*Note ~ remember the two currencies will co-exist and over time the larger denominations will be taken out of circulation and destroyed ~ Link ~ Two Currencies Coexist Together and Gradual Replacement
August 8, 2011
_Iraq planning to revamp currency
Iraq plans to redenominate its dinar currency by knocking three zeros off the nominal value of bank notes to simplify financial transactions, a senior central bank official said yesterday.
Central Bank deputy governor Mudher Kasim said he expected the new currency to be used in the market in three years and it would have no impact on inflation.
"This will facilitate the payments system ... instead of carrying a lot of money, we will carry less. This is an important reform," Kasim said.
http://m.gulf-daily-news.com/NewsDetails.aspx?newsid=311315
