11-10-2011 | (Voice of Iraq) - Baghdad / center breaking news / follow-up
Explain the details of the Central Bank of Iraq Iraq's new currency which will be issued within three or four years to come, which will be in three languages, including the codification, including the categories of mineral dinars.
The adviser said the Bank of the appearance of Mohammed Saleh said in a statement that the idea of changing the currency began to mature gradually, although referred to the Economic Committee in the Federal Council of Ministers since (2007).
Indicating that the currency will go through the current phases; first: Delete the zeros. The second restructuring, and launch the new currency for trading in the markets during the three or four years. And the benefit: The new currency will be in three languages (Arabic, Kurdish, English), as well as there are groups of small metal.
He pointed out that the experience of changing the currency took place in many countries and have been successful, as in Turkey and in Germany and Russia. And delete the yellowing, said the central bank adviser: The category Iraqi monetary deleted of three zeros, ie, (1.000) «thousand dinars» becomes «JD one «only, as well as other categories, and we will exchange large and small k (50)« fiftieth JD »or (100)« hundred dinars », equivalent to (50,000)« fifty thousand »or (100,000)« a hundred thousand dinars » At present, emphasizing changing the currency does not affect the obligations with the States, or deal with it internally.