Iraqi dinar
| |
---|---|
ISO 4217 | |
Code | IQD (numeric: 368) |
Subunit | 0.001 |
Unit | |
Symbol | ID or د.ع |
Denominations | |
Subunit | |
1⁄1000 | fils |
Banknotes | |
Freq. used | ID 250, ID 500, ID 1,000, ID 5,000, ID 10,000, ID 25,000 |
Rarely used | ID 50,000 |
Demographics | |
User(s) | Iraq |
Issuance | |
Central bank | Central Bank of Iraq |
Website | www |
Valuation | |
Inflation | 1.79% |
Source | Central Bank of Iraq, May 2015 |
The Iraqi dinar (Arabic pronunciation:
History
The Iraqi dinar entered circulation on 1 April 1932,[4][5][6][7][8] replacing the Indian rupee, which had been the official currency since the British occupation of the country in World War I, at a rate of 1 dinar = 11 rupees. The dinar was pegged at par with sterling until 1959 when, without changing its value, the peg was switched to the United States dollar at the rate of ID 1 = US$2.80. By not following the US devaluations in 1971 and 1973, the official rate rose to US$3.3778, before a 5% devaluation reduced its rate to US$3.2169, a rate which remained until the Gulf War in 1990, although in late 1989 the black market rate was reported at five to six times higher than the official rate.[9]
Post-1990 developments
After the Gulf War in 1990, due to
Swiss dinars notes continued to circulate in the politically isolated Kurdish regions of Iraq. The Kurdish government refused to accept the low quality Saddam dinar notes (which were issued in huge amounts). Since the supply of Saddam dinar notes increased while the supply of Swiss dinar notes remained stable (even decreased because of notes taken out of circulation), the Swiss dinar notes appreciated against the Saddam dinar note. By having its own stable currency, the northern part of Iraq effectively evaded inflation, which ran rampant throughout the rest of the country.[10]
After
Between 15 October 2003 and 15 January 2004, the Coalition Provisional Authority issued new Iraqi dinar notes and coins, with the notes printed by the British security printing firm De La Rue using modern anti-forgery techniques to "create a single unified currency that is used throughout all of Iraq and will also make money more convenient to use in people's everyday lives". Multiple trillions of dinars were shipped to Iraq and secured in the Central Bank[clarification needed] to exchange for Saddam dinar notes.[11] Saddam dinar notes were exchanged for the new dinars at par, while Swiss dinar notes were exchanged at a rate of one Swiss dinar = 150 new dinars.
Inflation and depreciation of the currency has continued since. On 19 December 2020, Iraq's Central Bank devalued the dinar by 24% to improve the government's revenue, which was affected by the COVID-19 pandemic and low oil prices.[12] On 2 March 2019, the Central Bank's indicative exchange rate was ID 1,190 = US$1.[13] and on 18 June 2021 it was ID 1,460.5000 = US$1.
There is considerable confusion (perhaps intentional on the part of dinar sellers) around the role of the International Monetary Fund in Iraq. The IMF as part of the rebuilding of Iraq is monitoring Iraq's finances and for this purpose uses a single rate (not a sell/buy) of ID 1170 per US$. This "program rate"[14] is used for calculations in the IMF monitoring program and is not a rate imposed on Iraq by the IMF. For a wider history surrounding currency in the region, see British currency in the Middle East.
Use in speculation and fraud since the Iraq war (2003–present)
There is little international demand for dinars, since Iraq has few exports other than oil, which is sold in
However, the downfall of
In 2014, Keith Woodwell (director of the Utah Division of Securities) and Mike Rothschild (writer for
In response to the growing concerns about
In February 2014, the Better Business Bureau included investing in the dinar as one of the ten most notable scams in 2013.[24] There has also been a book written on the subject.[25]
Coins
Coins were introduced in 1931 and 1932 in
Following the establishment of the Iraqi Republic, a new series of coins was introduced in denominations of 1, 5, 10, 25, 50, and 100 fils, with the 25, 50, and 100 fils in silver until 1969. In this series an allegorical sun replaced the image of the king, shapes and sizes remained the same with the exception of the 1 fil which was decagon shaped. This image was then replaced by three palms in 1968. In 1970, 250 fils pieces were introduced, followed by 500 fils and ID 1 coins in 1982. A number of the coins for 1982 were a commemorative series celebrating Babylonian achievements. During this period, many of the coins were identified by their shape due to being made of similar composition metals, as from 1980 onward 250 fils were octagonal, 500 fils square, and ID 1 decagon shaped. Coin production ceased after 1990 due to the emergency conditions generated by the Gulf War and international sanctions.
