Iraq’s national currency and is represented by ISO code IQD
Published November 30, 2020
Updated January 13, 2023
What is the Iraqi Dinar (IQD)?
The Iraqi dinar refers to Iraq’s national currency and is represented by ISO code IQD. Iraq’s Central Bank issues the Iraqi dinar, which earlier consisted of 1000 fils. However, fils are no longer used because inflation has rendered them obsolete, and now dinars have become the smallest currency unit in use.
Summary
- The Iraqi Dinar refers to Iraq’s national currency and is represented by ISO code IQD.
- The Iraqi dinar carries less value outside the country since the country’s prime export – crude oil – is priced in USD.
- Legitimate forex exchange in the USD/IQD currency pair is practically non-existent.
History of the Iraqi Dinar
The Iraqi dinar was put into circulation in 1932 and replaced the Indian rupee, which was the national currency since the British occupation in World War I. The Iraqi dinar remained tied to the British pound until 1959, after which it was pegged to the United States dollar at a rate of 1 IQD = 2.80 USD, without a change in value.
Iraqi dinar did not follow the devaluation of the US currency in 1971 and 1973 and increased to 3.38 USD before the value of the IQD reduced to 3.22 USD due to a 5% devaluation. The rate continued until the Gulf War, though the black-market rate was about six times higher in late 1989.
Following the 1991 Gulf War, subject to UN sanctions, the formerly used Swiss printing method became unavailable. Hence, new and lower quality notes were made, while the previously created notes came to be known as the Swiss dinar and continued to be used in Iraq’s Kurdistan Region. The sanctions enforced by the global community and the United States, together with excessive printing by the government, rapidly devalued the new dinar notes.
At the end of 1995, 1 USD was priced at 3,000 IQD. New notes were released again in 2003; however, at that time, they were of higher quality so that the whole country could use a single currency. While the old Iraqi dinars were exchanged with new Iraqi dinar notes on a one-to-one basis, the Swiss notes were replaced at a rate of 150 new notes for one Swiss note.
The Iraqi Dinar and Scams
The Iraqi dinar carries very less value outside the country since the prime export of the country – crude oil – is priced in USD. Even so, several schemes try to get people to buy dinars in expectation of future price growth. Multiple institutions and publications alert investors not to invest in IQD scams.
Usually, brokers selling Iraqi dinar in cash charge a 25% to 30% premium over the official rate. Entities who buy the currency risk major losses immediately after buying it. Selling IQD is also challenging since there is practically no demand outside Iraq. Brokers usually bid 30% under the formal exchange rate if anyone wants to sell Iraqi dinars to them. The transaction costs could be decreased from 60% to 40% of the invested capital if there is no change in the exchange rate.
Legitimate forex exchange in the USD/IQD currency pair is practically non-existent. Major banks do not offer trade-in Iraqi dinars. IQD is only available for purchase or sale by selected brokers or money exchangers, who may or may not be legally authorized. As mentioned, the brokers or money exchangers typically charge a fee of 30% or more over and above the authorized exchange rate.
Purchasing and selling IQD could lead to a loss of 50% without any movement in the exchange rate. In 2012, Iraq was preparing to redenominate IQD, but not to revalue it. Without revaluation, the value of the Iraqi dinar is unlikely to increase.
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FAQs
After spiking to 7 percent in January, inflation has begun to moderate—reflecting lower international commodity prices as well as a 10-percent revaluation of the dinar—and is projected to average 5.6 percent in 2023.
Is it possible for the Iraqi Dinar to revalue? ›
The value of the Iraqi dinar is fixed by the Iraqi government and does not change, unless the central bank changes the exchange rate.
What is the new value of the Iraqi Dinar? ›
Dollar to Iraqi Dinar Exchange Rate Today, Live 1 USD to IQD = 1309.986 (Convert Dollars to Iraqi Dinar)
How much is $100 US in Iraq? ›
How much is $1 dollar in Iraqi Dinar 2023? ›
1 USD = 1,301.907097 IQD Jun 25, 2023 17:58 UTC
Check the currency rates against all the world currencies here. The currency converter below is easy to use and the currency rates are updated frequently.
What is the future prediction for Iraqi Dinar? ›
Exchange Rate in Iraq
Inflation should average lower in 2023 than in 2022 on easing external price pressures and the re-pegging of the dinar at a stronger rate. Key upside risks are the depreciation of the black-market FX rate and fiscal stimulus following the eventual approval of the budget.
What is the highest value of the Iraqi Dinar ever? ›
- Highest: 7961 IQD on 27 Jan 2023.
- Average: 1451 IQD over this period.
- Lowest: 1306 IQD on 13 May 2023.
Highest: 0.00076578 USD on 13 May 2023. Average: 0.00070553 USD over this period.
Does Bank of America buy Iraqi Dinar? ›
View questions about: No. Bank of America does not offer or accept foreign coins. Convenience and peace of mind.
