Guest views are now limited to 12 pages. If you get an "Error" message, just sign in! If you need to create an account, click here.

Jump to content
Sign in to follow this  
tbush

Everything you currently want to know involving the IQD notes to include MANY MANY links that some of you may not be aware: Wapedia

Recommended Posts

http://wapedia.mobi/en/Iraqi_dinar

The dinar (pronounced: di-'när) (Arabic: دينار, Kurdish: دینار) (sign: د.ع; code: IQD) is the currency of Iraq. It is issued by the Central Bank of Iraq and is subdivided into 1,000 fils (فلس), although inflation has rendered the fils obsolete.

Contents:

1. History

2. Speculation

3. Redenomination

4. Coins

5. Banknotes

6. 1990-2002 Series

7. Current banknotes

8. See also

9. References

10. External links

Iraqi dinar

دينار عراقي (Arabic)

25,000 dinars banknotes 1972 25 fils coin

ISO 4217 Code IQD

User(s) Iraq

Inflation 1.66%

Source Central Bank of Iraq, June 2010.

Subunit

1/1,000 fils

Symbol ع.د

Coins 25, 50, 100 dinar [1]

Banknotes 50, 100, 250, 500, 1,000, 5,000, 10,000, 25,000 dinar

Central bank Central Bank of Iraq

Website www.cbi.iq

1. History

The dinar was introduced into circulation in 1932, by 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 = 13⅓ rupees. The dinar was pegged at par with the British pound until 1959 when, without changing its value, the peg was switched to the United States dollar at the rate of 1 dinar = 2.8 dollars. By not following the devaluations of the U.S. currency in 1971 and 1973, the dinar rose to a value of US$3.3778, before a 5 percent devaluation reduced the value of the dinar to US$3.2169, a rate which remained until the Gulf War, although in late 1989, the black market rate was reported at five to six times higher (3 dinars for US$1) than the official rate. [2]

After the Gulf War in 1991, due to UN sanctions, the previously used Swiss printing was no longer available. A new, inferior quality notes issue was produced. The previous issue became known as the Swiss dinar and continued to circulate in the Kurdish region of Iraq. Due to sanctions placed on Iraq by the United States and the international community and excessive government printing of the new notes issue, the dinar devalued quickly, and in late 1995, US$1 was valued at 3,000 dinars.

Following the deposition of Saddam Hussein in the 2003 invasion of Iraq, the Iraqi Governing Council and the Office for Reconstruction and Humanitarian Assistance began printing more Saddam dinar notes as a stopgap measure to maintain the money supply until new currency could be introduced.

Between October 15, 2003 and January 15, 2004, the Coalition Provisional Authority issued new Iraqi dinar coins and notes, with the notes printed by 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." [3] Old banknotes were exchanged for new at a one-to-one rate, except for the Swiss dinars, which were exchanged at a rate of 150 new dinars for one Swiss dinar.

These new banknotes led to a new industry of selling the new Iraqi dinar to oversea investors who hoped to profit from Iraq's new currency when the economy improved. The provisional government of Iraq has made this legal, but the banknotes are exchanged at different rates by companies wanting to make profit. Due to the success of this program, though, Iraqi dinar has been widely counterfeited. However, there are six different security features on the 25,000 Iraqi dinar note that one can check for authenticity. [4]

Although the value of the dinar appreciated following the introduction of the new banknotes from 4,000 dinars per U.S. dollar, at the time of their introduction, to a high of 980 dinars per dollar, it is now held at a "program" exchange rate, as specified by the International Monetary Fund,[citation needed] of 1170 dinars per US dollar at the Central Bank of Iraq. However, there is not yet a set international exchange rate and so international banks do not yet exchange Iraqi dinar. The exchange rate available on the streets of Iraq is around 1200 dinars per US dollar.

For a wider history surrounding currency in the region, see The History of British Currency in the Middle East.

2. Speculation

On May 3, 2007, the IMF released a statement in relation to the international compact with Iraq, which has turned the tide in regards to speculation on the Iraq dinar. The contents of the article discuss changes made in Iraq on the economic front of how the Iraq government had eliminated fuel subsidies. The article also stated that the Central Bank of Iraq had raised interest rates in an attempt to allow a gradual appreciation of the dinar in an attempt to fight dollarization of the Iraq economy. Although there are claims of widespread optimism of some language used later in the press release among some dinar speculators, there have been no publicly released statements or analysis by any news sources or governments. [5]

Since the introduction of the new Iraqi Dinar in 2004 after the fall of Sadaam Hussein, dinar speculators have resorted to private dealers to buy and sell the Iraqi Dinar because there is no public market for the Iraqi Dinar. Currently, dealers registered with the U.S. Treasury as a Money Service Business sell dinars for around $1100 per 1 million IQD. [6] It is yet to be seen how much of a return dinar speculators will receive.

