U S Currency will be eliminated from Iraq to Strengthen Dinars
Iraq will no longer use U.S. currency starteing in October
By DB Cooper
U S Currency will be eliminated from Iraq to Strengthen Dinars
As the United States pulls out of the country, we're trying to push the use of the Iraqi Dinar as much as possible. Iraq has started to strengthen their economy. The new policy from the Defense Finance and Accounting Service states that in October of this year, the finance office here will no longer be able to disperse U.S. currency.
"We're instituting changes now so when the policy is implemented, residents are prepared to handle their finances when October gets here," said Meadows, a native of Andalusia, Ala. "We didn't want to surprise Soldiers and civilians with an abrupt halt of distribution, so we're weaning them off the need of American money here." Prior to July 1, Soldiers were able to use either U.S. dollars or Iraqi Dinar to purchase products from the local national market at Forward Operating Base Kalsu. In an effort to help boost Iraq's economy, the market will no longer accept U.S. currency. Soldiers can exchange their American dollars at the Finance office during their business hours, 9 a.m. to 4 p.m. Monday through Saturday and 1 p.m. to 4 p.m. on Sundays.
Previously, anyone could draw as much as $200 a month in American money from the finance office. Now residents can only pull out $50 in American money. Anything more, up to $200 worth, is converted into Iraqi Dinar. "Soldiers and civilians traveling on environmental morale leave or redeploying to their home unit are able to receive American money," said Meadows. "Our goal is to help boost the Iraqi economy by making their currency stronger. In order to do that, the American dollar has to stop circulating through the country."
If the shop owners do not comply with the new policy, they are suspended from conducting business in the market for five days on the first offense. If they are seen accepting American money again they are permanently suspended from the market.
