- News>
- World
Saddam notes fast disappearing from circulation in Iraq
Baghdad, Nov 19: About 75 per cent of Iraqi Dinars in circulation have been exchanged for new banknotes that do not bear the picture of Saddam Hussein, the Central Bank in Baghdad said today.
Baghdad, Nov 19: About 75 per cent of Iraqi
Dinars in circulation have been exchanged for new banknotes
that do not bear the picture of Saddam Hussein, the Central
Bank in Baghdad said today.
The exchange started on October 15 and will run
through January 15.
"About 75 per cent of the currency in circulation was exchanged in the first month," Central Bank Deputy Governor Ahmad Salman Mohammad told reporters.
The banknote swap was among the first decisions taken by the US-led coalition that ended Saddam's 24-year rule last April.
Besides the symbolism of taking the infamous dictator's face off the bills, the coalition say the old banknotes needed replacement because they were easily forged, and mostly in low denominations not convenient for modern transactions.
The new banknotes come in six bills from 50 Dinars, worth about 2.5 cents, to 25,000 Dinars, or USD 12.5. The previous bills, called "Saddam Dinars", were 25, 50, 100, 250 and 10,000 Dinars.
The old bills are being replaced in 250 branches of the state-owned banks across Iraq, at face value. The new notes were printed by British firm De La Rue, and bear scenes from Iraqi life and history.
Bureau Report
"About 75 per cent of the currency in circulation was exchanged in the first month," Central Bank Deputy Governor Ahmad Salman Mohammad told reporters.
The banknote swap was among the first decisions taken by the US-led coalition that ended Saddam's 24-year rule last April.
Besides the symbolism of taking the infamous dictator's face off the bills, the coalition say the old banknotes needed replacement because they were easily forged, and mostly in low denominations not convenient for modern transactions.
The new banknotes come in six bills from 50 Dinars, worth about 2.5 cents, to 25,000 Dinars, or USD 12.5. The previous bills, called "Saddam Dinars", were 25, 50, 100, 250 and 10,000 Dinars.
The old bills are being replaced in 250 branches of the state-owned banks across Iraq, at face value. The new notes were printed by British firm De La Rue, and bear scenes from Iraqi life and history.
Bureau Report