Iraq to remove three zeros from dinar banknotes

BAGHDAD, Iraq — Iraq is preparing to redraw its currency by stripping three zeros from the nominal value of the dinar, according to statements from Baghdad-based authorities. Officials said the redenomination is intended to ease payments and strengthen the banking system. The central bank will lead the rollout, with new banknotes introduced gradually alongside modernized designs, the authorities said. They added that the measure is meant to reduce reliance on cash, support digital payment infrastructure and encourage cash holdings held abroad to return to the formal banking sector. Officials said the plan is part of broader efforts to speed up financial transactions and shrink the informal economy. No further details on the implementation timeline were immediately available.