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V CORPS' TASK FORCE 1ST ARMORED DIVISION HELPS BRING 'SADDAM-LESS' CURRENCY TO IRAQ

V Corps Release

Release Date: 10/21/2003

By Cpl. Todd Pruden 372nd Mobile Public Affairs Detachment

BAGHDAD, Iraq -- Until recently, Iraqis had no choice but to carry a little reminder of Saddam in their pockets - a picture of his face is printed on the Iraqi dinar, this nation's official currency.

But now there's - no pun intended - change coming for the dinar. Starting last week, units of V Corps's Task Force 1st Armored Division is helping the Central Bank of Iraq exchange old bills for a new "Saddam-less" dinar at banks and other official locations throughout the country.

The introduction of the new dinar is a significant step in Iraq's move away from the former regime, according to Capt. Mark St. Laurent, action officer for the Iraqi currency exchange program. St. Laurent is a civil affairs officer with the task force's 354th Civil Affairs Brigade, an Army Reserve unit from Riverdale, Md.

"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 renewed self-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.

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.

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

"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 until January.