sandyf

One of the big problems is that many do not understand the difference between the monetary unit(Dinar) and the currency(IQD). Countries do not remove zeros from the currency, they are removed from the monetary unit. In a redenomination the currency IQD would retain the zeros and a new currency introduced that did not have zeros. The old Turkish lira TRL still has zeros, it was the new currency TRY that had the zeros removed. When reading articles care needs to be taken in respect of the context, are they referring to the monetary unit or the currency.

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