An economist predicts the return of the 50 and 100 dinar denominations with the currency change.
Economic expert Mustafa Hantoush suggested on Sunday that the 50 and 100 dinar denominations would return to circulation if the currency change were to proceed, noting the possibility of issuing new currency denominations with stronger security features .
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Hantoush said in a televised interview followed by Al-Sa’a Network that “the Central Bank may issue a new currency with advanced security features, with the possibility of introducing currency denominations less than 250 dinars, such as 100 fils .”
He added that "the Central Bank may move towards issuing 50 and 100 dinar denominations in the next stage," indicating that "the return of these denominations may contribute to supporting the currency and strengthening the position of the Central Bank ."
He explained that "the Central Bank has not yet made a final decision regarding this step, while the government is working on forming a committee to study the issue, pending the completion of the procedures related to it within the House of Representatives
Central Bank Governor: We are continuing to reform the banking sector and support the national economy.
The Governor of the Central Bank of Iraq, Mr. Nizar Nasser Hussein, affirmed the bank's continued commitment to implementing its banking sector reform program in coordination with Oliver Wyman. He indicated that the coming phase will witness further positive developments in the banking sector and enhanced integration with the international financial system.
During a dialogue with several economic experts, the Governor explained that international confidence in the Central Bank of Iraq is very high, emphasizing the strengthening of internal oversight and the implementation of preventative measures for financial and banking institutions.
Regarding depositors' funds, the Governor stressed that the vast majority of deposits in the banking sector are guaranteed. He clarified that in the event of any disruption or shortfall, the Central Bank will intervene within its powers and responsibilities. He reassured the public that the Central Bank is capable of managing crises, given its reserves, financial instruments, and contingency plans.Regarding the money supply, the governor explained that the total amount of currency issued for circulation is approximately 107 trillion Iraqi dinars, and that changing the currency will help determine the true amount of money circulating in the markets.
He emphasized the important role of the media in supporting economic and banking reforms and contributing to improving Iraq's image and enhancing international confidence in the country. He also noted that the current government is operating with a vision based on the private sector and its role in economic development.In support of economic activity, the Governor revealed new lending initiatives that the Central Bank intends to launch to support important and vital projects, thereby stimulating investment and production and strengthening the role of the private sector in the national economy.
He emphasized that banking reform is an ongoing process aimed at building a more efficient and competitive banking sector and strengthening its relationship with the international financial system, thus serving financial and economic stability in Iraq.Baghdad - Media Office
Parliamentary Finance Committee: There is an intention to issue banknotes in denominations smaller than 250 dinars.
About the news
- The parliamentary finance committee revealed that there is an intention to issue smaller denominations of currency than the 250 dinar note.
- This measure comes as a result of what has been described as the currency not having changed for a long time and the occurrence of counterfeiting.
- The central bank governor distinguished between changing the currency and removing zeros.
According to the official newspaper, Jamal Kojar, a member of the parliamentary finance committee, revealed that "during its recent meeting with the governor of the Central Bank, the finance committee raised several questions related to removing zeros, printing currency, banks that have closed, as well as the general financial situation."
- Changing the currency is one of the exclusive powers of the central bank.
- While removing zeros requires legislation from the House of Representatives at the request of the government."
- Changing the currency becomes necessary after a long period of time has passed since the current currency was introduced and counterfeiting operations have occurred.
- There is an intention to issue smaller denominations of currency than 250 dinars, and the reason for this trend is that the currency has not changed for a long time and has been counterfeited.
Kujer concluded by saying that "printing the new currency," if it happens, will be followed by a period of time to withdraw the old currency from circulation, but this period has not yet been determined as the central bank is still studying the details of the process.
The zero removal file is back in full force.
The project to remove three zeros dates back many years, as the Central Bank began studying the idea in 2007, and its former governor, Ali Al-Alaq, said in 2024 that the project "is still in place," without specifying a date for its implementation.
But the issue resurfaced strongly last August, with parliamentary talk of including the “Zero Removal Law” within a package of economic measures, and then proposing other options including changing the currency or issuing new denominations.
The plan is to issue new banknotes smaller than 250 dinars.
revealed by a memberFinance CommitteeParliamentaryJamal Kojer The committee held discussions with the Central Bank Governor regarding the removal of zeros from the currency, currency printing, closed banks, and the overall financial situation, confirming a trend towards issuing new currency denominations.smallestFrom the 250 dinar denomination.
Kujer added that printing the new currency, if approved, would be followed by a period of time to withdraw the old versions from circulation, noting that this period has not yet been determined, given that the central bank is still studying the technical details of the process.
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Governor of the Central Bank of Iraq: America is considered a safe haven for Iraqi investments.
