Iraqi dinar IQD

The Iraqi dinar is the official currency of Iraq. It is divided into 1000 fils. Banknotes are available in denominations of 250, 500, 1000, 5000, 10,000, 25,000, and 50,000 dinars. Iraq has not used coins since 1990, as fils were removed due to inflation.

History of the Iraqi Dinar

The Iraqi dinar was introduced in 1932, replacing the Indian rupee at a rate of 1 dinar = 11 rupees. After World War I, the dinar became Iraq's official currency. Initially, 1 dinar was valued at 2.8 US dollars due to Iraq's strong economy. However, after US sanctions, the dinar rapidly depreciated to a rate of 3000 dinars per US dollar.

Interesting Facts about the Iraqi Dinar

The Iraqi dinar was heavily traded on the black market, leading to economic collapse. However, after the fall of Saddam Hussein's regime, a multi-million dollar industry emerged around trading Iraqi dinars, helping to slowly increase its value.