3. Redenomination

According to a Reuters report on 11 Feb 2010, Iraq expects to redenominate its dinar currency by knocking three zeros off the nominal value of bank notes to facilitate currency transactions.

Emerging from years of war and sanctions, Iraq is trying to revamp its economy and boost oil production with a raft of crude deals that may vault it to one of the world's top oil producers.

'The goal is to improve the payment and receiving system in the country and consequently to reform cash management,' said Mudher Kasim, a senior advisor at the central bank.

Kasim said that the central bank expected to start rolling out new notes by the end of the year or the beginning of 2011. Iraq has 25 trillion dinars in circulation, officials say. An Iraqi cabinet committee ordered the change in 2007, but the central bank did not think it is appropriate until recently.

http://www.rferl.org/content/Iraq_Planning_Currency_Redenomination/1950504.html

4. Coins

Coins were introduced in 1931 and 1932 in denominations of 1, 2, 4, 10, 20, 50 and 200 fils, with the 200 fils known as a rial. The 20, 50 and 200 fils were minted in silver. In 1953, silver 100 fils coins were introduced.

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 1970, 250 fils pieces were introduced, followed by 500 fils and 1 dinar coins in 1982. Coin production ceased after 1990.

In 2004, new 25, 50, and 100 dinars coins were introduced. However, these coins proved to be unpopular & were withdrawn from circulation.

Value Diameter Weight Composition Obverse Reverse

25 dinars 17.5 mm 2 g Copper plated steel Inscriptions: "Central Bank of Iraq" and "25 dinars" Outline map of Iraq

50 dinars [citation needed] Brass plated steel Inscriptions: "Central Bank of Iraq" and "50 dinars" Outline map of Iraq

100 dinars 22 mm 4.3 g Nickel plated steel Inscriptions: "Central Bank of Iraq" and "100 dinars" Outline map of Iraq

5. Banknotes

Old banknote note featuring Saddam Hussein

In 1931, banknotes were issued by the government in denominations of ¼, ½, 1, 5, 10 and 100 dinar. The notes were printed in the United Kingdom. From 1931 to 1947, the banknotes were issued by the Iraqi currency board for the government of Iraq and banknotes were convertible into pound sterling. From 1947, the banknotes were issued by the National Bank of Iraq, then after 1954 by the Central Bank of Iraq.

100 dinars notes ceased production in the 1940s but otherwise, the same denominations were issued until 1978, when 25 dinars notes were introduced. In 1991, 50 and 100 dinars were introduced, followed by 250 dinars notes in 1995 and 10,000 dinars notes in 2002.

Banknotes issued between 1990 and October 2003, along with a 25-dinars note issued in 1986, bear an idealized engraving of former Iraqi President Saddam Hussein. Following the 1991 Gulf War, Iraq's currency was printed both locally and in China, using poor grade wood pulp paper (rather than cotton or linen) and inferior quality lithography (some notes were reputedly printed on presses designed for printing newspapers).

Counterfeited banknotes often appeared to be of better quality than real notes. Despite the collapse in the value of the Iraqi dinar, the highest denomination printed until 2002 was 250 dinars. In 2002, the Central Bank of Iraq issued a 10,000-dinars 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 250-dinars notes for everyday use. The other, smaller bills were so worthless that they largely fell into disuse. This situation meant that Iraq, for the most part, had only one denomination of banknote in wide circulation.

Currency printed before the Gulf War was often called the Swiss dinar. It got its name from the Swiss printing technology that produced banknotes of a considerably 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 disendorsed by the Iraqi government. However, this old currency still circulated in the Kurdish regions of Iraq 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 percent per annum.

In 2003, new banknotes were issued consisting of six denominations: 50, 250, 1,000, 5,000, 10,000, and 25,000 dinar. The notes were similar in design to notes issued by the Central Bank of Iraq in the 1970s and 1980s. A 500 dinars note was issued a year later, in October 2004. In the Kurdish regions of Iraq, the 50 dinar note is not in circulation.

According to a report on that was shown on February 6, 2010 on Al Iraqiya TV channel, the Central Bank of Iraq considered a plan to redenominate the Iraqi dinar in order to increase the strength level of the Iraqi currency, which will allow people to carry less paper money. Mudhhir Muhammad Salih, a member of a Central Bank advisory panel, told RFI that the plan is to remove the zeros from the currency and phase out the current banknotes late this year. This will be while the old banknotes will be gradually removed from circulation. He did not specify when the new notes would be issued. Both will be legal tender in Iraq until the old notes are completely withdrawn.”

