Central Bank: the new currency will be printed in three languages ​​by the Constitution

Central Bank: the new currency will be printed in three languages ​​by the Constitution

The Central Bank of Iraq to the new currency that will be the deletion of zeros will be printed in three languages, Arabic, Kurdish, English, applied as indicated by the Constitution, pointing out that the old currency will be dispensed gradually.

The central bank adviser said the appearance of Mohammed in a press statement Saturday that he There is no difference in the currency's new on the rights at the exchange rate and the purchase, explaining that at the moment is buying dollars to (1200) BD will buy the new currency dinar and (200) fils.

He added that the project to delete the zeros approved by the Department of the Central Bank has been forwarded to the Council of Ministers and MPs, if approved by the government it will be worked by hand.

http://ar.radionawa.com/Detail.aspx?id=13220&LinkID=197

Central Iraq: new currency will carry the three languages ​​and delete zeros sponsor absorb inflation

Nabokov, deputy central bank governor said the new currency to be used after deleting three zeros will carry the three languages ​​are Arabic, Kurdish and English, pointing at the same time that the financial value of money after the cancellation of the zeros will not be affected and the process of dispensing with the old currency would be gradual in order to prevent fluctuations in price can be affect the exchange rate or the fact SPV .. and the views of economists have differed on the process of deleting the zeros in Iraq, between a pro her shows were divided most of the economists interviewed by the (morning) in earlier times, as experts noted that the move enough to absorb the mass cash large more than 25 trillion dinars from circulation now argued that the mass contributed greatly to exacerbate inflation, while referring others to the deletion of zeros is not can contribute to reviving the economic reality and may affect the implementation of projects and investors and works to destabilize the market prices and creates unrest among the businessmen.

Vice-President of the Iraqi Central Bank pointed to the existence of long-term plan for the implementation of the project, in order to avoid any disruption can be reflected in the cash arena, expected to lead the move, which promised, according to studies minutes to solve all the problems in the trading committed a result of the large mass of bulging cash in the Iraqi market.

The appearance of Mohammed Saleh, said that "Iraq, a country hit by inflation rampant in more than two decades ago, was reflected in hyperinflation, stressing that if we add significant structural changes on the size of the budget that is the source of expansion in the money supply, we can say that the country does not assume the marginally cash so a large amount of currency units, a legacy of a hyper-inflation."

Saleh added that "many countries of the world suffered from this problem and turned their economies towards relative stability, it must find a solution to curb the enormous mass of cash to facilitate exchange of cash in Iraqi society, which mainly deal with cash money instead of the use of advanced banking payment." and that "this means we need urgently to the availability of substantial monetary value of small-scale to return to the payment system easy to use. Salih noted that "one of the problems of the Iraqi economy is in place the 'dollarization' and to increase the demand for one hundred dollars category to facilitate large transactions paid in cash, which represents foreign currency nearly 120 thousand Iraqi dinars, which means that the actual Iraqi economy needs to the category or categories of high value cash to facilitate the exchange of cash, especially in big deals."

And on the extent of the Bank's approach to the deletion of three zeros, central bank adviser said "the studies intend in this regard to be traded any new categories gradually and comfortably, and is limited to the replacement," and the morning had addressed the issue of the deletion of zeros and their impact on economic reality and Nabha to the necessity of benefiting from the experiences of neighboring countries and the use of two currencies at once.

http://www.alsabaah.com/ArticleShow.aspx?ID=12028

So what happens to the dinars we have? Will they be worthless?

No. They will be used simultaneously with whatever new ones they issue. There will be a specific turn in time frame, but they will be legit come time to cash in.

Ok, thanks!