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Speculations On The Iraqi Money
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The new Iraqi currency is the dinar itself, which is issued by the Central Bank of Iraq. Many Iraqis know that it was introduced for circulation in 1932, replacing the country’s official currency the Indian rupee since the First World War when it was under British occupation. The dinar was then a strong currency being equivalent to 11 rupees and, in 1959, was worth US$2.8. It was the time when speculations on the Iraqi money were not as high as they are currently. The invasion of Iraq by the United States and its allied forces in 1991 and the deposition of its president Saddam Hussein in 1993 weakened the dinar to a level worsened by the sanctions by the US and the international community. In late 1995, the exchange rate stood at 3,000 dinars per one US dollar, a few years before a new currency was issued between October 2003 and January 2004.
Not a few know when did the new Iraqi currency come out but only a few know its real value at the time of its issue. Speculations on the Iraqi money started to rise with speculators pushing the idea that the dinar will revalue in no time to increase its exchange rate against the US dollar. At the time of the issuance of the new currency, the rate was predetermined or pegged at 1166 dinars per one US dollar, a little lower than the exchange rate on the streets of Baghdad at 2,000 dinars for one US dollar. The International Monetary Fund (IMF) uses a slightly higher rate of 1170 dinars per a US dollar for the purpose of its calculations in its monitoring program and not for the rate to be used by Iraq.
The new Iraqi currency takes the forms of coins and banknotes. The coin is denominated into the 25 dinar, 50 dinar and 100 dinar coins. All of these denominations have inscriptions of the Central Bank of Iraq and the value of the dinar on the obverse side, and the map of the country on the reverse side. The banknotes, on the other hand consist of the 2003 series in denominations of 50, 250, 500, 1,000, 5,000, 10,000 and 25,000 dinars. A picture of the new lower Iraqi denominated currency shows a purple 50-dinar banknote, the lowest denomination, with grain silos at Basra and date palms on the obverse and reverse sides, respectively. The 10,000-dinar note is green, with Abu Ali Hasan Ibn al Haithan on the obverse side and Al Manara Al-Hadha ti al Mawsil, or the hunchbacked tower of the Great Nurid mosque in Mosul for the reverse side. The red 25,000-dinar banknote has a Kurdish farmer holding a sheaf or bundle of wheat, with a tractor and a gold dinar coin on the obverse side, and a carving of the Code of King Hammurabi, a Babylonian king, on its reverse side. This is one of the two figures that replace the picture of Saddam.
This article is written by Mark Jones on behalf of Dinarcurrency.com, where you can find New Iraqi currency and to know more info visit our website
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