It is important to understand, Iraq is NOT going to swap out the currency…PERIOD. They have clearly stated that they will add lower denominations to the local economy to facilitate trade and commerce but the current currency will remain in circulation FOR TEN YEARS. This is common. The USD still has denominations of $500 USD and $1000 USD but now, they are only used bank to bank as will the three zero IQD notes after 10 years passes. “Swapping Out” the currency will be the last phase of the monetary reform, NOT the first.