In 2004, a new series of coins were issued in denominations of ID 25, ID 50 and ID 100 and were struck in bronze, brass, and nickel-plated steel respectively. They are sparse in design and depict an abstract map of Iraq and the main rivers.
-
4 Fils, 1933, obverse
-
4 Fils, 1933, reverse
-
10 fils 1938, obverse
-
50 fils 1938, obverse
-
50 fils 1938, reverse
-
10 fils 1959
-
50 fils 1982, reverse
Value | Diameter | Weight | Composition | Obverse | Reverse |
---|---|---|---|---|---|
ID 25 | 17.4 mm[26] | 2.5 g[26] | Copper-plated steel[26] | Inscriptions: "Central Bank of Iraq" and "25 dinars" | Outline map of Iraq with the two rivers |
ID 50 | 22 mm[26] | 4.34 g[26] | Brass-plated steel[26] | Inscriptions: "Central Bank of Iraq" and "50 dinars" | Outline map of Iraq with the two rivers |
ID 100 | 22 mm[26] | 4.3 g[26] | Stainless steel[26] | Inscriptions: "Central Bank of Iraq" and "100 dinars" | Outline map of Iraq with the two rivers |
Banknotes
On 16 March 1932,
100 dinars notes ceased production in the 1940s, however, the same denominations were used until 1978, when ID 25 notes were introduced. In 1991, ID 50 were introduced and ID 100 reintroduced, followed in 1995 by ID 250 notes and ID 10,000 notes in 2002.
Banknotes that were issued between 1990 and October 2003, along with an ID 25 note issued in 1986, bear an idealized engraving of former Iraqi President
The primitive printing techniques resulted in a limitless variety in coloration and detail, one layer of the printing would be too faint while another would be too dark. Counterfeit banknotes often appeared to be of better quality than real notes[citation needed]. Some notes were very poorly cut, and some notes even lacked serial numbers. Despite the collapse in the value of the Iraqi dinar, the highest denomination printed until 2002 was ID 250. In 2002, the Central Bank of Iraq issued an ID 10,000 banknote to be used for "larger, and inter-bank transactions". This note was rarely accepted in practice due to fears of looting and counterfeiting. This forced people to carry around stacks of ID 250 note for everyday use. The other, smaller notes were so worthless that they largely fell into disuse. This situation meant that Iraq, for the most part, had only one denomination of currency in wide circulation.
Currency printed before the Gulf War was often called the Swiss dinar, a term of obscure and uncertain origins. These notes were manufactured in England by De La Rue and were of significantly higher quality than those later produced under the economic sanctions that were imposed after the first Gulf War. After a change-over period, this currency was unendorsed by the Iraqi government. However, this old currency still circulated in the Kurdistan Region until it was replaced with the new dinar after the second Gulf War. During this time the Swiss dinar retained its value, whilst the new currency consistently lost value at sometimes 30% per annum.
In 2003, new banknotes were issued consisting of six denominations: ID 50, ID 250, ID 1,000, ID 5,000, ID 10,000, and ID 25,000. The notes were similar in design to notes issued by the Central Bank of Iraq (CBI) in the 1970s and 1980s. An ID 500 note was issued a year later, in October 2004. In the Kurdish regions of Iraq, the ID 50 note is not in circulation.
