Skip to main content

Iraqi Officials Divided Over Dinar 'Reset'

Various bodies within the Iraqi government are debating the implications of a move to “reset” the national currency by deleting three zeros from it.
An investor speaks on the phone during trading hours at the Iraq Stock Exchange (ISX) in Baghdad, April 2, 2013. Last month's scene at the headquarters of the Baghdad bourse revealed the struggle which Iraq faces to modernise its financial system: it must overcome primitive, ultra-conservative savings habits born of decades of war and political instability. Picture taken April 2, 2013. REUTERS/Mohammed Ameen (IRAQ - Tags: BUSINESS) - RTXY6UX

Two Iraqi parliamentary committees monitoring fiscal policy in Iraq have held two contradictory positions on the Iraqi currency “reset” project, which would delete three zeros from the currency. There has been much debate about the project's feasibility and the date of its implementation.

While the parliamentary Economic Committee believes that the deletion of three zeros from the Iraqi currency would strengthen it, the parliamentary Finance Committee fears that this project would open the door to counterfeit operations.

Access the Middle East news and analysis you can trust

Join our community of Middle East readers to experience all of Al-Monitor, including 24/7 news, analyses, memos, reports and newsletters.

Subscribe

Only $100 for annual access.