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IQD To Be The Strongest Currency In The Middle East


k98nights
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Govt planning to increase value of Iraqi Dinar by ommiting 3 zeros

Dohuk, Sept. 3 (AKnews) - The Iraqi government is planning to increase the value of the Iraqi Dinar to become the "strongest in the Middle East" by removing three zeros, says a member of Iraqi parliament's Economic Committee.

Iraq's current money, printed after the 2003 US-led war, is 150 times bigger in quantity than the Swiss edition of the Iraqi Dinar used in the country. Iraq's smallest bill used in the markets is the 250 Dinar bill (approximately US$0.2)

Mahma Khalil told that the plan is to keep balance between the real value of the money and its value in the stock exchange market.

"The omission of the three zeros from the Iraqi currency will increase the international confidence and credibility of it," said Mahma Khalil, "The Central Bank of Iraq (CBI) has a real strategy for this issue"

CBI has stressed on more than one occasion on the need to delete the three zeroes and issue a new currency suitable for large transactions in addition to the presence of small coins. There has also been calls for currencies in the Arabic, Kurdish and English languages.

"Iraq will have in the next few years large revenues of oil that could reach to 6 million bpd as well as gas revenues and income of industrial, agricultural and religious tourism," Khalila said, for which the county will need a currency with strong value in the world markets.

CBI announced on June 23 about its willingness to delete the zeros of the Iraqi currency, and emphasized that this step is one of the strategic functions of the bank.

Reported by Khudr Khallat

RN/RY/AKnew

http://www.aknews.com/en/aknews/2/260023/

How is this good news deleting the zeros? Am i missing something?

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Govt planning to increase value of Iraqi Dinar by ommiting 3 zeros

Dohuk, Sept. 3 (AKnews) - The Iraqi government is planning to increase the value of the Iraqi Dinar to become the "strongest in the Middle East" by removing three zeros, says a member of Iraqi parliament's Economic Committee.

Iraq's current money, printed after the 2003 US-led war, is 150 times bigger in quantity than the Swiss edition of the Iraqi Dinar used in the country. Iraq's smallest bill used in the markets is the 250 Dinar bill (approximately US$0.2)

Mahma Khalil told that the plan is to keep balance between the real value of the money and its value in the stock exchange market.

"The omission of the three zeros from the Iraqi currency will increase the international confidence and credibility of it," said Mahma Khalil, "The Central Bank of Iraq (CBI) has a real strategy for this issue"

CBI has stressed on more than one occasion on the need to delete the three zeroes and issue a new currency suitable for large transactions in addition to the presence of small coins. There has also been calls for currencies in the Arabic, Kurdish and English languages.

"Iraq will have in the next few years large revenues of oil that could reach to 6 million bpd as well as gas revenues and income of industrial, agricultural and religious tourism," Khalila said, for which the county will need a currency with strong value in the world markets.

CBI announced on June 23 about its willingness to delete the zeros of the Iraqi currency, and emphasized that this step is one of the strategic functions of the bank.

Reported by Khudr Khallat

RN/RY/AKnew

http://www.aknews.com/en/aknews/2/260023/

This sounds a lot like they will issue the 100k notes and 250/500 coins for making change. Easing monetary requirements for large cash transactions; while making a modest increase in value practical through the use of the new coins... working their way towards making the large bills irrelevant...

Edited by Nelson0528
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