In March 2014, the CBI began replacing banknotes with anti-counterfeiting enhanced versions that include SPARK optical security features, scanner readable guarantee threads in addition to braille embossing to assist vision-impaired persons.[28][29][30][31]
In February 2015, the CBI announced the removal from circulation on 30 April 2015 of the ID 50 notes. Persons holding these banknotes were advised to immediately redeem them at their nearest bank for the ID 250 and higher denomination dinar notes at a one-to-one rate at no charge.[32]
In November 2015, the CBI announced the introduction of a new ID 50,000 banknote. This is the first new denomination banknote since the new series was first issued in 2003, and also the largest ever printed by the CBI. The current notes no longer depict
Kingdom of Iraq dinar series (1932–1939)
Kingdom Dinar Series | |||||
---|---|---|---|---|---|
Image | Value | Main Color | Description | ||
Obverse | Reverse | Obverse | Reverse | ||
ID 1⁄4
(1932) |
Green and black | King Faisal I | |||
ID 1⁄2
(1932) |
Red and black | King Faisal I | |||
ID 1
(1932) |
Black and dark brown | King Faisal I
|
|||
ID 1
(1939) |
Green and dark brown | King Faisal II as a child
|
Kingdom Coat of arms with 1 dinar written inside
| ||
ID 5
(1932) |
Red and black | King Faisal I
|
|||
ID 10
(1932) |
Dark brown and purple | King Faisal I
|
|||
ID 100
(1932) |
Yellow red and black | King Faisal I
|
|||
ID 100
(1939) |
Yellow Green and black | King Faisal II as a child
|
Swiss dinar series (1979–1986)
Swiss Dinar Series | |||||
---|---|---|---|---|---|
Image | Value | Main Color | Description | ||
Obverse | Reverse | Obverse | Reverse | ||
ID 1⁄4 | Green | silo of basra | Date palms | ||
ID 1⁄2 | Brown | the Arabic astrolabe | Spiral minaret of the Great Mosque of Samarra | ||
ID 1 | Blue-green | A gold dinar coin | Mustansiriya Madrasah | ||
ID 5 | Brown-violet and deep blue | Gelî Ali Beg and its waterfall | Al-Ukhaidir Fortress | ||
ID 10 | Purple on blue and violet | Abu Ali Hasan Ibn al-Haitham | Al-manara al-hadba fi al-Mawsil (the hunchbacked tower of the Great Mosque of al-Nuri )
| ||
ID 25 | Green and brown | Horses | Abbasid Palace | ||
ID 25 (1986) | Brown, green and black on blue | Saddam Hussein with Battle of al-Qādisiyyah in background | Al-Shaheed Monument |
1990–2003 series
1990–2002 Series | |||||
---|---|---|---|---|---|
Image | Value | Main Color | Description | ||
Obverse | Reverse | Obverse | Reverse | ||
ID 1⁄4 (1993) | Green | Palm trees | Al-Bab al-wastaniy li-sur Baghdad (middle gate of the town wall of Baghdad) | ||
ID 1⁄2 (1993) | Violet | Astrolabe | Great Mosque of Samarra | ||
ID 1(1992) | Pink and green | A gold dinar coin | Mustansiriya Madrasah | ||
ID 5 (1990; not issued) | Light red and pink | Saddam Hussein, buildings at Hatra, statuette of Ur-Nammu (2111 to 2094 BC), King of Ur | House (Mudhif) built by the marsh Arabs, or the Ma’dan, in southern Iraq, frieze from the Sumero-Akkadian period, eagle, found at Hatra, Sumerian weight stone ("duck weight"), golden head of a bull, decorating the front of a lyre covered with inlays | ||
ID 5 (1992) | Red | Saddam Hussein | |||
ID 10 (1990; not issued) | Blue | Saddam Hussein, palm trees, scene of the Tigris River | King Ashur-bani-pal galloping forward with bow and arrow, 645–635 BC | ||
ID 10 (1992) | Blue-green | Saddam Hussein and Ishtar gate | Lamassu, Assyrian carving of a winged bull | ||
ID 25 (1990) | Green | Horses | Abbasid Palace | ||
ID 25 (1986) | Green-brown | Saddam Hussein & Battle of Qadisiyah | Al-Shaheed Monument | ||
ID 25 (2001) | Green | Saddam Hussein | Ishtar gate / Lion_of_Babylon_(statue)
| ||
