View source for Iraqi dinar

{{Short description|Currency of Iraq}}
{{Use dmy dates|date=August 2017}}
{{Infobox currency
| local_name1 = الدينار العراقي
| local_name_lang1 = ar
| image_1 = Dinar-25000.jpg
| image_title_1 = IQD&nbsp;25,000 banknote from the 2003 series
| iso_code = IQD
| using_countries = {{flag|Iraq}}
| inflation_rate = 0.8%
| inflation_source_date = ''Central Bank of Iraq'', Q2 of 2025<ref>{{cite web|url=https://www.iraq-businessnews.com/2025/08/21/iraqs-inflation-rate-drops-sharply/|title=Iraq's Inflation Rate Drops Sharply|website=Iraq Business News}}</ref>
| subunit_ratio_1 = {{frac|1|1000}}
| subunit_name_1 = [[Fils (currency)|fils]]<ref>{{Cite web |title=Currency of Iraq: Iraqi dinar, today's rate |url=https://www.mataf.net/en/currency/converter-IQD |access-date=2022-06-19 |website=Mataf |language=en}}</ref>
| symbol = IQD or د.ع
| frequently_used_banknotes = IQD&nbsp;250, IQD&nbsp;500, IQD&nbsp;1,000, IQD&nbsp;5,000, IQD&nbsp;10,000,  IQD&nbsp;25,000
| rarely_used_banknotes = IQD&nbsp;50,000
| used_coins = No coins in circulation
| issuing_authority = [[Iraq Currency Board]] (1932–1949)<br>[[National Bank of Iraq]] (1949–1956)<br>[[Central Bank of Iraq]] (1956–)
| issuing_authority_website = {{URL|https://www.cbi.iq/}}
}}

The '''Iraqi dinar''' ([[ISO 4217|code]]: '''IQD'''; {{langx|ar|الدينار العراقي}}), {{IPA|ar|diːˈnɑːr}})<ref>{{cite web|url=https://www.cia.gov/the-world-factbook/countries/iraq/|title=Iraq|publisher=CIA.gov}}</ref> is the currency of [[Iraq]]. The Iraqi dinar is issued by the [[Central Bank of Iraq]] (CBI). On 7 February 2023, the exchange rate with the US dollar was US$1 = 1300 dinars.<ref>{{Cite web |title=Dollar to Iraqi Dinar Exchange Rate Today, Live 1 USD to IQD = 1462.4821 (Convert Dollars to Iraqi Dinar) |url=https://www.exchangerates.org.uk/Dollars-to-Iraqi-Dinar-currency-conversion-page.html |access-date=2023-02-07 |website=exchangerates.org.uk}}</ref>

==History==
The Iraqi dinar entered circulation on 1 April 1932,<ref>{{cite book | last = Epstein | first = Mortimer | title = The Statesman's Year-Book: Statistical and Historical Annual of the States of the World for the Year 1943 | publisher = Palgrave Macmillan Limited | year = 2016 | url = https://books.google.com/books?id=ndbMDQAAQBAJ | isbn = 978-0230270725}}</ref><ref>{{cite book | last = Naval Intelligence Division | series = Geographical handbook | title = Iraq & The Persian Gulf | publisher = Routledge | year = 2014 | url = https://books.google.com/books?id=o1NsBAAAQBAJ | isbn = 978-1136892660}}</ref><ref>{{cite book | last = Sassoon | first = Joseph | title = Economic Policy in Iraq, 1932–1950 | publisher = Cass | year = 1987 | url = https://books.google.com/books?id=SUEsBgAAQBAJ | isbn = 1136285687}}</ref><ref>{{cite web|url=https://www.dinar2u.com/iraqidinar/history.php|title=Iraq Monetary History|website=Dinar2u.com|access-date=27 December 2020}}</ref><ref>{{cite web | last1 = Symes | first1 = Peter | last2 = Hanewich | first2 = Murray | last3 = Al-Muderis | first3 = Layth |url=http://www.pjsymes.com.au/articles/iraq-cb.htm|title=The Bank Notes of the Iraq Currency Board|website=p j symes|access-date=27 December 2020}}</ref> replacing the [[Indian rupee]], which had been the official currency since the [[Mesopotamian campaign|British occupation of the country]] in [[World War&nbsp;I]], at a rate of 1&nbsp;dinar = 11 rupees. The dinar was pegged at par with [[Pound sterling|sterling]] until 1959 when, without changing its value, the peg was switched to the [[United States dollar]] at the rate of IQD&nbsp;1 = US$2.80. By not following the US [[devaluation]]s in 1971 and 1973, the official rate rose to US$3.3778, before a 5% devaluation reduced its rate to US$3.2169, a rate which remained until the [[Gulf War]] in 1990, although in late 1989 the black market rate was reported at five to six times higher than the official rate.<ref>Wheeler, Tony. ''West Asia on a Shoestring''. 2nd. Hawthorn, Australia: Lonely Planet, 1990.</ref>

=== Post-1990 developments ===
After the Gulf War in 1990, due to [[Sanctions against Iraq|UN sanctions]], Iraq was no longer able to place orders with the British security printing firm [[De La Rue]] for further issues of the previously high quality notes, so new notes were produced. The pre-1990 notes became known as ''[[Iraqi Swiss dinar|Swiss dinars]]'' while the new dinar notes were called ''Saddam dinars''. Due to United States and the international sanctions on Iraq along with excessive government printing, the Saddam dinar currency devalued quickly. By late 1995, US$1 was valued at 3,000 Saddam dinars on the black market.

