Iraqi Central Bank: Currency change within authority

The Governor of the Central Bank of Iraq, Nizar Nasser Hussein, confirmed that currency change and the complete removal of zeros require legislation from the Parliament, and that this falls within the bank's authority. He explained that the banking sector reform process is ongoing, and that international confidence in the bank is strong, with the seven banks permitted to deal outside the dollar beginning operations soon. He also indicated that the issued monetary mass amounts to 107 trillion dinars, and that approximately 40 trillion dinars are circulating in the markets, while removing zeros from the currency would require official legislation from the deputies. The bank has secure monetary reserves, and Iraq invests in the United States as a safe haven, with government support for the private sector and new lending initiatives to back vital projects.

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