Iraq’s central bank denies issuing banknotes with three zeros removed

Baghdad (IraqiNews.com) – The Central Bank of Iraq (CBI) officially denied reports that it has issued new banknotes with three zeros deleted.

The CBI said in a statement that allegations of producing new currency denominations are unfounded and have no official source.

Any future plans to redenominate the currency or eliminate zeros must go through extensive legal, regulatory, and technical processes, according to the statement.

The CBI urged citizens and media outlets to rely solely on official channels to avoid public misunderstanding and market speculation.

Lawmakers and government officials have lately discussed ideas to remove three zeros from the Iraqi dinar to return stockpiled currency to the legitimate banking system and combat corruption.

According to Jamal Kocher, a Kurdish member of the Iraqi parliament’s finance committee, Prime Minister Ali al-Zaidi has asked for the removal of zeros from invoices.

Kocher told The New Region that if the plan is implemented, 1,000 Iraqi dinars would be converted to one dinar, while 25,000 dinars would be equivalent to 25 dinars.

Earlier in August, Communications Minister Mustafa Sanad acknowledged the plan to eliminate the zeros and modify the currency.

Despite public discussion and declarations, the CBI has yet to publish a clear timeframe or complete a plan for any currency reform.