Emerging from years of war and sanctions, Iraq is trying to revamp its economy and boost oil production with a raft of crude deals that may vault it to one of the world's top oil producers.
'The goal is to improve the payment and receiving system in the country and consequently to reform cash management,' said Mudher Kasim, a senior advisor at the central bank.
Iraqi payment systems rely almost exclusively on cash.
Kasim said that the central bank expected to start rolling out new notes by the end of the year or the beginning of 2011. Iraq has 25 trillion dinars in circulation, officials say.
An Iraqi cabinet committee ordered the change in 2007, but the central bank did not think it appropriate until recently, Kasim said. The dinar's value will remain unchanged, he said.
The local unit is managed through foreign exchange auctions, and traded hands at 1,170 per dollar at the last sale.
(Reporting by Aseel Kami; Editing by Jack Kimball and Toby Chopra) Keywords: IRAQ CURRENCY/
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**I have to admit I brought this from another place...I would really like to get opinions from some of those who seem to be able to decipher these articles better than others. I am not a 'lop' believer, but this info concerns me. Mrs. CK, Panhead, Windreader, Etc...any thoughts?