equivalent to $0.20

The removal of three zeros is expected to raise the value of the Dinar as well as facilitate dealing with the currency and the payroll system in the country.

The Iraqi government and the securities committee have sounded fear that the process will negatively affect the Iraqi stock exchange market.

A member of the Finance Committee Najeeba Najeeb told AKnews that “there is a trend in the attitude of the legislative authority to support the CBI to restructure the Iraqi currency and remove three zeros by early next year”

“This subject is starting to become more significant for the Finance Committee members and the Economic Committee day after day” she said, “though the preparations by the CBI to implement the process are ongoing, they are not complete yet”

According to Najeeba, the process of removing the zeros from the Iraqi Dinar will be implemented over a period of two years through governmental banks. Also, the new currency will include small bills and coins as well as large bills equaling about $180 each.

By Abdullah Sabri