Iraq plans to rebase its currency in early 2008

29 November 2007
The Iraqi government is planning to rebase its currency in early 2008 to make currency calculations more straightforward, says Finance Minister Bayan Jabr.

“The central bank will take a decision in three months’ time, taking off three zeros from the current Iraqi dinar value,” Jabr says.
The Iraqi dinar was trading at 1,220 dinars to a US dollar on 29 November.
By removing three zeroes from the value of the currency, the dinar would trade at roughly 1.22 dinars to the dollar.
Before the 2003 invasion of Iraq, the currency was trading at around 2,500 dinars to one US dollar.
Iraqi dinars from before the US invasion are no longer legal currency.
The new Iraqi dinar is not freely traded with other currencies.

A MEED Subscription...

Subscribe or upgrade your current package to support your strategic planning with the MENA region’s best source of business information. Proceed to our online shop below to find out more about the features in each package.

Get Notifications