: Introduced in 1932 to replace the Indian rupee, the dinar was initially at par with the British pound. In 1959, it shifted its peg to the U.S. dollar at a rate of IQD 1 = $2.80, eventually rising to over $3.20 before the 1990 Gulf War.
: Budget deficits and the high cost of public sector payrolls have occasionally forced the government to consider devaluations to manage liquidity.
: Following the Gulf War and UN sanctions, the "Saddam Dinar" was printed on low-quality paper. Hyperinflation caused its value to plummet; by 1995, it traded at roughly 3,000 dinars per $1.
: The CBI has repeatedly denied these rumors, stating it has no intention to change the exchange rate.
: Iraqi oil revenues are held at the Federal Reserve Bank of New York . Recent tightening of international transfer rules by the U.S. to prevent money laundering has led to dollar shortages and a gap between official and "street" exchange rates.
Iraq Dinar May 2026
: Introduced in 1932 to replace the Indian rupee, the dinar was initially at par with the British pound. In 1959, it shifted its peg to the U.S. dollar at a rate of IQD 1 = $2.80, eventually rising to over $3.20 before the 1990 Gulf War.
: Budget deficits and the high cost of public sector payrolls have occasionally forced the government to consider devaluations to manage liquidity.
: Following the Gulf War and UN sanctions, the "Saddam Dinar" was printed on low-quality paper. Hyperinflation caused its value to plummet; by 1995, it traded at roughly 3,000 dinars per $1.
: The CBI has repeatedly denied these rumors, stating it has no intention to change the exchange rate.
: Iraqi oil revenues are held at the Federal Reserve Bank of New York . Recent tightening of international transfer rules by the U.S. to prevent money laundering has led to dollar shortages and a gap between official and "street" exchange rates.