6. 1990-2002 Series

1990-2002 Series

Image Value Main Color Description

Obverse Reverse Obverse Reverse

1/4 Dinar (1993) Green Palm trees Building

1/2 Dinar (1993) Violet Astrolabe Great Mosque of Samarra

1 Dinar (1992) Pink & Green A gold dinar coin Mustansiriya Madrasah

5 Dinar (1992) Red Saddam Hussein The Monument to the Unknown Soldier

10 Dinar (1992) blueish-green Saddam Hussein and Ishtar gate Lamassu

25 Dinar (1990) Green Horses Abbasid Palace

25 Dinar (1986) Brownish-Green Saddam Hussein & Horses Al-Shaheed Monument

25 Dinar (2001) Green Saddam Hussein Ishtar gate

50 Dinar (1991) Pink and Green Saddam Hussein Great Mosque of Samarra

50 Dinar (1994) Brown and Blue Saddam Hussein and the Al-Shaheed Monument Saddam Bridge

100 Dinar (1991) Green & Purple Saddam Hussein Hands of Victory

100 Dinar (1994) Blue Saddam Hussein Baghdad Clock

100 Dinar (2002) Blue Saddam Hussein Old Houses

250 Dinar (1995) Violet Saddam Hussein Liberty Monument friese

250 Dinar (2002) Violet Saddam Hussein Dome of the Rock

10,000 Dinar (2002) Pink / Violet Saddam Hussein, The Monument to the Unknown Soldier Mustansiriya Madrasah, Arabic astrolabe

7. Current banknotes

2003 Series

Image Value Main Color Description

Obverse Reverse Obverse Reverse

50 dinars Purple Grain silos at Basra Date palms

250 dinars Blue An astrolabe Spiral minaret of the Great Mosque of Samarra

500 dinars Bluish-Green Dûkan Dam on the Al Zab river Assyrian carving of a winged bull

1,000 dinars Brown A gold dinar coin Mustansiriya School , Baghdad

5,000 dinars Dark blue Gelî Ali Beg and its waterfall Desert fortress at Al-Ukhether

10,000 dinars Green Abu Ali Hasan Ibn al-Haitham Hadba Minaret at the Great Nurid Mosque, Mosul

25,000 dinars Red A Kurdish farmer holding a sheaf of wheat Carving of the Code of King Hammurabi

Current IQD exchange rates

From Google Finance: AUD CAD CHF EUR GBP HKD JPY USD

From Yahoo! Finance: AUD CAD CHF EUR GBP HKD JPY USD

From XE.com: AUD CAD CHF EUR GBP HKD JPY USD

From OANDA.com: AUD CAD CHF EUR GBP HKD JPY USD

8. See also

Economy of Iraq

Iraqi Swiss dinar

9. References

Central Bank of Iraq coins

Wheeler, Tony. West Asia on a Shoestring. 2nd. Hawthorn, Australia: Lonely Planet, 1990.

Coalition Provisional Authority. "Iraq Currency Exchange". Archived from the original on 2007-05-15. http://web.archive.org/web/20070515093736/http://www.cpa-iraq.org/budget/IraqCurrencyExchange.html. Retrieved 2007-05-28.

Iraqi Dinar Security Features

Takatoshi Kato (2007-05-03). "International Compact with Iraq". http://www.imf.org/external/np/speeches/2007/050307.htm. Retrieved 2007-05-28.

Buying Iraqi Dinar

10. External links

Coalition Provisional Authority and the Iraqi dinar

Council on Foreign Relations: benefits of the new Iraqi dinar

News alerts to iraqi dinar and Iraq stock exchange

• •

Iraq topics

Society Iraqi people (Iraqi diaspora · Assyrian diaspora · Kurds · Assyrians · Chaldeans · Madan · Turkmen · Mandaeans) • Demographics • Languages (Arabic · Kurdish · Neo-Aramaic · Turkmen · Mandaic) • Religion (Islam · Christianity · Mandaeism · Judaism) • Education • Health • Sports • Music • Cuisine · Law

