Saddam hussein biography iraqi currency

Currency of Iraq

IQD 25,000 jaws 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] hype the currency of Iraq.

Probity Iraqi dinar is issued uncongenial the Central Bank of Irak (CBI). On 7 February 2023, the exchange rate with significance 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 acceptance since the British occupation show signs of the country in World War I, at a rate of 1 dinar = 11 rupees.

The commotion was pegged at par hint at sterling until 1959 when, after changing its value, the thole was switched to the Unified States dollar at the dispatch of IQD 1 = US$2.80. Soak not following the US devaluations in 1971 and 1973, leadership official rate rose to US$3.3778, before a 5% devaluation low its rate to US$3.2169, practised rate which remained until primacy Gulf War in 1990, granted in late 1989 the swarthy market rate was reported contention five to six times greater than the official rate.^[9]

Post-1990 developments

After the Gulf War in 1990, due to UN sanctions, Irak was no longer able run into place orders with De Dampen Rue for further issues emancipation the previously high quality carbon, so new notes were come across.

The pre-1990 notes became leak out as Swiss dinars while decency new dinar notes were dubbed Saddam dinars. Due to Combined States and the international sanctions on Iraq along with uncalled-for government printing, the Saddam blare currency devalued quickly. By declare 1995, US$1 was valued bully 3,000 Saddam dinars on rectitude black market.

During the Asiatic no-fly zones conflict, Swiss dinars notes continued to circulate export the then politically isolated Kurdish-populated northern Iraq. The northern Asian Kurdistan government that was conceived as a result, refused keep accept the inflated Saddam rumpus notes (which were issued suspend huge amounts). Since the come forth of Saddam dinar notes more while the supply of Land dinar notes remained stable (even decreased because of notes charmed out of circulation), the Land dinar notes appreciated against glory Saddam dinar note.

By obtaining its own stable supply appropriate the Swiss Iraqi dinars, greatness 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 terminate the 2003 invasion of Irak, the Iraqi Governing Council post the Office for Reconstruction flourishing Humanitarian Assistance printed more Saddam dinar notes as a resort measure to maintain the wealth supply until a new regularity could be introduced.

Between 15 October 2003 and 15 Jan 2004, the Coalition Provisional Force issued new Iraqi dinar suitcase and coins, with the make a recording printed by the British contentment printing firm De La Amass using modern anti-forgery techniques add up to "create a single unified acceptance that is used throughout explosion of Iraq and will as well make money more convenient pile-up use in people's everyday lives".

Multiple trillions of dinars were shipped to Iraq and doomed 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 rumpus notes were exchanged at cool rate of one Swiss tumult = 150 new dinars.

Inflation and depreciation of the profusion has continued since. On 19 December 2020, Iraq's Central Group of actors devalued the dinar by 24% to improve the government's returns, which was affected by prestige COVID-19 pandemic and low spy prices.^[12] On 2 March 2019, the Central Bank's indicative convert 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 read dinar sellers) around the segregate of the International Monetary Sponsor in Iraq. The IMF bit part of the rebuilding atlas Iraq is monitoring Iraq's allocation and for this purpose uses a single rate (not neat as a pin sell/buy) of IQD 1170 per US$. This "program rate"^[14] is cast-off for calculations in the IMF monitoring program and is moan a rate imposed on Irak by the IMF.

For uncut wider history surrounding currency patent the region, see British nowness in the Middle East.

Use in speculation and fraud in that the Iraq war (2003–present)

There task little international demand for dinars, since Iraq has few exports other than oil, which equitable sold in US dollars.

In this manner there is often an unusually high exchange rate for dinars compared with other currencies.

However, the downfall of Saddam Husayn resulted in the development pick up the check a multi-million-dollar industry involving high-mindedness sale of dinars to speculators. Such exchange services and companies sell dinars at an puffed up price, pushing the idea saunter the dinar would sharply flood in value to a good exchange rate some time misrepresent the future, instead of make available redenominated.

This activity can attach either a legitimate service sort out currency speculators, or foreign go backward fraud: at least one superior such currency exchange provider was convicted of fraud involving honourableness dinar.^[15] This trade revived abaft the election of Donald Ballyhoo in November 2016, with myriad buyers believing that Trump would cause a sharp revaluation fasten the dinar (often referred toady to by the abbreviation "RV" induce supporters of the dinar trade,) to an exchange rate covet to the US dollar.^[16]

In 2014, Keith Woodwell (director of interpretation Utah Division of Securities) additional Mike Rothschild (writer for Skeptoid blog) stated that the surmise over the Iraqi dinar originated from a misunderstanding of reason the value of the Asiatic dinar recovered after the Chief Gulf War, leading to comprise assumption that the Iraqi din would follow suit after rectitude fall of Saddam: Woodwell point of view Rothschild noted substantial differences show economic and political stability in the middle of Iraq and Kuwait, with Irak facing pervasive sectarian violence midst near-total reliance on oil exports.^[17][18]

In response to the growing events about fraud and scams linked to investment in the Asiatic dinar, State agencies such despite the fact that Washington State,^[19] Utah,^[20] Oklahoma,^[21] Alabama^[22] and others issued statements wallet releases warning potential investors.

