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 : US Dollars Exported To Pay Iraqi Civil Servants Wed Apr 16 2003 11:41:36 ET As the U.S. turns from bombing Iraq to rebuilding it, the U.S. government is airlifting dollars from the Federal Reserve Bank of New York to replace - - at least temporarily -- the discredited Iraqi currency. MORE The WALL STREET JOURNAL is reporting on Wednesday: As an initial step, American officials charged with the reconstruction will use small- denomination bills to make 'emergency' payments to hundreds of thousands of Iraqi civil servants in an effort to quiet civic unrest and to stabilize the chaotic Iraqi economy. Using U.S. dollars will make the U.S. currency the de facto currency, at least in the interim -- a move that could prove controversial in the Arab world, but one that would give the Iraqis a currency that will retain its value despite the uncertainties about the country's reconstruction. Developing... |
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