Clare  

Article:  “Removing zeros and revaluing the Iraqi dinar”   Quote:   “…The term redenomination, or as it is called (removing zeros from the currency). Countries usually resort to it to address rampant inflation and the decline in the value of the local currency, as the old currency is replaced with a new currency at a fixed price by removing at least 3 zeros from the old currency.  Currency revaluation becomes necessary when it comes to hyperinflation because it takes a very large number of old banknotes to facilitate trade…An example of this is what happened in 2006 when Zimbabwe renamed its currency at a rate of (1000 old Zimbabwe dollars) for a new Zimbabwe dollar…Renaming the currency is a complex decision that requires a comprehensive study...”