Iraq's Central Bank rejects reports of redenomination, new banknotes

BAGHDAD, Iraq — Iraq's Central Bank has denied media reports that it has printed new banknotes with zeros removed from the national currency, saying the claims lack any official basis. In a statement, the bank said that any potential project to restructure banknotes or remove zeros from the dinar would have to pass through multiple legal, regulatory and technical stages. The bank added that, if such a step is decided, the transition would be announced through its official channels and the media. It also said an appropriate transition period would be set to allow citizens, banks and institutions to exchange their existing currency safely. The bank called on the public to rely only on its official channels for information on monetary policy. The denial follows comments earlier this week by Communications Minister Mustafa Sand, who said there was a political decision to remove zeros from the national currency, remarks that had triggered public debate.