Press Release No. 03/104

Press Release: IMF's Krueger Welcomes Iraq's New Banknotes

July 7, 2003

International Monetary Fund (IMF) Acting Managing Director Anne Krueger today welcomed plans to introduce a new issue of banknotes in Iraq. Ms. Krueger commented that "the availability of an adequate supply of domestic currency, one that is both secure and includes appropriate denominations to facilitate its use by the Iraqi people, represents an important step toward the restoration of economic activity and of a working payments system. Accordingly, we support this initiative and encourage its timely implementation," she added.

The IMF is assisting in the process of reconstruction and recovery in Iraq. The initial focus of the IMF's work in Iraq has been technical assistance and advice in the IMF's areas of responsibility, including advice in the monetary area. This work is being carried out in close cooperation with other organizations and donors.