Article: “THE CENTRAL BANK OF IRAQ IS DISCUSSING REMOVING ZEROS FROM THE DINAR.” Economically, there is a fundamental difference between removing zeros and raising the value of the Iraqi dinar. Removing zeros is essentially a process of renaming a currency, converting large nominal values into smaller monetary units. For example, if three zeros are removed, 1,000 dinars might become one dinar of the new currency, with a similar conversion occurring in prices, wages, deposits, debts, and contracts. This means that removing zeros does not in itself create new wealth or increase the purchasing power of the citizen. Mnt Goat [Post 1 of 2….stay tuned]
