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Iraq: Parliamentary financial confirms the deletion of zeros from the currency in early 2014

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Iraq: Parliamentary financial confirms the deletion of zeros from the currency in early 2014

Unread postby Stillw8n » Thu Sep 05, 2013 1:14 pm

Iraq: Parliamentary financial confirms the deletion of zeros from the currency in early 2014

9.5.13
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Confirmed the Finance Committee, Wednesday, that the year 2014 will see the deletion of zeros from the Iraqi currency, indicating that the deletion will be in coordination with the Central Bank.

Said committee member Abdul Hussein al-Yasiri in a statement that “the process of deletion of zeros from the national currency will begin in 2014, through an agreement with the central bank,” noting that “this project will lead to reducing the proportion of the national currency traded from 4 billion to one billion.”

He added that “the size will be reduced to a quarter and this will enhance the value and easy to transport,” noting that “fraud or manipulation in cash currencies, it will be very difficult.”

The CBI identified earlier in the beginning of this year will see the implementation of the project to delete the three zeroes from the national currency, but the Iraqi government demanded the bank to slow down implementation of the project, fearing the emergence of counterfeit currency during the switching process.


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