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Description of A New Currency for Iraq

The Iraqi Currency Exchange October 2003- January 2004

Some 30 months after the end of the Saddam regime, Iraq is rarely out of the news: suicide bombings, political difficulties, a continuing struggle to restore power and water supplies. The general impression is of a lack of progress in building a new Iraq.

However there has been spectacular progress in one crucial area: central banking. The rapid restoration of monetary stability, and introduction of a usable and trusted currency have created a dinar that has been stable since early 2004, and has ended previously all-pervasive concerns about exchange rate volatility and widespread counterfeiting.

“A New Currency for Iraq” tells the story of the successful introduction of the new currency and the simultaneous stabilisation of the exchange rate in the face of the insurgency. It is a tale of the Coalition and the Iraqi authorities working together to introduce the new Iraqi dinar. It is also a demonstration that good central banking is possible even in the most challenging circumstances, and in a way that makes a difference to millions of ordinary people.

The book will appeal to a wide range of readers, from those interested in Iraq’s transition to those considering a currency exchange in other countries.

It is not the end of the story by any means, but does represent a remarkably successful beginning

This book describes:

- the economic background to the currency exchange
- the policy discussions
- the detailed logistical planning
- the implementation of the exchange
- the policies introduced to stabilise the exchange rate

Title Information

ISBN:

9781902182407

Format:

Hardback

Product Code:

129554

Publisher:

Central Banking Publications

Published:

21/11/2005

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About Simon Gray and Jacob Nell

It is co-authored by Simon Gray (Bank of England) and Jacob Nell (formerly HM Treasury) who were responsible for planning the currency exchange while on secondment to the Coalition Provisional Authority in Baghdad

Contents of A New Currency for Iraq

The Economic Inheritance
The Decision to Introduce a New Currency
Monetary Policy
The New Notes
The Plan for the Exchange
Budget
Information and Media
Strategy
Logistics and Security
The Banks
Disposal of the Old Notes