Currency Exchange - Iraq
Location: Iraq
Client: Government
Outline: Our involvement in Iraq began before the conflict ceased. We planned and co-ordinated the interim US backed ORHA administration’s movement from Kuwait to Baghdad and, thereafter, secured all their locations and personnel. As the ORHA transitioned into the Coalition Provisional Authority, our security and counter terrorism role continued to expand even as the focus turned to the fundamental need to rebuild the country’s economy and introduce a stable currency. For this to be achieved, a complete currency exchange was required.
Our previous experience in Afghanistan, on a similar project, placed us in a uniquely capable position. In just a few days, we designed and planned the enormous security and logistics requirements needed for a complete nationwide exchange of old banknotes for 3,000 tons of newly printed Iraqi Dinars worth over USD4 billion. We established three secure provincial logistics hubs and over a six month period, utilising over 700 people 130 vehicles and 7 aircraft, began moving the currency. With a combination of thousands of aircraft sorties and secure ground convoys, we successfully delivered the new bank notes in a number of tranches to more than 250 banks throughout Iraq; verifying and collecting over 13,000 tons of old money for destruction.
Outcome: The operation safely removed a currency that was both devalued and corrupted with counterfeit notes. Today, we continue to work in Iraq on tasks that, while dangerous, are assisting in the rebuilding and development of the country.
Global Strategies Group is a member of the Private Security Company Association of IRAQ (PSCIA).