Iraq Plans Currency Redenomination Amid Economic Challenges

Iraq Plans Currency Redenomination Amid Economic Challenges
This will post to My FX Buddies Blog later this evening for now enjoy this article

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here is the snippet I like the best:
Many countries remove zeros from their currencies to revalue the national currency and facilitate financial transactions. This process involves eliminating a certain number of zeros from the nominal value of the currency, making it less inflationary and more stable.

Here is the article in full:
The Central Bank of Iraq (CBI) has announced that discussions regarding the project to remove zeros from the Iraqi dinar are ongoing, with assessments continuing. The bank also noted a reduction in reliance on the US dollar for trade transactions.

Ali Mohsen al-Alaq, Governor of Iraq's Central Bank, stated that the bank is facing global economic challenges, such as rising energy and raw material prices.

To address these issues, it has amended some monetary policies in line with the international situation, aiming to increase confidence in the Iraqi dinar and prevent a significant decline in its value.

The central bank has also increased its holdings of foreign currency and gold reserves to enhance the country's financial stability and its ability to cope with economic crises in any situation, he added.

Many countries remove zeros from their currencies to revalue the national currency and facilitate financial transactions. This process involves eliminating a certain number of zeros from the nominal value of the currency, making it less inflationary and more stable.

Earlier this year, the Iraqi federal government decided to postpone a plan to remove three zeros from the nominal value of its currency notes, citing that the current economic climate is not suitable.

Last year, the central bank indicated plans to redenominate the Iraqi dinar to simplify financial transactions in an economy that remains heavily centralized and oil-dominated, where deals are often conducted in cash.

CBI
iraqi dinar
dinar news
#iqd
Central Bank of Iraq
Dollar crisis in Iraq
Dollar exchange rates in Iraq
Importing the dollar from outside Iraq
Government decisions
Iraqi-American relations
Iraq's economy
Rentier economy
Iraqi banks
Banks in Iraq
US Department of Treasury
Government crises
Ali Al-Alaq
delete the zeros