Iraq: Economic and political situation isn’t favorable for zeros deletion from currency

Iraq had talked since years ago about the project to delete the zeros from the dinar currency in an effort to reduce the mass of cash, free the economy from the constrictions and enhance the value of the dinar in the International Monetary Fund.

There were claims last year to delete the zeros from the currency after the withdrawal of Iraq from Chapter VII of the United Nations.

“The political and economic situation can’t bear opening this issue because the process of deleting zeros needs preparations and coordination with fiscal policy and coordinate with the parliament through legislations that covers the financial conversion ,” The committee’s member , Haitham al-Jubouri said in an interview with " Shafaq News “.

He added that the issue needs economic and political stability in light of the unstable price of the currency and the increase in the expenditure size currently, it is likely for the next legislative session with the new government to witness opening the issue of zerosdeletion.

The International Monetary Fund has expressed its support for the Iraqi economy if conducted a number of economic measures, including deleting the three zeros from the local currency.

The Iraqi dinar is considered the official currency in the country, issued by the Central Bank of Iraq.

Specialists in economic believed that changing the former governor of the Central Bank of Iraq , Sinan al-Shabibi and his deputy, Muthehar Mohammed Saleh as well as a number of bank officials and bring them to justice on charges of mismanagement and corruption impacted negatively on the project of changing the currency and deleting the zeros .