Iraqi Dinar

About The Iraqi Dinar: The Strong Currency of Iraq

Quick Facts About the Iraqi Dinar Notes

Country of Origin	Iraq
Symbol	ID or د.ع
Currency Code	IQD
Nick Names
Minor units	Fils
Denominations (Banknotes)	ID 250, ID 500, ID 1,000, ID 5,000, ID 10,000, ID 25,000 and ID 50,000
Motto
Identification Feature	On the obverse side of the ID 100 note, you will find the image of King Faisal II as a child.
Issuing Bank	Central Bank of Iraq
In Circulation Since	April 1, 1932

The Iraqi dinar is Iraq’s official unit of currency. It is issued by the Central Bank of Iraq and has a face value of 1,000 fils. The currency code for the Iraqi dinar is IQD. As a result of years of inflation, dinars have recently taken the position of fils as the lowest denomination of money. The dinar is not widely accepted outside of Iraq due to the fact that the primary commodity exported by Iraq, oil, is priced in US dollars. The Iraqi dinar symbol is ID or د.ع.

The Iraqi dinar rate today is INR (⚠️ 🔄) . Please note that Iraqi dinar rate keeps fluctuating.

History of the Iraqi Dinar

At the time of the dinar's introduction into circulation in 1932, the exchange rate was predetermined to be 11 Indian rupees for each dinar. Before the year 1959, the dinar was pegged to the British pound (GBP), but beginning in that year, it was pegged to the United States dollar instead (USD).

Before the Gulf War in the early 1990s, the exchange rate didn't experience much of a significant shift in either direction. Prior to the Gulf War that took place in 1990–1991, one dinar was equivalent to more than three dollars in modern American currency. After the Gulf War, the government issued new money; however, there was a shortage of printing equipment as a result of sanctions imposed because of the war, thus the quality of the newly printed bills was lower. As a direct consequence of this, the value of the currency dropped precipitously, reaching an average of 1,950 dinars to one dollar in 2003.

As a result of the liquidity crisis that was caused by low oil prices, the Central Bank of Iraq has announced that it will be devaluing the currency of the Iraqi dinar by more than 20% in December 2020. This move has caused outrage as the government tries to meet its expenses.

Countries Accepting the Iraqi Dinar

Amount in the Iraqi Dinar You Should Carry for Your Trip

Visiting the stunning city of Iraq could be very expensive depending on a wide variety of factors. Costs associated with getting to and staying at your destination, as well as the price of food and drink you consume while there, will have a substantial impact on your holiday budget.

A visitor to Iraq on a tight budget of IQD 1,00,000 a day will still have enough money left over at the trip's end. A day of luxury travel, with meals at Michelin-starred restaurants and stays in five-star hotels, can easily cost more than IQD 3,00,000. Alternatively, the price of a vacation for two people could be anywhere from IQD 2,00,000 to IQD 6,00,000.

Nightly accommodation rates in Iraq can cost anywhere from IQD 80,000 to IQD 1,00,000. However, depending on whether you rely on public transit or a private vehicle, you could spend anywhere from IQD 30,000 to IQD 60,000 on transportation expenses every day.

You can exchange your currency notes as per the current Iraqi dinar price. All in all, you can keep an eye on the Live Iraqi Dinar rate in order to exchange Iraqi dinar to dollar and iraqi dinar to JOD.