New currency for Iraq
A new currency is to replace notes carrying images of fallen dictator Saddam Hussein in Iraq, according to US civil administrator Paul Bremer.
The new dinar will become the common means of exchange in the south of the country where notes still carry Saddam’s print.
In northern Kurdish-controlled areas of Iraq the Swiss dinar will be taken out of circulation. One Swiss dinar is valued at 150 new dinars, Mr Bremer said.
The new bills will be available in six denominations ranging from 50 to 25,000 dinars. Thye will have improved security features to deter forgery.
The release date of the new banknotes is October 15. After that date Iraqis have three month to exchange old for new.
Mass counterfeiting of the 10,000 Saddam note has meant few Iraqi place much trust in the currency.
Renowned British printer of banknotes, De La Rue, has said it was well placed to win the contract to print the new currency. Shares soared to a 20-week high on the news.
Mr Bremer also announced plans to establish an independent Central Bank in Iraq.