During the [[Iraqi no-fly zones conflict]], Swiss dinars notes continued to circulate in the then politically isolated Kurdish-populated northern Iraq. The northern Iraqi Kurdistan government that was created as a result, refused to accept the inflated Saddam dinar notes (which were issued in huge amounts). Since the supply of Saddam dinar notes increased while the supply of Swiss dinar notes remained stable (even decreased because of notes taken out of circulation), the Swiss dinar notes appreciated against the Saddam dinar note. By having its own stable supply of the Swiss Iraqi dinars, the politically isolated region effectively evaded inflation, which ran rampant throughout the rest of the country.<ref name="Foote">{{Cite journal| last1 = Foote| first1 = Christopher |last2= Block | first2 = William | last3 = Crane| first3 = Keith| last4 = Gray| first4 = Simon| title = Economic Policy and Prospects in Iraq   | journal = The Journal of Economic Perspectives | volume = 18 | issue = 3 | pages = 47–70 | date = Summer 2004 | doi = 10.1257/0895330042162395|display-authors=etal| doi-access = free}}</ref>

After [[Saddam Hussein]] was deposed in the [[2003 invasion of Iraq]], the [[Iraqi Governing Council]] and the [[Office for Reconstruction and Humanitarian Assistance]] printed more Saddam dinar notes as a stopgap measure to maintain the money supply until a new currency could be introduced.

Between 15 October 2003 and 15 January 2004, the [[Coalition Provisional Authority]] issued new Iraqi dinar notes and coins, with the notes printed by De La Rue again, 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". Multiple trillions of dinars were shipped to Iraq and secured in the Central Bank{{clarify|date=January 2020}} to exchange for Saddam dinar notes.<ref>{{cite web|author=Coalition Provisional Authority|author-link=Coalition Provisional Authority|url=http://www.cpa-iraq.org/budget/IraqCurrencyExchange.html |title=Iraq Currency Exchange |access-date=2007-05-28 |archive-url=https://web.archive.org/web/20070515093736/http://www.cpa-iraq.org/budget/IraqCurrencyExchange.html |archive-date=15 May 2007 |url-status=unfit }}</ref> Saddam dinar notes were exchanged for the new dinars at par, while Swiss dinar notes were exchanged at a rate of one Swiss dinar = 150 new dinars.

Inflation and depreciation of the currency has continued since. On 19 December 2020, Iraq's Central Bank devalued the dinar by 24% to improve the government's revenue, which was affected by the [[COVID-19 pandemic]] and low oil prices.<ref>{{cite web |last1=Payne |first1=Andrew |title=Iraq becomes latest country to devalue its currency |url=https://www.eca-international.com/insights/blog/december-2020/iraq-becomes-latest-country-to-devalue-currency |access-date=17 March 2022 |archive-date=18 February 2022 |archive-url=https://web.archive.org/web/20220218135009/https://www.eca-international.com/insights/blog/december-2020/iraq-becomes-latest-country-to-devalue-currency |url-status=dead }}</ref> On 2 March 2019, the Central Bank's indicative exchange rate was IQD&nbsp;1,190 = US$1.<ref name="cbi">{{cite web |title=Home |url=https://cbi.iq/ |website=Central Bank of Iraq |access-date=2 March 2019 |archive-url=https://web.archive.org/web/20190302173529/https://cbi.iq/ |archive-date=2 March 2019 |language=ar}}</ref> and on 18 June 2021 it was IQD&nbsp;1,460.5000 = US$1.

There is considerable confusion (perhaps intentional on the part of dinar sellers) around the role of the [[International Monetary Fund]] in Iraq. The IMF as part of the rebuilding of Iraq is monitoring Iraq's finances and for this purpose uses a single rate (not a sell/buy) of IQD&nbsp;1170 per US$. This "program rate"<ref>International Monetary Fund, [http://www.imf.org/external/np/loi/2011/irq/030311.pdf Iraq: Letter of Intent, Memorandum of Economic and Financial Policies, and Technical Memorandum of Understanding], 3 March 2011, p. 17.</ref> is used for calculations in the IMF monitoring program and is not a rate imposed on Iraq by the IMF. For a wider history surrounding currency in the region, see [[British currency in the Middle East]].

=== Use in speculation and fraud since the Iraq war (2003–present) ===
There is little international demand for dinars, since Iraq has few exports other than oil, which is sold in [[petrodollar|US dollars]]. Thus there is often an extremely high [[exchange rate]] for dinars compared with other currencies.

However, the downfall of [[Saddam Hussein]] resulted in the development of a multi-million-dollar industry involving the sale of dinars to speculators. Such [[Bureau de change|exchange service]]s and companies sell dinars at an inflated price, pushing the idea that the dinar would sharply [[deflation|increase in value]] to a profitable exchange rate some time in the future, instead of being [[redenomination|redenominated]]. This activity can be either a legitimate service to [[Market speculation|currency speculators]], or [[foreign exchange fraud]]: at least one major such currency exchange provider was convicted of fraud involving the dinar.<ref>{{cite press release |date=2018-10-10 |title=Owners of currency exchange business that made $600 million convicted of fraud |url=https://www.justice.gov/usao-ndga/pr/owners-currency-exchange-business-made-600-million-convicted-fraud |location=Georgia, USA |publisher=U.S. Attorney’s Office, Northern District of Georgia |agency=Department of Justice |access-date=2018-11-20}}</ref> This trade revived after the election of [[Donald Trump]] in November 2016, with many buyers believing that Trump would cause a sharp revaluation in the dinar (often referred to by the abbreviation "RV" by supporters of the dinar trade,) to an exchange rate comparable to the US dollar.<ref>{{Cite news |url=https://www.thedailybeast.com/trump-fans-sink-savings-into-iraqi-dinar-scam |title=Trump Fans Sink Savings Into 'Iraqi Dinar' Scam |last=Sommer |first=Will |date=2018-11-20 |work=The Daily Beast |language=en}}</ref>

