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  • (06-25-2011) Iraq’s Central Bank announced on Thursday that it is planning to delete the zeros from the Iraqi currency.

    This step is one of the bank’s strategic missions; the Central Bank said adding that the new currency will include the Kurdish language in addition to the Arabic language.

    “The zeros that were added to the Iraqi currency previously constituted a large money supply up to 28.500 trillion Iraqi Dinar and 5 trillion banknotes”, the adviser of Iraqi Central Bank governor Mothahhar Mohammed Saleh told Alsumarianews.

    “The Central Bank has prepared all requirements needed to delete the zeros from the Iraqi Currency”, Saleh said.

    “This step is one of the Iraqi central bank’s strategic missions. The monetary policy of the bank aims to structure and reduce the currency in a country moving towards an economic phase”, he added.

    “The project of deleting zeroes is complete. It will be submitted to the central bank’s administration in the next session. Then, it will be passed to the ministerial council before presenting it to the Parliament for vote. The mechanisms of changing the currency will be gradual. It will be preceded by awareness campaigns for citizens”, the adviser of Iraqi Central Bank governor said.

    “The new currency will be printed after deleting the zeros and will include the Kurdish language in addition to the Arabic language. It will bear as well photos of Iraq’s civilizations and patrimony in addition to symbols of Iraqi intellectuals and figures”, Saleh noted.

    On June 19, Iraq’s Central Bank Governor Sanan Al Shebeibi affirmed during the meeting of independent commissions with Prime Minister Nuri Al Maliki that the bank is preparing all requirements needed to replace the Iraqi Currency.

    Iraq’s Central Bank has four branches including Basra, Sulaimaniah, Arbil and Mosul. It was founded as an Iraqi independent bank by virtue of Iraq’s Central Bank Law issued on March 6, 2004.

    The bank is responsible for the prices stability and the implementation of monetary policy including exchange rates, the management of foreign reserves, the issuance of currencies and the organization of the banking sector. (Source) sumaria

    Buy Iraqi Dinar

    Iraqi Dinar Current Exchange Rates

    US Dollar

    1170 Iraqi dinar

    Euro

    1494 Iraqi dinar

    Kuwaiti Dinar

    4352 Iraqi dinar

    Jordainian Dinar

    1658 Iraqi dinar

    Arab Emirates Dirham

    320 Iraqi dinar

  • (04-23-2011) Iraqi central bank says that it will submit a law organizing the process of removing 3 zeros from Iraqi dinar.

    Advisor of Iraqi central bank Mudher Mohammed Salih said that the central bank is working on drafting a law organizing the process of removing three zeros from Iraqi dinar and upgrading the value or Iraqi currency in local and international economic transactions.

    The advisor said that the central bank will submit the law to the Iraqi prime ministry and after approval it will be sent to the Iraqi parliament for endorsing. You can find further information on My Payment Savvy @ www.mypaymentsavvy.com.

    Iraqi ministry of finance said on last February that the removing of three zeros from Iraqi dinar will free Iraqi economy of restrictions and enhance the value of Iraqi currency in international monetary fund.

    International monetary fund said that it will support Iraqi economy in case Iraq took certain economic measures including privatization of banks, removing three zeros from Iraqi dinar and paying debts.

    Iraqi government is working on making some changes on Iraqi currency including removing three zeros from Iraqi dinar to enhance the value of the currency nationally and internationally and end the financial inflation.

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