The Parliamentary Finance Committee announced on Sunday an intention to issue new currency denominations smaller than the current 250 dinar notes. This move addresses the currency's prolonged unchanged status and the resulting prevalence of counterfeiting. Jamal Koochar, a member of the
Parliamentary Finance Committee, stated that during its recent meeting with the Central Bank Governor, the committee raised inquiries on several issues. These included removing zeros, new currency printing, the status of closed banks, and the overall financial situation. Koochar highlighted
the Governor's distinction between changing currency and simply deleting zeros. Koochar clarified that currency alteration is an exclusive prerogative of the Central Bank. In contrast, removing zeros necessitates legislative enactment by the Council of Representatives, based on a government request. He
emphasized that currency change is now imperative, given the current notes' extended circulation and increased counterfeiting. He further indicated that issuing smaller denominations than 250 dinars directly targets the problems of currency aging and forgery. Koochar added that if new currency
is printed, a subsequent period will be set for withdrawing old notes from circulation; however, this timeframe remains undetermined, as the Central Bank continues its detailed study of the operation.
