Iraq "Considers Removing Three Zeros from Dinar"

Any opinions expressed are those of the author(s), and do not necessarily reflect the views of Iraq Business News. Iraq Federal Government Considers Removing Three Zeros from DinarWith the closure of the Strait of Hormuz due to conflict, Iraq's oil export routes have been severely restricted and overall revenues have fallen sharply. The federal government is now facing a serious budget crisis in meeting operational expenditure, including public sector salaries. Two further options are now under consideration: domestic and external borrowing; and the removal of three zeros from the Iraqi dinar. Under the redenomination plan, for example, 25,000 dinars would become 25 dinars.