The Central Bank of Iraq is considering removing zeros from the dinar and issuing new banknotes

According to Kurdistan Press, Jamal Kocher, a Kurdish member of the Iraqi Parliament's Finance Commission, explained the details of the commission's meeting with the head of the Central Bank of Iraq and said that various issues, including removing zeros from the dinar and printing new banknotes, were discussed in the meeting.

Referring to the difference between "changing the currency" and "removing zeros," Jamal Kocher said that changing the currency is within the authority of the Central Bank, but removing zeros from the dinar requires a law that is proposed by the government and approved by parliament.He added that one of the reasons for considering changing the banknotes is the obsolescence of existing money and the increase in counterfeiting.

The Iraqi parliamentarian also told the official newspaper Al-Sabah that the Central Bank plans to issue a new banknote or currency unit with a value of less than 250 dinars to be used as small change.

According to Jamal Kochar, if the new banknotes are issued, a deadline will be set for collecting old banknotes from the market; however, the Central Bank has not yet announced a specific time for implementing this plan and the process of reviewing it is still ongoing.

The issue of removing three zeros from the Iraqi dinar has been raised for years as one of the plans to reform the country's monetary system, but no final and official decision has been made to implement it.