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50 Iraq Dinar

The Iraq Dinar (Arabic pronunciation: [diːˈnɑːr]) (Arabic: دينار; sign: د.ع; code: IQD) is the currency of Iraq. It is issued by the Central Bank of Iraq and is subdivided into 1,000 fils (فلس), although inflation has rendered the fils obsolete since 1990. On 18 June 2021, the exchange rate was IQD 1,483.5000 = US$1.

The Iraq Dinar went into circulation on 1 April 1932, replacing the Indian rupee, which had been the official currency since the British occupation of the country in World War I, at a rate of 1 dinar = 11 rupees. The dinar was pegged at par with the British pound until 1959 when, without changing its value, the peg was switched to the United States dollar at the rate of 1 dinar = US$2.80. By not following the US devaluations in 1971 and 1973, the official rate rose to US$3.3778, before a 5% devaluation reduced its rate to US$3.2169, a rate which remained until the Gulf War in 1990, although in late 1989 the black market rate was reported at five to six times higher than the official rate.

After the Gulf War in 1990, due to UN sanctions, the previously used Swiss printing method was no longer available, so new, inferior quality notes were produced. The pre-1990 notes became known as the “Swiss dinars” while the new dinar notes were called “Saddam dinars”.

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