On this Wednesday, the Financial Committee has confirmed 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.
A committee member, Abdul Hussein al-Yasiri has released a statement, in which he stated that the process of deletion of zeros from the national currency will begin in 2014, through an agreement with the central bank. Further he mentioned in that same statement, “This project will lead to reducing the proportion of the national currency traded from 4 billion to one billion.”
The statement further reveals that the size will be reduced to a quarter and this will enhance the value and easy to transport. However, it has to be noted that the statement also mentioned, “Fraud or manipulation in cash currencies, it will be very difficult.” Central Bank of Iraq has to take some significant steps to manipulate this section to stop corruption issues. Recently, the money laundering issue has shaken off the nation.
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.