Iraqi Central Bank will issue new denomination bills
BAGHDAD, Nov. 24 (AKnews) - The Iraqi Central Bank (ICB) has confirmed it will issue a new bill with a value of 50,000 IQD ($43 USD) but marked as 50 dinars.
Deputy chairman of the ICB Dr Muzher Saleh said the bank is working to issue this new money in addition to coins in both Arabic and Kurdish in an effort to address the liquidity problem in Iraq.
Economic adviser Abdul Hussein al-Ankabi said last September that this ploy to knock off some zeros will increase the phenomenon of money laundering.
The largest currency in the country is now 25,000 dinars and its purchasing power does not exceed $23 USD.
The new currency will include symbols that reflect the diversity of Iraqi sects and cultures including the Kurdish culture. "Iraq needs to support its economy and its currency through the issuance of a currency similar to foreign ones like the $100 bill," Saleh added.
The main tasks of the ICB are to maintain price stability, implement monetary policy, manage reserves of foreign currency, issue and manage the currency and regulate the banking sector.
The inflation rate in Iraq stood at 7.3% in September.