ID 50 (1991) | Pink and green | Saddam Hussein | Great Mosque of Samarra | ||
ID 50 (1994) | Brown and blue | Saddam Hussein and the Al-Shaheed Monument | Saddam Bridge | ||
ID 100 (1991) | Green and purple | Saddam Hussein | Hands of Victory (Swords of Qādisīyah) | ||
ID 100 (1994) | Blue | Saddam Hussein and the Hisn al-Ukhaydir (Al-Ukhaidir Fortress) | Baghdad Clock | ||
ID 100 (2002) | Blue | Saddam Hussein | Old Baghdad | ||
ID 250 (1995) | Violet | Saddam Hussein and the Qadisiya hydroelectric dam | Liberty Monument, Baghdad | ||
ID 250 (2002) | Violet | Saddam Hussein | Dome of the Rock | ||
ID 500 (1995; not issued) | Light pink | Saddam Hussein, Baghdad tower (previously International Saddam Tower) | Bridge of 14 July over Tigris River, Baghdad | ||
ID 10,000 (2002) | Pink and violet | The Monument to the Unknown Soldier
|
Mustansiriya Madrasah, Arabic astrolabe |
2003–present
2003 Series | |||||
---|---|---|---|---|---|
Image | Value | Main Color | Description | ||
Obverse | Reverse | Obverse | Reverse | ||
ID 50 | Purple | Grain silos at Basra | Date palms | ||
ID 250 | Blue | An Astrolabe | Spiral minaret of the Great Mosque of Samarra | ||
ID 500 | Blue-green | Dukan Dam on the Little Zab river | Lamassu, Assyrian carving of a winged bull | ||
ID 1,000 | Brown | A gold dinar coin | Mustansiriya Madrasah, Baghdad | ||
ID 5,000 | Dark blue | Gelî Ali Beg and its waterfall | Al-Ukhaidir Fortress | ||
ID 10,000 | Green | Abu Ali Hasan Ibn al-Haitham | Great Mosque of al-Nuri (Mosul)
| ||
ID 25,000 | Red | A Kurdish farmer holding a sheaf of wheat, a tractor and a gold dinar coin | Carving of the Code of King Hammurabi |
2013–2015 Series | |||
---|---|---|---|
Value | Main Color | Description | |
Obverse | Reverse | ||
ID 10,000 | Green | Sculptor Jawad Saleem's Monument of Freedom at Liberation Square (Nasb al-Hurriyah) in Baghdad | Al-manara al-hadba fi al-Mawsil (the hunchbacked tower of the Great Nurid mosque in Mosul)
|
ID 25,000 | Red | A Kurdish Farmer holding a jug, a tractor and a gold dinar coin | Carving of the Code of King Hammurabi |
ID 50,000 | Brown | Water wheel on the Euphrates river, palm trees, Gali Ali Beg waterfall | Fishermen, traditional reed house of the Mesopotamian marshes, rivers Euphrates and Tigris rivers on map |
2018 Series | |||
---|---|---|---|
Value | Main Color | Description | |
Obverse | Reverse | ||
ID 1,000 | Brown | A representation of an Assyrian star, man on a boat, inscription "Enlisting the marshes and Heritage of South Iraq in the World Heritage List" | Mustansiriya Madrasah, Baghdad |
Exchange rate
Current IQD exchange rates | |
---|---|
From Google Finance: | AUD CAD CHF CNY EUR GBP HKD JPY USD USD |
From Yahoo! Finance: | AUD CAD CHF CNY EUR GBP HKD JPY USD USD |
From XE.com: | AUD CAD CHF CNY EUR GBP HKD JPY USD USD |
From OANDA: | AUD CAD CHF CNY EUR GBP HKD JPY USD USD |
See also
- British currency in the Middle East
- Central Bank of Iraq
- Economy of Iraq
- Iraqi art
- Iraqi Swiss dinar
- Kuwaiti dinar
References
- ^ "Iraq". CIA World Factbook 1990 – page 150. 1 April 1990. Retrieved 21 June 2022.
{{cite book}}
:|website=
ignored (help) - ^ "Currency of Iraq: Iraqi dinar, today's rate". Mataf. Retrieved 19 June 2022.
- ^ "Dollar to Iraqi Dinar Exchange Rate Today, Live 1 USD to IQD = 1462.4821 (Convert Dollars to Iraqi Dinar)". exchangerates.org.uk. Retrieved 7 February 2023.
- ISBN 978-0230270725.
- ISBN 978-1136892660.
- ISBN 1136285687.
- ^ "Iraq Monetary History". Dinar2u.com. Retrieved 27 December 2020.
- ^ Symes, Peter; Hanewich, Murray; Al-Muderis, Layth. "The Bank Notes of the Iraq Currency Board". p j symes. Retrieved 27 December 2020.
