ddlew86 – InvestorsIraq – LOP verified Via Reuters and XE.COM

LOP Verified Via Reuters and XE.COM
2010-02-11 13:11 (UTC)

BAGHDAD, Feb 11 (Reuters) – Iraq expects to redenominate its dinar currency by knocking three zeros off the nominal value of bank notes to facilitate currency transactions, a central bank official said on Thursday.

Emerging from years of war and sanctions, Iraq is trying to revamp its economy and boost oil production with a raft of crude deals that may vault it to one of the world’s top oil producers.

‘The goal is to improve the payment and receiving system in the country and consequently to reform cash management,’ said Mudher Kasim, a senior advisor at the central bank.

Iraqi payment systems rely almost exclusively on cash.

Kasim said that the central bank expected to start rolling out new notes by the end of the year or the beginning of 2011. Iraq has 25 trillion dinars in circulation, officials say.

An Iraqi cabinet committee ordered the change in 2007, but the central bank did not think it appropriate until recently, Kasim said. The dinar’s value will remain unchanged, he said.

The local unit is managed through foreign exchange auctions, and traded hands at 1,170 per dollar at the last sale.

(Reporting by Aseel Kami; Editing by Jack Kimball and Toby Chopra) Keywords: IRAQ CURRENCY/

(jack.kimball@thomsonreuters.com; +964 7901 917 033; Reuters Messaging: jack.kimball.reuters.com@reuters.com)

http://www.xe.com/news/2010/02/11/951385.htm
Edit/Delete Message

Advertisements

Leave a comment

Filed under Uncategorized

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s