Iraq Central Bank Studies Procedure To Remove 3 Zeros From Dinar-Report

April 20, 2011
Iraq Central Bank Studies Procedure To Remove 3 Zeros From Dinar-Report
BEIRUT (Zawya Dow Jones)--The Central Bank of IraqCentral Bank of Iraq, or CBICBI, is preparing a law to remove three zeros from the Iraqi dinar but the final decision lies with the country's parliament, pan-Arab Al Hayat daily reports Monday.

The central bank has to submit this law to the council of ministers, and then to the parliament which will decide whether there is a need to take such a decision, Mothahhar Saleh, CBI's advisor, told the paper.

The central bank is dealing with this matter very cautiously because any rush to implement such move may cause economic problems, he added.
The Iraqi ministry of finance said in February that the deletion of zeros from the local currency will help free the Iraqi economy from constrictions and will enhance the value of the Iraqi dinar, the daily reports.
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