The E-Sylum:  Volume 6, Number 21, May 25, 2003, Article 14

IRAQI "SWISS DINARS"

  On Tuesday, May 20, The Wall Street Journal provided an
  update on the Iraqi currency situation.  See The E-Sylum
  v6#07, February 16, 2003 for the original discussion.

  "Eager to stabilize Iraq's shattered economy, the Bush
  administration wants the country to print a fresh supply of its
  pre-1991 Gulf War currency -- the last national bank notes
  free of Saddam Hussein's portrait -- and expand their use
  nationwide."

  "...they say the best course is to replace existing "Saddam
  dinars" with a new issue of "Swiss dinars." Since 1990, the
  Swiss dinar, so called because of its stability, has circulated
  only in the Kurdish north, an area not under Mr. Hussein's
  control.

  One option the Treasury is considering is printing new notes
  on existing presses in Baghdad, if they are operational. The
  drawback is that the presses apparently produce low-quality
  bills; the Saddam dinars have an almost-homemade appearance
  that facilitates counterfeiting."

  Wayne Homren, Editor

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