According to a report on Radio Free Iraq dated 6 February 2010, the Central Bank of Iraq “is planning to redenominate the national currency in an effort to ease transactions and allow people to carry less paper money. Mudhhir Muhammad Salih, a member of a Central Bank advisory panel, told RFI that a plan has been made to remove three zeros from the currency and phase out the current banknotes late this year. Salih said by the end of 2010 the new banknotes will be fully introduced while the old banknotes will be gradually removed from circulation. He did not specify when the new notes would be issued. Both will be legal tender in Iraq until the old notes are completely withdrawn.”

Tags: Iraq

According to a Dow Jones Newswire report of November 29, 2007, the Central Bank of Iraq is contemplating rebasing the Iraqi dinar and issuing new banknotes early in 2008. “The central bank will take a decision in three months time from now, taking off three zeros from the current Iraqi dinar value,” said Finance Minister Bayan Jabor. Printing new notes and fully replacing the old ones would take two years. Iraq’s current notes were printed by De La Rue, though Jabor didn’t say which company would print the new banknotes.

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Tags: Iraq