Iraqi Dinar


Also found in: Dictionary, Thesaurus, Acronyms, Wikipedia.

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 ?
In fact, what many Americans did not know is that the Iraqi dinar revaluation is not as easy as they think.
"If you are unfamiliar with the Dinar on Reserve program (Lay away programme) with most companies you pay a 10 per cent down payment of the amount of Iraqi Dinars your are purchasing and you have 30 days to pay off the balance or you will lose your 10 per cent.
And Americans along with Arab investors are snatching up the Iraqi dinar. "My business partner gave us a tip that the Iraqi dinar would be converted into the US dollar and when that happens the dinar would soar in value," says Jim Lacko out of Pennsylvania.
Ryan's bill provides that if Iraq becomes officially dollarized, the United States could rebate to Iraq most of the seigniorage (profit) from the dollar paper money and coins used to replace Iraqi dinars in circulation.
Foreign transfers rose to hit $750.255 million this week against $656.225 million last week at an exchange rate of 1,173 Iraqi dinars per each dollar, including the CBI s commission of 3 Iraqi dinars per one dollar.
The demand hit $7.500 million in cash, covered by the bank at an exchange rate of 1,183 Iraqi dinars, and $152.145 million in foreign transfers outside the country, covered at an exchange rate of 1,173 Iraqi dinars per dollar, according to a CBI news bulletin received by Aswat al-Iraq news agency.
"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.
BAGHDAD / Aswat al-Iraq: Iraqi government spokesman Ali al-Dabbagh announced today that the Cabinet approved the general budget law for the year 2013 with an amount of 138 trillion Iraqi dinars. The new budget is 18% higher than the previous one he stated.

Full browser ?