ERBIL, Kurdistan Region of Iraq – The Central Bank of Iraq (CBI) on Wednesday denied reports of having printed quantities of new Iraqi currency with zeros removed, asserting that this would require lengthy legal processes, coming as Iraq seeks to restrict stolen funds through introducing new notes.

The CBI addressed reports circulating that the bank is printing quantities of the planned new Iraqi currency, confirming, “These reports are not based on any official source, and we deny that the bank has printed new Iraqi currency with zeros removed."

It added that any practical steps towards reconstructing the currency or removing the zeros “will be subject to multiple legal, regulatory, and technical stages,” which will be officially announced by the bank should an official decision be made.

The process would also involve “a suitable transition period” to allow the banks and institutions to replace the currency systematically, according to the bank.

On Monday, Jamal Kocher, a Kurdish member of the Iraqi parliament's finance committee, told The New Region that Prime Minister Ali al-Zaidi “has requested removing zeros from the bills. If this happens, it means that 1,000 dinars will become one dinar, 25,000 dinars will be 25 dinars.”

Earlier in August, Communications Minister Mustafa Sanad confirmed that the decision to remove the zeros from the Iraqi dinar and change the currency had been made. The CBI, however, has yet to formally announce a timetable for the process.

Iraq added zeros to the dinar when it was heavily sanctioned toward the end of the rule of former dictator Saddam Hussein, Kocher noted, explaining that adding zeros to a currency is an indication that it is degrading.

Previously, only France and Germany printed Iraqi dinars, but now the government has also approached the United Kingdom and Australia in a bid to speed up the process.