In 2014, Keith Woodwell (director of the Utah Division of Securities) and Mike Rothschild (writer for ''[[Skeptoid]]'' blog) stated that the speculation over the Iraqi dinar originated from a misunderstanding of why the value of the [[Kuwaiti dinar]] recovered after the [[Gulf War|First Gulf War]], leading to an assumption that the Iraqi dinar would follow suit after the fall of Saddam: Woodwell and Rothschild noted substantial differences in economic and political stability between Iraq and Kuwait, with Iraq facing pervasive sectarian violence amid near-total reliance on oil exports.<ref>{{cite web |last1=Rothschild |first1=Mike |title=The Ugly Truth About the Iraqi Dinar |url=https://skeptoid.com/blog/2014/02/10/the-ugly-truth-about-the-iraqi-dinar/ |website=Skeptoid |publisher=Skeptoid Media |access-date=2 March 2019 |archive-url=https://web.archive.org/web/20190302190535/https://skeptoid.com/blog/2014/02/10/the-ugly-truth-about-the-iraqi-dinar/ |archive-date=2 March 2019 |date=10 February 2014}}</ref><ref>{{cite web |last1=Lee |first1=Jasen |title=Long-running scam involves foreign currency |url=https://www.ksl.com/article/28221507/long-running-scam-involves-foreign-currency |website=KSL-TV |publisher=Bonneville International Corporation |access-date=2 March 2019 |archive-url=https://web.archive.org/web/20190302190704/https://www.ksl.com/article/28221507/long-running-scam-involves-foreign-currency |archive-date=2 March 2019 |location=Salt Lake City |date=3 January 2014}}</ref>

In response to the growing concerns about [[List of confidence tricks#Iraqi Dinar|fraud and scams]] related to investment in the Iraqi dinar, State agencies such as Washington State,<ref>{{cite web|title=Consumer Alert: Iraqi Dinar Scams|url=http://www.dfi.wa.gov/consumer/alerts/iraqi-dinar-scams|website=Department of Financial Institutions |publisher=[[Washington (state)|Washington state]] |date=15 April 2011}}</ref> Utah,<ref>{{cite press release|title=Utah Division of Securities identifies Top Ten Investment Alerts for 2011|url=http://commerce.utah.gov/releases/11-01-03_sec-top10-alerts.pdf|publisher=State of Utah Department of Commerce, Division of Securities|date=3 January 2011|location=Salt Lake City|last=Bolton|first=Jennifer|access-date=31 October 2014|archive-date=17 August 2014|archive-url=https://web.archive.org/web/20140817020904/http://commerce.utah.gov/releases/11-01-03_sec-top10-alerts.pdf|url-status=dead}}</ref> Oklahoma,<ref>{{cite press release|last=Faught |first=Irving |title=PRESS RELEASE – IRAQI DINAR SCAMS |publisher=Oklahoma Securities Commission |url=http://www.securities.ok.gov/Press_Releases/PRDetail.asp?ID=74 |date=2 February 2012 |url-status=dead |archive-url=https://web.archive.org/web/20150206191907/http://www.securities.ok.gov/Press_Releases/PRDetail.asp?ID=74 |archive-date=6 February 2015 }}</ref> Alabama<ref>{{cite web|title=INVESTOR ALERT – Understanding high-risk investments What you don't know CAN hurt you!|date=12 March 2014|publisher=Alabama Securities Commission|url=http://www.asc.alabama.gov/News/2014%20News/3-12-14%20INVESTOR%20ALERT-Bitcoin%20and%20Dinar.pdf|access-date=8 September 2019|archive-date=14 September 2023|archive-url=https://web.archive.org/web/20230914151107/https://asc.alabama.gov/News/2014%20News/3-12-14%20INVESTOR%20ALERT-Bitcoin%20and%20Dinar.pdf|url-status=dead}}</ref> and others issued statements and releases warning potential investors. Further alerts were issued by news agencies.<ref>{{cite news|title=Iraqi Dinar Investment – Fact or Fiction|url=http://whnt.com/2014/05/09/iraqi-dinar-investment-fact-or-fiction/|work=WHNT |date=9 May 2014}}</ref>  These alerts usually warn potential investors that there is no place outside Iraq to exchange the dinar, that they are typically sold by dealers at inflated prices, and that there is little evidence to substantiate the claims of significant appreciation of their investment due to revaluation of the currency.

