Deleting the Zeros Will NOT Change the Value of the Currency Here's What it Will Do
For more than a decade, Iraq has periodically discussed a monetary reform known as “removing the zeros” from the Iraqi dinar—an official redenomination designed to simplify financial transactions, bookkeeping, and cash handling. This concept has been misunderstood by many investors, but reputable financial and Iraqi news outlets have explained that redenomination is not the same as revaluation.
According to Iraq Business News, the Central Bank of Iraq (CBI) has repeatedly confirmed that reducing the number of zeros on currency notes is a technical change, not a plan to increase the dinar’s value against the U.S. dollar. In September 2025, the outlet published a piece titled “The Iraqi Dinar Revaluation Deception: 10 Persistent False Claims Exposed,” clarifying that dropping zeros simply replaces old notes with new ones at an equivalent value, meaning 1,000 IQD might become 1 new IQD without changing purchasing power (Iraq Business News, 2025).
Recent reporting shows that the project is still under review, not in progress. In November 2025, financial analysts at US First Exchange summarized the CBI’s position, noting that Central Bank Governor Ali Al-Alaq described the “delete the zeros” initiative as an ongoing internal project, without any active steps toward printing new banknotes or launching a public exchange program.
The same analysis stressed that the CBI has no intention to change the exchange rate, which remains around 1,300–1,320 dinars per U.S. dollar. US First Exchange, 2025). This aligns with another November 2025 update from Iraq Business News, where the CBI publicly denied online rumors of an imminent dinar revaluation, calling them misleading and harmful to the public (Iraq Business News, 2025).
The idea itself is not new. Iraq first explored redenomination in the late 2000s, and by 2010 the Central Bank was openly preparing to drop zeros from the dinar to help modernize the monetary system. In a report published by Radio Free Europe/Radio Liberty (RFE/RL), officials at the time projected a reform rollout as early as the end of 2010, but political instability and administrative delays caused the plan to stall (RFE/RL, 2010).
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Academic research has also examined the policy, comparing Iraq with global cases such as Turkey and Brazil. A 2024 study published on ResearchGate concluded that redenomination can help simplify accounting and improve the appearance of a currency but does not improve economic fundamentals on its own (ResearchGate, 2024).
In summary, credible reporting confirms that Iraq’s “removal of zeros” proposal is a redenomination plan, not a revaluation or a sudden increase in value. As of late 2025, no new currency has been issued, no timeline has been announced, and no policy changes affecting exchange rates have been made. The project remains an internal technical discussion within the Central Bank—not a signal of a radical currency reform. Investors following the dinar should rely on verifiable sources and official CBI announcements, not rumors or speculative narratives circulating online.
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