This is an official statement from the CBI directed at both Iraqi citizens and the global community.The process of removing zeros requires parliamentary legislation, which is a misstep since parliamentary approval is not essential.In the article dated July 28th, it was stated: “Typically, the removal of three zeros from the Iraqi dinar would necessitate legislative action… The prime minister has asked the Federal Supreme Court of Iraq to provide an interpretive ruling concerning the authority of the Council of Ministers… The Federal Supreme Court determined that, irrespective of whether a law explicitly confers such authority, the Council of Ministers holds and has inherited constitutional powers to issue regulations, instructions, and decisions.This ruling paves the way for the government to advance with the removal of the three zeros from the Iraqi currency via government regulation, bypassing the need for prior parliamentary consent.
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