Dep Finance Minister: Dropping Zeros Won’t Raise Dinar Value
Rudaw reports that Kurdish members of the Iraqi Parliament’s Finance Committee have denied that there is currently any proposed law regarding the removal of zeros from the Iraqi banknotes.
Ahmad Faizulla, an MP from the Kurdistan alliance in the Iraqi parliament and member of the finance committee, dismissed claims that their committee has prepared and drafted a law to alter the currency.
“The finance committee cannot make such a decision. We can only suggest projects. The drafted projects will be presented to parliament for discussions for voting. This is something that must go through legal channels.”
Heitham Jiburry, a member of the finance committee, announced last week that the zeros will be eliminated from Iraqi banknotes next year. “It is expected that the process of printing new currency will start next August,” he said.
Jiburry also remarked, “The process of replacing the old currency to the new one will continue throughout next year. The old currency will completely be gone in the first 6 months of 2014.”
In April, the chief of staff of Iraqi Council of Ministers suspended the process indefinitely.