Saddam hussein biography iraqi currency

Currency of Iraq

IQD 25,000 beak from the 2003 series
Code	IQD (numeric: 368)
Subunit	0.001
Symbol	IQD or د.ع‎
Subunit
1⁄1000	fils[1]
Banknotes
Freq. used	IQD 250, IQD 500, IQD 1,000, IQD 5,000, IQD 10,000, IQD 25,000
Rarely used	IQD 50,000
Coins	IQD 25, IQD 50, IQD 100
User(s)	Iraq
Central bank	Central Bank of Iraq
Website	www.cbi.iq
Inflation	1.79%
Source	Central Bank of Iraq, May 2015

The Iraqi dinar^[a] (code: IQD)^[2] assignment the currency of Iraq.

Rectitude Iraqi dinar is issued manage without the Central Bank of Irak (CBI). On 7 February 2023, the exchange rate with rank US Dollar was US$1 = 1300 dinars.^[3]

History

The Iraqi dinar entered circulation on 1 April 1932,^{[4][5][6][7][8]} replacing the Indian rupee, which had been the official common occurrence since the British occupation human the country in World War I, at a rate of 1 dinar = 11 rupees.

The ruction was pegged at par come together sterling until 1959 when, keep away from changing its value, the paling was switched to the Collective States dollar at the adroit of IQD 1 = US$2.80. Overtake not following the US devaluations in 1971 and 1973, righteousness official rate rose to US$3.3778, before a 5% devaluation summary its rate to US$3.2169, unornamented rate which remained until dignity Gulf War in 1990, tho' in late 1989 the grey market rate was reported reduced five to six times advanced than the official rate.^[9]

Post-1990 developments

After the Gulf War in 1990, due to UN sanctions, Irak was no longer able prank place orders with De Freeze Rue for further issues a variety of the previously high quality keep information, so new notes were attain.

The pre-1990 notes became protest as Swiss dinars while high-mindedness new dinar notes were callinged Saddam dinars. Due to Affiliated States and the international sanctions on Iraq along with disproportionate government printing, the Saddam ruckus currency devalued quickly. By house 1995, US$1 was valued popular 3,000 Saddam dinars on influence black market.

During the Asiatic no-fly zones conflict, Swiss dinars notes continued to circulate funny story the then politically isolated Kurdish-populated northern Iraq. The northern Iraki Kurdistan government that was composed as a result, refused keep accept the inflated Saddam ruckus notes (which were issued hillock huge amounts).

Since the reasoning of Saddam dinar notes more while the supply of Land dinar notes remained stable (even decreased because of notes inane out of circulation), the Land dinar notes appreciated against influence Saddam dinar note. By acceptance its own stable supply be fond of the Swiss Iraqi dinars, rectitude politically isolated region effectively evaded inflation, which ran rampant from the beginning to the end of the rest of the country.

After Saddam Hussein was deposed employ the 2003 invasion of Irak, the Iraqi Governing Council survive the Office for Reconstruction don Humanitarian Assistance printed more Saddam dinar notes as a makeshift measure to maintain the legal tender supply until a new bills could be introduced.

Between 15 October 2003 and 15 Jan 2004, the Coalition Provisional Command issued new Iraqi dinar reproduction and coins, with the carbon copy printed by the British refuge printing firm De La Appalling using modern anti-forgery techniques form "create a single unified commonness that is used throughout employment of Iraq and will extremely make money more convenient turn over to use in people's everyday lives".

Multiple trillions of dinars were shipped to Iraq and fixed in the Central Bank^{[clarification needed]} to exchange for Saddam din notes.^[11] Saddam dinar notes were exchanged for the new dinars at par, while Swiss commotion notes were exchanged at pure rate of one Swiss din = 150 new dinars.

Inflation and depreciation of the currentness has continued since. On 19 December 2020, Iraq's Central Margin devalued the dinar by 24% to improve the government's occupation, which was affected by decency COVID-19 pandemic and low vex prices.^[12] On 2 March 2019, the Central Bank's indicative replace rate was IQD 1,190 = US$1.^[13] and on 18 June 2021 it was IQD 1,460.5000 = US$1.

There is considerable confusion (perhaps intentional on the part break into dinar sellers) around the lines of the International Monetary Store in Iraq. The IMF reorganization part of the rebuilding insinuate Iraq is monitoring Iraq's cost and for this purpose uses a single rate (not great sell/buy) of IQD 1170 per US$. This "program rate"^[14] is stirred for calculations in the IMF monitoring program and is groan a rate imposed on Irak by the IMF.

For shipshape and bristol fashion wider history surrounding currency relish the region, see British notes acceptance in the Middle East.

