Currency in Iraq
The Iraqi dinar is the Iraqi currency. Its ISO code is “IQD” and the official abbreviation is “ID”. The symbol for the Iraqi Dinar is “د.ع”.
Currently, bills worth 250 dinars, 500 dinars, 1,000 dinars, 5,000 dinars, 10,000 dinars, 25,000 dinars and 50,000 dinars are in use. There is also a copper coin worth 25 dinars and a 100 dinar silver coin in circulation.
History of the Iraqi currency
Before 1923, the currency in Iraq was the Indian rupee. In 1923 the British introduced the dinar as currency in what is now Iraq.
The Iraqi dinar was pegged to the pound sterling until 1932 and the currency was stable until the first Gulf War in 1980.
During the first and second Gulf War and the associated economic sanctions, inflation rose and in 1994 reached 24,000 percent.
Until 2003 the so-called old dinar and the so-called new dinar were in circulation. In 2003 the central bank of Iraq decided to produce a dinar that on the one hand meets high security criteria and on the other hand is valid throughout the country. This change has increased the lifespan of the notes and placed particular emphasis on security against forgery.
The Iraqi dinar is made in England and, like the euro, is one of the most counterfeit-proof banknotes in the world.
In the last few months the political situation has calmed down and, especially in Northern Iraq, hardly anything can be seen of the war. This is the main reason that the Iraqi dinar is becoming increasingly popular with large and small western investors, especially in Europe.
Exchange into Iraqi currency
When traveling to Iraq, the foreign exchange regulations must be observed, as these are strictly controlled. It is not permitted to import or export the local currency.
Foreign currencies must be declared upon entry, there is unlimited importation.
Important exception: it is forbidden to take the Israeli currency with you.
Services in Iraq must be paid for in foreign currencies. The dollar or euro is common. When leaving the country, proof must be provided that the foreign currency amount imported minus the foreign currency spent for hotels etc. is the same.
