Parliamentary Finance Committee Reveals Intent to Issue Smaller Dinars to Counter Forgery

The Parliamentary Finance Committee has revealed an intention to issue currency denominations smaller than 250 Iraqi Dinars. This initiative addresses the long-standing age and widespread counterfeiting of the current currency. In a related context, Jamal Kocher, a member of the parliamentary finance committee, stated that during its recent meeting with the Central Bank Governor, they discussed key issues including zero removal, currency printing, bank closures, and the general financial situation. Kocher noted the Governor distinguished between currency change and zero removal. Currency changes are the Central Bank's exclusive right, while zero removal requires parliamentary legislation based on a government request. He stressed that currency change is an urgent necessity, given the current currency's long period in circulation and prevalent counterfeiting. Kocher reiterated the intent to issue banknotes smaller than 250 dinars, citing the same issues of currency age and widespread forgery. If new currency is printed, an old currency withdrawal period will follow. Its duration is undetermined, as the Central Bank continues to study the process details.