The Governor of the Central Bank of Iraq , Nizar Nasser Hussein, said that the United States of America is considered a safe haven for Iraqi investments.
Hussein added on Sunday: "We invest in the United States as it is a safe haven and the only country that has granted Iraq immunity, and the risks of investing in other countries are significant."
He explained that “the total amount of currency issued in Iraq is $81.7 billion (107 trillion dinars), and what is circulating in the markets is close to $30.5 billion (40 trillion dinars), and that changing the currency is within the powers of the Central Bank, and removing zeros requires legislation in the Iraqi parliament,” according to the German Press Agency “DPA”.
Hussein continued: “There will be no more sanctions from international bodies on the Iraqi banking sector. We are continuing the reform process in coordination with Oliver Wyman. International confidence in the Central Bank of Iraq is very high, and the seven banks that were allowed to deal in currencies other than the dollar may start operating soon.”
He explained that "the majority of depositors' funds in the Iraqi Islamic Spectrum Bank are guaranteed, and if a deficit occurs, the Central Bank of Iraq will intervene. The current government is run with a private sector mindset, and the media plays an important role in improving Iraq's image internationally."
Central Bank: No more sanctions on the banking sector.
The Central Bank of Iraq affirmed on Sunday its continued commitment to the reform process and denied the existence of any sanctions on the banking sector.
A statement issued by the bank, and reported by Al-Maalomah News Agency, quoted Governor Nizar Nasser Hussein as saying during a meeting with economic experts that the banking sector reform process is ongoing in coordination with Oliver Wyman. He clarified that there are no longer any international sanctions on the banking sector.
The statement added that international confidence in the Central Bank is very high, noting that the seven banks authorized to conduct transactions in currencies other than the US dollar may begin operations soon.
It further stated that the majority of depositors' funds at Al-Taif Bank are guaranteed, and that the Central Bank will intervene if a shortfall occurs. The statement emphasized that Iraq invests in the United States as a safe haven and the only country that has granted Iraq immunity, adding that the risks of investing in other countries are significant.
The statement concluded by noting that the total issued currency amounts to 107 trillion dinars, while the amount circulating in the markets is close to 40 trillion dinars.
He pointed out that "changing the currency is within the purview of the Central Bank," noting that "removing zeros requires legislation in the House of Representatives."
He affirmed that "the current government is run with a private sector mindset, and the media plays a crucial role in improving Iraq's international image," adding that "there are new lending initiatives to support important and vital projects."
Baghdad, Washington Discuss Wider Bilateral Cooperation
Iraqi PM Ali al-Zaidi meets US Chargé d'Affaires Steven Fagin in Baghdad to discuss strengthening bilateral ties and easing regional tensions through dialogue.
Iraqi Prime Minister Ali al-Zaidi received Steven Fagin, Chargé d'Affaires of the US Embassy in Baghdad, Steven Fagin, on Sunday, with both sides underscoring the importance of dialogue and diplomatic tools in easing regional tensions and safeguarding the interests of the region's peoples.
According to a statement from the Iraqi prime minister's office, the meeting addressed ways to strengthen bilateral relations between Iraq and the United States, with discussions covering the expansion of joint cooperation across various sectors in a manner intended to serve the shared interests of both countries.
The statement said the meeting also touched on the broader situation in the region, with al-Zaidi and Fagin agreeing on the necessity of relying on dialogue and diplomatic means as the sole path to reducing tensions. Both sides framed this approach as essential to reinforcing the foundations of security and stability and protecting the overriding interests of the region's peoples.
The meeting reflected continued engagement between Baghdad and Washington as both governments signaled a shared commitment to diplomacy amid ongoing regional uncertainty
Al-Zaidi and the US chargé d'affaires stressed the importance of adopting dialogue and diplomatic means to reduce tension.
Prime Minister Ali Faleh Al-Zaidi and the Chargé d'Affaires of the United States Mission to Iraq, Steven Fagin, stressed the importance of adopting dialogue and diplomatic means to reduce tension.
The Prime Minister’s Media Office said in a statement that “Prime Minister Ali Faleh Al-Zaidy received, today, Sunday, the Chargé d’Affaires of the United States of America’s mission to Iraq, Steven Fagin,” indicating that “the meeting witnessed discussions on ways to strengthen bilateral relations between the two countries, and expand the horizons of joint cooperation in various sectors and fields, in a way that contributes to strengthening the principle of partnership between the two countries.”
He added that “the meeting addressed the overall situation in the region,” noting that “the importance of adopting dialogue and diplomatic means to reduce tension was emphasized, in order to enhance security and stability in the region and preserve the interests of its peoples.”
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