[Iraq boots-on-the-ground report] OMAR: The television here in Iraq says there are plans to remove the three zeros from the dinar and reprint our currency. The move they say aims to tackle large denominations, to push hoarded cash into the banks and to curb illicit money…If it follows a 1,000 old dinar to a new 1 dinar rate, then 1 million old dinars becomes 1,000 new ones. This redenomination simplifies transactions without automatically booting purchasing power or the exchange rate. Experts note it could reduce the money supply if old bills go un-exchagned. They say on TV that while online voices mix optimism about isolating legitimate funds with caution on real gains amid current rates that near the .00076 per dinar. The central bank has not set a timetable. Frank26
