Posted on 06 September 2012. Tags: Central Bank, IQD, iraqi dinar, re-denomination, re-valuation, Redenomination, revaluation
By John Lee.
Iraq’s deputy Minister of Finance has said the three zeros cannot be removed from Iraqi dinars during 2013 because no preparations have been made.
According to the report from AKnews, the Iraqi Central Bank and people have been saying for four years that the zeros in the Iraqi currency will be erased and the money will be changed. But the money cannot be changed because prior work for the process has not been executed.
The Minister of State reportedly said:
“Reducing the zeros is the Central Bank’s authority. As the Finance Ministry we are against the change and removal of the zeros, but the bank insists on removing the zeros.
“We cannot change the Iraqi money in 2013 because the Iraqi budget was estimated with current money.
“If the Central Bank has any intention to change the money then it must do the process soon before calculating 2014′s budget.”