Country ISO code: IQ
Official language: Arabic
Language ISO code: ar
Current official currency: Iraqi Dinar
Current currency ISO code: IQD

Complete Financial History of the Republic of Iraq

1. Iraqi Dinar (IQD)

• ISO Code: IQD

• Singular name: Dinar

• Plural name: Dinars

• Monetary subdivision: 1 Dinar = 1000 Fils (practically obsolete due to inflation)

• Fraction name (singular): Fils

• Fraction name (plural): Fils

• Initial production date: April 1, 1932

• Final production date: Still in production

• Initial circulation date: April 1, 1932

• Final circulation date: Still in circulation

• Mint: Iraqi Mint

• Issuing bank: Central Bank of Iraq

• Minted coin denominations: 25, 50, and 100 Fils

• Printed banknote denominations: 50, 250, 500, 1000, 5000, 10000 Dinars

Economic Historical Context

• The Iraqi Dinar replaced the Indian Rupee in 1932 when Iraq gained independence from the United Kingdom, initially pegged at 1 Dinar = 11 Rupees.

• Over the decades, the dinar underwent various changes including new banknotes introduced after the fall of Saddam Hussein’s regime in 2003, replacing old notes with redesigned ones.

• The dinar experienced devaluations and inflationary periods due to wars, economic sanctions, and political instability.

• The Kurdish region of Iraq previously used the Swiss Franc before adopting the unified Iraqi Dinar in 2003.

Mints / Production Locations

• Coins and banknotes are produced by the Iraqi Mint and, at times, by international printing companies contracted for banknote production.

Designs / Symbols on Coins and Banknotes

• Banknotes feature images of historical landmarks, national leaders, and cultural symbols of Iraq.

• Coins bear Arabic inscriptions and national emblems.

• Banknotes include signatures of the Central Bank Governor and the Minister of Finance.

Print Runs / Honorees and Signatories

• Print runs vary by series and economic needs, controlled by the Central Bank of Iraq.

• Honorees include historical and cultural figures of the country.

Curiosities / Commemorative Coins

• Iraq has issued commemorative coins for national and historical events, such as independence anniversaries and other significant milestones.

Current Circulation Status

• The Iraqi Dinar remains the active official currency of the country.

• Due to economic factors, the dinar’s value can be volatile but it remains the official circulating currency.

Issuing Authority

• Central Bank of Iraq

Relevant Monetary Legislation

• The issuance and regulation of the dinar are governed by Iraqi monetary laws and Central Bank regulations.

Banknote Signatories

• Governor of the Central Bank of Iraq

• Minister of Finance of Iraq

People Honored on Coins and Banknotes

• Historical and cultural leaders of Iraq

• National and architectural symbols of Iraq

This report provides a complete financial history of the Republic of Iraq, highlighting the Iraqi Dinar as the official currency since 1932, with details on production, circulation, economic context, and features of coins and banknotes.