The Dinar ( Arabic pronunciation: Ã, [at: 'n: r] ) (Arabic: ?????, the sign is IQD ) is the Iraqi currency, issued by the Central Bank of Iraq and subdivided into 1,000 fils (???), although inflation has made the book obsolete since 1990.
Video Iraqi dinar
Histori
The dinar was introduced into the circulation in 1932, 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 = 11 rupees. The dinar was pegged to the British pound until 1959 when, without changing its value, the pegs were converted to the United States dollar at the rate of 1 dinar = 2.8 dollars. Notwithstanding the devaluation of US currency in 1971 and 1973, the dinar rose to a value of US $ 3.3778, before the 5 percent devaluation reduced the dinar value to US $ 3.2169, a level that remained until the Gulf War, although in late 1989, the black market rate is reported at five to six times higher than the official rate.
After the Gulf War in 1991, due to UN sanctions, the previously used Swiss printing methods were no longer available so new, inferior, quality records were produced. The previously produced record is known as the Swiss dinar and continues to circulate in the Kurdish region of Iraq. Because the sanctions were placed in Iraq by the United States and the international community along with excessive government printing, the new dinar record was devalued rapidly. At the end of 1995, US $ 1 was priced at 3,000 dinars on the black market.
Following the conquest of Saddam Hussein in the 2003 Iraq invasion, the Iraqi Governing Council and the Office of Reconstruction and Humanitarian Aid began printing more records of Saddam's dinar as a temporary measure to keep the money supply until a new currency can be introduced.
Between 15 October 2003 and 15 January 2004, the Provisional Authority of the Coalition issued new Iraqi dinar coins and records, with a note printed by British security printing firm De La Rue using modern anti-counterfeiting techniques to "create a single single currency that is used throughout Iraq and will also make money more convenient for use in people's daily lives ". A few trillions of Dinar were then sent to Iraq and secured in the CBI to be distributed to the masses in exchange for 'Saddam dinar'. The old banknotes are exchanged for new one-to-one rates, except for Swiss dinars, which are exchanged at a rate of 150 new dinars for a Swiss dinar. At this point, the United Nations, IMF, WB and US join forces to limit the value of the dinar to less than 1/10 cents to prevent looting and forgery. The US Treasury Department is tasked to print several billions of US currency, specifically for Iraq so it is easily identifiable as different from those used elsewhere in the world. The new currency is then wrapped and stacked on pallets and shipped to dozens of USAF transport to Iraq. There it was transferred confidentially to the CBI, where it was stored in a very safe safe.
Because Iraq has little exports other than oil, which is sold in dollars, there is little demand for dinars and they remain in "exotic" status. But the new currency has triggered a multimillion dollar industry in selling dinars to speculators. These "financial services" companies will sell dinars to speculators at inflated prices and push the notion that dinars will be "RV" or revalued to increase the exchange rate against the dollar. In January 2016 the dinar was pegged to the dollar at the rate of 1182/1180 (selling/buying) dinars per dollar. The current exchange rate is published by the Central Bank of Iraq on the English homepage. The reported exchange rate available on Iraqi streets is about 1,300 dinars per US dollar.
There is great confusion (perhaps deliberate on the dinar side) about the role of the International Monetary Fund in Iraq. The IMF as part of the rebuilding of Iraq is monitoring their finances and for this purpose uses a single (not a sell/buy) rate of 1,170 dinars per dollar. This "program level" is used for calculations in IMF monitoring programs rather than tariffs imposed on Iraq by the IMF. For a wider history of currency around the region, look at the British currency in the Middle East.
Maps Iraqi dinar
Speculation
In response to growing concerns with fraud and fraud related to investments in Iraqi dinars, state agencies such as the states of Washington, Utah, Oklahoma, Alabama and others have issued statements and release warning of potential investors. Further warnings have been issued by the news agency.
The Better Business Bureau has included Dinar Investments in its top 10 scams list. There are also books written about it.
This warning warns potential investors that there is no place outside of Iraq to exchange their dinars, that they are usually sold by dealers at inflated prices and that there is little to prove claims of significant appreciation of their investments due to currency revaluation.
Coins
Coins were introduced in 1931 and 1932 in denominations of round 1, and 2 fils in bronze, and 4 toothed, and 10, fils in nickel. 20, 50, and 200 fils are 50% silver. Coins 200 fils are also known as rial . Nickel bronzes were substituted in 5 and 10 fils from 1938 to 1943 during the period of World War II and returned to nickel in 1953. Silver 100 coin fils were also introduced in 1953. These coins first described King Faisal I from 1931 to 1933 , King Ghazi from 1938, and King Faisal II from 1943 to the end of the kingdom.
