Welcome to our FREE DINAR FORUM - Contact Admin : MrDinar1@yahoo.com
Share your IRAQ INVESTORS ideas, NEWS about the DINAR and the IRAQI ECONOMY in General.
The latest exchange rates, Iraqi news, Dinar news, and information regarding the Iraqi Dinar, which has risen in value by 20% over the past year.
Iraqi Dinar
The Dinar is the name of the official currency in several countries. It is issued by the Central Bank of Iraq and is subdivided into 1,000 fils , although inflation has rendered the fils obsolete.
The dinar was introduced into circulation in 1931, 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 = 13 1/2 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 = 2.8 dollars. By not following the devaluations of the U.S. currency in 1971 and 1973, the dinar rose to a value of US$3.3778, before a 5 percent devaluation reduced the value of the dinar to US$3.2169, a rate which remained until the Gulf War, although in late 1989, the black market rate was reported at five to six times higher (1.86 dinars for US$1) than the official rate.
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