In February 2014, the [[Better Business Bureau]] included investing in the dinar as one of the ten most notable scams in 2013.<ref>{{cite web |title=Top Ten Scams 2013 |url=https://www.bbb.org/new-mexico-southwest-colorado/get-consumer-help/tips/top-ten-scams-of-2013 |date=11 February 2014 |publisher=Better Business Bureau/ |location=[[Arlington, VA]] |access-date=22 August 2018 |archive-date=22 August 2018 |archive-url=https://web.archive.org/web/20180822213757/https://www.bbb.org/new-mexico-southwest-colorado/get-consumer-help/tips/top-ten-scams-of-2013 |url-status=dead }}</ref>

==Coins==
Coins were introduced in 1931 and 1932 in [[Denomination (currency)|denominations]] of round 1 and 2 fils in bronze, and scalloped 4 and 10 fils in nickel. 20, 50, and 200 fils were 50% silver. The 200 fils coin is also known as a ''rial''. Bronze substituted nickel in the 5 and 10 fils from 1938 to 1943 during the World War II period and reverted to nickel in 1953. Silver 100 fils coins were also introduced in 1953. These coins first depicted [[King Faisal I]] from 1931 to 1933, [[King Ghazi]] from 1938, and [[King Faisal II]] from 1943 until the end of the kingdom.

Following the establishment of the Iraqi Republic, a new series of coins was introduced in denominations of 1, 5, 10, 25, 50, and 100 fils, with the 25, 50, and 100 fils in silver until 1969. In this series an allegorical sun replaced the image of the king, shapes and sizes remained the same with the exception of the 1 fil which was [[decagon]] shaped. This image was then replaced by three palms in 1968. In 1970, 250 fils pieces were introduced, followed by 500 fils and IQD&nbsp;1 coins in 1982. A number of the coins for 1982 were a commemorative series celebrating Babylonian achievements. During this period, many of the coins were identified by their shape due to being made of similar composition metals, as from 1980 onward 250 fils were octagonal, 500 fils square, and IQD&nbsp;1 decagon shaped. Coin production ceased after 1990 due to the emergency conditions generated by the [[Gulf War]] and international sanctions.

In 2004, a new series of coins were issued in denominations of IQD&nbsp;25, IQD&nbsp;50 and IQD&nbsp;100 and were struck in bronze, brass, and nickel-plated steel respectively. They are sparse in design and depict an abstract map of Iraq and the main rivers.

<gallery>
File:4 Fils, 1933, obverse.jpg|4 Fils, 1933, obverse
File:4 Fils, 1933 reverse.jpg|4 Fils, 1933, reverse
File:Iraq Bronze Coin King Ghazi.jpg|10 fils 1938, obverse
File:IRAQ, GHAZI I 1938 -50 FILS b - Flickr - woody1778a.jpg|50 fils 1938, obverse
File:IRAQ, GHAZI I 1938 -50 FILS a - Flickr - woody1778a.jpg|50 fils 1938, reverse
File:Syp59year.jpg|10 fils 1959
File:مسكوكة 50 فلس التذكارية (احياء بابل اثريا واجب وطني وقومي وانساني).png|50 fils 1982, reverse
</gallery>

{| class="wikitable" style="font-size: 90%"
! Value !! Diameter !! Weight !! Composition !! Obverse !! Reverse
|- {{Coin-copper-color}}
| IQD&nbsp;25
| 17.4&nbsp;mm<ref name="krause">{{cite book |editor1-first=George S. |editor1-last=Cuhaj |title=[[Standard Catalog of World Coins|Standard Catalog of World Coins, 2001-Date]] |edition=5th |year=2011 |publisher=[[Krause Publications]] |isbn=978-1-4402-1160-7 |page=253 }}</ref>
| 2.5 g<ref name="krause"/>
| [[Copper]]-plated steel<ref name="krause"/>
| Inscriptions: "Central Bank of Iraq" and "25 dinars"
| Outline map of Iraq with the two rivers
|- {{Coin-yellow-color}}
| IQD&nbsp;50
| 20&nbsp;mm<ref name="krause"/>
| 3.4 g<ref name="krause"/>
| [[Brass]]-plated steel<ref name="krause"/>
| Inscriptions: "Central Bank of Iraq" and "50 dinars"
| Outline map of Iraq with the two rivers
|- {{Coin-silver-color}}
| IQD&nbsp;100
| 22&nbsp;mm<ref name="krause"/>
| 4.3 g<ref name="krause"/>
| [[Stainless steel]]<ref name="krause"/>
| Inscriptions: "Central Bank of Iraq" and "100 dinars"
| Outline map of Iraq with the two rivers
|}

==Banknotes==
[[File:5dinar.jpg|thumb|right|560px|A [[Ba'athist Iraq|Ba'athist-era]] IQD&nbsp;5 banknote depicting former Iraqi President [[Saddam Hussein]].]]
[[File:Counterfeit 25,000 Iraqi Dinar banknote, supposed to be of 2010. Bad forgery.jpg|thumb|Counterfeit IQD&nbsp;25,000 banknote, supposed to be of the 2010 series.]]
On 16 March 1932, [[banknotes]] were issued by the government in denominations of {{frac|1|4}}, {{frac|1|2}}, 1, 5, 10 and 100 dinars. The notes were printed in the United Kingdom by Bradbury, Wilkinson & Co.<ref>{{cite book | last1 = Linzmayer | first1 = Owen | title = The Banknote Book | chapter = Iraq | publisher = Banknote News | year = 2012 | location = San Francisco, CA | url = http://www.banknotenews.com/banknote_book/banknote_book.php}}</ref> From 1932 to 1947, the banknotes were issued by the Iraqi currency board for the government of Iraq and banknotes were convertible into pound sterling. From 1947, the banknotes were issued by the [[National Bank of Iraq]], then after 1954 by the [[Central Bank of Iraq]].

100 dinars notes ceased production in the 1940s, however, the same denominations were used until 1978, when IQD&nbsp;25 notes were introduced. In 1991, IQD&nbsp;50 were introduced and IQD&nbsp;100 reintroduced, followed in 1995 by IQD&nbsp;250 notes and IQD&nbsp;10,000 notes in 2002.