History Ancient Iraq (Sumer · Akkad · Babylonia · Assyria · Neo-Assyrian Empire · Neo-Babylonian Empire · Achaemenid Assyria · Seleucid Empire · Parthian Empire · Sassanid Empire · Asuristan) • Islamic conquest of Iraq • Abbasid Caliphate • Ottoman Iraq • British Mandate of Mesopotamia • Kingdom of Iraq • Republic of Iraq • Saddam Hussein • Iran-Iraq War • Invasion of Kuwait • Persian Gulf War • Sanctions • U.S. invasion of Iraq • Occupation of Iraq • Iraqi Resistance • Withdrawal of U.S. troops from Iraq

Economy Iraqi Dinar • Stock Exchange • Central Bank • Oil reserves • Media

Infrastructure Communications • Transportation • Schools • Hospitals • Roads • Reconstruction

Government Constitution • Legislative branch • Executive branch (President · Council of Ministers · Prime Minister) • Judiciary • Government since 2006 • Police · Security forces (Army · Navy · Air Force)

Politics Political parties • Minority politics • Elections • Foreign relations • Human rights • Foreign aid • War conflicts • Democracy • Flag

Geography Tigris • Euphrates • Fertile Crescent • Governorates • Districts • Notable Places • Syrian Desert • Zagros Mountains • Umm Qasr • Al-Faw Peninsula • Shatt al-Arab • Al-Jazira • Mesopotamian Marshes • Lake Habbaniyah • Lake Tharthar • Lake Hammar • Lake Milh

Iraq Portal

• •

Currencies named dinar or similar

Circulating Algerian dinar (دينار) · Bahraini dinar (دينار) · Iraqi dinar (دينار) · Jordanian dinar (دينار) · Kelantanese dinar (unofficial) · Kuwaiti dinar (دينار) · Libyan dinar (دينار) · Macedonian denar (денар) · Serbian dinar (динар) · Tunisian dinar (دينار)

Obsolete Bosnia and Herzegovina dinar · Croatian dinar · French denier · Iraqi "Swiss" dinar · Krajina dinar (динар) · Medieval Muslim gold dinar · Portuguese dinheiro · Republika Srpska dinar (динар) · South Yemeni dinar (دينار) · Spanish dinero · Sudanese dinar (دينار) · Yugoslav dinar (динар)

As subunit Iranian qiran (قران) · Iranian rial (ریال)

See also Andorran diner (commemorative) · denarius · E-dinar · Islamic gold dinar

• •

Currencies of Asia

Central Kazakhstani tenge · Kyrgyzstani som · Tajikistani somoni · Turkmenistan manat · Uzbekistani som

East Chinese yuan · Hong Kong dollar · Japanese yen · Macanese pataca · Mongolian tögrög · North Korean won · South Korean won · New Taiwan dollar

North Russian ruble

South Afghan afghani · Bangladeshi taka · Bhutanese ngultrum · Indian rupee (Bhutan) · Maldivian rufiyaa · Nepalese rupee · Pakistani rupee (Afghanistan) · Sri Lankan rupee · U.S. dollar (Afghanistan, British Indian Ocean Territory)

Southeast Brunei dollar (Singapore) · Cambodian riel · Chinese yuan · Indonesian rupiah · Lao kip · Malaysian ringgit · Myanma kyat · Philippine peso · Singapore dollar (Brunei) · Thai baht · U.S. dollar + East Timorese centavo (East Timor) · Vietnamese đồng

West Abkhazian apsar (unrecognized) · Armenian dram (Nagorno-Karabakh) · Azerbaijani manat · Bahraini dinar · Egyptian pound (Gaza Strip) · Euro (Cyprus) · Georgian lari · Iranian rial · Iraqi dinar · Israeli new sheqel (Palestinian terrtories) · Jordanian dinar (West Bank) · Kuwaiti dinar · Lebanese pound · Nagorno-Karabakh dram (unrecognized) · Omani rial · Russian ruble (Abkhazia, South Ossetia) · Qatari riyal · Saudi riyal · Syrian pound · Turkish lira (Northern Cyprus) · UAE dirham · Yemeni rial

Categories: Articles needing additional references from December 2007, All articles needing additional references, All articles with unsourced statements, Articles with unsourced statements from February 2007, Articles needing additional references from July 2010, Articles with unsourced statements from March 2009, Dinar, Currencies of Asia, Circulating currencies, Currencies of Iraq, Economy of Iraq

Other languages: Deutsch, Español, Français, Polski, Italiano, 日本語, Русский, Nederlands, Português, Esperanto, Svenska, More...

  • Upvote 2

Share this post


Link to post
Share on other sites
Guest
This topic is now closed to further replies.
Sign in to follow this  

  • Recently Browsing   0 members

    No registered users viewing this page.



×
×
  • Create New...

Important Information

By using this site, you agree to our Terms of Use.