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Article: " "Two conditions to achieve it" .. Al-Sudani's advisor rules out removing 3 zeros from the currency"
Quote: "Salih, ruled out the government removing three zeros from the Iraqi currency at present, noting that achieving this requires two basic conditions...
Explained that the three zeros added price and monetary inflation to the currency, starting with the Iran-Iraq war...generated inflation in the value of the currency.
He pointed out that when prices rise, we need larger denominations of money to maintain the equivalence between price and money. For example, due to price inflation, 25 Iraqi dinars have become 25,000 dinars. Saleh pointed out the importance of reducing the calculations that have reached trillions in recent years. .."
Article Continues "...adding that the process of raising three zeros does not only mean the value of the currency, but also the calculations and statistics...
Removing three zeros from the currency, globally, requires two conditions: political stability and economic stability. When these two factors are available, countries resort to removing zeros from their currency, adding that the value is fixed and not affected. Rather, it is a relative change....
The project to remove three zeros we worked on between 2011 and 2012, but there was a delay in the matter, because it requires a change in the accounts of the Republic of Iraq and statistics, and requires cooperation between monetary policy and all government policies."
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