Bank Notes

Current banknotes
2003 Series
Image Value Main Colour Description
Obverse Reverse Obverse Reverse
50 dinars 50 dinars 50 dinars Purple Grain silos at Basra Date palms
250 dinars Blue An astrolabe Spiral minaret of the Great Mosque of Samarra
500 dinars Bluish-Green Ducan Dam on the Al Zab river Assyrian carving of a winged bull
1,000 dinars Brown A gold dinar coin Mustansiriya University , Baghdad
5,000 dinars Dark blue Gully Ali Beg and its waterfall Desert fortress at Al-Ukhether
10000 dinars 10,000 dinars Green Abu Ali Hasan Ibn al-Haitham Hadba Minaret at the Great Nurid Mosque, Mosul
25,000 dinars Red A Kurdish farmer holding a sheaf of wheat Carving of the Code of King Hammurabi
Current IQD exchange rates
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history of dinar iraqi

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 = 13⅓ 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.^[2]

After the Gulf War in 1991, and due to the economic blockade, the previously used Swiss printing technology was no longer available. A new, inferior quality notes issue was produced. The previous issue became known as the Swiss dinar and continued to circulate in the Kurdish region of Iraq. Due to excessive government printing of the new notes issue, the dinar devalued quickly, and in late 1995, US$1 was valued at 3,000 dinars.

Following the deposition of Saddam Hussein in the 2003 invasion of Iraq, the Iraqi Governing Council and the Office for Reconstruction and Humanitarian Assistance began printing more Saddam dinar notes as a stopgap measure to maintain the money supply until new currency could be introduced.

Between October 15, 2003 and January 15, 2004, the Coalition Provisional Authority issued new Iraqi dinar coins and notes, with the notes printed by De La Rue using modern anti-forgery techniques, to "create a single unified currency that is used throughout all of Iraq and will also make money more convenient to use in people’s everyday lives."^[3] Old banknotes were exchanged for new at a one-to-one rate, except for the Swiss dinars, which were exchanged at a rate of 150 new dinars for one Swiss dinar.

Although the value of the dinar appreciated following the introduction of the new banknotes from 4,000 dinars per U.S. dollar, at the time of their introduction, to a high of 980 dinars per dollar, it is now held at a "program" exchange rate, as specified by the International Monetary Fund,^{[citation needed]} of 1176 dinars per US dollar at the Central Bank of Iraq. However, there is not yet a set international exchange rate and so international banks do not yet exchange Iraqi dinar. The exchange rate available on the streets of Iraq was around 1500 dinars per US dollar in April 2006.