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Dinar History
History of Iraqi Dinar
The Iraqi Dinar is Iraq’s currency unit consisting of 1,000 fils or 20 dirhams. At the end of the British mandate in 1932, the Dinar was officially introduced and was worth the British pound sterling; this equated to $4.86 US Dollars at the time.
Until 1949, the Iraqi Dinar maintained its value of $4.86 and was then devalued and dropped to a value of a little over two dollars US. In 1959, Iraq officially removed the relationship of the dinar from the pound sterling as a symbol of independence, but the Iraqi Dinar remained at equal with the pound until the British unit of currency was again devalued in 1967.
Until December of 1971, the Iraqi Dinar remained equal to US $2.80 until major changes in world currencies began; then, in 1973, the US dollar was devalued and the Iraqi Dinar rose to $3.39 US and remained there until the Iraq War in the 80’s.
In 1982 Iraq devalued the dinar by 5 percent, to a value equal to US$3.22, and sustained this official exchange rate without additional devaluation despite mounting debt. In early 1988, the official dinar-dollar exchange rate was still 1 IQD to US $3.22.
Because of the nation’s inflation rate being estimated from 25 to 50 percent per year from 85 to 86, the real value of the Iraqi Dinar was around $1.50 per US dollar; however, many currency exchange or currency dealers mention the incorrect value of $3.22.
The Iraqi Dinar exchange rate is now at 1168, up from 1800 Dinars for 1 US dollar 5 years ago. In other words, $1 dollar will get you 1168 Dinars!http://iraqcurrencywatch.wordpress.com/history-of-the-dinar/
History of Iraqi Dinar
The Iraqi Dinar is Iraq’s currency unit consisting of 1,000 fils or 20 dirhams. At the end of the British mandate in 1932, the Dinar was officially introduced and was worth the British pound sterling; this equated to $4.86 US Dollars at the time.
Until 1949, the Iraqi Dinar maintained its value of $4.86 and was then devalued and dropped to a value of a little over two dollars US. In 1959, Iraq officially removed the relationship of the dinar from the pound sterling as a symbol of independence, but the Iraqi Dinar remained at equal with the pound until the British unit of currency was again devalued in 1967.
Until December of 1971, the Iraqi Dinar remained equal to US $2.80 until major changes in world currencies began; then, in 1973, the US dollar was devalued and the Iraqi Dinar rose to $3.39 US and remained there until the Iraq War in the 80’s.
In 1982 Iraq devalued the dinar by 5 percent, to a value equal to US$3.22, and sustained this official exchange rate without additional devaluation despite mounting debt. In early 1988, the official dinar-dollar exchange rate was still 1 IQD to US $3.22.
Because of the nation’s inflation rate being estimated from 25 to 50 percent per year from 85 to 86, the real value of the Iraqi Dinar was around $1.50 per US dollar; however, many currency exchange or currency dealers mention the incorrect value of $3.22.
The Iraqi Dinar exchange rate is now at 1168, up from 1800 Dinars for 1 US dollar 5 years ago. In other words, $1 dollar will get you 1168 Dinars!http://iraqcurrencywatch.wordpress.com/history-of-the-dinar/
