The stock was delisted in August Bremer stated that the so-called "print" dinars in circulation in most of Iraq, nor the formal national currency or "Swiss" dinar still used in some parts of the Kurdish North were suitable for the new Iraq. This made Saddam dinar notes very inconvenient to use. The "Swiss" dinars, while of higher quality, were so old that they were literally falling apart in people's hands. The former national "Swiss" dinar notes were used throughout Iraq until the early 's, and this national currency still circulated in the Kurdish north.
The bills nicknamed "Swiss dinar" either because of their relative stability and strength or because it was made in Europe, depending on the account.
The Swiss dinar was trading at about 6. Bremer stated that a new currency had not been designed by the United States as only a sovereign Iraqi government could take that decision. The new currency would not depict Saddam Hussein. The design for the new currency, which was not been released in advance to the public, was taken from the designs of the "Swiss" dinar, though the new notes had different colors and denominations.
The new dinars were printed in a full range of denominations: in 50s; s; 1,s; 5,s; 10,s; and 25,s. The new banknotes were much better protected against counterfeiting, they were much more durable and suffer less "wear and tear". The new currency was made available to the Iraqi people on 15 October They replaced the existing Iraqi "print" dinars at parity: one new Iraqi dinar was worth the same as one "print" dinar.
The new dinar replaced the "Swiss" dinar at the rate of new dinars to one Swiss dinar. These different rates reflected the different prices, expressed in local currency, in different parts of the country. Currency could be exchanged at branches of the Rafidain and Rasheed banks, and Iraqis had three months in which to make the exchanges. On 18 August the Central Bank of Iraq advised Iraqis to deposit all their dinars in local banks to facilitate their change into the new currency.
The Bank's governor, Faleh Dawood Salman, said the UK firm charged with printing the new Iraqi money intended to ferry the first shipments to the country in a few days. On 01 October it was disclosed that agents from the Defense Criminal Investigative Service DCIS and the th Military Police Company assisted by Iraqi police and the Ministry of Finance had broken a counterfeit printing operation in Baghdad and seized counterfeit currency worth billion dinars.
Stephen Cecchetti, Professor of International Economics and Finance at Brandeis University, noted in June that "Cultural legitimacy is the final and most important issue to confront in designing the new Central Bank of Iraqi. What any of foreigners write or say is irrelevant unless the people of Iraq are involved. Most importantly, we cannot go into Iraq and build a set of institutions that reflect American and Western European values.
This will not work. The new Central Bank of Iraqi will belong to the Iraqis and so they have to set it up. While I might think it would be fitting to start printing new Iraqi currency with an image of King Hammurabi on it, I'm not going to use the currency.
The new Iraqi dinar is a sturdy and secure currency, imprinted with traditional Iraqi symbols -- altogether a great improvement over the flimsy bills with Saddam's face. Iraq's new banknotes include pictures of an ancient Babylonian ruler and a 10th century mathematician in place of the face of Saddam Hussein. An ancient Islamic compass, patterned on the an Astrolabe from Baghdad dated AD, on the new Iraqi dinar banknote replaced the face of Saddam Hussein on the old note.
The original order of 2 billion notes filled more than twenty-five airplanes. The new denominations will range from 50 dinars to 25, dinars.
Security features include a silver strip embedded in the note as dashes that appear as a continuous line when held up to the light.
Watermarks and metallic ink are also embedded into various notes. Along with having more security features, the new currency will also bring northern, central and southern Iraq back together, according to Muhammad. Residents in the north have been using the "Swiss dinar" - so named for having been printed in Switzerland - for more than 10 years.
Exchange rates were arrived at after discussions with Iraqis, Muhammad said, but he declined to be more specific.
The payments flooded the market with dollars, which drove the price down against the extremely weak Iraqi dinar, al-Sharra said. Many Iraqis try to keep money in dollars now, although most business transactions are done in dinars. The country is awash with fake dinar notes, which are smaller than the originals. Police recently foiled several counterfeiting rings, seizing several printing presses and bales of official currency paper. Large planes have been flying into Baghdad from London several times a week for the last fortnight transporting the new notes, followed by small plane deliveries to Mosul in the north and Basra in the south.
Published On 16 Oct The new notes are in the denominations of 50, , , , 10, and 25, Modern notes The new banknotes, printed in Britain, boast of the most up-to-date anti-counterfeit features, including watermarks, a security thread, raised letters, an optical variable ink and other variations to thwart counterfeiters.
Iraqis who hold old dinars but live abroad will have to return to the country to trade them in. Iraqis will have until 15 January to exchange their old bills for the new ones.
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