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Home > News & Policies > August 2003

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For Immediate Release
August 13, 2003

Global Message

Here are signs of economic renewal in Iraq after the end of Saddam Hussein's reign, adapted from the report "Results in Iraq: 100 Days Toward Security and Freedom"

A New Economy: A new Iraqi economy is being built on the principles of market economics, respect for the rule of law, and transparency.

Salaries: The CPA regularly pays salaries to those teachers, healthcare workers, soldiers, police, and other public sector employees who have returned to work.

Commerce: The marketplace in Baghdad has many goods that were previously unavailable because of sanctions or because they were forbidden under the previous regime.

Banks: Banks are open in Baghdad.The CPA is working with Iraqis outside of Baghdad to open banks across the country as soon as possible.

Food: The CPA has purchased the upcoming wheat and barley crops, helping to meet the country's food needs while supporting farmers.

Loans for Entrepreneurs: A micro-credit facility is now being set up in the South. Credit facilities for the rest of the country are also planned.

Currency: A unified currency for Iraq has been announced. The exchange of old banknotes for new ones is set to begin October 15.

Iraqis' Savings: The dinar has maintained its value against the dollar, preserving the dinar-dominated savings of Iraqi citizens.

Natural Resources: Oil production is increasing, with daily production of crude averaging 1 million barrels in recent days.

Budget: The budget for the last six months of 2003 is now being executed, and the 2004 budget formulation process has begun.

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