Is the dinar going up? ›
The Iraqi Dinar is expected to trade at 1343.16 by the end of this quarter, according to Trading Economics global macro models and analysts expectations. Looking forward, we estimate it to trade at 1451.16 in 12 months time.
25000 Iraqi Dinar is 19.396854 US Dollar.
What is the strongest currency in the world? ›
The Kuwaiti Dinar (KWD) is the most valuable currency in the world. In Kuwait, the Indian ex-pat group has a strong presence, making the KWD to INR rate the most popular Kuwait Dinar exchange rate. The Kuwaiti dinar continues to remain the highest currency in the world, owing to Kuwait's economic stability.
How much is one Iraqi dollar worth in America? ›
1 IQD = 0.000763 USD Jun 21, 2023 03:34 UTC
Check the currency rates against all the world currencies here.
How much is 50 cents in Iraq? ›
CENT to IQD
| Amount | Today at 9:40 pm |
|---|
| 50 CENT | IQD 14.41 |
| 100 CENT | IQD 28.82 |
| 500 CENT | IQD 144.09 |
| 1,000 CENT | IQD 288.19 |
4 more rows100 USD to NGN – US Dollars to Naira
| Source | Mid | Buy |
|---|
| Naira Black Market • Nigeria | ₦75,800.00 | ₦75,500.00 |
| CBN • Nigeria | ₦58,895.00 | ₦58,845.00 |
How much is 1000000 Iraqi Dinar in US Dollar? 1000000 Iraqi Dinar is 771.307408 US Dollar.
What is the highest currency in 2023? ›
We've analysed the strongest currencies, assessing their exchange rates in terms of units of foreign currency received per US dollar.
- 7: Cayman Islands Dollar (KYD) ...
- 6: Gibraltar Pound (GIP) ...
- 5: British Pound (GBP) ...
- 4: Jordanian Dinar (JOD) ...
- 3: Omani Rial (OMR) ...
- 2: Bahraini Dinar (BHD) ...
- 1: Kuwaiti Dinar (KWD)
Are you overpaying your bank?
| Conversion rates US Dollar / Serbian Dinar |
|---|
| 1000 USD | 107055.00000 RSD |
| 2000 USD | 214110.00000 RSD |
| 5000 USD | 535275.00000 RSD |
| 10000 USD | 1070550.00000 RSD |
8 more rowsThe Atlanta newspaper said part of the change was due to the flood of U.S. dollars into Iraq from both looting of banks after the fall of Baghdad and spending by U.S. administrators, who recently paid some 1 million Iraqi government workers $20 apiece in U.S. currency. News reports estimated that up to $400 million in ...
Is investing in Iraqi Dinar a good idea? ›
The Iraqi dinar “investment” opportunity is a scam that has been around for a few years and has recently been regaining much of its former popularity. The opportunity is pitched as a way to profit from a nearly worthless Iraqi dinar that are “sure” to appreciate in the future.
Before Iraq invaded Kuwait in August 1990 the dinar was worth about $3.00. But after the imposition of sanctions and Iraq's defeat in the Persian Gulf war, its value plummeted. Two weeks ago, the new dinars were being sold for a penny, while the prewar bills brought 3 cents.
How much was the Iraqi Dinar worth before the war? ›
The Iraqi dinar remained tied to the British pound until 1959, after which it was pegged to the United States dollar at a rate of 1 IQD = 2.80 USD, without a change in value.
How much is $100 USD in dinar? ›
Is the dinar stronger than USD? ›
The Kuwaiti dinar is the strongest currency in the world, with 1 dinar buying 3.26 dollars (or, put another way, $1 equals 0.31 Kuwaiti dinar). Kuwait is located on the Persian Gulf between Saudi Arabia and Iraq, and the country earns much of its wealth as a leading global exporter of oil.
How much was USD to Iraqi Dinar in 2011? ›
Average exchange rate in 2011: 1182.7196 IQD.
Does Wells Fargo sell Iraqi dinar? ›
Does Wells Fargo buy or sell Iraqi dinar? No, Wells Fargo does not buy or sell Iraqi dinar in any location - online, by phone, or in our branches.
Why are people buying Iraqi dinar? ›
Business people looking for investment opportunity still need currency when they are in the country. Rather than relying on banks or airport exchanges, they will use a currency broker because of the exchange rates and lower fees. Finally, investing is a major reason people hold and use the Iraqi Dinar.
What is the best rate for the US dollar? ›
What is the best US dollar exchange rate? The best US dollar exchange rate right now is 1.2585 from Covent Garden FX.
When did the Iraqi Dinar lose value? ›
It was decoupled from the US Dollar when that currency was devalued in 1971 and 1973. After the Gulf War in 1991, UN sanctions meant that new, inferior quality banknotes were printed in large quantities-and the Dinar quickly lost its value.
