IRAQ CURRENCY EXHANGE BEGINS

IRAQ CURRENCY EXHANGE BEGINS The New 25,000 Dinar Note On October 15, 2003 Iraqis began exchanging their two old currencies for a single new Iraqi Dinar. This is important because for years Iraqis have struggled with the difficulties of operating with two separate currencies. The old Dinar (sometimes called the “Saddam Dinar”) was widely used only in the 250 denomination, equivalent to approximately 17 cents U.S. It was also easy to counterfeit, which contributed to its instability. The so-called Swiss Dinar was formerly used by the whole of the country prior to Saddam issuing a new currency in 1990. Since then, the Swiss Dinar has been used primarily by the Kurds in the north. The exchange, which will continue through January 15, 2004 , will be carried out at no charge to the citizens. Exchange rates from the old currencies to the new will be uniform throughout the exchange period at each of the 250 exchange points. The new notes are durable and state-of-the-art, featuring multiple anti-counterfeiting features. The exchange is a major logistical operation that involved flying the 2300 tons of currency in 747s into Baghdad and over 100 convoys, delivering over 700 tons of currency around the country. For more information on the new currency: http://www.cpa-iraq.org/budget/IraqCurrencyExchange.html