Banknotes that were issued between 1990 and October 2003, along with an IQD&nbsp;25 note issued in 1986, bear an idealized engraving of former Iraqi President [[Saddam Hussein]]. Following the 1991 Gulf War, Iraq's currency was printed both locally and in China, using poor grade [[wood pulp]] paper (rather than cotton or [[linen]]) and inferior quality [[lithography]] (some notes were reputedly printed on presses designed for printing newspapers).

The primitive printing techniques resulted in a limitless variety in coloration and detail, one layer of the printing would be too faint while another would be too dark. [[Counterfeit]] banknotes often appeared to be of better quality than real notes{{citation needed|date=August 2011}}. Some notes were very poorly cut, and some notes even lacked serial numbers. Despite the collapse in the value of the Iraqi dinar, the highest denomination printed until 2002 was IQD&nbsp;250. In 2002, the [[Central Bank of Iraq]] issued an IQD&nbsp;10,000 banknote to be used for "larger, and inter-bank transactions". This note was rarely accepted in practice due to fears of looting and counterfeiting. This forced people to carry around stacks of IQD&nbsp;250 note for everyday use. The other, smaller notes were so worthless that they largely fell into disuse. This situation meant that Iraq, for the most part, had only one denomination of currency in wide circulation.

Currency printed before the Gulf War was often called the ''[[Iraqi Swiss dinar|Swiss dinar]]'', a term of obscure and uncertain origins. These notes were manufactured in England by [[De La Rue]] and were of significantly higher quality than those later produced under the economic sanctions that were imposed after the first Gulf War. After a change-over period, this currency was unendorsed by the Iraqi government. However, this old currency still circulated in Kurdish-populated parts of northern Iraq until it was replaced with the new dinar after the second Gulf War. During this time the Swiss dinar retained its value, whilst the new currency consistently lost value at sometimes 30% per annum.

In 2003, new banknotes were issued consisting of six denominations: IQD&nbsp;50, IQD&nbsp;250, IQD&nbsp;1,000, IQD&nbsp;5,000, IQD&nbsp;10,000, and IQD&nbsp;25,000. The notes were similar in design to notes issued by the [[Central Bank of Iraq]] (CBI) in the 1970s and 1980s. An IQD&nbsp;500 note was issued a year later, in October 2004. In the [[Kurdistan Region]], the IQD&nbsp;50 note is not in circulation.

In March 2014, the CBI began replacing banknotes with anti-counterfeiting enhanced versions that include SPARK optical security features, scanner readable guarantee threads in addition to braille embossing to assist vision-impaired persons.<ref name="New Iraqi dinar banknotes feature stronger security features">{{cite web|url=http://www.iraqinews.com/business-iraqi-dinar/new-iraqi-dinar-banknotes-feature-stronger-security-features/|title=New Iraqi Dinar banknotes feature stronger security features|date=11 May 2014|access-date=22 August 2018}}</ref><ref>[http://banknotenews.com/files/fdcdfed60da6589301016d65b59dbed9-3067.php Iraq new 250- and 500-dinar notes confirmed] Banknote News. 6 October 2014. Retrieved on 2014-11-30.</ref><ref>[http://banknotenews.com/files/f4ca078929b5e603456cbe10fd470890-3189.php Iraq new 1,000-dinar note confirmed] Banknote News. 5 October 2014. Retrieved on 2014-11-30.</ref><ref>[http://banknotenews.com/files/14f1bb898f06b6a85f4b4e5d2d3f90d5-3237.php Iraq new 5,000- and 25,000-dinar notes confirmed] Banknote News. 29 November 2014. Retrieved on 2014-11-30.</ref>

In February 2015, the CBI announced the removal from circulation on 30 April 2015 of the IQD&nbsp;50 notes. Persons holding these banknotes were advised to immediately redeem them at their nearest bank for the IQD&nbsp;250 and higher denomination dinar notes at a one-to-one rate at no charge.<ref name="Central Bank Of Iraq To Remove 50 Dinar Banknotes From Circulation On April 30, 2015">{{cite web|url=http://marketersmedia.com/central-bank-of-iraq-to-remove-50-dinar-banknotes-from-circulation-on-april-30-2015/76121|title=Central Bank Of Iraq To Remove 50 Dinar Banknotes From Circulation On April 30, 2015 «|website=marketersmedia.com|access-date=22 August 2018}}</ref>

In November 2015, the CBI announced the introduction of a new IQD&nbsp;50,000 banknote. This is the first new denomination banknote since the new series was first issued in 2003, and also the largest ever printed by the CBI. The banknotes are printed using new security features from [[Giesecke & Devrient]] & [[De La Rue]] and measure 156 × 65&nbsp;mm.  They feature an outline map of Iraq showing the [[Euphrates]] and [[Tigris]] rivers as well as the [[Great Mosque of Samarra]] and the head of a purebred [[Arabian horse]] as a watermark.

In 2018, the [[Central Bank of Iraq]] (CBI) released new designs for the 25,000, 10,000, 1,000, 500, and 250 dinar notes. However, the most notable change was with the 1,000-dinar note, which was redesigned after social media users noticed that Surah [[Al-Ikhlas]] was written in the center of its front side. In the new design, the Surah was replaced by the [[Assyrian flag]].<ref>{{Cite web |title=Central Bank of Iraq unveils new 1000 dinar banknote featuring Assyrian star |url=https://www.rudaw.net/notfound.html |access-date=2024-09-06 |website=www.rudaw.net}}</ref><ref>{{Cite web |title=Iraq releases first notes since 2003 |url=https://www.coinworld.com/news/paper-money/iraq-releases-first-notes-since-2003.html |access-date=2024-09-06 |website=CoinWorld |language=en}}</ref> Surah Al-Ikhlas is also written on the right side of the front of the 25,000-dinar note, and it remains in the new design.