Is the dinar backed by gold? ›
According to Islamic law, the Islamic dinar is a coin of pure gold weighing 72 grains of average barley.
3000000 IQD is 2289.692 USD.
So, you've converted 3000000 IQD to 2289.692 USD.
How much is $200 usd in Iraqi dinar? ›
How much is 200 US Dollar in Iraqi Dinar? 200 US Dollar is 258403 Iraqi Dinar.
Where can I buy Iraqi dinar? ›
US First Exchange provides the most secure platform for you to buy Iraqi Dinar online. We deal in over 20 currencies, including exotic currencies. All packages are insured at full value, and payments are processed the same day. Start your order today to buy and sell currency through the mail.
What is the poorest currency in the world? ›
Iranian Rial (IRR) 1 INR = 516 IRR
The Iranian rial tops the list of the cheapest currencies in the world. The fall in the value of the currency can be explained by various factors. To begin with, the termination of the Islamic Revolution in 1979 was followed by foreign investors' withdrawal from the country.
Which country is American money worth the most? ›
10 Countries Where the U.S. Dollar Goes the Furthest
- Portugal. smallredgirl/Adobe. ...
- Tunisia. Kira/Adobe. ...
- Spain. gatsi/Adobe. ...
- Peru. Pakhnyushchyy/Adobe. ...
- Bangladesh. giusparta/Adobe. ...
- South Africa. Thomas/Adobe. ...
- Vietnam. Hanoi Photography/Adobe. ...
- Mexico. JoseLuis/Adobe.
Today 1 Indian Rupee = 516.79 IRR.
Currently, the Iranian Rial is considered the world's least valuable currency. This is the result of factors like political unrest in the country. The Iran-Iraq war and the nuclear program also played a huge part.
What will be the currency forecast for 2023? ›
The 2023 Outlook for Major Currency Pairs
EUR/USD is predicted to reach 1.10 in March 2023, before declining to 1.08 September 2023 and holding at 1.08 in December 2023. USD/JPY is expected to hit 135 in March 2023, before trading at 133 in June 2023, 130 in September 2023 and 128 in December 2023.
Which is the strongest currency in 2023? ›
The Kuwaiti Dinar (KWD) is the most valuable currency in the world. In Kuwait, the Indian ex-pat group has a strong presence, making the KWD to INR rate the most popular Kuwait Dinar exchange rate. The Kuwaiti dinar continues to remain the highest currency in the world, owing to Kuwait's economic stability.
What is the highest value of the Iraqi dinar ever? ›
- Highest: 7961 IQD on 27 Jan 2023.
- Average: 1451 IQD over this period.
- Lowest: 1306 IQD on 13 May 2023.
Iraq devalued the dinar significantly as a part of the 2021 Federal Budget Law to 1,450 Iraqi dinars per US dollar. It was designed to preserve Iraq's dollar reserves and allow the government to spend more Iraqi dinars.
May 2023: At the beginning at 81.13 Rupees. At the end of the month 82.37. Maximum 83.61, minimum 81.13. The average exchange rate is 82.06.
Will the US dollar be stronger or weaker in 2023? ›
The US dollar has eased from its peak level, but exchange rate volatility will remain elevated in 2023 on the back of global macroeconomic uncertainty. However, although the dollar is likely to decline further in 2023, it is expected that exchange rate volatility will remain elevated.
How much will dollar rise in 2023? ›
USD forecast 2023
The Fed expects rates to peak at 4.5% to 4.75% in 2023, according to the US central bank's own projections.
What is the safest currency in the world 2023? ›
Backed by a powerful economy and the highly developed banking system of Switzerland, the Swiss franc is the safest currency in 2023.
How much is 1 dollar in 2023? ›
Average exchange rate in 2023: 474.8402 NGN. Worst exchange rate: 447.3465 NGN on 02 Jan 2023.
What is the weakest currency in the world in 2023? ›
Iranian Rial (IRR)
Presently, 1 Indian Rupee equals 515.27 IRR, making the Iranian Rial the world's least valuable currency. This depreciation can be attributed to factors such as political unrest in the country, the Iran-Iraq war, and the nuclear programme.
When did the new Iraqi Dinar come out? ›
The new (convertible) Iraqi Dinar was released on October 15, 2003. It replaced all old Dinar and Swiss Dinar banknotes, which were no longer legal tender. (One old Dinar was exchanged for one new Iraqi Dinar; one unit of the Swiss"" Dinar was exchanged for 150 new Iraqi Dinars.)
How much money did us lose in Iraq? ›
Indirect and delayed costs
It placed the cost of the war operations in Iraq as of January 1, 2014, at $815 billion out of the total $1.6 trillion approved by Congress since September 2001.
Is Iraqi Dinar with Saddam worth anything? ›
A: It is not an active currency anymore. So for financial reasons it is worthless.
