According to CBI or the Central Bank of Iraq the attempt of deleting the zero and replacing the Currency of Iraq in the year 2013 is nothing but a fantasy. It has also added that the currency is to be substituted in a fresh financial year.
Mohammed Saleh, Central Bank’s Deputy Governor has given out a statement on press saying, “the draft about deleting the zeros and restructuring of the currency is still in the state of proposal and is yet to be approved. The Finance Committee in the House of Representatives are discussing still about the right time of replacing the currency.”
He has also added that, “if the Council of ministers approves of it, only then, the deletion of the zeros and replacement of the new currency will start form early 2014 or even after. As for the decision, the Council is not yet ready with their decision.” According to him, “the thought and talk about the replacement of the Iraqi Currency in the year 2013 is a pure fantasy.”
Saleh has pointed that, “currency replacement is a matter that should be in favor of the new financial system.” Along with that he has added that, “it is not possible for the Iraqi Government to introduce two different kinds of financial values cannot be recorded in the same year.”
Haitham al-Jubouri, the member of Finance Committee has announced on 15th May 2012 that, “in the month of January, 2013, deletion of three zeros and the replacement of the currency will be implemented and by September 2012, printing of all the new currencies belonging to different categories will start.”
The discussion hosted by Finance Committee on 26th June, 2012 with the deputy governor of the Central Bank Mohammed Saleh was for discussing the procedure which the bank will follow while deleting the zeros. There was also discussion about the time this process will take and the changes that can affect the currency exchange.
In an interview on 3rd July, 2012, member of the parliamentary Finance Committee Nagia Najib stated that in the next budget year of 2013 will also see the deletion of the zeros form the current currency. It was also said that the reluctance of the traders and the companies to trade with Iraqi Currency is the reason behind this project taken up by the Central Bank.
There is also the accusation that, on 12th September, 2011, the central bank has faced obstructions from the governmental bodies regarding the monetary reform. Not only that the authorities has been blamed for putting the financial interests of the country to danger.
According to one of the advisers of the Prime Minister of Economic Affairs on 25th august, 2011, deleting the zeros from the currency will be biggest form of corruption in Iraq. The statement has also said that the this attempt will come under the banner of tampering with the economic situation and the ‘Mafia Currency’ is ready to rig the Iraqi Dinars as soon as the change takes place.
Some of the economists believe that Iraq is ready to delete those zeros from its currency because it will be required for the stabilization of the political and economic security of the country.