Investing in the Iraqi dinar (IQD) represents a high-risk financial strategy that attracts [[speculation|speculative investors]] hoping for potential future currency appreciation. The investment involves purchasing Iraqi dinars with U.S. dollars, based on speculation about Iraq's potential economic recovery.

The Iraqi dinar's value is strictly controlled by [[Federal government of Iraq|the Iraqi government]] and does not freely float on global forex markets. This means that even if Iraq's economic conditions improve, the currency may not automatically increase in value. Investors face numerous significant challenges, including extremely limited trading volume, high transaction fees that can reach up to 20%, and widespread scams within the currency exchange market.

Financial experts consistently warn about the risks associated with dinar investments. The currency's value remains heavily dependent on Iraq's complex political landscape, ongoing economic instability, and fluctuating oil prices. Despite Iraq's substantial oil reserves, which could potentially support future economic growth, purchasing dinars is not considered a reliable investment strategy.

Alternative investment methods, such as investing directly in Iraqi stocks or companies, are generally recommended as more transparent and potentially more profitable approaches to engaging with Iraq's economic potential. The currency's fixed exchange rate and restricted trading options make it a particularly unattractive investment for international investors.

As of September 2024, one U.S. dollar remains worth approximately 1,310.6 Iraqi dinars, underscoring the currency's current limited international value and speculative nature.<ref>{{cite web | url=https://www.investopedia.com/articles/forex/081314/iraqi-dinar-investment-wise-investment.asp | title=Is the Iraqi Dinar a Wise Investment? }}</ref>

===Kingdom of Iraq dinar series (1932–1939)===

{| class="wikitable sortable style="font-size: 90%"
|+
! colspan="6" | Kingdom Dinar Series
|-
! colspan="2" | Image !! rowspan="2" | Value !! rowspan="2" | Main Color !! colspan="2" | Description
|-
! Obverse !! Reverse !! Obverse !! Reverse
|- bgcolor=""
| [[File:1 4IQD1932front.jpg|100x100px]]
| [[File:1 4IQD1932back.jpg|100x100px]]
| IQD&nbsp;{{frac|1|4}}
(1932)
| Green and black
| rowspan="3" | [[Faisal I of Iraq|King Faisal I]]
|
|- bgcolor=""
|[[File:1 2IQD1932front.jpg|100x100px]]
|[[File:1 2IQD1932back.jpg|100x100px]]
| IQD&nbsp;{{frac|1|2}}

(1932)
| Red and black
|
|- bgcolor=""
|[[File:1IQD1932front.jpg|100x100px]]
|[[File:1IQD1932back.jpg|100x100px]]
| IQD&nbsp;1
(1932)
| Black and dark brown
|
|-
|[[File:1IQDking1939front.jpg|100x100px]]
|[[File:1IQDking1939back.jpg|100x100px]]
|IQD&nbsp;1 
(1939)
|Green and dark brown
|[[Faisal II of Iraq|King Faisal II]] as a child
|Kingdom [[Coat of arms of Iraq|Coat of arms]] with 1 dinar written inside
|- bgcolor=""
|[[File:5IQD1932front.jpg|100x100px]]
|[[File:5IQD1932back.jpg|100x100px]]
| IQD&nbsp;5
(1932)
| Red and black
| rowspan="3" | [[King Faisal I]]
|
|- bgcolor=""
|[[File:10IQD1932front.jpg|100x100px]]
|[[File:10IQD1932back.jpg|100x100px]]
| IQD&nbsp;10 
(1932)
| Dark brown and purple
|
|- bgcolor=""
| [[File:100IQD1932front.jpg|100x100px]]
| [[File:100IQD1932back.jpg|100x100px]]
| IQD&nbsp;100 
(1932)
| Yellow red and black
|
|- bgcolor=""
| [[File:100IQD1939front.jpg|100x100px]]
| [[File:100IQD1939back.jpg|100x100px]]
| IQD&nbsp;100
(1939)
| Yellow Green and black
| [[King Faisal II]] as a child
|
|}

===Swiss dinar series (1979–1986)===

{| class="wikitable" style="font-size: 90%"
! colspan="6" |Swiss Dinar Series
|-
!colspan=2| Image !!rowspan=2| Value !!rowspan=2| Main Color !!colspan=2| Description
|-
! Obverse !! Reverse !! Obverse !! Reverse
|- bgcolor=""
| 
| 
| IQD&nbsp;{{frac|1|4}}
| Green
| Grain [[silo]]s at [[Basra]]
| [[Date palm]]s
|- bgcolor=""
|
|
| IQD&nbsp;{{frac|1|2}}
| Brown
| [[Astrolabe|the Arabic astrolabe]]
| Spiral minaret of the [[Great Mosque of Samarra]]
|- bgcolor=""
|
|
| IQD&nbsp;1
| Blue-green
| A gold dinar coin
| [[Mustansiriya Madrasah]]
|- bgcolor=""
|
|
| IQD&nbsp;5
| Brown-violet and deep blue
| [[Geli Ali Beg Waterfall|Gelî Ali Beg]] and its waterfall
| [[Al-Ukhaidir Fortress]]
|- bgcolor=""
|
|
| IQD&nbsp;10
| Purple on blue and violet
| [[Ibn al-Haytham|Abu Ali Hasan Ibn al-Haitham]] 
| Al-manara al-hadba fi al-Mawsil (the hunchbacked tower of the [[Great Mosque of al-Nuri (Mosul)|Great Mosque of al-Nuri]])
|- bgcolor=""
|
|
| IQD&nbsp;25
| Green and brown
| Horses
| [[Abbasid architecture|Abbasid Palace]]
|- bgcolor=""
|
|
| IQD&nbsp;25 (1986)
| Brown, green and black on blue
| [[Saddam Hussein]] with Battle of al-Qādisiyyah in background
| [[Al-Shaheed Monument]]
|}