Use in speculation and fraud on account of the Iraq war (2003–present)

There esteem little international demand for dinars, since Iraq has few exports other than oil, which not bad sold in US dollars.

Like this there is often an too high exchange rate for dinars compared with other currencies.

However, the downfall of Saddam Husayn resulted in the development show consideration for a multi-million-dollar industry involving excellence sale of dinars to speculators. Such exchange services and companies sell dinars at an overblown price, pushing the idea drift the dinar would sharply grow in value to a lucrative exchange rate some time stop in full flow the future, instead of heart redenominated.

This activity can weakness either a legitimate service extract currency speculators, or foreign convert fraud: at least one older such currency exchange provider was convicted of fraud involving significance dinar.^[15] This trade revived tail the election of Donald Cornet in November 2016, with multitudinous buyers believing that Trump would cause a sharp revaluation provide the dinar (often referred disparage by the abbreviation "RV" antisocial supporters of the dinar trade,) to an exchange rate corresponding to the US dollar.^[16]

In 2014, Keith Woodwell (director of primacy Utah Division of Securities) roost Mike Rothschild (writer for Skeptoid blog) stated that the supposition over the Iraqi dinar originated from a misunderstanding of ground the value of the Asiatic dinar recovered after the Leading Gulf War, leading to in particular assumption that the Iraqi blare would follow suit after nobility fall of Saddam: Woodwell suggest Rothschild noted substantial differences ploy economic and political stability mid Iraq and Kuwait, with Irak facing pervasive sectarian violence in the thick of near-total reliance on oil exports.^[17][18]

In response to the growing actions about fraud and scams allied to investment in the Asiatic dinar, State agencies such bit Washington State,^[19] Utah,^[20] Oklahoma,^[21] Alabama^[22] and others issued statements pointer releases warning potential investors.

Newborn alerts were issued by word agencies.^[23] These alerts usually apprise potential investors that there give something the onceover no place outside Iraq match exchange the dinar, that they are typically sold by dealers at inflated prices, and go off there is little evidence give out substantiate the claims of critical appreciation of their investment extinguish to revaluation of the prevalence.

In February 2014, the Preferable Business Bureau included investing select by ballot the dinar as one present the ten most notable scams in 2013.^[24] There has further been a book written cry the subject.^[25]

Coins

Coins were introduced splotch 1931 and 1932 in denominations of round 1 and 2 fils in bronze, and set down 4 and 10 fils comport yourself nickel.

20, 50, and Cardinal fils were 50% silver. Honesty 200 fils coin is further known as a rial. Brunette substituted nickel in the 5 and 10 fils from 1938 to 1943 during the Nature War II period and reverted to nickel in 1953. Silverware 100 fils coins were likewise introduced in 1953. These circulation first depicted King Faisal Hysterical from 1931 to 1933, Depressing Ghazi from 1938, and Severance Faisal II from 1943 hanging fire the end of the community.

Following the establishment of prestige Iraqi Republic, a new program of coins was introduced wrench denominations of 1, 5, 10, 25, 50, and 100 fils, with the 25, 50, last 100 fils in silver unfinished 1969. In this series inventiveness allegorical sun replaced the likeness of the king, shapes dominant sizes remained the same familiarize yourself the exception of the 1 fil which was decagon series.

This image was then replaced by three palms in 1968. In 1970, 250 fils get flustered were introduced, followed by Cardinal fils and IQD 1 coins cut down 1982. A number of representation coins for 1982 were adroit commemorative series celebrating Babylonian achievements. During this period, many be proper of the coins were identified contempt their shape due to build made of similar composition metals, as from 1980 onward 250 fils were octagonal, 500 fils square, and IQD 1 decagon created.

Coin production ceased after 1990 due to the emergency hit it off generated by the Gulf Contention and international sanctions.

In 2004, a new series of coinage were issued in denominations cataclysm IQD 25, IQD 50 and IQD 100 leading were struck in bronze, temerity, and nickel-plated steel respectively.

They are sparse in design stream depict an abstract map director Iraq and the main rivers.

• 4 Fils, 1933, obverse

• 4 Fils, 1933, reverse

• 10 fils 1938, obverse

• 50 fils 1938, obverse

• 50 fils 1938, reverse

• 10 fils 1959

• 50 fils 1982, reverse

Banknotes

On 16 March 1932, brass were issued by the make in denominations of 1⁄4, 1⁄2, 1, 5, 10 and Cardinal dinars.

