15/10/2003
Iraq's 'Saddam dinar' phased out of circulation
Iraq's old currency begins the process of being phased out today, and with the changeover, Saddam Hussein's image will be removed from the nation's pockets.
The new notes will be of higher quality and durability than those currently in circulation and include many anti-fraud features that will provide important protection against counterfeiting.
The currency exchange runs from October 15 to January 15 2004, and will see the ‘new Iraqi dinar’ replace the existing currency, known as the ‘Saddam dinar’, and the currency used in the North of Iraq, the ‘swiss dinar’.
Currency will be exchanged at any time during the three-month period at banks and other official locations.
Bank accounts and financial contracts in Swiss dinars will also be converted at the rate of 150 new Iraqi dinars for every one Swiss dinar. Bank accounts and contracts in old Iraqi dinar will not change.
With the one unified dinar, another vestige of the old regime has been removed permanently.
(gmcg)
The new notes will be of higher quality and durability than those currently in circulation and include many anti-fraud features that will provide important protection against counterfeiting.
The currency exchange runs from October 15 to January 15 2004, and will see the ‘new Iraqi dinar’ replace the existing currency, known as the ‘Saddam dinar’, and the currency used in the North of Iraq, the ‘swiss dinar’.
Currency will be exchanged at any time during the three-month period at banks and other official locations.
Bank accounts and financial contracts in Swiss dinars will also be converted at the rate of 150 new Iraqi dinars for every one Swiss dinar. Bank accounts and contracts in old Iraqi dinar will not change.
With the one unified dinar, another vestige of the old regime has been removed permanently.
(gmcg)
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