Wednesday, September 07, 2005

Nice overview of Iraqi Dinar

Iraqi dinar

The Iraqi dinar (ISO 4217: IQD, pronounced: di-'när) is the legal currency of Iraq.

The Old Iraqi Dinar

Banknotes issued prior to October 2003 show the picture of former Iraqi President Saddam Hussein. Following the 1991 Gulf War, Iraq's currency was printed both locally and in China using poor grade woodpulp paper (rather than cotton or linen) and inferior quality lithography (some notes were reputedly printed on presses designed for printing newspapers). Counterfeited banknotes often appeared to be of better quality than real notes. Despite the collapse in the value of the Iraqi Dinar, the highest denomination printed until 2002 was 250 Dinars. In 2002 the Central Bank of Iraq issued a 10,000 Dinar banknote to be used for "larger, and inter-bank transactions".

During the 1990s, the self governing Kurdish minority in northern Iraq had issued their own version of the Iraqi dinar, commonly called the "Swiss Dinar".

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 250-dinar notes. Saddam Hussein appeared on all post-war Iraqi dinar banknotes, aside from the reprinted "Horse herd" 25 Dinar note.

Read the rest here.

Regards Marcel.