Iraq, November 24, 2012
On the last Saturday, Central Bank of Iraq announced that it has tied up into a contract with a British firm to recover the damaged Iraqi currencies with the new ones. In early November, the exchange is expected to take place.
The bank noted that damaged currencies constitute 1% of the currencies that are getting used into the market.
Deputy Governor of Central Bank, Mathhar Mohammed explained, “Iraq’s Central Bank contracted with a British company specialized in printing currencies to reprint small currencies of 250 and 1000 Dinars instead of the damaged currencies in the market.
This British company is renowned in this filed and is responsible for printing around 60% of the world’s currencies”
As many parts of Iraq, as well as many people of Iraq are facing difficulties with usage of currencies of 250 to 1000 Dinars, Central Government took this decision to launch new currencies into the country to facilitate the countrymen.