Launching the new Iraqi Dinar at Baghdad's airport

U.S. Commerce Secretary Don Evans yesterday in Baghdad considered that the new Iraqi dinar which began circulation as marking "a new phase towards a free country."

He said on the occasion of launching the Iraqi currency at Baghdad's airport that investors will "have confidence in the Iraqi economy." Commenting on removal of the photo of the Iraqi President Saddam Hussein from the new currency, Evans said "the horrible man and the leader of the terrorist regime is no longer exists. This sends a very strong message to confirm who is in authority. The Iraqis have the authority."

The new banknotes began circulating yesterday with paper notes valued at 50,000, 250,000, 10,000, 25,000 dinars. The process of replacing the old currency will last for three months until January 15, 2004.

The new currency is equal to the value of the "Saddam Dinar" which now circulate in Iraq, while the "Swiss Dinar" circulated in the Kurdish area is equal to 150 of the new dinars. A source at the central bank said that the new dinar will be exchangeable with US dollars and other international currencies at market exchange rates. Worthy mentioning that one US dollar equals 2000 Iraqi dinars.

The new currency bears scenes from the old Mesopotamia. For instance the 10,000 dinars paper carried the picture "al-Hadbaa minaret" in al-Musil mosque and on the paper of 25,000 dinars is printed the picture of the Babylonian King Hamourabi.

Yesterday, the Iraqis rushed to the banks which were put under strong American military protection to exchange their banknotes. Each bank is guarded by one US tank and five armored vehicles and 10 American soldiers.