Iraq Dinar revaluation postponed by Central Bank for 5 years

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currencyinvestor19
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Iraq Dinar revaluation postponed by Central Bank for 5 years

Post by currencyinvestor19 »

“Iraq Dinar revaluation postponed by Central Bank for 5 years say MP Noura Al Bajari” This article came out in October of 2014…they had full intentions of changing the rate back in 2014 but…but they stopped doing it because Iraq had security challenges. That was the ISIS war…they also had political challenges and a lot of corruption. They didn’t have the stability that they’ve recently achieved…
sandyf
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Re: Iraq Dinar revaluation postponed by Central Bank for 5 years

Post by sandyf »

Wrong. There was no revaluation postponed. They had planned to redenominate the currency and that is what was postponed.
The redenomination has been brought up again in a recent article but again the time is inappropriate.

"The economic expert called for improving the status of the dinar so that every 100 dinars would be equal to 100,000 Iraqis, and thus raising the zeros so that every 100 dollars equal to 100 Iraqi dinars, and thus the dinar would be equal to the dollar.
But Sumaisem believes that raising the zeros is not possible at the present time, due to the monetary and economic crisis that Iraq suffers from.
And deleting zeros from the currency is the process of replacing the old currency with a new one whose price is less than the old currency by the number of zeros that will be deleted, for example deleting three zeros from the Iraqi currency means that one dinar from the new currency is equivalent to 1000 dinars from the old currency."
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