Bank Exchange Rates for Iraqi Dinar
Bank Exchange Rates for Iraq - IQD - Iraqi Dinar - ع.د. The foreign exchange rates for Iraq also known as the ISO code IQD or the Iraqi Dinar currency and as a symbol ع.د. Send Money Transfer to Iraq.
No Iraqi dinar coins are in circulation, due to their lack of value, though banknotes in denominations of 50, 250, 500, 1,000, 5,000, 10,000 and 25,000 dinars are available and in circulation.
Bank Exchange Rates for Iraq
All countries would have their own currencies as these are the basic units of trade. Trade has been the basic form of the modern business and has been prevalent since medieval times. Thus money as a unit is necessary for all financial transactions. Money is one of the fundamental realities in today's world. Though the exchange rates of the currencies may vary every second, their values may drop or organisations could go bankrupt, there is absolutely no way that currencies would disappear as a whole. The currency that is available in Iraq is known as the Iraqi Dinar.
Currency Rate for Iraq
The Iraqi Dollar history
The dinar had been introduced in Iraq in 1932. It was done so after replacing the prevalent Indian Rupee. Until then the Indian Rupee had been the official currency since the British occupation that occurred in World War I. The exchange rate had then been so that a dinar was equal to 11 rupees. But the Gulf War proved to be a demerit to the Iraqi Dinar as the value of the Dinar from US$3.2169 to a point where 1 US$ was sold in the black market for 3000 dinars. The International Monetary Fund in Iraq now controls the exchange and uses a singular rate which is 1170 dinars per US$.
Currency Rates for Iraqi Dinar
The current denominations that are involved in the currency are bank notes of 250, 500, 1000, 5000, 10,000, 25,000 and 50,000 denominations. There has been some changes since the new currency notes were introduced in 2003. The coins that are available are 25, 50 and 100 dinars and are plated with bronze, brass and nickel steel respectively. These coins lack an intricate design and they depict abstract maps of Iraq along with the main rivers. The history of the Iraqi Dinar is long and eventful and it has gone some interesting turns to have achieved the current valuation. Now the value of the Iraqi Dinars are thoroughly stable due to the intervention of the IMF.
GBP to IQD
The Dinah replaced the Indian rupee in 1932 at a ratio of 1 Dinah: 11 rupees. New notes were printed in 1991, but due to regulations set out by the US, and unrestricted printing by the government, the note’s value declined and in 2013, 1 USD was worth ع.د 3,000. Bank Exchange Rates for Iraq. The foreign exchange rates for Iraqi Dinar also known as the ISO code IQD. Send money transfer online with us with the cheapest options.