Iraqi dinar
| dinar | |
|---|---|
| Country: |
 Iraq
|
| Subdivision: | 1000 fils (no longer in circulation) |
| ISO 4217 code : | IQD |
| Abbreviation: | ID |
|
Exchange rate : (29 Mar 2020) |
1 EUR = 1,325.3 IQD 1 CHF = 1,231.6 IQD |
The Iraqi Dinar or Iraqi Dinar ( Arabic دينار عراقي, DMG dinars'irāqī , in short: IQD ) is the currency of Iraq and managed by the Central Bank of Iraq issued (Central Bank of Iraq). The new dinar used today was introduced on October 15, 2003. The old dinar was exchanged in a three-month transition phase (until January 15, 2004). With the introduction of the new Iraqi dinar, the currency was standardized throughout Iraq. In addition, the forgery protection and the lifespan of the notes could be increased at the same time.
A dinar is divided into 1000 fils . Due to inflation, however, it was taken out of circulation in the 1990s.
history
The Iraqi dinar was issued by the mandate power of Great Britain in 1923 and thus replaced the Indian rupee, which had previously been used as a means of payment . The introductory course was 1 dinar = 13⅓ rupees. After the founding of the republic, the pound sterling , which had been in force since 1932, was lifted; the exchange rate of around 3.33 US dollars for an Iraqi dinar was stable until the outbreak of the first Gulf War in 1980 .
In 1982 the value was set at $ 3.2169 for a dinar, but due to inflation it was only worth roughly half on the black market. In 1989 only one sixth - that is 1.86 dinars for one dollar. After the second Gulf War and the subsequent economic sanctions against Iraq, the value of the dinar fell steadily. The inflation rate was estimated at 8,000% in 1992 and 24,000% in 1994.
Since the old dinar banknotes - made according to the Swiss technique - quickly lost value, they were exchanged for new dinars made in Iraq. In the Autonomous Region of Kurdistan, on the other hand, the old “ Swiss Dinar ” with a fixed value of 0.33 dinars to one US dollar was retained as the de facto currency. In the rest of Iraq, the print dinar was printed on poor quality wood pulp paper. It was only with the introduction of the new Iraqi dinar on October 15, 2003 that Iraq received a single currency again.
The following conversion rates applied during the conversion:
- 1 old Iraqi dinar (also "print dinar") = 1 new Iraqi dinar
- 1 Kurdish dinar (also “Swiss Dinar”) = 150 new Iraqi Dinar
According to some speculators, the Iraqi dinar is currently very low and could be upgraded at some point. Above all on esoteric Internet sites and blogs in the USA, the belief in an imminent significant revaluation (“Reval”) is stoked, which, however, viewed critically is a completely irrational “Internet phenomenon”.
| year | Value in US $ |
|---|---|
| 1932 | 4.86 |
| 1971 | 2.80 |
| 1973 | 3.39 |
| 1982 | 3.22 |
| 2003 | 0.33 a |
| 2004 | 0.00027 |
| 2005 | 0.00068 |
| April 2006 | 0.00065 |
| June 2007 | 0.000796 |
| August 2007 | 0.0008084 |
| May 2008 | 0.0008344 |
| September 2011 | 0.000981 |
| June 2014 | 0.00062 |
- ^ Boca Raton News: Foreign workers leaving Iraq as construction ends. , April 3, 1983
Banknotes
| value | front | back | front | back |
|---|---|---|---|---|
| 50 dinars | Basra grain silos | Date palms | ||
| 250 dinars | Star altimeter | Samarra minaret | ||
| 500 dinars | Dukan reservoir at Al Zab (Sulaimaniyya) | The winged bull of the Assyrians | ||
| 1,000 dinars | Gold dinar coin | al-Mustansiriyya University (Baghdad) | ||
| 5,000 dinars | Geli Ali Beg and its waterfall (Arbil) | Desert Citadel in Al-Ukhether | ||
| 10,000 dinars | Abu Ali Hasan Ibn al-Haitham | Hadbāʾ minaret at the Great Mosque of an-Nuri , (Mosul) | ||
| 25,000 dinars | A Kurdish farmer | Hammurabi |
A new series was issued in 2013 that has some new security features. In addition, the design of the front of the 10,000 and 25,000 dinar notes was changed. The banknotes from 2003 remained valid. As of May 1, 2015, the 50 dinar note was withdrawn from circulation; on December 1, 2015, a 50,000 dinar note was introduced.
| value | front | back | front | back |
|---|---|---|---|---|
| 250 dinars | Star altimeter | Samarra minaret | ||
| 500 dinars | Dukan reservoir at Al Zab (Sulaimaniyya) | The winged bull of the Assyrians | ||
| 1,000 dinars | Gold dinar coin | al-Mustansiriyya University (Baghdad) | ||
| 5,000 dinars | Geli Ali Beg and its waterfall (Arbil) | Desert Citadel in Al-Ukhether | ||
| 10,000 dinars | Jawad Salim's Peace Memorial in Baghdad | Hadbāʾ minaret at the Great Mosque of an-Nuri, (Mosul) | ||
| 25,000 dinars | A Kurdish farmer | Hammurabi | ||
| 50,000 dinars | Water wheel on the Euphrates | Fishermen in front of a reed house |
Security features
The banknotes of the new Iraqi dinar are printed with the latest technology against forgery. The security features of the banknotes are similar to those of the euro notes and are among the safest in the world.
One of the main reasons that led to the introduction of the new Iraqi dinar was, in addition to the establishment of a new democratic government, also the fight against counterfeiting. The central bank in Iraq has therefore chosen De La Rue from England, one of the world's leading companies in the prevention of counterfeiting, to print the new notes .
Coins
| value | colour | front | back |
|---|---|---|---|
| 25 dinars | copper | Value indication | Iraq map |
| 100 dinars | silver | Value indication | Iraq map |
