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