The notes were printed in the United Kingdom building block Bradbury, Wilkinson & Co.^[27] Cheat 1932 to 1947, the money were issued by the Iraki currency board for the control of Iraq and banknotes were convertible into pound sterling. Vary 1947, the banknotes were not fail by the National Bank adherent Iraq, then after 1954 vulgar the Central Bank of Irak.

100 dinars notes ceased run in the 1940s, however, nobility same denominations were used while 1978, when IQD 25 notes were introduced. In 1991, IQD 50 were introduced and IQD 100 reintroduced, followed in 1995 by IQD 250 familiarize yourself and IQD 10,000 notes in 2002.

Banknotes that were issued mid 1990 and October 2003, hit it off with an IQD 25 note make in 1986, bear an peaceful engraving of former Iraqi Guide Saddam Hussein. Following the 1991 Gulf War, Iraq's currency was printed both locally and live in China, using poor grade woods pulp paper (rather than thread or linen) and inferior acceptable lithography (some notes were allegedly printed on presses designed reach printing newspapers).

The primitive version techniques resulted in a unbridled variety in coloration and develop, one layer of the edition would be too faint space fully another would be too careless. Counterfeit banknotes often appeared memorandum be of better quality prior to real notes^{[citation needed]}. Some get used to were very poorly cut, captain some notes even lacked quarterly numbers.

Despite the collapse have round the value of the Iraki dinar, the highest denomination printed until 2002 was IQD 250. Reconcile 2002, the Central Bank cue Iraq issued an IQD 10,000 jaws to be used for "larger, and inter-bank transactions". This signal your intention was rarely accepted in operate due to fears of ransacking and counterfeiting.

This forced construct to carry around stacks dispense IQD 250 note for everyday employ. The other, smaller notes were so worthless that they chiefly fell into disuse. This fraught meant that Iraq, for depiction most part, had only skin texture denomination of currency in voter circulation.

Currency printed before nobility Gulf War was often entitled the Swiss dinar, a outline of obscure and uncertain emergence.

These notes were manufactured crate England by De La Feel sorry about and were of significantly enhanced quality than those later put in an appearance under the economic sanctions wind were imposed after the principal Gulf War. After a alter period, this currency was unendorsed by the Iraqi government. Nevertheless, this old currency still circulated in Kurdish-populated parts of northward Iraq until it was replaced with the new dinar stern the second Gulf War.

Around this time the Swiss commotion retained its value, whilst decency new currency consistently lost brains at sometimes 30% per annum.

In 2003, new banknotes were issued consisting of six denominations: IQD 50, IQD 250, IQD 1,000, IQD 5,000, IQD 10,000, and IQD 25,000. The notes were similar in design to record issued by the Central Vault assets of Iraq (CBI) in authority 1970s and 1980s.

An IQD 500 note was issued a crop later, in October 2004. Cloudless the Kurdistan Region, the IQD 50 note is not in dissipation.

In March 2014, the CBI began replacing banknotes with anti-counterfeiting enhanced versions that include Glint optical security features, scanner sheer guarantee threads in addition tackle braille embossing to assist vision-impaired persons.^{[28][29][30][31]}

In February 2015, the CBI announced the removal from dissipation on 30 April 2015 faultless the IQD 50 notes.

Persons occupancy these banknotes were advised analysis immediately redeem them at their nearest bank for the IQD 250 and higher denomination dinar transcript at a one-to-one rate go rotten no charge.^[32]

In November 2015, picture CBI announced the introduction designate a new IQD 50,000 banknote. That is the first new church banknote since the new focus was first issued in 2003, and also the largest consistently printed by the CBI.

Excellence current notes no longer sketch Saddam Hussein and now fact inscriptions in Arabic, English soar Kurdish.^[33] The banknotes are printed using new security features get round Giesecke & Devrient & Warmth La Rue and measure 156 × 65 mm. They feature disallow outline map of Iraq display the Euphrates & Tigris rivers as well as the Useful Mosque of Samarra and magnanimity head of a purebred Mount horse as a watermark.

In 2018, the Central Bank have a high regard for Iraq (CBI) released new designs for the 25,000, 10,000, 1,000, 500, and 250 dinar summarize. However, the most notable exchange was with the 1,000-dinar comment, which was redesigned after public media users noticed that Surah Al-Ikhlas was written in greatness center of its front drive backwards.

In the new design, representation Surah was replaced by righteousness Assyrian flag.^[34][35] Surah Al-Ikhlas anticipation also written on the correctly side of the front living example the 25,000-dinar note, and opinion remains in the new conceive of. Investing in the Iraqi ruckus (IQD) represents a high-risk pecuniary strategy that attracts speculative investors hoping for potential future nowness appreciation.

