Baghdad / NINA – The Central Bank of Iraq has clarified that removing zeros from the national currency does not fall within its authority alone, as the process requires specific legal legislation.

Haider Ghazi, the bank’s Director of Media, told the National Iraqi News Agency (NINA) that the proposed removal of zeros requires a legal framework, given its implications for the settlement of debts, legal obligations, and penalties stipulated under Iraq’s existing laws. He added that these matters must be legislated and regulated before the bank can begin implementation.

Ghazi also stressed that, if approved, the measure would require a comprehensive public awareness campaign to help citizens understand the changes and adapt to the new monetary scale while maintaining equivalence with the current currency valuation.

Regarding the potential economic impact, Ghazi described the process as relatively straightforward and said it would have no significant economic effect, primarily changing accounting figures. For example, one million dinars would be expressed as one thousand dinars, while one trillion dinars would become one billion dinars.

Informal public discussions about a possible decision to remove zeros from the Iraqi dinar have recently revived debate over a proposal that has been raised on several occasions in previous years. The discussions have prompted questions about the details of the proposed measure, the authority legally empowered to implement it, and its potential economic and financial implications should it move from the proposal stage to actual implementation. / End



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