Accra:The Central Bank of Iraq has stated that the removal of zeros from the national currency requires legal and legislative backing, as it is not within the bank’s sole authority to make such changes.

According to National Iraqi News Agency, Haider Ghazi, the Director of Media at the bank, explained that implementing the proposal to remove zeros requires a legal framework due to its implications for debt settlements, legal obligations, and penalties outlined in Iraq’s laws. These components must be legislated and regulated prior to any action by the bank.

Ghazi emphasized that if the measure is approved, a comprehensive public awareness campaign would be necessary to ensure citizens understand the changes and adapt to the new monetary scale. This would help maintain equivalence with the current currency valuation.

Regarding the economic impact, Ghazi described the process as primarily a change in accounting figures with no significant economic effect. For example, a sum of one million dinars would be represented as one thousand dinars, and one trillion dinars would become one billion dinars.

Recent informal public discussions have rekindled debate over the proposal to remove zeros from the Iraqi dinar, a topic that has surfaced multiple times in previous years. These discussions have raised questions regarding the details of the proposed measure, the authority responsible for its implementation, and its potential economic and financial consequences if it progresses from proposal to implementation.