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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.