Iraq Dinar File

The Iraqi dinar (IQD) is a currency deeply tied to the nation's turbulent economic history, geopolitical shifts, and heavy dependence on global oil markets. Historical Trajectory

: After the 2003 invasion, a new dinar was issued at par to the Saddam-era notes. The Central Bank of Iraq (CBI) devalued the currency to 1,460 IQD/$1 in 2020 to preserve reserves but revalued it to 1,300 IQD/$1 in 2023 to combat rising costs. 1 IQD equals $0.00076205 As of Apr 27, 9:05 PM EDT • Disclaimer Apr 27, 2026 The "Revaluation" (RV) Controversy

: A persistent online community promotes the theory of an imminent "Global Currency Reset," claiming the IQD will suddenly return to its pre-1990 value (over $3.00). IRAQ DINAR

: 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. The Iraqi dinar (IQD) is a currency deeply

: Budget deficits and the high cost of public sector payrolls have occasionally forced the government to consider devaluations to manage liquidity.

: 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. 1 IQD equals $0

: 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.