At a Glance:

• The Central Bank of Iraq (CBI) declared recent reports of printing new banknotes as completely baseless.
• Any currency redenomination or project must go through extensive legal and technical stages before approval.
• Any real monetary changes will be formally announced through official CBI channels alongside a transition period.
• Citizens are requested to ignore unverified media rumors to avoid unnecessary financial market disruption.

---

The Central Bank of Iraq has formally denied media reports claiming it has begun printing new banknotes with zeros removed, emphasizing that any currency overhaul must complete comprehensive legal and technical procedures before being announced to the public.

---

Key Statements and Focus Area:

• Denial of Immediate Printing: Clarifying its current operations, the bank stated in an official release that recent rumors regarding banknote production "have no basis in truth."
• Protocol for Public Disclosure: Reassuring financial markets, the central bank emphasized, "Any approved changes to currency printing will be announced through its official channels, along with a suitable transition period to allow citizens, banks, and institutions to exchange their money smoothly while fully guaranteeing everyone's rights."

---

Legal and Technical Frameworks for Currency Reform

In response to circulating news reports regarding the removal of zeros from the Iraqi dinar, the Central Bank of Iraq clarified that currency issuance is a multi-phased governance process. Monetary projects of this scale require rigorous legal approvals, technical specifications, and procedural steps long before any physical banknotes enter production or circulation. The bank affirmed that no such phase has resulted in the active printing of a new dinar series.

Safeguarding Market Stability Against False Reports

Addressing the economic risks posed by rumors, the central bank warned that unverified reports regarding the redenomination of the national currency create unnecessary public confusion and market instability. Monetary authorities urged citizens and financial institutions to rely exclusively on official CBI channels for updates regarding monetary policy, maintaining that public rights and financial obligations will be strictly protected whenever monetary adjustments occur.

FYI

Debates surrounding the redenomination of the Iraqi dinar, specifically dropping three zeros, have recurred periodically over the past decade as policymakers look to simplify transactions, reduce cash volumes, and modernize the domestic banking sector. However, implementing such a reform requires widespread logistics management, public education, and parliamentary alignment to avoid inflationary pressure or currency speculation. By issuing a swift denial regarding active printing, the central bank aims to anchor market stability while retaining absolute authority over the timing and execution of any future monetary overhaul.

Dive Deeper: Handpicked Stories for You

Follow Channel8 for continuous updates:

Iraq Revives Plans to Remove Zeros From Dinar

Iraq Targets Stolen Dinars With Currency Overhaul Plan

Iraq Finance Committee Recommends Postponing Dinar Redenomination Vote