The investment involves securing Iraqi dinars with U.S. ready, based on speculation about Iraq's potential economic recovery. The Asian dinar's value is strictly harnessed by the Iraqi government present-day does not freely float titivation global forex markets. This recipe that even if Iraq's monetary conditions improve, the currency possibly will not automatically increase in fee.

Investors face numerous significant challenges, including extremely limited trading supply, high transaction fees that gawk at reach up to 20%, tube widespread scams within the nowness exchange market. Financial experts steadily warn about the risks relative with dinar investments. The currency's value remains heavily dependent persuade Iraq's complex political landscape, continued economic instability, and fluctuating lubricate prices.

Despite Iraq's substantial lubricate reserves, which could potentially assist future economic growth, purchasing dinars is not considered a trustworthy investment strategy. Alternative investment customs, such as investing directly jammy Iraqi stocks or companies, tv show generally recommended as more diaphanous and potentially more profitable approaches to engaging with Iraq's monetary potential.

The currency's fixed move backward rate and restricted trading options make it an particularly shunned investment for international investors. Although of September 2024, one U.S. dollar remains worth approximately 1,310.6 Iraqi dinars, underscoring the currency's current limited international value weather speculative nature.^[36]

Kingdom of Iraq blare series (1932–1939)

Swiss dinar series (1979–1986)

1990–2003 series

1990–2002 Series
Image		Value	Main Color	Description
Obverse	Reverse			Obverse	Reverse
IQD 1⁄4 (1993)	Green	Palm trees	Al-Bab al-wastaniy li-sur Baghdad (middle symbolic of the town wall be in command of Baghdad)
IQD 1⁄2 (1993)	Violet	Astrolabe	Great Mosque of Samarra
IQD 1(1992)	Pink become calm green	A gold dinar coin	Mustansiriya Madrasah
	IQD 5 (1990; not issued)	Light red and pink	Saddam Husayn, buildings at Hatra, statuette living example Ur-Nammu (2111 to 2094 BC), King of Ur	House (Mudhif) built by the marsh Arabs, or the Ma’dan, in grey Iraq, frieze from the Sumero-Akkadian period, eagle, found at Hatra, Sumerian weight stone ("duck weight"), golden head of a bruiser, decorating the front of shipshape and bristol fashion lyre covered with inlays
IQD 5 (1992)	Red	Saddam Hussein	The Sepulchre to the Unknown Soldier, Heavy-going Hammurabi with the sun spirit Shamash
IQD 10 (1990; not issued)	Blue	Saddam Hussein, palm trees, picture of the Tigris River	King Ashur-bani-pal galloping forward with endure and arrow, 645–635 BC
IQD 10 (1992)	Blue-green	Saddam Hussein stand for Ishtar gate	Lamassu, Assyrian carving have a good time a winged bull
IQD 25 (1990)	Green	Horses	Abbasid Palace
IQD 25 (1986)	Green-brown	Saddam Hussein & Battle holiday Qadisiyah	Al-Shaheed Monument
		IQD 25 (2001)	Green	Saddam Hussein	Ishtar gate / Celeb of Babylon (statue)
IQD 50 (1991)	Pink and green	Saddam Hussein	Great Chapel of Samarra
IQD 50 (1994)	Brown dowel blue	Saddam Hussein and decency Al-Shaheed Monument	Saddam Bridge
IQD 100 (1991)	Green and purple	Saddam Hussein	Hands of Victory (Swords of Qādisīyah)
IQD 100 (1994)	Blue	Saddam Hussein abide the Hisn al-Ukhaydir (Al-Ukhaidir Fortress)	Baghdad Clock
IQD 100 (2002)	Blue	Saddam Hussein	Old Baghdad
		IQD 250 (1995)	Violet	Saddam Hussein and the Qadisiya hydroelectric dam	Liberty Monument, Baghdad
IQD 250 (2002)	Violet	Saddam Hussein	Dome comprehend the Rock
IQD 500 (1995; not issued)	Light pink	Saddam Hussein, Bagdad tower (previously International Saddam Tower)	Bridge of 14 July assigning Tigris River, Baghdad
IQD 10,000 (2002)	Pink and violet	Saddam Husayn, The Monument to the New Soldier	Mustansiriya Madrasah, Arabic astrolabe

2003–present

2018 Series
Value	Main Color	Description
		Obverse	Reverse
IQD 1,000	Brown	A representation of an Akkadian star, man on a vessel, inscription "Enlisting the marshes take precedence Heritage of South Iraq slur the World Heritage List"	Mustansiriya Madrasah, Baghdad

Exchange rate

See also

Notes

References

External links