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Currency Exchange Rates in Iraq |
| Iraqi Dinar (IQD) is the currency of Iraq. The ‘old dinar’ and the currency of North Iraq called the ‘swiss dinar’ have been replaced by the ‘new Iraqi dinar’ since October 15th 2003. In order to create a single and unified currency throughout Iraq, the new Iraqi dinar was launched. |
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One old dinar will be exchanged for one new Iraqi dinar and one unit of the swiss dinar will be exchanged for 150 new Iraqi dinars. For every one swiss dinar, bank accounts and financial contracts in Swiss dinars will be converted at the rate of 150 new Iraqi dinars. The contracts and bank accounts in old Iraqi dinar will not change. With 50,250,1000,5000,10000,25000 dinar notes, the new currency will have a larger number of denominations than the old currency, thus making it more convenient to use. |
The new notes will be of a higher quality and durability and to provide protection against counterfeiting, will include quite a number of anti-fraud features.People will come with the old currency to the bank where the currency will be counted and its equivalent value in new currency will be paid. Old currencies will be destroyed after being promptly marked. The new Iraqi dinar will look somewhat similar to Iraq’s old national dinar (the Swiss dinar). The conversion rates that have been selected will help to equalize prices throughout Iraq by ensuring that the price of goods will be more or less the same throughout the country. This new currency has six denominations in total. All salaries are being paid in the new Iraqi dinars. At the exchange sites, counterfeit old Iraqi dinars will not be accepted. To begin with, during the official exchange, dollars will not be converted directly into new dinars. Following the exchange, dollars can be converted directly into new dinars at the market exchange rate. The only official currency exchange locations will be located specifically within Iraq and it will not be possible to exchange currency outside of Iraq.
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This was a brief preview of the currency exchange rates in Iraq. To know more on this please log on to Allwondersoftheworld.com
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