Iraqi Dinar


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Iraqi Dinar

The currency of Iraq. It was introduced in 1923, replacing the Indian rupee. It was pegged to the British pound until 1959, when the peg was switched to the U.S. dollar. The peg was maintained at various levels until the Persian Gulf War in 1991, though the black market rate did not always reflect the official exchange rate. After the Gulf War, the Iraqi government was no longer able to use the Swiss printer it had previously used to print the dinar. It began using inferior technology to print its money. However, the older notes remained in circulation and became known as Swiss dinars. Both the old and the new notes were replaced following the U.S.-led invasion in 2003.
References in periodicals archive ?
Formally introduced in October 2003, the new Iraqi dinar is virtually worthless, trading at 1,460 dinars to $1.
755 million at an exchange rate of 1,170 Iraqi dinars per dollar, compared to last week s $$712.
The exchange rate reached to 1,166 Iraqi dinars for one dollar.
310 million during the previous session at an exchange rate of 1,170 Iraqi dinars per dollar.
The demand hit $13,632 million in cash, covered at an exchange rate of 1,179 Iraqi dinars per dollar, and $158,790 million in foreign transfers outside the country, covered at an exchange rate of 1,179 Iraqi dinars per dollar," according to a CBI news bulletin received by Aswat al-Iraq news agency.

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