The Central Bank denies “information” issuing a new category of local currency, 16 OCT

 The Central Bank denies “information” issuing a new category of local currency

The Central Bank of Iraq has denied any intention to issue new currency during the current period, whether in small or large denominations.

According to a statement by Ahmed Barihi, a member of the Central Bank of Iraq’s Board of Directors, there is no truth to the rumors circulating about the Central Bank of Iraq issuing a new currency.

According to Berihi, introducing a new currency denomination, whether small or large, will not impact the exchange rate of the US Dollar against the Iraqi Dinar. Its purpose would be to facilitate and ease transactions within the local market.

A member of the Board of Directors of the Central Bank of Iraq stated that the Iraqi currency is stable and the current denominations are adequate.

Representative Nermin Maarouf, a member of the Parliamentary Finance Committee, recently disclosed that the committee will meet with the Governor of the Central Bank to discuss the feasibility and rationale behind the decision to issue a new denomination of 20,000 dinars. They will also discuss the financial value of this denomination and other details related to its expected issuance. The meeting is expected to provide clarity on the matter. The statement was made on 25 AD.