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BIS Review 5/2004  Chart 6: The Saddam/Swiss Dinar exchange rate, Jan 2002-Dec 2003 Saddam/Swiss Dinar 350 300 250 200  Announcement of currency reform, 7 July  150 100 End of war, 1 May 50 Invasion of Iraq, 20 Mar 0 Jan-02  May-02  Sep-02  Jan-03  May-03  Sep-03  Source: United Nations, Central Bank of Iraq  But it is above the average rate that prevailed over the past six years, and above the rate that would equalise the purchasing power of the two currencies. For example, around the time when the new conversion rate was being determined, it was estimated that 128 Saddam dinars to the Swiss would equalise the wages of an engineer in the two parts of Iraq, 100 would equate the price of the shoes he wore to work, and 133 the price of his suit.16 From Chart 6, it is clear that the exchange rate hovered above 150 after the parity was announced on 7 July. There are two reasons for this. First, the 10,000 Saddam dinar note was heavily counterfeited, easy to do given the primitive local technology used to print them. The exchange rate of this note against the dollar is consistently less than the 250 dinar note which, as a smaller denomination note, was less heavily counterfeited. The Swiss notes, printed using more sophisticated technology, are virtually free of counterfeits.