Swiss dinar
The Swiss dinar was the currency used in the Kurdish Autonomous Zone in Northern Iraq from 1991 to October 15, 2003 .
The currency became known in Iraq as the Swiss Dinar , as the banknotes are said to have been made with Swiss printing plates.
Before the Second Gulf War , the currency was used throughout Iraq . The official rate against the US dollar was pegged at 0.33 dinars to one USD.
While the official currency of Iraq suffered from significant inflationary pressures , the Swiss dinar used in the Kurdish Autonomous Region remained largely stable. While the amount of money in circulating banknotes within the part of Iraq ruled by Saddam Hussein increased within four years from 1991 onwards from 22 billion to 584 billion dinars and thus experienced an inflation rate of 2500%, the dinar used in northern Iraq remained the amount of money and exchange rate concerned, largely unchanged. In the spring of 2003, an exchange rate between the Iraqi dinar and the Swiss dinar of 1: 300 had emerged.
After the fall of Saddam Hussein, the currency in Iraq was standardized on the instructions of the civil administrator in Iraq, Paul Bremer , and the Kurdish dinar was changed from 150 new Iraqi dinars to a Swiss dinar.