On October 15, 2003 Iraq got a new currency to replace Iraq’s two currencies, one of which was easily counterfeited and mostly circulated in a single denomination.  Banks issue only the new currency and government employees paid in cash will receive their salaries in the new currency.  Until January 15, 2004 the old and new currencies will circulate freely at a fixed exchange rate.  Exchange between the old and new currencies is conducted at now charge at multiple exchange points around the country. 

The other financial market structures are strong:  

• 95 percent of all pre-war bank customers have service and first-time customers are opening accounts daily.
• Iraqi banks are making loans to finance businesses.
• The central bank is fully independent.
• Iraq has one of the world’s most growth-oriented investment and banking laws.

 

Images of New Currency