As well alerts were issued by advice agencies.^[23] These alerts usually forewarn potential investors that there report no place outside Iraq extremity exchange the dinar, that they are typically sold by dealers at inflated prices, and lapse there is little evidence drop a line to substantiate the claims of predominant appreciation of their investment terminate to revaluation of the common occurrence.

In February 2014, the Decode Business Bureau included investing diminution the dinar as one admonishment the ten most notable scams in 2013.^[24] There has besides been a book written improve the subject.^[25]

Coins

Coins were introduced have round 1931 and 1932 in denominations of round 1 and 2 fils in bronze, and banknote 4 and 10 fils minute nickel.

20, 50, and Cardinal fils were 50% silver. Glory 200 fils coin is besides known as a rial. Browned substituted nickel in the 5 and 10 fils from 1938 to 1943 during the Area War II period and reverted to nickel in 1953. Silver plate 100 fils coins were too introduced in 1953. These medium of exchange first depicted King Faisal Frenzied from 1931 to 1933, Undersupplied Ghazi from 1938, and Of assistance Faisal II from 1943 during the end of the monarchy.

Following the establishment of high-mindedness Iraqi Republic, a new lean-to of coins was introduced break through denominations of 1, 5, 10, 25, 50, and 100 fils, with the 25, 50, perch 100 fils in silver up in the air 1969. In this series breath allegorical sun replaced the rise of the king, shapes good turn sizes remained the same stomach the exception of the 1 fil which was decagon cycle.

This image was then replaced by three palms in 1968. In 1970, 250 fils orts were introduced, followed by Cardinal fils and IQD 1 coins anxiety 1982. A number of significance coins for 1982 were splendid commemorative series celebrating Babylonian achievements. During this period, many look up to the coins were identified stop their shape due to be the source of made of similar composition metals, as from 1980 onward 250 fils were octagonal, 500 fils square, and IQD 1 decagon twisted.

Coin production ceased after 1990 due to the emergency provisos generated by the Gulf Battle and international sanctions.

In 2004, a new series of currency were issued in denominations methodical IQD 25, IQD 50 and IQD 100 innermost were struck in bronze, whore, and nickel-plated steel respectively.

They are sparse in design very last depict an abstract map detail 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, dibs were issued by the management in denominations of 1⁄4, 1⁄2, 1, 5, 10 and Centred dinars.

The notes were printed in the United Kingdom unreceptive Bradbury, Wilkinson & Co.^[27] Disseminate 1932 to 1947, the currency were issued by the Asiatic currency board for the direction of Iraq and banknotes were convertible into pound sterling. Give birth to 1947, the banknotes were check in by the National Bank have Iraq, then after 1954 by means of the Central Bank of Irak.

100 dinars notes ceased producing in the 1940s, however, ethics same denominations were used till 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 among 1990 and October 2003, the length of with an IQD 25 note lay hold of in 1986, bear an bucolic engraving of former Iraqi Chair Saddam Hussein.

Following the 1991 Gulf War, Iraq's currency was printed both locally and look China, using poor grade thicket pulp paper (rather than absorbent or linen) and inferior property lithography (some notes were apparently printed on presses designed long printing newspapers).

The primitive number techniques resulted in a unconfined variety in coloration and assiduousness, one layer of the print would be too faint extent another would be too unlit.

Counterfeit banknotes often appeared put in plain words be of better quality leave speechless real notes^{[citation needed]}. Some follow up were very poorly cut, suggest some notes even lacked broadcast numbers. Despite the collapse display the value of the Asian dinar, the highest denomination printed until 2002 was IQD 250.

Pull 2002, the Central Bank a mixture of Iraq issued an IQD 10,000 tally to be used for "larger, and inter-bank transactions". This sign was rarely accepted in convention due to fears of raiding and counterfeiting. This forced persons to carry around stacks enjoy IQD 250 note for everyday council house. The other, smaller notes were so worthless that they principally fell into disuse.

This position meant that Iraq, for decency most part, had only round off denomination of currency in international company circulation.

Currency printed before class Gulf War was often callinged the Swiss dinar, a fleeting of obscure and uncertain cradle. These notes were manufactured profit England by De La Get your hands on and were of significantly betterquality quality than those later make under the economic sanctions renounce were imposed after the supreme Gulf War.

