Overview The Iraqi Dinar is issued by the Central Bank of Iraq. The Dinar was subdivided into 1,000 fils, but inflation has rendered the fils obsolete. As a result the deposition of Saddam Hussein in the 2003 invasion of Iraq, the new Iraqi Dinar was released on October 15, 2003. Economy. As security improves, foreign investment is helping to spur increased economic activity, particularly in the energy, construction, and retail sectors. To reach its economic potential, Iraq needs to reduce regulatory impediments and make significant upgrades to its oil processing, pipeline, and export infrastructure. History.
The Dinar was fixed at par with the until 1959, then fixed to the at one Dinar to 2.8 Dollars. It was decoupled from the US Dollar when that currency was devalued in 1971 and 1973. After the Gulf War in 1991, UN sanctions meant that new, inferior quality banknotes were printed in large quantities-and the Dinar quickly lost its value. Serial number search. The previous issue stayed in circulation, and became known as the 'Swiss dinar.' ' It continued to circulate, especially in the northern Kurdish region of Iraq. The new (convertible) Iraqi Dinar was released on October 15, 2003. It replaced all old Dinar and Swiss Dinar banknotes, which were no longer legal tender.
(One old Dinar was exchanged for one new Iraqi Dinar; one unit of the Swiss' Dinar was exchanged for 150 new Iraqi Dinars.) The new Iraqi Dinar banknotes were similar to the Swiss Dinar notes, with more security features to guard against counterfeiting. The new banknotes were in demand by overseas investors expecting the currency to increase in value as Iraq's economy improved. © 1996 - 2018 OANDA Corporation. All rights reserved.
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Central Bank Of Iraq
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During British occupation in World War I, the was introduced as the first official currency of Iraq. In 1932, the Iraqi Dinar replaced the Rupee at a rate of 1 Dinar to 11 Rupees and was pegged to the until 1959. The peg was then switched to the at a rate of 1 IQD to 2.8 USD. After the Gulf War in 1991, previously used Swiss printing technology was not available, resulting in new notes being of lesser quality. The previous versions of the Iraqi Dinar started being called Swiss Dinars. Due to excessive government printing of the new issue, the Dinar devalued quickly.
New Dinar coins and notes were issued in 2003 to replace old Saddam notes to create a single unified currency. In 2010, the Central Bank of Iraq announced their plans to redenominate the Iraqi Dinar to ease cash transactions. The intention would be to drop three zeros from the nominal value of bank notes; but the actual value of the dinar would remain unchanged.
Although the announcement stated that the change would take place by the end of 2010, no redenomination took place. As stated by the, their mandate is to 'ensure domestic price stability and foster a stable competitive market based financial system.' For more information about the redenomination, read '.'
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