🇮🇶💱 IRAQ: IS REMOVING THE ZEROS ABOUT MORE THAN JUST NEW BANKNOTES?
📰 Today, Jamal Kojar, a member of Iraq’s Parliamentary Finance Committee, confirmed that there is a government trend toward removing zeros from the Iraqi dinar and issuing new banknotes.
🏦 But what stands out is the reason behind the project. It appears connected to a broader financial reform:
🔹 New denominations for easier local transactions
🔹 Reducing cash circulation outside the banking system
🔹 Fighting currency smuggling
🔹 Increasing financial transparency
🔹 Moving toward electronic transactions
🔹 Combating financial corruption
🔹 Meeting international standards
🔹 Strengthening confidence in the dinar and attracting foreign investment
⚠️ One important point: the Central Bank of Iraq has not yet announced an official timetable for implementing the removal of zeros.
🧠 My reading, based on what the official has reported: this appears to be much broader than simply changing banknotes. Removing the zeros could be one component of a larger transformation of Iraq’s monetary and financial system.
💡 And this is what I find particularly interesting: if the objective is to reduce cash outside the banking system, digitize transactions, and bring Iraq closer to international financial standards, then the monetary reform could have implications far beyond a simple redenomination.
📌 The report does NOT confirm a date for removing the zeros or an immediate opening of the dinar to international FOREX trading. That connection remains an interpretation, not a confirmed fact.
🇮🇶 But one thing appears increasingly clear: the removal-of-zeros project continues to surface as part of Iraq’s broader financial reform agenda.
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DESPITE GOVERNMENT DENIALS, A MEMBER OF THE FINANCE COMMITTEE CONFIRMS THE IMMINENT REMOVAL OF ZEROS FROM THE DINAR.
(Mnt Goat: More proof again they are moving ahead sooner not later with the project to delete the zeros. Now we have not just one member of Al-Zaidi’s cabinet but two members confirming this.)
It should be noted that “government statements issued earlier denied the existence of efforts to remove zeros from the Iraqi currency, after the Minister of Communications, Mustafa Sand, announced that there was a government intention to remove them.”
Jamal Kojar, a member of the Finance Committee in Parliament, confirmed today (Tuesday , August 25 , 2026) that there is a government trend towards officially removing zeros from the Iraqi dinar and issuing a new paper currency.
According to The New Arab Network, as translated by Baghdad Today, Kujer said, “The government believes that removing zeros from the currency will bring great benefits to the country, explaining that there are requirements with ‘international’ standards that will be achieved by removing the zeros, including the transition to electronic currency trading, which will bring benefits in terms of combating corruption and developing commercial trading,” according to the network.
(Mnt Goat: They don’t need the newer lower denominations to trade the dinar as Vietnam is trading the Dong and they also have the three zeros left over from the Vietnam era war. What this is saying and confirming to us again they fully intend to remove the zeros as the first step in the process which is going to lead shortly afterwards to FOREX , where the dinar can be traded internationally.)
He added that “the Iraqi market also needs small denominations for local use, which is not currently possible with the presence of zeros,” stressing that “the main goal is to prevent currency smuggling abroad, and to limit its circulation outside the Iraqi banking system, and thus reduce corruption.”
He explained that “all criminal activities in the world are carried out through money that is traded outside the country’s banking system,” adding, “The government may put in place safeguards that enhance transparency in financial transactions by digitizing the currency after removing zeros from it, which helps in the process of combating financial corruption.”
The network also indicated that “the Iraqi government received recommendations from international bodies, including the United States, to remove zeros from the Iraqi currency, arguing that this would help to strengthen confidence in the Iraqi dinar and thus contribute to attracting more foreign investments,” while also confirming in its report that the Central Bank of Iraq “has not yet provided a timetable for implementing the process of removing zeros,” as it described it.