News in Brief

Iraq Central Bank Denies Redenomination

The Central Bank of Iraq (CBI) has officially denied reports that it is issuing new banknotes with three zeros deleted, saying in a statement that allegations of producing new currency denominations are unfounded and have no official source.

Any future plans to redenominate the currency or eliminate zeros must go through extensive legal, regulatory, and technical processes, according to the statement.

Earlier in August, the country's Communications Minister announced that the plan to redenominate the currency had been finalised, triggering criticism from economists and prompting the CBI to issue its statement.

Lawmakers and government officials have, however, been discussing the move in order to return stockpiled currency to the legitimate banking system and combat corruption. It is understood that some IQD 8 trillion ($6 billion) worth of banknotes are circulating outside the formal economy.