We know of five definite times already when the CBI postponed the project.
Planned for EARLY 2011 -The plan for the “project to delete the zeros” solidified mostly around the 2010-2011 timeframe. I am sure this was actually planned out way before these dates but this is when the CBI first began to take about it. So it was first scheduled to be the project to delete the three zeroes in 2011 but due to delays in forming the new government in the 2010 elections it was postponed. But remember the financial climate back in 2011 changed drastically as the ISIS war come later. So the plan originally called for a quick reinstatement back to the post-war rate.
So this second term prime minister Nori al-Maliki did not perform and instead only cause more havoc an insecurity and instability within Iraq.
Planned for EARLY 2013 – The CBI, under Sianni Shabibi, then governor of the CBI, was once again moving forward with the reinstatement. Later we learned that he did actually get approval by the USA and the IMF and was moving to get this done by EARLY January 2013. But a raid on the CBI by Maliki to obtain funds from the reserves, caused accusations of corruption from the current governor. It was Maliki who postponed the reinstatement as he took over the CBI at this time.
Planned for EARLY 2016 – under Nori al-Maliki ISIS attacked Iraq. Once again due to SECURITY reasons and later also due to POLITICAL INSTABILITY (due to the 2014 elections) the CBI postponed the project. The government plan was to eliminate the ISIS threat with the first year of fighting. This did not occur. Then as the war continued into 2015 the CBI has already planned on the reinstatement for EARLY 2016 based on calculations of a quick victory over ISIS. This victory did not occur. I even have articles from the CBI educating the citizens to ready for the process and to expect the launching of the 100 dinar note.
Planed for EARLY 2017 – once we reached the timeframe in late 2015, the CBI announced they would postpone the project to delete the zeros until ERALY 2017, the new projected date of the victory over ISIS. But again this victory did not occur until early December. much later in the year than expected.
Planned for EARLY 2018 – I have to say we never obtained any significant solid proof that the CBI was really planning to revalue at this time. However we did have proof that there was approvals and the “green light” given to ahead sometime in 2018. These rumors of a possible reinstatement continued up until April, when the CBI finally came out and told us they are waiting for a “more suitable environment”. But what does this mean to us and this statement is very vague.
Note that the process of “deleting the zeros” have occurred in several countries. Delete the three zeroes from the Zimbabwe dollar in 2006. Then in Romania omitted four zeros from its currency in 2005. Bolivia deleted three zeros from its currency in 2008. Turkey removed six zeros from its currency in 2005. Sudan delete the zeros from its currency in 2007. These were all “lops” due to hyper-inflation and these “lops” create much confusion with the Iraqi dinar.
However, the project to delete the zero is much different for Iraq since inflation is only around 2%. The project to delete the zeros is not a plan for a “lop”.
There is only one reason for the current delay. It is a politically motivated and is stalled due to the massive political corruption in Iraq.
The project should have been accomplished years ago. You can see this by my historical review. For now there is no sound reason why this is not completed other than political instability. So indirect control still prevails over the Iraqi currency and monetary policy by certain entities inside and outside of Iraq even though they are said to be a sovereign country.
The Central Bank director Mahdi Keywords, said, “The central bank began the first steps of the project through the selection of designs, companies and the country selected that has printed the lower category currency.” He pointed out that “the new currency entry does not mean the destruction of older three zero note categories, but will continue to trade for about ten years,” pointing out that “this period will enable the central bank to withdraw the old currency in accordance with the known dynamic in order to preserve liquidity in the market.” At least this is the plan and is still to be fully executed.
Source: Dinar iraq and dong vietnam