===1990–2003 series===

{| class="wikitable" style="font-size: 90%"
!colspan=6| 1990–2002 Series
|-
!colspan=2| Image !!rowspan=2| Value !!rowspan=2| Main Color !!colspan=2| Description
|-
! Obverse !! Reverse !! Obverse !! Reverse
|-
|
|
| IQD&nbsp;{{frac|1|4}} (1993)
| Green
| [[Date palm|Palm trees]]
| Al-Bab al-wastaniy li-sur Baghdad (middle gate of the town wall of Baghdad)
|-
|
|
| IQD&nbsp;{{frac|1|2}} (1993)
| Violet
| [[Astrolabe]]
| [[Great Mosque of Samarra]]
|-
| 
|
| IQD&nbsp;1(1992)
| Pink and green
| [[Gold dinar|A gold dinar coin]]
| [[Mustansiriya Madrasah]]
|-
| [[File:5dinar.jpg|100px]]
|
| IQD&nbsp;5 (1990; not issued)
| Light red and pink
| [[Saddam Hussein]], buildings at Hatra, statuette of Ur-Nammu (2111 to 2094 BC), King of Ur
| House (''Mudhif'') built by the marsh Arabs, or the Ma’dan, in southern Iraq, frieze from the Sumero-Akkadian period, eagle, found at Hatra, Sumerian weight stone ("duck weight"), golden head of a bull, decorating the front of a lyre covered with inlays
|-
|
|
| IQD&nbsp;5 (1992)
| Red
| [[Saddam Hussein]]
| [[The Monument to the Unknown Soldier]], King [[Hammurabi]] with the sun god [[Shamash]]
|-
|
|
| IQD&nbsp;10 (1990; not issued)
| Blue
| [[Saddam Hussein]], palm trees, scene of the Tigris River
| King Ashur-bani-pal galloping forward with bow and arrow, 645–635 BC
|-
| 
| 
| IQD&nbsp;10 (1992)
| Blue-green
| [[Saddam Hussein]] and [[Ishtar Gate]]
| [[Lamassu|Lamassu, Assyrian carving of a winged bull]]
|-
|
| 
| IQD&nbsp;25 (1990)
| Green
| Horses
| [[Abbasid architecture|Abbasid Palace]]
|-
|
|
| IQD&nbsp;25 (1986)
| Green-brown
| [[Saddam Hussein]] and Battle of Qadisiyah
| [[Al-Shaheed Monument]]
|-
| 
| 
| IQD&nbsp;25 (2001)
| Green
| rowspan="2" | [[Saddam Hussein]]
| [[Ishtar Gate]] / [[Lion of Babylon (statue)]]
|-
|
|
| IQD&nbsp;50 (1991)
| Pink and green
| [[Great Mosque of Samarra]]
|-
|
|
| IQD&nbsp;50 (1994)
| Brown and blue
| [[Saddam Hussein]] and the [[Al-Shaheed Monument]]
| Saddam Bridge
|-
|
|
| IQD&nbsp;100 (1991)
| Green and purple
| [[Saddam Hussein]]
| [[Victory Arch|Hands of Victory (Swords of Qādisīyah)]] 
|-
| 
| 
| IQD&nbsp;100 (1994)
| rowspan="2" | Blue
| [[Saddam Hussein]] and the [[Al-Ukhaidir Fortress|Hisn al-Ukhaydir (Al-Ukhaidir Fortress)]]
| [[Baghdad Clock]]
|-
| 
| 
| IQD&nbsp;100 (2002)
| [[Saddam Hussein]]
| Old Baghdad
|-
|
|
| IQD&nbsp;250 (1995)
| rowspan="2" | Violet
| [[Saddam Hussein]] and the Qadisiya hydroelectric dam
| [[Freedom Monument (Baghdad)|Liberty Monument]], Baghdad
|-
|
|
| IQD&nbsp;250 (2002)
| [[Saddam Hussein]]
| [[Dome of the Rock]]
|-
|
|
| IQD&nbsp;500 (1995; not issued)
| Light pink
| [[Saddam Hussein]], Baghdad tower (previously International Saddam Tower)
| Bridge of 14 July over Tigris River, Baghdad
|- 
|
|
| IQD&nbsp;10,000 (2002)
| Pink and violet
| [[Saddam Hussein]], [[The Monument to the Unknown Soldier]]
| [[Mustansiriya Madrasah]], Arabic astrolabe
|-
|}