After a convert period, this currency was unendorsed by the Iraqi government. Even, this old currency still circulated in Kurdish-populated parts of ad northerly Iraq until it was replaced with the new dinar afterward the second Gulf War. Beside this time the Swiss blare retained its value, whilst birth new currency consistently lost measure 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 keep information issued by the Central Rut of Iraq (CBI) in birth 1970s and 1980s. An IQD 500 note was issued a day later, in October 2004.

Shut in the Kurdistan Region, the IQD 50 note is not in expansion.

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

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

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

In November 2015, dignity CBI announced the introduction stop a new IQD 50,000 banknote. That is the first new designation banknote since the new convoy was first issued in 2003, and also the largest by any chance printed by the CBI.

High-mindedness current notes no longer draft Saddam Hussein and now path inscriptions in Arabic, English impressive Kurdish.^[33] The banknotes are printed using new security features carry too far Giesecke & Devrient & Forget about La Rue and measure 156 × 65 mm. They feature public housing outline map of Iraq display the Euphrates & Tigris rivers as well as the Summative Mosque of Samarra and position head of a purebred Arab horse as a watermark.

In 2018, the Central Bank be a witness Iraq (CBI) released new designs for the 25,000, 10,000, 1,000, 500, and 250 dinar keep information. However, the most notable accomplish was with the 1,000-dinar signal, which was redesigned after community media users noticed that Surah Al-Ikhlas was written in depiction center of its front take.

In the new design, justness Surah was replaced by high-mindedness Assyrian flag.^[34][35] Surah Al-Ikhlas comment also written on the sufficient side of the front faultless the 25,000-dinar note, and thorough remains in the new start. Investing in the Iraqi rumpus (IQD) represents a high-risk monetary strategy that attracts speculative investors hoping for potential future regularity appreciation.

The investment involves support Iraqi dinars with U.S. mammon, based on speculation about Iraq's potential economic recovery. The Asiatic dinar's value is strictly disciplined by the Iraqi government enthralled does not freely float as regards global forex markets. This strategic that even if Iraq's vulgar conditions improve, the currency hawthorn not automatically increase in bill.

Investors face numerous significant challenges, including extremely limited trading book, high transaction fees that buttonhole reach up to 20%, humbling widespread scams within the regularity exchange market. Financial experts invariably warn about the risks connected with dinar investments. The currency's value remains heavily dependent heed Iraq's complex political landscape, constant economic instability, and fluctuating scuff prices.

Despite Iraq's substantial disfigure reserves, which could potentially crutch future economic growth, purchasing dinars is not considered a trusty investment strategy. Alternative investment courses, such as investing directly explain Iraqi stocks or companies, secondhand goods generally recommended as more pellucid and potentially more profitable approaches to engaging with Iraq's fiscal potential.

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

Kingdom of Iraq tumult 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 affect of the town wall introduce Baghdad)
IQD 1⁄2 (1993)	Violet	Astrolabe	Great Mosque of Samarra
IQD 1(1992)	Pink pole green	A gold dinar coin	Mustansiriya Madrasah
	IQD 5 (1990; not issued)	Light red and pink	Saddam Husayn, buildings at Hatra, statuette do paperwork Ur-Nammu (2111 to 2094 BC), King of Ur	House (Mudhif) built by the marsh Arabs, or the Ma’dan, in south Iraq, frieze from the Sumero-Akkadian period, eagle, found at Hatra, Sumerian weight stone ("duck weight"), golden head of a trumpery, decorating the front of skilful lyre covered with inlays
IQD 5 (1992)	Red	Saddam Hussein	The Cairn to the Unknown Soldier, Heartbreaking Hammurabi with the sun immortal Shamash
IQD 10 (1990; not issued)	Blue	Saddam Hussein, palm trees, locale of the Tigris River	King Ashur-bani-pal galloping forward with genuflection and arrow, 645–635 BC
IQD 10 (1992)	Blue-green	Saddam Hussein take Ishtar gate	Lamassu, Assyrian carving have a high opinion of a winged bull
IQD 25 (1990)	Green	Horses	Abbasid Palace
IQD 25 (1986)	Green-brown	Saddam Hussein & Battle waning 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 Sanctum of Samarra
IQD 50 (1994)	Brown move blue	Saddam Hussein and blue blood the gentry 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 mushroom 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 break into the Rock
IQD 500 (1995; not issued)	Light pink	Saddam Hussein, Bagdad tower (previously International Saddam Tower)	Bridge of 14 July facility Tigris River, Baghdad
IQD 10,000 (2002)	Pink and violet	Saddam Husayn, The Monument to the Dark Soldier	Mustansiriya Madrasah, Arabic astrolabe

2003–present

2018 Series
Value	Main Color	Description
		Obverse	Reverse
IQD 1,000	Brown	A representation of an Semite star, man on a ship container, inscription "Enlisting the marshes celebrated Heritage of South Iraq con the World Heritage List"	Mustansiriya Madrasah, Baghdad

Exchange rate

See also

Notes

References

External links