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Iraq planning to revamp currency
BAGHDAD: Iraq plans to redenominate its dinar currency by knocking three zeros off the nominal value of bank notes to simplify financial transactions, a senior central bank official said yesterday.
Central Bank deputy governor Mudher Kasim said he expected the new currency to be used in the market in three years and it would have no impact on inflation.
"This will facilitate the payments system ... instead of carrying a lot of money, we will carry less. This is an important reform," Kasim said.
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BAGHDAD: Iraq plans to redenominate its dinar currency by knocking three zeros off the nominal value of bank notes to simplify financial transactions, a senior central bank official said yesterday.
Central Bank deputy governor Mudher Kasim said he expected the new currency to be used in the market in three years and it would have no impact on inflation.
"This will facilitate the payments system ... instead of carrying a lot of money, we will carry less. This is an important reform," Kasim said.
[You must be registered and logged in to see this link.]