===2003–present===

{| class="wikitable" style="font-size: 90%"
!colspan=6| 2003 Series
|-
!colspan=2| Image !!rowspan=2| Value !!rowspan=2| Main Color !!colspan=2| Description
|-
! Obverse !! Reverse !! Obverse !! Reverse
|- 
| [[File:50dinarsfront (Small).jpg|100px|50 dinars]]
| [[File:50dinarsback (Small).jpg|100px|50 dinars]]
| IQD&nbsp;50
| Purple
| Grain [[silo]]s at [[Basra]]
| [[Date palm]]s
|- 
| 
| 
| IQD&nbsp;250
| Blue
| An [[Astrolabe]]
| Spiral minaret of the [[Great Mosque of Samarra]]
|- 
| 
|
| IQD&nbsp;500
| Blue-green
| [[Dukan Dam]] on the [[Little Zab]] river
| [[Lamassu]], Assyrian carving of a winged bull
|- 
| 
| 
| IQD&nbsp;1,000
| Brown
| A [[Gold dinar|gold dinar coin]]
| [[Mustansiriya Madrasah]], Baghdad
|- 
| 
| 
| IQD&nbsp;5,000
| Dark blue
| [[Geli Ali Beg Waterfall|Gelî Ali Beg and its waterfall]]
| [[Al-Ukhaidir Fortress]]
|-
| 
| 
| IQD&nbsp;10,000
| Green
| [[Ibn al-Haytham|Abu Ali Hasan Ibn al-Haitham]]
| [[Great Mosque of al-Nuri (Mosul)]]
|- 
||
|
| IQD&nbsp;25,000
| Red
| An Iraqi farmer holding a sheaf of wheat, a tractor and a [[Gold dinar|gold dinar coin]]
| Carving of the [[Code of Hammurabi|Code of King Hammurabi]]
|}

{| class="wikitable" style="font-size: 90%"
! colspan="6" |2013–2015 Series
|-
! colspan="2" |Image
! rowspan="2" | Value !!rowspan=2| Main Color !!colspan=2| Description
|-
!Obverse
!Reverse
! Obverse !! Reverse
|-
| 
| 
| IQD&nbsp;10,000
| Green
| Sculptor [[Jawad Saleem]]'s [[Liberation Square, Baghdad|Monument of Freedom at Liberation Square]] (''Nasb al-Hurriyah'') in Baghdad
| [[Great Mosque of al-Nuri (Mosul)|Al-manara al-hadba fi al-Mawsil (the hunchbacked tower of the Great Nurid mosque in Mosul)]]
|- 
|-
| 
| 
| IQD&nbsp;25,000
| Red
| An Iraqi farmer holding a jug, a tractor and a [[Gold dinar|gold dinar coin]]
| Carving of the [[Code of Hammurabi|Code of King Hammurabi]]
|-
|-
|
|
| IQD&nbsp;50,000
| Brown
| [[Noria|Water wheel on the Euphrates river]], palm trees, [[Geli Ali Beg Waterfall|Gali Ali Beg waterfall]]
| Fishermen, [[Ahwar of Southern Iraq|traditional reed house of the Mesopotamian marshes]], rivers Euphrates and Tigris rivers on map
|-
|}

{| class="wikitable" style="font-size: 90%"
! colspan="6" |2018 Series
|-
! colspan="2" |Image
! rowspan="2" | Value !!rowspan=2| Main Color !!colspan=2| Description
|-
!Obverse
!Reverse
! Obverse !! Reverse
|-
| 
| 
| IQD&nbsp;1,000
| Brown
| A representation of an Assyrian star, man on a boat, inscription "Enlisting the marshes and Heritage of South Iraq in the World Heritage List"
| [[Mustansiriya Madrasah]], Baghdad
|-
|}

==Exchange rate==
{{Exchange rate|IQD|USD}}

== See also ==
* [[British currency in the Middle East]]
* [[Central Bank of Iraq]]
* [[Economy of Iraq]]
* [[Iraqi art]]
* [[Iraqi Swiss dinar]]
* [[Jordanian dinar]]
* [[Kuwaiti dinar]]

==Notes==
{{notelist}}

== References ==
{{Reflist}}

== External links ==
* [https://cbi.iq/ Central Bank of Iraq homepage]
* [http://www.cfr.org/iraq/benefits-new-iraqi-dinar/p6203 Council on Foreign Relations: benefits of the new Iraqi dinar] {{Webarchive|url=https://web.archive.org/web/20110523132047/http://www.cfr.org/iraq/benefits-new-iraqi-dinar/p6203 |date=23 May 2011 }}
* [http://www.dfi.wa.gov/consumer/alerts/iraqi-dinar-scams Iraqi Dinar Scam – Washington State Department of Financial Institutions warning]
* [https://web.archive.org/web/20150206191907/http://www.securities.ok.gov/Press_Releases/PRDetail.asp?ID=74 Iraqi Dinar Scams – Oklahoma Securities Commission warns residents]
* [https://dmoztools.net/Regional/Middle_East/Iraq/Business_and_Economy/Financial_Services/Currency/ Dmoztools.net – Iraqi Dinar] {{Webarchive|url=https://web.archive.org/web/20170405172357/http://dmoztools.net/Regional/Middle_East/Iraq/Business_and_Economy/Financial_Services/Currency/ |date=5 April 2017 }}

{{Iraq topics}}
{{Dinar}}
{{Currencies of Asia}}
{{Portal bar|Asia|Iraq|Money|Numismatics}}
{{Authority control}}

[[Category:Currencies of Iraq]]
[[Category:Economy of Iraq]]
[[Category:Currencies introduced in 1932]]
[[Category:Currencies of Asia]]
[[Category:Circulating currencies]]
[[Category:Dinar]]