After the formation of the Republic of Iraq, a series of new coins were introduced in denominations of 1, 5, 10, 25, 50, and 100 fils, with 25, 50, and 100 fils in silver until 1969. In this series alegory of the sun replaces the king's image, shape and size remains the same as the exception of 1 fil in the form of a hexagon. The image was later replaced by three palm trees in 1968. In 1970, 250 pieces of fils were introduced, followed by 500 fils and 1 dinar coins in 1982. A number of coins for 1982 were a series of memorials celebrating Babylonian achievements. During this period, many coins were identified by their shape because they were made of the same metal composition, from 1980 onwards 250 fils were octagonal, 500 square fils, and 1 rectangular dinar. Coin production ceased after 1990 due to emergency conditions caused by the Gulf War and international sanctions.
In 2004, 25 new coins, 50, and 100 dinars were introduced in bronze, brass, and nickel-plated steel. They are rarely in design and depict Iraqi abstract maps and major rivers.
Banknote
In 1931, banknotes were issued by the government in denominations 1 / 4 , 1 / 2 , 1, 5, 10, and 100 dinars. The notes were printed in England by Bradbury, Wilkinson & amp; Co From 1931 to 1947, banknotes were issued by the Iraqi currency council for the Iraqi government and paper money could be converted into pound sterling. From 1947, paper money was issued by the National Bank of Iraq, then after 1954 by the Central Bank of Iraq.
Note 100 dinars ceased production in 1940, however, the same denomination was used until 1978, when 25 dinar records were introduced. In 1991, 50 dinars were introduced and 100 dinars were reintroduced, followed in 1995 by 250 dinar records and 10,000 dinar records in 2002.
Bills issued between 1990 and October 2003, along with a 25-dinar note issued in 1986, bear the idealized carving of former Iraqi President Saddam Hussein. After the 1991 Gulf War, Iraqi currencies were printed locally as well as in China, using low-grade wood papers (not cotton or linen) and low-quality lithography (some notes were reportedly printed on press machines designed to print newspapers).
Primitive printing techniques produce unlimited color and detail variations, one layer of printing will become too faded while others are too dark. Counterfeit banknotes often seem to have better quality than real records. Some notes are very badly cropped, and some records do not even have serial numbers. Despite the collapse of the value of the Iraqi dinar, the highest denomination printed until 2002 was 250 dinars. In 2002, the Iraqi Central Bank issued a 10,000-dinar note to use for "bigger, and inter-bank transactions". These records are rarely accepted in practice for fear of looting and counterfeiting. This forces people to carry a pile of 250-dinar notes for everyday use. Others, smaller bills are so worthless that most are not used anymore. This situation means that Iraq, for the most part, has only one denomination of banknotes in wide circulation.
Currencies printed before the Gulf War are often called Swiss dinars . It got its name from the Swiss printing technology that produces banknotes of a much higher quality than those then produced under economic sanctions imposed after the first Gulf War. After this period of change, the currency was passed by the Iraqi government. However, this old currency was still circulating in the Kurdish region of Iraq until it was replaced with a new dinar after the second Gulf War. During this time the Swiss dinar retains its value, while the new currency consistently loses its value at sometimes 30 percent per year.
In 2003, new banknotes were issued consisting of six denominations: 50, 250, 1,000, 5,000, 10,000, and 25,000 dinars. The record is similar in design to the record issued by the Central Bank of Iraq in the 1970s and 1980s. A 500-dinar note was released a year later, in October 2004. In the Iraqi Kurdish region, a record 50 dinars were not circulated.
In March 2014, the Iraqi Central Bank began to replace banknotes with an enhanced anti-counterfeiting version that included SPARK optical security features, scanner-readable thread screens other than braille embossing to help people with visual impairments.
In February 2015, the Iraqi Central Bank announced on their website the abolition of the 50-dinar record from circulation on April 30, 2015. Residents holding this notes are advised to exchange it at their nearest bank for 250 and denominated dinar dinars at a rate of one -to-one at no cost.
In November 2015, the Iraqi Central Bank announced the introduction of a new 50,000-dinar banknote. This is the first new denomination banknote since the new series started in 2003, and also the largest ever ever printed by CBI. The current record no longer depicts Saddam Hussein's image and now displays Arabic and Kurdish. Banknote printed using new security features from Giesecke & amp; Devrient & amp; De La Rue and measuring 156 ÃÆ'â € "65 mm. They display an outline of Iraq showing the Euphrates & amp; Tigris River and Samarra Great Mosque.
Royal Dutch Dinar (1932-1958) Swiss Dinar Series (1979-1986)
1990-2003 Series
2003-present
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Exchange rate
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See also
- British currency in the Middle East
- The Central Bank of Iraq
- Iraqi economy
- Iraqi Swiss Dinar
- Kuwait Dinar
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References
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External links
- The Central Bank of Iraq
site - Council on Foreign Relations: benefits of the new Iraqi dinar
- Iraqi Dinar Scam - Washington State Department of Financial Institutions warns
- Iraqi Dinar Fraud - The Oklahoma Securities Commission warns citizens
- Dmoztools.net - Iraqi Dinar
Source of the article : Wikipedia
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