The dinar (IQD), sometimes known as the New Iraqi Dinar, is the currency of Iraq. The Central Bank of Iraq (CBI), established in 2004, issues paper notes in 50, 250, 500, 1,000, 5,000, 10,000 and 25,000 denominations. It is printed by the De La Rue Company in London and employs many modern ant-forgery components. The notes picture historical figures as well as both ancient and modern landmarks. Security features added to the dinar to prevent counterfeiting include a watermark, metallic ink, a built-in security thread, a color-changing symbol and an ultraviolet-activated section that glows to display the correct denomination. There is not a set international exchange rate; therefore, the dinar is not yet exchanged at international banks at this time.
History of the Dinar During the time that Iraq was a part of the Ottoman Empire, the Turkish pound and several other European currencies were circulating simultaneously. After World War I, India’s rupee became the official currency of Iraq until 1931, when it was replaced by the dinar. At that time, the dinar was pegged to the British pound on an equal par. In 1959, the dinar was pegged to the USD at a rate of 1 dinar to 2.8 USD.
After the first Gulf war in 1991, the Swiss printing technology used became unavailable and new, inferior banknotes were produced. The older “Swiss dinar” continued to circulate in the Kurdish region of Iraq. Because the government at that time printed such a large quantity of the new notes, the dinar was devalued and in 1995 $1 was equal to 3,000 dinars. The banknotes issued between 1990-2003 are known as “Saddam notes” and bear a likeness of the country’s former president, Saddam Hussein. This currency was printed locally and in China and was printed using a quality using poor grade wood pulp. Following the 2003 invasion of Iraq, the Iraq Governing Council printed more Saddam notes in an attempt to maintain the country’s money supply until the new currency could be introduced.
Economy of Iraq An oil-rich nation, Iraq has an economy that is dominated by the oil sector, which provides over 90% of government revenue. Despite the many challenges the country faces in its economic development, it is anticipated that Iraq will be one of the fastest growing economies in the world in 2012, as noted in The Kiplinger Letter of December 30, 2011.
Why Buy Dinar from Sterling Currency Group? Sterling Currency Group has extensive contacts in the Middle East and offers customers the best value and customer service in the industry. We include a Certificate of Authenticity with every purchase and our Iraqi Dinar is In Stock for quick shipping. We strive to make your purchasing experience the best one possible, whether you are a repeat customer or a first-time buyer.
Sterling Currency Group / DinarBanker is not an accredited financial consultant. Efforts have been made to insure the accuracy of this information, but Sterling Currency Group / DinarBanker can not be held responsible for any losses as a result of its use. By making a purchase you agree that you have researched the currency and understand the risks involved in investing in foreign currency. You agree that you understand that the value of the currency may go down or up depending on circumstances beyond our control.
Sterling Currency Group / DinarBanker is NOT a bank, banker, or trust engaged in lending money, underwriting, selling securities, or acting as a financial planner, loan broker, or investment adviser.
Please inspect your order for accuracy promptly upon receipt of your package. If there is a discrepancy in your order, please contact us IMMEDIATELY at 1-888-346-2771. Sterling Currency Group / DinarBanker will not be held responsible for order discrepancies that are not reported to us within 5 days of receipt of your order.
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