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| Iraq |
| Iraq to adopt new currency |
| 2003-07-15 |
| EFL Iraq will replace its existing currencies with a new dinar, according the US civil administrator Paul Bremer. The new dinar will supersede notes used in the south of the country that currently carry images of the former president Saddam Hussein. The northern Kurdish-controlled areas of Iraq will also adopt the new dinar in exchange for their current currency, the so-called Swiss dinar. "On October 15, new Iraqi dinar banknotes will be available to the Iraqi people," Bremer said in a televised address. "They will replace the existing Iraqi ’print’ dinars at parity. After October 15 you will have three months to swap your existing notes for the new ones." The Swiss dinar used by the Kurds will be replaced at the value of 150 new dinars to one Swiss Dinar, Mr Bremer added. Officials were forced to continue printing the Saddam notes in denominations of 250 after the war in an effort to stem a growing cash crisis. Mr Bremer also announced on Monday that he had approved a new budget of 9 trillion dinar ($6.5bn, £4bn at street exchange rates) for the second half of 2003. "This is a very important step in getting Iraq and Iraqis back to work," he said. "With this budget, ministries will be able to spend money on important projects. Many state companies will be able to begin operating again." Half of the revenues are expected to come from oil sales, he added. |
| Posted by:Bulldog |
| #1 I still say they should put Alfred E. Neuman on the 10,000 Dinar note. |
| Posted by: mojo 2003-7-15 10:23:46 AM |