18 September 2026.

The Iraqi Central Bank and the Parliamentary Finance Committee are studying the creation of a completely new family of banknotes, with the option of redenominate by chopping off several zeros ruled out for the time being.

A new series will ensure that improved anti-counterfeiting devices will make the new notes more secure.

It is estimated that there are more the 100 trillion (= USD 76 billion) in the internal informal economy, with large amounts held outside Iraq by “investors” who were sold on the delusional idea that when the change comes their notes will increase in value in the order of 1000 to 1.

The exchange of “routine” amounts will be exchanged without special requirements, while large amounts will be subject to deposit to bank accounts and documentation of origin of funds.

Source: Iraq-Business News.

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