CHANNEL8
According to an official legal memorandum written by Chairman Uday Awad Kadhim and exclusively obtained by Channel8 from lawmaker Dilan Ghafoor, Finance Committee recommended postponement until key state entities (including the committee itself, the cabinet, the CBI, and the ministries of Finance and Planning) thoroughly evaluate the implementation challenges.
Read more: https://channel8.com/english/news/64393
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🇮🇶⏳🔥 IRAQ MOVES TO POSTPONE “DELETE THE ZEROS” VOTE🇮🇶🔥 IRAQ: FINANCE COMMITTEE RECOMMENDS POSTPONING “DELETE THE ZEROS” VOTE
📜 A new official legal memorandum obtained by Channel8 says Iraq’s Parliamentary Finance Committee has formally recommended postponing the vote on the draft law to change the currency and remove zeros. (CHANNEL8)
🏦 The recommendation followed an emergency meeting between Finance Committee members and Central Bank of Iraq (CBI) officials, where they discussed monetary policy, deficit financing and reforms aimed at addressing Iraq’s financial challenges. (CHANNEL8)
💵 IMPORTANT DISTINCTION: The CBI can continue replacing banknotes without removing the zeros under its existing legal authority. However, actually removing zeros from the currency’s value requires new legislation submitted through the government and approved by Parliament. (CHANNEL8)
⚖️ The committee says a redenomination would require extensive legal changes, including:
🔹 Civil, commercial and penal codes
🔹 Investment contract valuations
🔹 Anti-money-laundering legislation
🔹 Institutional integrity laws
🔹 Clear implementation deadlines
🔹 Protection of financial rights and obligations of both public and private creditors (CHANNEL8)
🏛️ Before proceeding, the Finance Committee wants extensive discussions among the Finance Committee, Council of Ministers, CBI, Ministry of Finance and Ministry of Planning to identify the major challenges and obstacles involved. (CHANNEL8)
⏳ Government spokesperson Haider al-Aboudi also clarified that no final official decision has been made to remove the zeros. The Finance Committee estimates that, if implemented, the redenomination could require 3–7 years, while keeping the currency’s actual value unchanged. (CHANNEL8)
🔎 BOTTOM LINE: This is not a cancellation of “Delete the Zeros.” It is a postponement for further legal, financial and institutional evaluation. The article also makes clear that replacing banknotes and removing zeros are two separate processes.
📌 The key question now is not simply “Will Iraq remove the zeros?” but how Iraq would legally and practically implement such a major monetary transition.
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