The Central Bank of Iraq (CBI) governor, Dr. Sinan al-Shabibi has conducted an interview. Dr. al-Shabibi stated in his interview that project to delete the three zero’s (which is all code for the new Iraq currency) will be introduced to absorb inflation and focus on reducing the money supply.
I would like to mention an important fact that has never been mentioned. The fact is that when you delete the three zero’s (introduce new currency) you will be increasing the money supply not reducing it. The CBI is desperate attempting to keep a lid on this fact. The CBI will eventually reduce the money supply after all denominations are introduced in the future. This timeline has not been revealed by the CBI or the government of Iraq. Dr. al-Shabibi stated that a total of six or seven new denominations of the Iraq currency would be available. Dr. al-Shabibi reconfirmed earlier statements that the Iraq government still needs to get approval for the project of the new Iraq currency through legislation. There has been no impact on the Iraq economy from the series of media reports of the counterfeit Iraq currency. Time will tell what effects the counterfeit currency will have especially with the current sanctions on Iran. Iran may find themselves possibly cut off from the SWIFT banking transactions.