Below is an article sent to me by another dinar holder. I work with contracts in theatre, and noticed recently the option for contractors to be paid in either dinar or USD. This is all falling into place. Enjoy the read!
First Published 2005-11-01, Last Updated 2005-11-01 15:46:21
A win-win situation for all
US forces begin paying Iraqis in dinars
Issuing checks drawn on local banks is important step as war-torn Iraq regains monetary sovereignty.
BAGHDAD - The US military has started paying Iraqi contractors in dinars instead of dollars, it said Tuesday, marking an important step as the war-torn country regains monetary sovereignty.
On October 14, "a 3rd Infantry Division finance office issued the first payment in Iraqi currency while in theater," a statement said.
Iraqis continue to be paid mostly in dollars for goods and services provided to US-led forces, but for the first time, "a dinar check payment has been issued to local vendors and contractors within the Baghdad area."
US financial officer Major Richard Santiago pointed out the advantages of using the Iraqi currency.
"Issuing dinar check payments improves the economic and financial stability of Iraq by promoting the Iraqi banks while using their local currency," he explained.
"It also decreases the cash requirements our finance offices need in order to meet mission requirements, as we are now able to pay the local vendors and contractors with a check instead of cash.
"This is truly a win-win situation for all."
First Lieutenant Tayonia Williams said: "Paying Iraqis in their own currency also has the benefit of limiting the large amount of cash that vendors and contractors have to carry after getting paid for their supplies and services."
Santiago added that "by limiting the US dollars in the region, we are cutting down the dollars that could possibly be used by insurgents."
By issuing checks drawn on local banks, the change should also help improve Iraq’s financial infrastructure.
Ultimately all local vendors and contractors will be paid in dinars, but the major could not say when that would happen.
"Its difficult to estimate when we will reach this point, but just to disseminate funds in their currency is a major step in the right direction," he said.