Removing zeros from Iraqi banknotes begins next year, says MP14/07/2012 11:46
DIYALA, July 14 (AKnews)- The process of removing three zeros form the Iraqi banknotes will begin gradually early 2013 and will take three years to complete, said an MP of the finance committee.
Next year the Central Bank of Iraq (CBI) will begin withdrawing the current notes gradually and allow for working with the reminder so as to give the citizens enough time for changing the notes, said Hassan Ozman of Iraqiya List.
Ozman considered deleting the zeros will lead to a "successful experience, of benefit to Iraqi economy" because the same attempt in several other countries has produced the same result.
The process will ease the bulk of the banknotes in transportation and will not have any negative consequence for the Iraqi economy, the MP thought.
He did not deny efforts for counterfeiting notes during the process of exchange, saying security measures should be taken so that the fake and genuine notes are easily distinguished.
Economic experts deem Iraq is not ready for the process of changing the banknotes amid its political, economic and security instability.
By Mahmoud al-Jobouri