Iraqi Currency: A Detailed Guide

History of the Iraqi Currency

The Iraqi currency has a long and complex history, dating back to the ancient Mesopotamian period. The first coins in Iraq were minted in the 6th century BC, and they were made of silver and gold.

In the 7th century AD, Iraq became part of the Islamic Caliphate, and the currency was changed to the dinar. The dinar was a gold coin that was widely used throughout the Islamic world.

In the 20th century, Iraq gained independence from the Ottoman Empire, and the Iraqi dinar was introduced as the official currency. The dinar was pegged to the British pound until 1959, when it was devalued.

The Iraqi Dinar Today

The Iraqi dinar is the official currency of Iraq. It is issued by the Central Bank of Iraq, and it is divided into 1000 fils.

The dinar is a closed currency, which means that it is not traded on the international market. This makes it difficult to determine the value of the dinar against other currencies.

However, the dinar is pegged to the US dollar at a rate of 1,470 dinars to 1 US dollar.

The Iraqi Currency Crisis

The Iraqi economy has been in a state of crisis for many years, and this has had a negative impact on the value of the dinar.

The dinar has been devalued several times in recent years, and it is now worth a fraction of its former value.

The Iraqi government is trying to stabilize the economy and improve the value of the dinar, but it is unclear when this will happen.

The Future of the Iraqi Currency

The future of the Iraqi currency is uncertain. The dinar is likely to remain a closed currency for the foreseeable future, and its value will continue to be affected by the state of the Iraqi economy.

However, the Iraqi government is committed to improving the economy and stabilizing the dinar, and it is possible that the currency will recover in the future.