Iraq to redenominate its currency

Mudher Kasim, a senior advisor at Iraq's central bank, has said the country expects to redenominate its dinar currency by omitting three zeros off the nominal value of bank notes to facilitate currency transactions, Reuters has reported. 'The goal is to improve the payment and receiving system in the country and consequently to reform cash management,' he said. New notes are expected to be rolled out by the end of the year or the beginning of 2011, he said.