07 July 2003
Frequently Asked Questions Regarding New Iraqi Currency
(Transition to new dinar begins October 2003) (620)
One July 7, 2003, the Coalition Provisional Authority released the
following responses to frequently asked questions regarding the
transition to a new Iraqi banknote.
(begin text)
THE NEW IRAQI BANKNOTES -- QUESTIONS AND ANSWERS
What's happening?
New Iraqi banknotes will be introduced on October 15. The normal Iraqi
dinars ("print dinars") in circulation in most of Iraq, and the former
national dinars ("Swiss dinars") in circulation in parts of Northern
Iraq, will be exchanged for this "new Iraqi Dinar".
When is this happening?
The new notes will be ready on October 15.
What happens between now and then?
Nothing. You should continue to use existing banknotes. They continue
to have the same value and the same validity. From October 15 until
the exchange period ends on January 15, you can use either the current
or the new banknotes.
Should I change all my money now into another currency?
No. Your normal Iraqi ("print") dinars will be exchanged directly into
new Iraqi dinars at a rate of one to one. Former national ("Swiss")
dinars in use in parts of Northern Iraq will be exchanged at a rate of
150 new dinars to one "Swiss" dinar. We are fixing these rates now so
that you need not worry.
Where will I have to go to change my money?
To designated exchange points, which will include the branches of the
Rafidain and Rasheed banks.
Will I have to change my money immediately after the exchange begins?
No. There will be three months to make the exchange. Throughout the
exchange period, both normal ("print") dinars, former national
("Swiss") dinars, and new dinars will be accepted as legal tender.
Won't the value of Iraqi dinars drop between now and October 15, as
measured against, say, the dollar?
There is no reason for this to happen. This will not be a new
currency, but simply new banknotes.
How will I know when the new notes are ready?
They will be ready on October 15. Announcements will be made in a
similar way to this announcement, i.e. by radio, television,
newspaper, poster and leaflet.
You're already running out of Iraqi dinars. Won't there be a mad rush
to get the new ones?
No. There will be no shortage of the new dinars. And they will be
available in many more denominations than are in circulation now.
Why don't you just print more normal Iraqi ("print") dinars?
Because their quality is poor, they don't last. They are also hard to
use because of the lack of different denominations. And it's time that
the new unified Iraq had one set of banknotes, and notes without the
head of Saddam Hussein.
Can I keep dollars if I want to?
Absolutely. In the new free Iraq, you can hold whatever currency you
want. But the new dinar will be the official banknotes for the whole
of Iraq, from Dohuk to Basra.
Is the coalition trying to take over the Iraqi economy?
Absolutely not. That is why we are introducing new banknotes, based on
the original Iraqi dinar design.
Do I really need to change my notes? Won't the new Iraqi government
change the design again anyway?
Yes, you should change all your current dinars when the time comes.
After the changeover period, the normal Iraqi ("print") dinars, and
former national ("Swiss") dinars will no longer be valid. Once there
have been national elections, and there is a new Iraqi Government, the
new Government may introduce new notes, or a new currency. But this
will be further down the line.
Do I need to withdraw all my money from the bank?
No, money held in the banks will be automatically converted for you.
(end text)
(Distributed by the Bureau of International Information Programs, U.S.
Department of State. Web site: http://usinfo.state.gov)
|
NEWSLETTER
|
| Join the GlobalSecurity.org mailing list |
|
|
|
