The Governor of the Central Bank of Iraq, Ali Al-Alaq, confirmed that the three-year budget "included very large expenditures and a high deficit," noting that the issue of removing zeros from the dinar may witness developments in the coming period.
On the sidelines of Al-Alaq's participation in the Duhok Conference on Economic and Financial Problems in Iraq and the Kurdistan Region, Al-Alaq said, "The budget for the three years included very large expenditures, and therefore the deficit was high. However, there is ongoing coordination between the Central Bank and the Ministry of Finance to achieve a high degree of financial stability."
He added, "The issue of removing zeros from the Iraqi currency is an ongoing project that is being planned, and we may hear developments regarding it in the coming period."
He pointed out that "with the renewed proposal for the zero-removal project, which is currently being prepared, the currency denominations will be restructured in general, including the 20,000 denomination."
Central Bank of Iraq: The project to remove zeros from the dinar is still ongoing and is being planned.