- ^ Wheeler, Tony. West Asia on a Shoestring. 2nd. Hawthorn, Australia: Lonely Planet, 1990.
- .
- ^ Coalition Provisional Authority. "Iraq Currency Exchange". Archived from the original on 15 May 2007. Retrieved 28 May 2007.
{{cite web}}
: CS1 maint: unfit URL (link) - ^ Payne, Andrew. "Iraq becomes latest country to devalue its currency". Retrieved 17 March 2022.
- ^ "Home". Central Bank of Iraq (in Arabic). Archived from the original on 2 March 2019. Retrieved 2 March 2019.
- ^ International Monetary Fund, Iraq: Letter of Intent, Memorandum of Economic and Financial Policies, and Technical Memorandum of Understanding, 3 March 2011, p. 17.
- ^ "Owners of currency exchange business that made $600 million convicted of fraud" (Press release). Georgia, USA: U.S. Attorney’s Office, Northern District of Georgia. Department of Justice. 10 October 2018. Retrieved 20 November 2018.
- ^ Sommer, Will (20 November 2018). "Trump Fans Sink Savings Into 'Iraqi Dinar' Scam". The Daily Beast.
- ^ Rothschild, Mike (10 February 2014). "The Ugly Truth About the Iraqi Dinar". Skeptoid. Skeptoid Media. Archived from the original on 2 March 2019. Retrieved 2 March 2019.
- ^ Lee, Jasen (3 January 2014). "Long-running scam involves foreign currency". KSL-TV. Salt Lake City: Bonneville International Corporation. Archived from the original on 2 March 2019. Retrieved 2 March 2019.
- ^ "Consumer Alert: Iraqi Dinar Scams". Department of Financial Institutions. Washington state. 15 April 2011.
- ^ Bolton, Jennifer (3 January 2011). "Utah Division of Securities identifies Top Ten Investment Alerts for 2011" (PDF) (Press release). Salt Lake City: State of Utah Department of Commerce, Division of Securities.
- ^ Faught, Irving (2 February 2012). "PRESS RELEASE – IRAQI DINAR SCAMS" (Press release). Oklahoma Securities Commission. Archived from the original on 6 February 2015.
- ^ "INVESTOR ALERT – Understanding high-risk investments What you don't know CAN hurt you!" (PDF). Alabama Securities Commission. 12 March 2014. Retrieved 8 September 2019.
- ^ "Iraqi Dinar Investment – Fact or Fiction". WHNT. 9 May 2014.
- Arlington, VA: Better Business Bureau/. 11 February 2014.
- ^ The Iraqi Dinar Scam: Why Buying the Dinar is for Dummies. Learning Markets. 30 April 2012.
- ^ ISBN 978-1-4402-1160-7.
- ^ Linzmayer, Owen (2012). "Iraq". The Banknote Book. San Francisco, CA: Banknote News.
- ^ "New Iraqi Dinar banknotes feature stronger security features". 11 May 2014. Retrieved 22 August 2018.
- ^ Iraq new 250- and 500-dinar notes confirmed Banknote News. 6 October 2014. Retrieved on 2014-11-30.
- ^ Iraq new 1,000-dinar note confirmed Banknote News. 5 October 2014. Retrieved on 2014-11-30.
- ^ Iraq new 5,000- and 25,000-dinar notes confirmed Banknote News. 29 November 2014. Retrieved on 2014-11-30.
- ^ "Central Bank Of Iraq To Remove 50 Dinar Banknotes From Circulation On April 30, 2015 «". marketersmedia.com. Retrieved 22 August 2018.
- ^ Giammarino, Nick (13 November 2015). "Newly Released 50000 Iraqi Dinar Banknotes Released". Iraqi Dinar RV News. Retrieved 22 August 2018.
External links
- Central Bank of Iraq homepage
- Council on Foreign Relations: benefits of the new Iraqi dinar Archived 23 May 2011 at the Wayback Machine
- Iraqi Dinar Scam – Washington State Department of Financial Institutions warning
- Iraqi Dinar Scams – Oklahoma Securities Commission warns residents
- Dmoztools.net – Iraqi Dinar Archived 5 April 2017 at the Wayback Machine