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Soldiers guard sites for issue of new Iraqi cash

Army News Service

Release Date: 10/20/2003

By Spc. Ryan Smith

BAGHDAD, Iraq (Army News Service, Oct. 20, 2003) -- Until recently, Iraqis had no choice but to carry a little reminder of Saddam in their pockets - a picture of his face was printed on Iraqi money.

That changed, however, when the Central Bank of Iraq issued the new dinar last week and made it available for exchange at banks and other official locations throughout the country beginning Oct. 15.

The introduction of the new dinar is a significant step in Iraq's progression away from the former regime, according to Capt. Mark St. Laurent, brigade action officer for the Iraqi currency exchange program.

St. Laurent is a civil affairs officer with the 354th Civil Affairs Brigade, an Army Reserve unit from Riverdale, Md, part of Task Force 1st Armored Division.

"Replacing the Saddam dinar signals the end of the old regime. Saddam will no longer be seen as an everyday figure," he said. "It also shows the establishment of a new government and that the Central Bank is in control of the economy."

In line with the shift toward a new government in Iraq, coalition forces are playing only a minor role in the currency exchange, providing security when needed at exchange sites to protect the safety of the citizens and the money itself, St. Laurent said.

According to a Coalition Provision Authority release, the new dinar will unify the currency across Iraq.

The new notes are printed on higher quality paper than the old, and contain several security devices, such as a watermark, an embedded security strip, and textured ink.

People can exchange their old Saddam dinars for the new ones at a rate of one for one. However, the former national dinar, known as the Swiss dinar, which is used mainly in the north of Iraq, is worth 150 new dinars.

"This is good for the people of Iraq," said Dr. Mohamed Jasim, who exchanged his money at the Adamihya Commercial Bank of Iraq Oct. 18. "The paper is better; the money will last longer. It is a symbol of moving forward."

The exchange will continue from Oct. 15 to Jan. 15, 2004.

(Editor's note: Spc. Ryan Smith is a member of the 372nd MPAD.)