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 Home > News & Policies > August 2003

Renewal in Iraq

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.