Issuing higher banknote prelude to cancel zeros in Iraqi currency, CBI
The Central Bank of Iraq (CBI) stressed that issuing the 50.000 dinar banknote is “a prelude to cancel zeros from the Iraqi currency and minimize the demand of the dollar”.
The sources added that the current financial crisis has nothing to do with new banknote.
“Iraq is thinking of issuing a 100.000 dinar banknote”, the sources added.
The idea of circulating the 100.000 banknote was initiated in 2007.
Iraq believes that the project to cancel the zeros from the Iraqi currency needs procedures that may last for more than one year in implementation.
On 11 November, 2015, Iraq put into circulation a new banknote of 50.000 dinars.